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On Oct. 20, 2017, the U.S. Court of Appeals for the Second Circuit, in Momentive Performance Materials, Inc. v. BOKF, NA (In re MPM Silicones, L.L.C. “MPM”) –F.3d–, 2017 WL 4700314, Nos. 15-1682 (2nd Cir. Oct.20, 2017), reversed in part and remanded to the bankruptcy court an order confirming the Debtor’s Chapter 11 plan of reorganization. The appellate court instructed the bankruptcy court to apply an “efficient market rate” of interest to the senior secured notes issued under the plan, if such a rate could be ascertained, in lieu of a “formula rate” of interest that had been applied. The Second Circuit affirmed the balance of judgment on appeal by denying any make-whole recovery, refusing to subordinate claims of certain second lien creditors and finding that the doctrine of equitable mootness did not apply.
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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