Business bankruptcy: financial restructuring and modern commercial markets
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| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
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New York
Wolters Kluwer
[2019]
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| Ausgabe: | Second edition |
| Schriftenreihe: | Aspen casebook series
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxxiv, 963 Seiten Diagramme |
| ISBN: | 9781454896067 145489606X |
Internformat
MARC
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| 100 | 1 | |a Levitin, Adam Jeremiah |4 aut | |
| 245 | 1 | 0 | |a Business bankruptcy |b financial restructuring and modern commercial markets |c Adam J. Levitin |
| 250 | |a Second edition | ||
| 264 | 1 | |a New York |b Wolters Kluwer |c [2019] | |
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| 490 | 0 | |a Aspen casebook series | |
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| 650 | 4 | |a Business failures |x Law and legislation |z United States | |
| 650 | 4 | |a Bankruptcy |z United States | |
| 650 | 4 | |a Corporate reorganizations |z United States | |
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Datensatz im Suchindex
| _version_ | 1804179060501250048 |
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| adam_text | CONTENTS
PREFACE
PREFACE TO THE SECOND EDITION
ACKNOWLEDGMENTS
PARTI
FINANCIAL RESTRUCTURING AND THE MODERN
COMMERCIAL LANDSCAPE
CHAPTER 1
LEVERAGE, LIQUIDITY, RESTRUCTURING
I. DEBT
II. PATHS TO RESTRUCTURING
A. BALANCE SHEET RESTRUCTURING
1. DEBT FORGIVENESS
2. RETAINED EARNINGS
3. SALE OF NON-ESSENTIAL ASSETS
4. BORROWING
5. EQUITY SALES
B. ASSET SALE RESTRUCTURING
C. MULTIPLE PATHS OF RESTRUCTURING
III. FINANCIAL RESTRUCTURING THROUGH BANKRUPTCY
A. BANKRUPTCY LAW
B. BANKRUPTCY COURTS
C. BANKRUPTCY APPEALS
D. FINANCIAL VS. OPERATIONAL RESTRUCTURING
LEVITIN, BANKRUPT POLITICS AND THE POLITICS OF BANKRUPTCY
IV. WHY BANKRUPTCY?
A. ADDRESSING INFORMATION PROBLEMS
B. ADDRESSING COLLECTIVE ACTION PROBLEMS
C. PRESERVING GOING-CONCERN VALUE
D. ALLOCATING LOSSES IN SOCIETY
E. PROVIDING A FRESH START
V. CASE STUDY: THE CHRYSLER RESTRUCTURING
A. THE LEADUP TO BANKRUPTCY
B. THE BANKRUPTCY
INDIANA STATE PENSION TRUST V. CHRYSLER LLC
C. CHRYSLER DENOUEMENT
PROBLEM SET 1
XXVN
XXXI
XXXIII
4
5
5
5
5
5
6
6
7
8
9
10
11
11
12
12
13
14
14
15
16
17
17
18
20
21
25
29
XI
XII CONTENTS
CHAPTER 2
PRIORITY I 31
I. TEMPORAL PRIORITY AND ACCELERATION 32
SAHADI V. CONTINENTAL ILLINOIS NATIONAL BANK & TRUST CO. 33
II. SETOFF RIGHTS 37
III. SECURITY INTERESTS 37
A. UNSECURED CREDITORS 38
B. SECURED CREDITORS 40
C. FORECLOSURE SALES 41
PROBLEM SET 2.1 43
D. SECURITY INTEREST OPERATION AND TERMINOLOGY 45
PROBLEM SET 2.2 48
CHAPTER 3
PRIORITY II 51
I. COVENANTS AND NEGATIVE PLEDGES 51
A. DEBT LIMITATION COVENANTS 51
B. MERGER AND DISSOLUTION RESTRICTION COVENANTS 52
C. DIVIDEND, REPURCHASE, REDEMPTION, AND ASSET SALE RESTRICTION
COVENANTS 53
D. NEGATIVE PLEDGE CLAUSES 54
II. CONTRACTUAL SUBORDINATION BETWEEN CREDITORS 55
A. THE LEGAL STATUS OF SUBORDINATION AGREEMENTS 55
B. SUBORDINATION OF PAYMENT VS. SUBORDINATION OF LIEN 56
III. STRUCTURAL PRIORITY 59
IV. GUARANTIES 62
A. STANDBY LETTERS OF CREDIT 63
B. GUARANTIES WITHIN THE CORPORATE FAMILY 64
PROBLEM SET 3 67
CHAPTER 4
EQUITY AND BONDS 71
I. EQUITY 71
II. NON-FINANCIAL CREDITORS 74
HI. FINANCIAL CREDITORS 75
A. SIMPLE BANK LOANS 75
B. DEBT SECURITIES 75
ELLIOTT ASSOC. V. I. HENRY SCHRODER BANK & TRUST CO. 77
SUNSTONE HOTEL PARTNERSHIP INDENTURE 85
PROBLEM SET 4 96
CHAPTER 5
SYNDICATED LOANS 99
WIDEN, LORD OF THE LIENS: TOWARD GREATER EFFICIENCY IN SECURED LENDING
100
A. SYNDICATIONS VS. PARTICIPATIONS: DEFINITIONAL ISSUES 101
B. SYNDICATIONS 102
STANDARD & POOR S A GUIDE TO THE LOAN MARKET (SEPT. 2011)
UNICREDITO ITALIANO SPA V. JPMORGAN CHASE BANK
C. PARTICIPATIONS
D. MODERN SYNDICATED COMMERCIAL LOAN STRUCTURES
E. SECOND LIEN LOANS AND INTERCREDITOR AGREEMENTS
PROBLEM SET 5
CHAPTER 6
SECURITIZATION AND DERIVATIVES
I. SECURITIZATION
A. THE SECURITIZATION TRANSACTION
B. MANAGEMENT OF SECURITIZED ASSETS
C. RISKS INVOLVED IN SECURITIZATIONS
D. STRUCTURED FINANCING
E. RESECURITIZATION AND CLOS
F. THE EFFECT OF SECURITIZATION ON INVESTORS
II. DERIVATIVES
A. FORWARD CONTRACTS AND FUTURES CONTRACTS
B. REPOS
C. SWAPS
D. CREDIT-LINKED NOTES
E. MASTER NETTING AGREEMENTS
F. INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION DOCUMENTATION
III. CASE STUDY: HOVNANIAN ENTERPRISES
PROBLEM SET 6
CONTENTS
107
109
113
114
117
118
119
119
121
124
125
128
128
129
130
130
131
132
136
138
138
140
141
XLLL
PART II
FINANCIAL RESTRUCTURING OUTSIDE OF BANKRUPTCY 145
CHAPTER 7
OBSTACLES TO OUT-OF-COURT RESTRUCTURING AND LIQUIDATION 147
I. RESTRUCTURING OUTSIDE OF BANKRUPTCY 147
1. THE RESTRUCTURING BASELINE IS LIKELY NOT PERFORMANCE
UNDER THE ORIGINAL LOAN TERMS 151
2. TRANSACTION COSTS OF RESTRUCTURING ARE LOW FOR BILATERAL
NEGOTIATIONS, BUT INFORMATION PROBLEMS MAY PERSIST 151
3. TRANSACTION COSTS OF RESTRUCTURING ARE LIKELY TO RISE WITH
MULTILATERAL NEGOTIATIONS 151
4. CREDITORS CANNOT BE COMPELLED TO COMPROMISE THEIR LEGAL
RIGHTS OUTSIDE OF BANKRUPTCY 152
5. THERE ARE NO GENERIC LEGAL LIMITATIONS ON RESTRUCTURING
BILATERAL DEBTS, EXCEPT WHEN THIRD PARTIES
ARE AFFECTED 152
6. THIRD-PARTY RELATIONSHIPS LIMIT RESTRUCTURINGS 153
XIV CONTENTS
II. LIQUIDATION OUTSIDE OF BANKRUPTCY 154
A. FORECLOSURE 154
B. RECEIVERSHIP 155
C. ASSIGNMENTS FOR THE BENEFIT OF CREDITORS 157
PROBLEM SET 7 159
CHAPTER 8
FRAUDULENT TRANSFERS 163
I. ACTUAL FRAUDULENT TRANSFERS 163
II. CONSTRUCTIVE FRAUDULENT TRANSFERS 164
LEIBOWITZ V. PARKWAY BANK & TRUST CO. (IN RE IMAGE WORLDWIDE) 166
III. LIABILITY FOR AND DEFENSES TO FRAUDULENT TRANSFERS 170
PROBLEM SET 8 173
CHAPTER 9
THE TRUST INDENTURE ACT 175
I. COORDINATION AND LEGAL PROBLEMS BY TYPE OF DEBT 175
A. TRADE CREDITORS 175
B. EMPLOYEES 175
C. TAX AUTHORITIES 176
D. TORT DEBT 176
E. LEASES 176
II. BOND DEBT AND THE TRUST INDENTURE ACT OF 1939 177
TRUST INDENTURE ACT OF 1939, SECTION 302 177
TRUST INDENTURE ACT OF 1939, SECTION 303 180
TRUST INDENTURE ACT OF 1939, SECTION 316 180
MARBLEGATE ASSET MGMT., LLC V. EDUC. MGMT. FIN. CORP. 182
MEEHANCOMBS GLOBAL CREDIT OPPORTUNITIES FUNDS, LP V. CAESARS
ENTERTAINMENT CORP. 193
PROBLEM SET 9 198
CHAPTER 10
EXCHANGE OFFERS AND EXIT CONSENTS 201
MOISE KATZ V. OAK INDUSTRIES, INC. 205
ASSENAGON ASSET MANAGEMENT SA V. IRISH BANK RESOLUTION
CORPORATION LTD. (FORMERLY ANGLO IRISH BANK CORP. LTD.) 211
PROBLEM SET 10 219
CHAPTER 11
RESTRUCTURING LOAN SYNDICATIONS AND PARTICIPATIONS 221
I. RESTRUCTURING LOAN SYNDICATIONS AND PARTICIPATIONS 221
A. AUTHORITY OF THE AGENT BANK 221
B. INDIVIDUAL RIGHTS OF ACTION 233
C. HOLDOUTS 233
D. SECURITIZATION AND CLOS 234
E. SECOND LIEN LOANS AND INTERCREDITOR AGREEMENTS 235
II. THE SHADOW OF BANKRUPTCY 236
PROBLEM SET 11 237
CONTENTS XV
PART III
RESTRUCTURING IN BANKRUPTCY 239
CHAPTER 12
BANKRUPTCY IN A NUTSHELL 241
CHAPTER 7 BANKRUPTCY 242
CHAPTER 11 BANKRUPTCY 244
PART 111. A
COMMENCING A BANKRUPTCY 249
CHAPTER 13
FILING FOR BANKRUPTCY 251
I. FILING FOR BANKRUPTCY 251
A. VOLUNTARY BANKRUPTCY FILINGS 251
B. INVOLUNTARY BANKRUPTCY FILINGS 252
II. ELIGIBILITY TO FILE FOR BANKRUPTCY 254
III. GOOD FAITH 255
IN RE SCL CARBON CORP. 255
STUDY NOTES AND QUESTIONS 259
IV. VENUE 259
FEDERAL RULE OF BANKRUPTCY PROCEDURE 1014 260
FEDERAL RULE OF BANKRUPTCY PROCEDURE 7004 261
PROBLEM SET 13 262
CHAPTER 14
PROPERTY OF THE ESTATE 265
I. THE BANKRUPTCY ESTATE 265
UNITED STATES V. WHITING POOLS, INC. 266
STUDY QUESTIONS 270
IN RE DAVID BURGESS 271
II. TRUE SALES AND THE BANKRUPTCY ESTATE 273
IN RE LTV STEEL COMPANY, INC. 277
PROBLEM SET 14 279
CHAPTER 15
THE AUTOMATIC STAY 281
I. THE AUTOMATIC STAY 281
II. SCOPE OF THE AUTOMATIC STAY 282
A. CO-DEFENDANTS 282
A.H. ROBINS COMPANY, INC. V. PICCININ 282
STUDY QUESTIONS AND NOTE 288
B. GUARANTORS 288
CREDIT ALLIANCE CORP. V. WILLIAMS 288
LYONDELL CHEMICAL CO. V. CENTERPOINT ENERGY GAS SERVICES
(IN RE LYONDELL CHEMICAL CO.) 290
STUDY QUESTION 295
C. STANDBY LETTERS OF CREDIT 295
XVI CONTENTS
D. SETOFF VS. RECOUPMENT 296
E. ACCOUNT FREEZES 296
CITIZENS BANK V. STRUMPF 297
III. STAY EXEMPTIONS 299
PROBLEM SET 15 304
CHAPTER 16
LIFTING THE AUTOMATIC STAY 307
I. LIFTING THE AUTOMATIC STAY AND ADEQUATE PROTECTION 307
LINCOLN NATIONAL LIFE INSURANCE CO. V. CRADDOCK-TERRY SHOE CORP. 309
STUDY QUESTIONS 315
II. SINGLE-ASSET REAL ESTATE CASES 315
III. CONTRACTUAL WAIVER OF THE AUTOMATIC STAY 317
IV. TERMINATION OF BUSINESS WITH DEBTOR AS ATTEMPT TO COLLECT 317
V. POST-PETITION UTILITY SERVICE 318
PROBLEM SET 16 320
CHAPTER 17
VALUATION 323
I. VALUATION ISSUES IN BANKRUPTCY 323
II. WHAT IS BEING VALUED? 325
ASSOCIATES COMMERCIAL CORP. V. RASH 325
III. VALUATION METHODOLOGIES 329
SONTCHI, VALUATION METHODOLOGIES: A JUDGE S VIEW 330
IV. VALUATION FIGHT: IN RE CHEMTUM CORP. 335
FINANCIAL ADVISOR RETENTION APPLICATION, IN RE CHEMTURA CORP. 335
IN RE CHEMTURA CORP. 336
V. THE COST OF VALUATION MISTAKES 351
PROBLEM SET 17 351
PART III.B
OPERATING THE FIRM IN BANKRUPTCY 355
CHAPTER 18
GOVERNANCE IN BANKRUPTCY I 357
I. THE DEBTOR-IN-POSSESSION 357
II. APPOINTMENT OF A TRUSTEE 359
IN RE SHARON STEEL CORP. 361
III. APPOINTMENT OF AN EXAMINER 365
IV. COMMITTEES 367
IN RE HILLS STORES CO. 369
PROBLEM SET 18 373
CHAPTER 19
GOVERNANCE IN BANKRUPTCY: ADVANCED TOPICS 375
I. AD HOC COMMITTEES 375
II. OFFICERS 376
CONTENTS XVII
III. PROFESSIONALS 377
IN RE PROJECT ORANGE ASSOCIATES, LLC 378
PROBLEM SET 19 387
CHAPTER 20
FIRST-DAY ORDERS AND FINANCING IN BANKRUPTCY 389
I. FINANCING IN BANKRUPTCY 389
II. FIRST-DAY ORDERS 390
III. FINANCING THROUGH USE OF CASH COLLATERAL 396
IV. DEBTOR-IN-POSSESSION FINANCING AGREEMENTS 397
A. LOW RISK AND HIGH REWARD 398
B. PRIMING AND CROSS-COLLATERALIZATION 401
SHAPIRO V. SAYBROOK MANUFACTURING COMPANY, INC. (IN THE MATTER
OF SAY BROOK MANUFACTURING COMPANY, INC.) 402
C. ROLL-UPS 406
IN RE EASTMAN KODAK CO., NO. 12-10202 (BANKR. S.D.N.Y.) 406
D. COLLATERAL CHARGE WAIVERS 407
E. CARVE-OUTS 407
F. STAY RELIEF 408
G. APPOINTMENT OF CHIEF RESTRUCTURING OFFICER 408
IN RE PATRIOT COAL CORP., NO. 12-12900 (BANKR. S.D.N.Y.) 408
H. MILESTONES 409
IN RE AEROPOSTALE, INC., NO. 16-11275 (BANKR. S.D.N.Y.) 409
I. OTHER COMMON DIP LOAN PROVISIONS 411
PROBLEM SET 20 412
CHAPTER 21
USE AND SALE OF ESTATE PROPERTY 415
I. USE, SALE, AND LEASE OF ESTATE PROPERTY 415
II. WHAT IS AN ORDINARY COURSE TRANSACTION? 415
IN RE ROTH AMERICAN, INC. 415
STUDY QUESTIONS 420
III. SALE PROCEDURES 420
IN RE PHILADELPHIA NEWSPAPERS, LLC 421
STUDY QUESTIONS AND NOTES 424
IV. PRIVACY PROTECTIONS IN SALES 425
V. CREDIT BIDDING 426
IN RE FREE LANCE-STAR PUBLISHING CO. 429
PROBLEM SET 21 435
CHAPTER 22
FREE AND CLEAR SALES & SUCCESSOR LIABILITY 441
I. FREE AND CLEAR SALES 441
A. IPSO FACTO CLAUSES 441
B. FREE AND CLEAR SALES 441
IN RE BOSTON GENERATING, LLC 444
XVIII CONTENTS
II. SUCCESSOR LIABILITY 445
IN RE TWA 446
MORGAN OLSON, LLC V. FREDERICO (IN RE GRUMMAN OLSON INDUSTRIES, INC.)
450
STUDY QUESTIONS AND NOTES 453
PROBLEM SET 22 453
CHAPTER 23
EXECUTORY CONTRACTS AND UNEXPIRED LEASES 455
I. BREACHING CONTRACTS IN BANKRUPTCY 455
II. WHAT IS AN EXECUTORY CONTRACT? 458
IN RE RIODIZIO, INC., DEBTOR 458
HI. STATUTORY RESTRICTIONS ON ASSUMPTION 464
A. CURE REQUIREMENTS 464
B. CATEGORICALLY UNASSUMABLE TYPES OF CONTRACTS 465
PERLMAN V. CATAPULT ENTERTAINMENT (IN RE CATAPULT ENTERTAINMENT) 466
C. IPSO FACTO CLAUSES 472
D. TIMING OF ASSUMPTION 472
GOTTLIEB, KLEIN & SUSSMAN, BAPCPA S EFFECTS ON RETAIL
CHAPTER 11S ARE PROFOUND 474
E. REAL PROPERTY TENANT AND IP LICENSEE PROTECTIONS IN REJECTION 475
IV. EXECUTORY CONTRACTS: ASSIGNMENT LIMITATIONS 475
PROBLEM SET 23 476
CHAPTER 24
LABOR AND RETIREE BENEFIT ISSUES 481
I. LABOR CONTRACTS AND RETIREE BENEFIT OBLIGATIONS 481
A. COLLECTIVE BARGAINING AGREEMENTS 481
TRUCK DRIVERS LOCAL 807, ETC. V. CAREY TRANSP., INC. 482
B. RETIREE BENEFITS 492
C. PENSION BENEFITS 494
PROBLEM SET 24 495
PART III.C
CLAIMS AND LIQUIDATION 497
CHAPTER 25
CLAIMS 499
I. WHO IS A CREDITOR? WHO HAS A CLAIM? 499
II. INJUNCTIVE BENEFICIARIES 501
OHIO V. KOVACS 501
STUDY QUESTIONS 506
UNITED STATES V. APEX OIL COMPANY, INC. 506
STUDY QUESTIONS 509
III. WHEN DOES A CLAIM ARISE? 509
JENSEN V. CALIFORNIA DEPARTMENT OF HEALTH SERVICES 509
STUDY QUESTIONS 514
EPSTEIN V. OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF THE ESTATE OF
PIPER AIRCRAFT CORP. 515
PROBLEM SET 25 519
CONTENTS XIX
CHAPTER 26
CLAIM ALLOWANCE 523
I. UNENFORCEABLE CLAIMS 525
II. INTEREST 526
A. UNMATURED INTEREST 526
B. ORIGINAL ISSUE DISCOUNT 527
C. POST-PETITION INTEREST VS. UNMATURED INTEREST 530
III. PREPAYMENT LIMITATIONS 531
IV. SECURED TAX CLAIM 532
V. INSIDER AND ATTORNEY CLAIMS 532
VI. TERMINATED REAL ESTATE LEASES AND EMPLOYMENT CONTRACTS 532
UNSECURED CREDITORS COMMITTEE OF HIGHLAND SUPERSTORES, INC. V.
STROBECK REAL ESTATE, INC. (IN RE HIGHLAND SUPERSTORES) 533
VII. GUARANTORS 537
VIII. ESTIMATION OF CONTINGENT AND UNLIQUIDATED CLAIMS 538
PROBLEM SET 26 539
CHAPTER 27
SECURED STATUS 541
I. SETOFF CLAIMS 541
II. LIEN CLAIMS 542
III. CLAIM BIFURCATION VS. LIEN VALIDITY 543
IV. VALUING THE SECURED CREDITOR S CLAIM 544
V. POST-PETITION CHANGES IN COLLATERAL 545
A. PROCEEDS 546
B. PRODUCTS, OFFSPRING, AND PROFITS 547
C. AFTER-ACQUIRED PROPERTY 547
D. WHY THE DISTINCTION? 549
E. WHY DOES IT MATTER? 549
VI. POST-PETITION INTEREST 550
A. ALLOWANCE OF POST-PETITION INTEREST 550
B. RATE OF POST-PETITION INTEREST 551
C. TIMING OF PAYMENT OF POST-PETITION INTEREST 551
D. POST-PETITION INTEREST AND UNDERSECURED CREDITORS AND
OVERSECURED CREDITORS 552
ORIX CREDIT ALLIANCE, INC. V. DELTA RESOURCES, INC.
(IN RE DELTA RESOURCES, INC.) 552
STUDY QUESTIONS AND NOTES 557
VII. POST-PETITION ATTORNEYS FEES 558
VIII. CHARGES FOR CARE OF COLLATERAL 559
IX. APPLICATION OF ADEQUATE PROTECTION PAYMENTS 560
FIRST FEDERAL BANK V. WEINSTEIN (IN RE WEINSTEIN) 561
STUDY QUESTIONS AND NOTE 563
PROBLEM SET 27 563
XX CONTENTS
CHAPTER 28
LIQUIDATION 567
I. ABANDONMENT 568
II. PROPERTY ENCUMBERED WITH LIENS 569
III. DISTRIBUTION OF REMAINING ASSETS 570
A. COMPENSATION FOR INADEQUATE PROTECTION 571
B. ADMINISTRATIVE EXPENSES OF THE ESTATE 571
1. ACTUAL, NECESSARY COSTS OF PRESERVING THE ESTATE 571
2. RECLAMATION CLAIMS 572
3. PRIORITIZATION OF CHAPTER 7 BURIAL EXPENSES 573
C. EMPLOYEE WAGE AND BENEFIT PLAN CLAIMS 573
D. CONSUMER DEPOSIT CLAIMS 575
E. TAX CLAIMS 575
F. LATE CLAIMS AND PUNITIVE CLAIMS 576
G. INTEREST AND SURPLUS TO EQUITY 576
H. SUPER-SUPER-SUPER-PRIORITY UNDER SECTION 364(C)(L) 576
I. SUBORDINATION AGREEMENTS 577
J. PRIORITY SUMMARY 577
IV. THE END OF A CHAPTER 7 BANKRUPTCY 578
PROBLEM SET 28 579
PART III.D
RESHAPING THE BANKRUPTCY ESTATE 583
CHAPTER 29
THE STRONG-ARM POWER AND STATUTORY LIENS 585
I. AVOIDANCE POWERS 585
II. THE STRONG-ARM POWER 586
OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR TYRINGHAM HOLDINGS,
INC. V. SUNA BROTHERS, INC. 588
III. STATUTORY LIENS 591
IV. PRESERVATION OF AVOIDED LIENS: THE SWORD OF GRYFFINDOR 592
V. AVOIDANCE ACTION LIABILITY 593
PROBLEM SET 29 594
CHAPTER 30
VOIDABLE PREFERENCES AND SETOFFS 597
I. ELEMENTS OF A VOIDABLE PREFERENCE 598
A. HAS THERE BEEN A TRANSFER ON ACCOUNT OF AN ANTECEDENT DEBT? 599
IN RE NIVENS 600
B. INSOLVENCY AND THE PREFERENCE PERIOD 601
C. TIMING OF A TRANSFER 602
D. HAS THE CREDITOR S POSITION IMPROVED AS A RESULT OF THE TRANSFER? 603
II. PREFERENCE EXCEPTIONS 604
A. CONTEMPORANEOUS EXCHANGES 604
B. ORDINARY COURSE TRANSACTIONS 605
CONTENTS XXI
IN RE TOLONA PIZZA PRODUCTS CORP. 605
C. PURCHASE MONEY SECURITY INTERESTS 608
D. NEW VALUE 609
E. FLOATING LIENS 610
F. REFINANCING AND THE EARMARKING DOCTRINE 611
III. VOIDABLE SETOFFS 611
PROBLEM SET 30 613
CHAPTER 31
LEVERAGED BUYOUTS AND FRAUDULENT TRANSFERS 617
I. FEDERAL FRAUDULENT TRANSFER LAW 617
II. LEVERAGED BUYOUTS AND FRAUDULENT TRANSFERS 618
BAY PLASTICS, INC. V. BT COMMERCIAL CORP. 620
III. THE DOCTRINE OF MOORE V. BAY 631
MOORE V. BAY 631
IV. LIMITATIONS ON AVOIDANCE ACTIONS 633
A. FINANCIAL CONTRACT EXEMPTION FROM SECTION 548(A)(L)(B) CONSTRUCTIVE
FRAUDULENT TRANSFER LIABILITY 633
B. SETTLEMENT PAYMENT DEFENSE: GENERAL PROTECTION OF FINANCIAL
CONTRACTS FROM AVOIDANCE ACTIONS 633
ENRON CREDITORS RECOVERY CORP. V. ALFA, S.A.B. DE C.V. 634
C. WHY THE SPECIAL TREATMENT? 641
PROBLEM SET 31 642
CHAPTER 32
EQUITABLE REMEDIES 645
I. EQUITABLE DISALLOWANCE 645
IN RE WASHINGTON MUTUAL, INC. 646
II. EQUITABLE SUBORDINATION 649
SI RESTRUCTURING, INC. V. FAULKNER (IN RE SI RESTRUCTURING, INC.) 650
III. RECHARACTERIZATION 655
A. JUDICIAL RECHARACTERIZATION 655
COHEN V. KB MEZZANINE FUND II, LP (IN RE SUBMICRON SYSTEMS CORP.) 655
IV. SUBSTANTIVE CONSOLIDATION 661
IN RE OWENS CORNING 662
STUDY QUESTION 670
PROBLEM SET 32 671
PART III.E
CHAPTER 11 RESTRUCTURING 675
CHAPTER 33
CONSENSUAL PLAN CONFIRMATION 677
I. CHAPTER 11 COMPARED WITH CHAPTER 7 677
II. YOU GOTTA HAVE A PLAN: CONTENTS OF A PLAN 678
IN RE INDIANAPOLIS DOWNS, LLC 679
QUESTIONS ON INDIANAPOLIS DOWNS 680
XXII CONTENTS
III. WHO MAY PROPOSE A PLAN AND WHEN 681
KOPPEL, BANKRUPTCY BOO-BOO 681
FEDERAL RULE OF BANKRUPTCY PROCEDURE 9006(A) 682
IV. PLAN CONFIRMATION REQUIREMENTS 683
A. COMPLIANCE WITH TITLE 11 PROVISIONS, SECTION 1129(A)(L)-(2) 684
B. GOOD FAITH, SECTION 1129(A)(3) 684
C. REASONABLENESS OF PLAN FEES, SECTION 1129(A)(4) 685
D. CORPORATE AFFILIATIONS AND APPOINTMENTS, SECTION 1129(A)(5) 685
E. BEST INTERESTS, SECTION 1129(A)(7) 686
F. PRIORITY CLAIMANTS, SECTION 1129(A)(9) 687
1. ADMINISTRATIVE PRIORITY AND GAP CLAIMS 687
2. OTHER PRIORITY CLAIMS (EXCLUDING TAX CLAIMS) 688
3. PRIORITY TAX CLAIMS 688
G. FEASIBILITY, SECTION 1129(A)(LL) 689
DISH NETWORK CORP. V. DBSD NORTH AMERICA INC. 690
IN RE INDIANAPOLIS DOWNS, LLC 692
PROBLEM SET 33 694
CHAPTER 34
PLAN VOTING 697
I. VOTING 697
FEDERAL RULE OF BANKRUPTCY PROCEDURE 3018 700
II. CLASSIFICATION 700
IN RE BLOOMINGDALE PARTNERS 701
STUDY QUESTIONS 710
III. DESIGNATION OF VOTES 710
DISH NETWORK CORP. V. DBSD NORTH AMERICA INC. 710
IN RE ADELPHIA COMMUNICATIONS CORP. 718
STUDY QUESTIONS 723
PROBLEM SET 34 723
CHAPTER 35
IMPAIRMENT AND THE RIGHT TO VOTE 727
I. ARTIFICIAL IMPAIRMENT 728
CONNECTICUT GENERAL LIFE INSURANCE CO. V. HOTEL ASSOCIATES OF TUCSON 728
II. CASE STUDY: IN RE TEXAS RANGERS BANKRUPTCY 731
IN RE TEXAS RANGERS BASEBALL PARTNERS 735
IN RE TEXAS RANGERS BASEBALL PARTNERS 739
III. CURE AND REINSTATEMENT 742
PROBLEM SET 35 742
CHAPTER 36
SOLICITATION OF VOTES AND PREPACKAGED PLANS 745
I. SOLICITATION 745
IN RE INDIANAPOLIS DOWNS, LLC 746
CONTENTS XXIII
II. PREPACKAGED BANKRUPTCIES 750
PROBLEM SET 36 753
CHAPTER 37
CRAMDOWN CONFIRMATION 755
I. CRAMDOWN 755
II. UNFAIR DISCRIMINATION 756
IN RE CREATE BAY HOTEL & CASINO, INC. 757
III. FAIR AND EQUITABLE: TREATMENT OF SECURED CREDITORS 760
A. RETAINED LIENS AND DEFERRED CASH PAYMENTS 761
TILL V. SCS CREDIT CORP. 761
BANK OF MONTREAL V. OFFICIAL COMMITTEE OF UNSECURED CREDITORS
(IN RE AMERICAN HOMEPATIENT, INC.) 769
B. INDUBITABLE EQUIVALENCE 774
C. SALE OF COLLATERAL AND RETENTION OF LIENS 775
IV. CRAM UP 776
V. RIGHTS OF UNDERSECURED CREDITORS 777
PROBLEM SET 37 780
CHAPTER 38
THE ABSOLUTE PRIORITY RULE 785
I. THE ABSOLUTE PRIORITY RULE 785
A. UNSECURED CREDITORS 785
B. EQUITYHOLDERS 786
IN RE ARMSTRONG WORLD INDUSTRIES, INC. 787
II. THE RELATIVE PRIORITY ALTERNATIVE 791
PROBLEM SET 38 797
CHAPTER 39
THE LIMITS OF ABSOLUTE PRIORITY 799
I. NEW VALUE 799
BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION V. 203 NORTH
LASALLE STREET PARTNERSHIP 799
STUDY QUESTIONS 805
II. GIFT PLANS 806
DISH NETWORK CORP. V. DBSD NORTH AMERICA INC.
(IN RE DBSD NORTH AMERICA, INC.) 806
III. RIGHTS OFFERINGS 815
IN RE WASHINGTON MUTUAL, INC. 819
PROBLEM SET 39 822
CHAPTER 40
SALES VERSUS PLANS 825
I. SALES AND SUB ROSA PLANS 825
IN RE THE LIONEL CORP. 827
XXIV CONTENTS
IN RE CMC 831
IN RE CONTINENTAL AIR LINES, INC. 832
II. SETTLEMENT OF CLAIMS 835
FEDERAL RULE OF BANKRUPTCY PROCEDURE 9019 836
MOTOROLA, INC. V. OFFICIAL COMM. OF UNSECURED CREDITORS
(IN RE IRIDIUM OPERATING LLC) 836
III. PRE-PLAN PAYMENTS TO CREDITORS 843
IN THE MATTER OF KMART CORP. 843
STUDY QUESTIONS AND NOTE 847
PROBLEM SET 40 847
CHAPTER 41
CLAIMS TRADING 849
I. THE CLAIMS TRADING MARKET 849
LEVITIN, BANKRUPTCY MARKETS: MAKING SENSE OF CLAIMS TRADING 849
ION MEDIA NETWORKS, INC. V. CYRUS SELECT OPPORTUNITIES MASTER FUND LTD.
(IN RE ION MEDIA NETWORKS, INC.) 864
II. TREATMENT OF PURCHASED CLAIMS IN BANKRUPTCY 864
FIGTER LTD. V. TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
(IN RE FIGTER LTD.) 864
STUDY QUESTIONS AND NOTE 869
III. LOCK-UPS AND PLAN SUPPORT AGREEMENTS 870
LEVITIN, BANKRUPTCY MARKETS: MAKING SENSE OF CLAIMS TRADING 870
STUDY QUESTIONS 874
PROBLEM SET 41 874
CHAPTER 42
DISCHARGE AND POST-CONFIRMATION MATTERS 877
I. EFFECT OF PLAN CONFIRMATION 877
II. ASBESTOS CHANNELING INJUNCTIONS 878
III. THIRD-PARTY RELEASES 882
IN RE AIRADIGM COMMUNICATIONS, INC. 883
IV. FINALITY 886
TRIBUNE MEDIA CO. V. AURELIUS CAPITAL MGMT, L.P. 888
PROBLEM SET 42 898
CHAPTER 43
CONTRACTING AROUND BANKRUPTCY 903
GELPERN & LEVITIN, REWRITING FRANKENSTEIN CONTRACTS: THE WORKOUT
PROHIBITION IN RESIDENTIAL MORTGAGE-BACKED SECURITIES 904
I. CONTRACTS WITH CREDITORS NOT TO FILE FOR BANKRUPTCY 906
II. DESIGNING BANKRUPTCY REMOTE FIRMS 906
A. ENTITIES INELIGIBLE TO FILE FOR BANKRUPTCY 907
IN RE GENERAL GROWTH PROPERTIES, INC. 907
CONTENTS XXV
B. BANKRUPTCY REMOTENESS THROUGH CORPORATE GOVERNANCE 909
IN RE KINGSTON SQUARE ASSOCIATES 910
IN RE GENERAL GROWTH PROPERTIES, INC. 916
C. SPRINGING GUARANTIES AND BANKRUPTCY PENALTIES 928
UBS COMMERCIAL MORTGAGE TRUST 2007-FU V. GARRISON SPECIAL
OPPORTUNITIES FUND L P.
PROBLEM SET 43 929
CHAPTER 44
CONCLUSION 933
PROBLEM SET 44 939
TABLE OF CASES 943
INDEX 947
|
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| id | DE-604.BV045284151 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T08:13:52Z |
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| isbn | 9781454896067 145489606X |
| language | English |
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| spelling | Levitin, Adam Jeremiah aut Business bankruptcy financial restructuring and modern commercial markets Adam J. Levitin Second edition New York Wolters Kluwer [2019] xxxiv, 963 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Aspen casebook series United States Business failures Law and legislation United States Bankruptcy United States Corporate reorganizations United States SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030671620&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Levitin, Adam Jeremiah Business bankruptcy financial restructuring and modern commercial markets United States Business failures Law and legislation United States Bankruptcy United States Corporate reorganizations United States |
| title | Business bankruptcy financial restructuring and modern commercial markets |
| title_auth | Business bankruptcy financial restructuring and modern commercial markets |
| title_exact_search | Business bankruptcy financial restructuring and modern commercial markets |
| title_full | Business bankruptcy financial restructuring and modern commercial markets Adam J. Levitin |
| title_fullStr | Business bankruptcy financial restructuring and modern commercial markets Adam J. Levitin |
| title_full_unstemmed | Business bankruptcy financial restructuring and modern commercial markets Adam J. Levitin |
| title_short | Business bankruptcy |
| title_sort | business bankruptcy financial restructuring and modern commercial markets |
| title_sub | financial restructuring and modern commercial markets |
| topic | United States Business failures Law and legislation United States Bankruptcy United States Corporate reorganizations United States |
| topic_facet | United States Business failures Law and legislation United States Bankruptcy United States Corporate reorganizations United States |
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