Monthly Archives: October 2013

Post-Petition Interest and Subordination: The Rule of Explicitness Lives (and Drafting Matters)

Posted on October 29, 2013 by BankruptcyRealEstateInsights

Silver Point Finance, LLC v. Deutsche Bank Trust Company Americas (In re K-V Discovery Solutions, Inc.), 496 B.R. 330 (Bankr. S.D.N.Y. 2013) – Based on a subordination agreement, senior secured noteholders contended that they were entitled to receive payment of post-petition … Continue reading →

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Leases: The Debtor Tenant’s Right To “Assume” and To “Assign” Does Not Mean To “Assume and Assign”

Posted on October 25, 2013 by BankruptcyRealEstateInsights

In re Eastman Kodak Co., 495 B.R. 618 (Bankr. S.D.N.Y. 2013) – The debtor assumed a ground lease prior to the deadline for assumption or rejection of non-residential real property leases.  It later sought to assign the lease in connection with … Continue reading →

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Bankruptcy Sales: “Free and Clear” Of An “Interest” May Even Extend To Blocking A Successor Unemployment Insurance Experience Rating

Posted on October 22, 2013 by BankruptcyRealEstateInsights

In re USA United Fleet Inc., 496 B.R. 79 (Bankr. E.D.N.Y. 2013) – A state used the debtors’ prepetition unemployment insurance experience rating to determine the unemployment insurance tax liability of a buyer of the debtors’ assets.  The buyer objected that … Continue reading →

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Bankruptcy Sales: Buyer Beware, As-Is Means As-Is, and So On

Posted on October 18, 2013 by BankruptcyRealEstateInsights

Baldiga v. C.A. Acquisition Corp. (In re Cyphermint, Inc.), 496 B.R. 49 (Bankr. D. Mass. 2013) – A chapter 7 bankruptcy trustee brought an adversary proceeding against a buyer and its designated purchaser for breach of contract and civil contempt.  The defendants … Continue reading →

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Original Issue Discount Claim: Maybe It’s Allowed, And Maybe It’s Not

Posted on October 15, 2013 by BankruptcyRealEstateInsights

Official Comm. of Unsecured Creditors v. UMB Bank, N.A. (In re Residential Capital, LLC), 495 B.R. 250 (Bankr. S.D. N.Y. 2013) – An unsecured creditors committee brought an action against an indenture trustee and collateral agent (a) seeking to recharacterize a … Continue reading →

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Foreclosure: Is A National Bank Authorized to Foreclose Non-Judicially In Arkansas?

Posted on October 11, 2013 by BankruptcyRealEstateInsights

JPMorgan Chase Bank, N.A. v. Johnson, 719 F.3d 1010 (8th Cir. 2013) – The 8th Circuit considered the issue of whether a national bank is “authorized to do business” in Arkansas, as required by a state statute in order to proceed … Continue reading →

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