Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
In U.S. Bank Nat'l Ass'n v. Village at Lakeridge, LLC, 200 L.Ed.2d 218 (U.S. 2018), the U.S. Supreme Court laid out the standard of review for appellate courts to apply when reviewing a bankruptcy court's determination of a “mixed question” of law and fact. No doubt the decision provides valuable guidance for the lower courts and practitioners, but resolution of this technical procedural issue has garnered little excitement: as one commentator put it, the majority opinion authored by Justice Kagan represents “the smallest change in the law of any opinion the Supreme Court hand[ed] down this year.” Ronald Mann, Opinion Analysis: Justices Approve Deferential Review of Bankruptcy-Court Determinations on “Insider” Status, SCOTUSblog (Mar. 5, 2018, 4:34 PM).
Ultimately, though, Village at Lakeridge is noteworthy for what the Court did not decide. The case concerned the bankruptcy judge's determination that an investor who cast the critical vote for confirmation of a cramdown plan was not a “non-statutory insider.” In granting certiorari, the Supreme Court declined to address whether the lower courts' various “non-statutory insider” tests should be refined. As concurrences from Justices Sotomayor and Kennedy emphasized, though, that issue is ripe for increased scrutiny. The test used by the Ninth Circuit in Village at Lakeridge is particularly problematic and should be reconsidered in light of the Code's intent and legislative history.
Beneath this case's dull exterior lies a tale of corporate intrigue and romance (or, at least, as much as one can expect from a bankruptcy appeal). The debtor, Village at Lakeridge, LLC (Lakeridge), is a commercial real estate development in Reno, NV, wholly owned by MBP Equity Partners (MBP). Saddled with debt, Lakeridge tried to reorganize under Chapter 11. It had two major debts: over $17 million due to U.S. Bank for the balance on a loan, and $2.76 million owed to MBP. Both creditors were impaired under Lakeridge's proposed plan. U.S. Bank aggressively opposed Lakeridge's reorganization efforts.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?