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Entries tagged “client alert”

Third circuit affirms plan distributions are not proceeds of collateral

insights Third circuit affirms plan distributions are not proceeds of collateral Douglas J. Schneller · July 29, 2019

In Energy Future Holdings Corp. v. Morgan Stanley Capital Grp., Inc., 2019 U.S. App. LEXIS 18458 (3d Cir. 2019) (“EFH”), the United States Court of Appeals for the Third Circuit issued an important, albeit nonprecedential, opinion about whether adequate protection payments and plan distributions made during a bankruptcy case should be re-allocated in accordance with the…

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SCOTUS Holds Licensee May Continue Using Trademark After Rejection in Bankruptcy

insights SCOTUS Holds Licensee May Continue Using Trademark After Rejection in Bankruptcy Douglas J. Schneller · June 11, 2019

The Supreme Court of the United States has ruled that the rejection in bankruptcy by a debtor-licensor of an executory trademark license does not terminate the licensee’s right to use the trademark but instead has the same effect as a breach of that contract outside of bankruptcy.[1] Consequently, the licensee may continue to use the trademark…

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LIBOR Fallbacks- Alternative Reference Rates

insights LIBOR Fallbacks- Alternative Reference Rates Patrick Maschio · LIBOR Fallbacks- Alternative Reference Rates Yaacov P. Silberman · LIBOR Fallbacks- Alternative Reference Rates Lisa-Marie Monsanto · LIBOR Fallbacks- Alternative Reference Rates Suzanne L’Hernault · LIBOR Fallbacks- Alternative Reference Rates Emma R. Larson · LIBOR Fallbacks- Alternative Reference Rates Fred Chang · LIBOR Fallbacks- Alternative Reference Rates Douglas J. Schneller · May 20, 2019

LIBOR Fallbacks: What’s Next After LIBOR? At the end of 2021, the London Interbank Offered Rate (“LIBOR”) may cease as a reference interest rate.[1] For years LIBOR has served as the leading baseline reference interest rate for loans and other financial instruments such as floating rate notes. In order to minimize or avoid loan market…

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Sears Fights with Vendors Whether Goods Were Delivered Prepetition or Postpetition

insights Sears Fights with Vendors Whether Goods Were Delivered Prepetition or Postpetition Douglas J. Schneller · May 16, 2019

Several foreign suppliers are seeking to compel payment by Sears Holding Corporation and subsidiary debtors (collectively the “Debtors”) for merchandise purchased by the Debtors during, or just before the commencement of, the Debtors’ Chapter 11 bankruptcy cases (the “Case” or “Sears”) pending in the United States Bankruptcy Court for the Southern District of New York…

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9th Circuit Declines to Dismiss a Marijuana-Related Chapter 11 Case, Affirms Plan Confirmation

insights 9th Circuit Declines to Dismiss a Marijuana-Related Chapter 11 Case, Affirms Plan Confirmation Douglas J. Schneller · May 9, 2019

Does a real estate company’s bankruptcy reorganization plan go up in smoke if a tenant uses the property to grow marijuana? Relying on the plain text of Bankruptcy Code Section 1129(a)(3)[1] and the particular facts and procedural history of the case, the United States Court of Appeals for the Ninth Circuit affirmed confirmation of the…

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Sports Authority and Consignments: Lessons for Lenders and Vendors

insights Sports Authority and Consignments: Lessons for Lenders and Vendors Douglas J. Schneller · May 9, 2019

A Delaware bankruptcy court (the “Court”) recently considered conflicting security interest claims of (i) a vendor that manufactured and consigned goods to a merchant that later filed for bankruptcy, and (ii) a secured lender that had a perfected lien on inventory and proceeds. The decision has important lessons relating to consignments. Summary The consignor failed…

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Notice 2019-07: Safe Harbor Election for Rental Real Estate Enterprises

insights Notice 2019-07: Safe Harbor Election for Rental Real Estate Enterprises Susan F. Klein · May 2, 2019

The Internal Revenue Service recently issued a Notice providing a safe harbor election under which a rental real estate enterprise will be treated as satisfying the Section 199A deduction trade or business requirement. Click here to read the insight. Susan F. Klein focuses her practice on tax matters relating to private international transactions, including mergers, acquisitions…

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Visa & Mastercard Interchange Fees Merchant Class Action Update

insights Visa & Mastercard Interchange Fees Merchant Class Action Update Douglas J. Schneller · Visa & Mastercard Interchange Fees Merchant Class Action Update John J. Hanley · Visa & Mastercard Interchange Fees Merchant Class Action Update Patrick Maschio · April 24, 2019

In recent years merchants, regulators, banks and financial institutions, consumers and other parties have been keenly focused on “interchange fees” charged to merchants by issuers of credit or debit cards for any transaction in which the card is used for a purchase. Interchange fees typically consist of a percentage fee, based on the volume of…

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Default Interest Is Enforceable in Bankruptcy Except When It’s Not

insights Default Interest Is Enforceable in Bankruptcy Except When It’s Not Douglas J. Schneller · Default Interest Is Enforceable in Bankruptcy Except When It’s Not John J. Hanley · August 21, 2018

Default interest is a very common feature in all manner of lending transactions in today’s market.  However, few legal issues have created more confusion or generated more litigation.  Bankruptcy courts, in particular, have struggled with the issue but have failed to develop a consistent framework.  There are many pitfalls but a conscientious lender can take…

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Top Ten Issues to Consider When Dealing with Loan Participations

insights Top Ten Issues to Consider When Dealing with Loan Participations Douglas J. Schneller · Top Ten Issues to Consider When Dealing with Loan Participations John J. Hanley · July 24, 2018

Rimon Partners, John Hanley and Douglas Schneller, have an important update titled “Top Ten Issues to Consider When Dealing with Loan Participations”. Loan participations can be an effective way for lenders to reduce their exposure to a borrower’s credit and manage their loan portfolios and liquidity, and for investors to acquire an interest in a loan without becoming a…

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