Secondary Market Transaction Results in U.S. Court Jurisdiction Over Foreign Lender

Foreign financial institutions that trade dollar-denominated securities on the secondary market may not appreciate that they could be forced to defend an action arising from such a transaction in a U.S. court.  That is what happened, however, to an Austrian bank that purchased a $10 million interest in a syndicated $1.5 billion term loan on the secondary market.  View Full Post
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Protecting Committee Members – Ninth Circuit Expands Protections Afforded to Individual Committee Members

In a recent opinion, the United States Court of Appeals for the Ninth Circuit expanded the protections afforded to individual members of an official creditors’ committee against certain lawsuits.  Specifically, in In re Yellowstone Mountain Club, LLC, 841 F.3d 1090 (9th Cir. View Full Post
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SEC Changes the Regulatory Landscape of Intrastate and Regional Securities Offerings – Rule 147 Amendments Become Effective April 20, 2017

By | Louisiana Law Blog | March 22, 2017
SEC By David P. Hamm, Jr. On October 26, 2016, the SEC adopted final rules that (1) modernize Rule 147, (2) create a new Rule 147A, (3) amend Rule 504, and (4) repeal Rule 505 (collectively, the “Amendments”). The adopting release can be found here. View Full Post
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JUDICIAL FORECLOSURE SALES ARE IMMUNE TO PREFERENCE CHALLENGES

White stone home with green roof and shrubbery in front. A red and white sign in the foreground reads "Foreclosure - For Sale."The Bankruptcy Court for the Western District of Pennsylvania has recently held that a pre-petition foreclosure of a debtor’s real property, conducted in accordance with state law, is not subject to attack as a preference under 11 U.S.C. § 547.[1] There, the holder of the first mortgage on the property commenced foreclosure proceedings against the debtor. View Full Post
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Rules of Engagement for Creditors – New Insolvency Rules in Force 6 April 2017

By | eSQUIRE Global Crossings | March 21, 2017
On 6 April 2017, the new Insolvency Rules come into force which will affect creditors’ rights in most insolvency procedures. The changes are designed to ensure insolvency processes are as efficient and streamlined as possible in order to maximise returns to creditors by reducing costs whilst retaining safeguards to avoid abuse or injustice. View Full Post
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Delaware Court of Chancery Provides Additional Guidance On the Application of the Business Judgment Rule in the Context of a Controller Buyout

By | Louisiana Law Blog | March 20, 2017
stock By David P. Hamm, Jr. In In re Books-A-Million, Inc. Stockholders Litigation, the Delaware Court of Chancery dismissed a suit by minority stockholders (the “Plaintiffs”) alleging that several fiduciaries breached their duties in connection with a squeeze-out merger (the “Merger”) through which the controlling stockholders of Books-A-Million, Inc. View Full Post
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EPA Delays Effective Date of RMP

By | Louisiana Law Blog | March 15, 2017
chem By R. Lee Vail, P.E., Ph.D. On February 28, 2017, the EPA received a petition from the “RMP Coalition” for reconsideration and a request for a stay from the amendments to the RMP rule. The RMP Coalition consists of several affected industry trade groups, manufacturing groups, and the Chamber of Commerce of the United States of America. View Full Post
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Delaware Organizational Meeting – Sungevity, Inc.

Upcoming Committee Formation Meeting: Wednes., March 22, 2017, 10:00 a.m. Case Name: 17-10567 (LSS) Location: The Doubletree Hotel 700 King Street Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petitionFirst Day Declaration, and press release for further information. View Full Post
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