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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).
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.