Cap on Legal Fees in Bankruptcy Alarms Firms
May 26, 2009
Lawyers representing directors and officers of IndyMac Bancorp Inc. are attempting to remove a cap on their billing rates, the latest example of how judges are scrutinizing hourly fees in large bankruptcies.
Intercreditor Dynamics in Bankruptcy
May 26, 2009
When a creditor enters the realm of bankruptcy, lenders often find that the many detailed provisions of an extensively negotiated intercreditor agreement are no longer controlling. On the contrary, the intercreditor agreement may have little influence on the outcome of many critical matters that arise in bankruptcy.
Considerations of Examiner Appointments in Bankruptcy Actions
May 26, 2009
Examiner appointments in Chapter 11 bankruptcy cases are uncommon, and despite Judge Peter J. Walsh's statement that he had appointed an examiner only two or three times during his career as a bankruptcy judge, he recently ordered the appointment of an examiner in <i>In re DBSI, Inc.</i>
On the Move
April 24, 2009
Who's doing what; who's going where.
Unfinished Business: Swap Participants Gain Ground
April 24, 2009
On Feb. 11, 2009, the United States Court of Appeals for the Fourth Circuit recognized the broad protections afforded to swap agreements under the Bankruptcy Code. Here is a review of the case.
The Era of 'Busted Deals'?
April 24, 2009
The current financial environment has generated an atmosphere where not only are fewer "deals" taking place, but also many deals that are far down the path of consummation may fall apart. It is safe to assume we will continue to see a number of "busted deals."
Trustee Liability and the Curious Case of Maxwell v. KPMG, LLP
April 24, 2009
Last year, Judge Richard A. Posner of the Seventh Circuit Court of Appeals wrote an opinion that sent shockwaves throughout the bankruptcy community, particularly in trustee circles. The shocking part of <i>Maxwell v. KPMG, LLP</i> was not its holding, but its dicta.
Strategy for the Secured Creditor in a Single Asset Real Estate Case
March 30, 2009
The Bankruptcy Code ' 362(d)(3) provides unique grounds for stay relief by permitting a creditor secured by a bankruptcy debtor's "single asset real estate" to pursue an act against the property as early as 90 days after the case's filing. To take full advantage of this provision, however, secured creditors should carefully manage the dual time frames set forth in this Bankruptcy Code section.
