Risk-retention rules mandated under the Dodd-Frank Act have raised issues for managers seeking to raise collateralized loan obligation (CLO) funds. Credit risk-retention rules have been considered paramount to the Dodd-Frank Act and apply to sponsors of asset-backed securities requiring such sponsors to hold 5 percent of the value of the securities offered by the sponsor.
What should you do when opposing counsel is acting like a jerk? Unless the conduct or action is egregious, in bad faith, and demonstrably harmful to your client, you generally should do nothing. Grow thicker skin.
Rule 9011(b) provides that by presenting to the court a petition, pleading, written motion or other paper, an attorney is certifying that, to the best of the person’s knowledge, information and belief, it is not presented “for any improper purpose, such as to harass or to cause unnecessary delay or needless increase in the cost of litigation.”
The United States Bankruptcy Court for the District of New York (the “Bankruptcy Court”) recently ruled In re Scandia Seafood (New York), Inc.[1] that an involuntary chapter 7 bankruptcy case filed against Scandia Seafood (New York), Inc.
If you were looking for something else to worry about at night, ponder the following scenario that forms the basis for the putative class-action complaint brought by the lender group-plaintiffs (the “Plaintiffs”) that was dismissed by the United States District Court for the Northern District of Illinois and affirmed on appeal in Oakland Police & Fire Retirement System et.al.
On June 2, 2017, the Fifth Circuit Court of Appeals issued its decision in Asarco LLC v. Montana Resources Inc., affirming an order on appeal from the U.S. District Court for the Southern District of Texas.
Bankruptcy practitioners across the circuits understand these categories of adversary proceedings or contested matters, involving state law claims, that could potentially be subject to bankruptcy jurisdiction: core and non-core proceedings.[1] For core proceedings, a bankruptcy court may enter “final” orders and judgments.
In April of 2017, the Consumer Financial Protection Bureau (CFPB) sued Ocwen Financial Corporation (Ocwen) and its affiliates for supposed systematic deficiencies in their mortgage servicing business.
Editor's note: Part I of this article was published in the July 2017 edition of the Young and New Members Committee newsletter, and can be found on the committee's website.
First-day orders in U.S. chapter 11 proceedings deal with a wide range of pressing issues within a limited timeframe. Moreover, foreign recognition of first-day orders in cross-border insolvencies, particularly in Canada-U.S. ones, have been dealt with in a context of a high degree of mutual deference and collaboration between jurisdictions.
