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Ninth Circuit Finds That 1111(b) Deemed-Recourse Rights Do Not Survive Foreclosure Of Underlying Property
The U.S. Circuit Court of Appeals for the Ninth Circuit recently announced in Mastan v. Salamon (In re Salamon) that a secured creditor with a nonrecourse mortgage cannot assert a claim for any deficiency if the underlying property is foreclosed on during the bankruptcy case. 854 F.3d 632 (9th Cir. 2017).
Section 1111(b)(1)(A) grants the holder of a claim “secured by property of the estate” the same rights as the holder of a recourse mortgage, regardless of whether or not the creditor has such recourse rights against the debtor outside of bankruptcy. See 11 U.S.C. § 1111(b)(1)(A) (“A claim secured by a lien on property of the estate shall be allowed or disallowed under section 502 of this title the same as if the holder of such claim had recourse against the debtor on account of such claim, whether or not such holder has such recourse … “).
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.