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Secured Creditors Win Right to Credit Bid
In a major victory for secured creditors, the U.S. Supreme Court unanimously held that a Chapter 11 plan involving a sale of secured property free and clear of a creditor's lien must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the Bankruptcy Code). RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. __ (2012). In so holding, the Court resolved the split that had emerged among the U.S. Circuit Courts of Appeals, as illustrated by the Seventh Circuit's decision below (River Road Hotel Partners, LLC v. Amalgamated Bank, 651 F.3d 642 (7th Cir. 2011)), which contrasted with other recent decisions from the Third and Fifth Circuits, respectively.
Unlike the Seventh Circuit, the Third and Fifth Circuits had held that a plan eliminating the credit bid rights of a secured creditor could be approved over the objection of the secured creditor, as long as that creditor was provided with the indubitable equivalent of its secured claim by some other means. See In re Philadelphia Newspapers, LLC, 599 F.3d 298 (3d Cir. 2010); and In re Pacific Lumber Co., 584 F.3d 229 (5th. Cir. 2009).
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.
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.