Controversial debt swap has the credit default swap (CDS) market up in arms. The integrity of the CDS could be permanently damaged. “It could destabilize the market for single-name CDS.” Said Robin Powers, Partner at Rimon who specializes in derivatives. Read the full International Financing Review article here. Robin Powers focuses on financial transactions entered into by hedge funds…

Applying Delaware law, the United States Circuit Court of Appeals for the Third Circuit issued a ruling that will significantly affect the rights of upstream producers of oil and gas and secured creditors generally. The court determined that upstream oil producers did not have automatically perfected security interests in oil they sold prepetition to the debtors. Thus,…

Section 503(b)(9) of the Bankruptcy Code provides a seller of goods with an administrative expense claim equal to the value of goods received by the debtor within the 20 day period prior to the bankruptcy filing. Two recent decisions provide important guidance for sellers and buyers of goods on the eve of a debtor’s bankruptcy.…

The U.S. Supreme Court recently issued a 5-3 decision holding that a creditor filing a proof of claim in a Chapter 13 bankruptcy case for a time-barred debt was not false, deceptive, misleading, unconscionable or unfair conduct in violation of the Fair Debt Collection Practices Act (FDCPA). Learn more here. > You may also find this complementary…

The U.S. Supreme Court recently held that a purchaser for its own account of a defaulted loan is not a debt collector within the meaning of the Fair Debt Collection Practices Act (FDCPA). Learn more here. > You may also find this complementary article of interest: U.S. Supreme Court: Filing a Time-Barred Claim in a Chapter 13 Bankruptcy Case Does…

The First Circuit recently ruled that the bankruptcy court lacked the authority to adjudicate disputes under a contract because there was no “arising under,” “arising in” or “related to” jurisdiction — in spite of the fact that the contract itself, previously approved by the bankruptcy court, included a provision giving that court jurisdiction. Learn more here.…