How 4th Circuit went beyond MCorp
Article Abstract:
The Fourth Circuit has expanded regulators' rights in administrative proceedings involving failed financial institutions. In decisions on Carlton v Firstcorp and In re Landmark Land Co of Oklahoma. Carlton held that the anti-injunction provision of FIRREA takes away the bankruptcy court's jurisdiction over cease-and-desist orders and that holding companies in Chapter 11 must remedy the capital deficiencies of an insolvent savings and loan. Landmark extended the Resolution Trust Corp's receivership powers to non-bank affiliates of failed financial institutions in Chapter 11.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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The 2d Circuit's Eastern decision favors trust structures when bankruptcy remote entities are created in debt refinancing
Article Abstract:
The US Court of Appeals for the Second Circuit ruled in Shawmut Bank Connecticut v. First Fidelity Bank that a trust created for aircraft financing by Eastern Airlines was not a business trust under the Bankruptcy Code and was thus not an eligible debtor. This ruling raised questions about the use of bankruptcy remote entities in debt restructurings. Secured lenders may, in the future, want to specify in their trust declarations that they are not creating a business trust and limit the trustee's duties according to Eastern.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Single-asset cases yield dual results
Article Abstract:
The US Court of Appeals for the 5th Circuit ruling in Heartland Federal Savings & Loan Ass'n v. Briscoe Enterprises Ltd. II that different classification schemes for an unsecured deficiency claim and general unsecured claims of a municipality were permissible under Bankruptcy Code Section 1129 and that it could be confirmed in spite of the undersecured mortgage lender's non-acceptance may better enable debtors to seek cramdowns of reorganization plans and also to obtain out-of-court settlements.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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