Introducing a New Risk for Louisiana Loans Supported by Upstream and Cross-Stream Security: the Ten-Year Revocatory Action

By | Louisiana Law Blog | March 23, 2017
By Wade Iverstine and Eric Lockridge A 2013 change to Louisiana’s revocatory action now exposes a secured lender’s collateral and guarantees to the risk of avoidance litigation for ten years, up from three years, after the closing date. Start here if you just asked, “What is a revocatory action?” This post explains how the revocatory action effects multi-party secured loans, and how the 2013 legislative change has only become relevant since August 2016. View Full Post
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Jevic Holding: the Supreme Court Puts an End to Non-Consensual Structured Dismissals That Violate Bankruptcy Code Priority Scheme

By | eSQUIRE Global Crossings | March 23, 2017
Yesterday, the Supreme Court issued is highly awaited ruling in Czyzewski et al. v. Jevic Holding Corp. et al.  The Jevic case presented the question whether bankruptcy courts may approve non-consensual structured dismissals that vary the distribution scheme established by the Bankruptcy Code.  View Full Post
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Taxation of Restructuring Profits – a New and Unexpected Obstacle for Restructurings in Germany

The question whether restructuring profits are taxable or not has been answered differently in Germany in the past. However, on 7 February 2017, a decision of the Grand Senate of the Federal Fiscal Court (the “FFC Decision”) was published, in which the highest German tax court declared the Restructuring Decree as unlawful. View Full Post
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BOEM Announces Proposal to Sell 73 Million Acres of Gulf of Mexico Leases

By | Louisiana Law Blog | March 22, 2017
GOM By Tod J. Everage With less than one week on the job, newly-confirmed Secretary of the Interior, Ryan Zinke announced that BOEM will offer 73,000,000 acres of lease space located in the Gulf of Mexico for oil and gas exploration. Proposed Lease Sale 249 is currently scheduled for August 16, 2017, and will include all unleased areas of federal waters in the GOM. View Full Post
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SCOTUS Ends Structured Dismissals That Circumvent Priority Rules

By | Zone of Insolvency | March 22, 2017
TruckPhoto_WEBEarlier today, in Czyzewski v. Jevic Holding Corp., the Supreme Court put an end to “structured dismissals” that allow a debtor to leave bankruptcy while circumventing the Bankruptcy Code’s creditor payment priority scheme. A Chapter 11 debtor generally has three options for exiting bankruptcy: (1) a confirmed plan of reorganization (or liquidation); (2) conversion to Chapter 7 and liquidation of the debtor’s estate; or (3) dismissal of the bankruptcy case entirely. View Full Post
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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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