Bankruptcy, Restructuring and Creditors' Rights

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March 30, 2017

The United States Bankruptcy Court for the Northern District of West Virginia recently held that a UCC 1 financing statement properly submitted to, but mis indexed by, the UCC filing office was effective and prior to a subsequently filed financing statement.

Client Alert
January 10, 2017
Many “all assets” UCC financing statements contain language in the collateral description which expands upon, illustrates or explains that “all assets” means all of a debtor’s assets. Although intended to clarify that “all assets” means all, some explanatory language in an “all assets” collateral description may actually result in a debate, similar to Alice’s debate with the Mad Hatter above, whether “more” or “less” was correct. For more information, read our client alert.
November 4, 2016
October 7, 2016

Kutak Rock partner Bruce Wilson published two articles in the mondaq website newsletter of September 28, 2016.

Article
September 7, 2016

The Puerto Rico Oversight, Management, and Economic Stability Act, Pub. Law 114-187 (“PROMESA” or the “Act”), was enacted into law on June 30, 2016.

Client Alert
June 15, 2016

Two bankruptcy courts recently have issued opinions that invalidated “golden share” provisions in a bankruptcy-remote entity’s organizational documents.

May 15, 2015
January 27, 2015
November 7, 2014
The Supreme Court of Delaware recently held, in answering a question certified to it by the United States Court of Appeals for the Second Circuit, that a termination statement authorized to be filed by the secured party becomes effective to terminate the related financing statement regardless of the secured party’s actual intent regarding the filing. Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, 2014 WL 5305937 (Del. Supr. Oct. 17, 2014) (General Motors). The case presents the difficult issue of whether or when a lender can rely on the UCC record and, in particular, the effectiveness of a filed UCC termination statement.

Please read our client alert for more information.
Client Alert
November 5, 2014
An interesting case on securities accounts from the United States Bankruptcy Court for the Eastern District of Pennsylvania addressed the issue of whether a creditor’s perfected security interest in a securities account remained perfected in sub-accounts that were created post-closing. In re GEM Refrigerator Co., 512 B.R. 194 (Bankr. E.D. Pa. 2014).
Client Alert
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