Search Results for: "Creditor"
About the National Directory of Experienced Assignees Who Serve as Such in Assignments for The Benefit of Creditors: The goal of the Assignee Directory (the “Directory”) is to provide comprehensive information about individuals who have served as assignees in the context of an assignment for the benefit of creditors (“ABC”). The only requirement for inclusion is that the included individual has at some point acted as an assignee or as an “ABC Ultimate Decision Maker” as that term is defined in the next sentence. An ABC Ultimate Decision Maker is, […]
This Directory is intended to be a comprehensive listing of every individual in the United States who has served as an assignee in the context of an assignment for the benefit of creditors (“ABC”) (as well as those who served as the ultimate decision-maker for the assignee where the assignee was a legal entity), and who remains available for such assignments. Learn how to use the Directory, how to request to be added to the Directory, to report an issue or to ask a question about the Directory.
Creative Destruction and an Inevitable Fall: What Can We Learn From the Penthouse Magazine Bankruptcy? Penthouse International, publisher of Penthouse Magazine, sold for $11.2 million in June of 2018. The company was worth about $700 million (adjusted for inflation) at its height. The latest Penthouse Magazine bankruptcy highlights just how far Penthouse has fallen, and what lessons can be learned regarding bankruptcy in general. The New Owner The buyer was WGCZ, which also owns XVideos.com and Bangbros.com. XVideos, in turn, functions as an aggregator (just as YouTube is an aggregator […]
How Brevity in Financing Statements Can Lead to Insufficient Collateral Descriptions Our fast-paced society, coupled with the tendency for people to use shorthand in communications by emails and Twitter, influences everyone to look for ways to save time and be less verbose. When preparing and filing a UCC-1, however, brevity can be the filer’s enemy. Description of Collateral in Security Agreements Article 9 of the UCC provides that a security agreement must “provide a description of the collateral.” A description of collateral under Article 9 is usually considered adequate if […]
Keen-Summit Capital Partners and Summit Investment Management, announced today that they have hired David Levy, a commercial real estate expert, to open their new joint Chicago office, expanding their presence in the Midwest.
The Finishing of the “Unfinished Business” Doctrine and the Jewel Waiver One of the interesting aspects of business bankruptcy cases is that both the businesses and the issues their bankruptcy proceedings present can differ so much. In recent years, for example, we have seen department stores (Macy’s, Federated), toy retailers (Toys R Us), bookstore chains (Borders), automobile manufacturers (GM, Chrysler), supermarkets (A&P), auto supply companies (Delphi), securities firms (Lehman Brothers), oil and gas E&P companies (Ultra Petroleum, Energy XXI), telecom outfits (WorldCom, Adelphia), and energy companies (Enron, EFIH) file for […]
What is the Consolidated Appropriations Act? Congress passed the Consolidated Appropriations Act, 2021 on December 21, 2020, and President Trump signed the massive act into law six days later, when it became effective. The act includes several changes to title 11 of the United States Code, which is usually called the “Bankruptcy Code,” and most changes sunset on either the first or second anniversary of the effective date of the act. Here are the changes you need to know, in the order they are presented in the act. Property That […]
The ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency [Authors’ Note: Before going any further, read Installment 4: Chapter 11—If You’ve Seen One, You’ve Seen Them All. While you can generally read any installment in this series in any order or even by itself, this one is an exception…] And now, we present to you, the five stages of a “typical” chapter 11 case (subject to the caveats you read in our previous installment). By the way, make sure you read to the end so you can see what a […]
A prepack is a chapter 11 plan that a debtor prepares in cooperation with its creditors and which enough creditors and equity holders approve of, prior to the Petition Date, such that the parties know that the voting requirements of Bankruptcy Code §1126 will be satisfied. Such a chapter 11 plan is commonly filed together with the chapter 11 petition on the Petition Date. A successful pre-pack can be much shorter in duration than other chapter 11 cases (the shortest case in history, led by Kirkland & Ellis partner, Jon […]
Lender Liability Law Protects Distressed Borrowers from Unfair Practices The relationship between a lender and borrower can be complex. The borrower wants capital to run and grow its business, and the lenders want to earn a return and eventually get their principal back. If the borrower complies with the terms of the loan, all is good. If the borrower breaches, then the lender has a number of rights and remedies. Sometimes, however, a lender overreaches. One example of an overreach is when a lender exerts control over the daily activities […]