The Impact of the Credit Crisis on DIP Financing
September 29, 2009
A byproduct of the frozen credit markets was the unexpected contraction of available debtor-in-possession financing (DIP financing). Historically, DIP financings have had the lowest default rates among commercial loans, and until the recent market disruption, only two significant DIP loans had defaulted, and only one of those resulting in a sub-par recovery.
The Equipment ABS Market
September 29, 2009
This article: 1) as a matter of background, discusses the basic economics of a TALF loan backed by equipment ABS and provides a general overview of the collateral eligibility requirements of TALF relating to equipment ABS, and 2) discusses the key hurdle (i.e., achieving a AAA rating) prospective issuers have encountered, and will likely continue to encounter in the near term under the existing paradigm, in their attempts to structure and execute equipment ABS in the current market.
The General Growth Properties Bankruptcy and the Future of Securitizations
September 29, 2009
Do the recent rulings in the General Growth Properties bankruptcy spell doom for equipment debt securitizations? Not necessarily so, according to the recent rulings of Southern District of New York Bankruptcy Judge Allan Gropper in the $27 billion General Growth Properties Chapter 11 bankruptcy — at least with respect to the issue of substantive consolidation.
Federal Circuit Overturns Central Component of TTAB's Medinol Doctrine
September 29, 2009
In one of the most closely watched trademark-related appeals in recent memory, <i>In re Bose Corp.</i>, the Federal Circuit overturned the central holding of <i>Medinol Ltd v. NeuroVasx Inc.</i>. Specifically, the Federal Circuit disapproved of the Board's practice of finding fraud if a registrant or applicant "should have known" that a material representation to the PTO was false.
Where's the Door?
September 29, 2009
Part One of this article described the types of operating covenants. The conclusion herein explains the remedies for violating these covenants.
In the Spotlight: Enforcing the Green Lease
September 29, 2009
As the green lease is first and foremost a business relationship concerning occupancy of real estate, the remedies for enforcement of the "green provisions" should strike an acceptable balance within that relationship.
Class Certification Now an 'Olympic High Hurdle Event' in the Third Circuit
September 29, 2009
In a recent opinion issued by Chief Judge Scirica the Third U.S. Circuit Court of Appeals has clarified the hurdle height to "jump over" in order to obtain class action certification. In so doing, the court has both "ratified" and, at the same time, "put greater bite into" the trend of imposing a stricter standard for certification.
