Client Alerts & Publications
- Client AlertAugust 19, 2019
This Alert covers the newly created powers granted to a trustee under the ITC, a well as the previously existing, but now codified, powers. This Alert is the second installment in a six-part series on the new Illinois Trust Code, a version of the Uniform Trust Code.
- ArticleJuly/August 2019
In a decision that upends the expectations of the municipal bond market, a three-judge panel of the U.S. Court of Appeals for the First Circuit has ruled that the “special revenue” provisions of the U.S. Bankruptcy Code do not compel the payment of debt service on certain municipal bonds during the pendency of a bankruptcy proceeding.
- ArticleStipulated Loss Value Provisions Used for Damages Purposes Held to Be Unenforceable as a Penalty by the U.S. Bankruptcy Court for the Southern District of New YorkJuly/August 2019
In a recent decision, the U.S. Bankruptcy Court for the Southern District of New York held that liquidated damages provisions calculating damages based upon stipulated loss value schedules designed to provide the lessor/owner participant with a return on investment of 4% (and not as a proxy for actual damages) violated New York public policy and were unenforceable as penalties.
- Client AlertJuly 16, 2019
On July 16, in an open meeting of the Federal Deposit Insurance Corporation’s (the “FDIC”) Board of Directors a memorandum and resolution regarding a Notice of Proposed Rulemaking on a Proposed Amendment to Securitization Safe Harbor Rule was passed.
- ArticleSecond Time’s a Charm: First Circuit Finds That Financing Statement Amendments Saved Defective Collateral DescriptionJuly/August 2019
The First Circuit recently found that a UCC filing amendment naming the debtor contained an appropriate name and that, when coupled with a corrected collateral description in the amendment, the bondholders’ lien was perfected and therefore unavoidable under the “strong-arm” provisions of the Bankruptcy Code.
- ArticleJuly/August 2019
The US Court of Appeals for the Ninth Circuit is the latest court in a developing line of case law to find that the doctrine of equitable mootness applies to prevent an aggrieved creditor from unwinding a substantially consummated Chapter 9 municipal bankruptcy plan.
- Client AlertJuly 15, 2019
Last week, Governor Pritzker signed HB 1471, giving Illinois new trust laws as of January 1, 2020. This Alert is the first installment in a six-part series on the new Illinois Trust Code, a version of the Uniform Trust Code.
- Client AlertSEC Adopts Broker-Dealer “Best Interest” Standard, Disclosure Form and Investment Advisers Act InterpretationsJune 5, 2019
The Securities and Exchange Commission voted 3 to 1 to adopt highly anticipated new and amended rules, forms and guidance relating to registered investment advisers’ and broker-dealers’ conduct and interactions with retail customers.
- ArticleOne Step Back? Ohio Bankruptcy Court Finds That a Hedging Power Purchaser Is Not a “Forward Contract Merchant” Entitled to the Bankruptcy Code Safe Harbor ProtectionsJune 2019
In a case of particular significance to parties that enter into forward contracts as means of hedging the future price of commodities used in their business, the U.S. Bankruptcy Court for the Northern District of Ohio has found that a “forward contract merchant” must be in the business of entering into forward contracts in order to generate a profit, not merely as a hedge.