Debtors often lose real property pre-petition for failure to pay property taxes to their local taxing authority. If a debtor is delinquent on property tax payments, the local taxing authority will place a lien on the property. If the debtor fails to pay the delinquent property taxes after given an opportunity to remove the lien through payment, the taxing...
Continue ReadingSubtle bankruptcy nuances left unaddressed in a loan agreement may result in a forfeit of the make-whole charge which the lender bargained for when negotiating and documenting the loan. This white paper provides lenders useful guidance to help preserve entitlement to bargained-for make-whole payments in the event of a borrower’s bankruptcy. Read the full text of the article
Continue ReadingOn July 18, 2013, the City of Detroit (the “City”) petitioned the United States Bankruptcy Court for the Eastern District of Michigan for relief under chapter 9 of the Bankruptcy Code. Detroit’s bankruptcy is the largest U.S. municipality chapter 9 filing to-date. The City is in the process of marshaling its property in hopes of monetizing some assets to...
Continue ReadingAt the beginning of the fourth quarter of 2015, the price of crude oil fell below $50 a barrel. Natural gas prices were similarly low. At the same time, the price per share of Chesapeake Energy Corporation (“Chesapeake Energy”), a natural gas and oil exploration and production company based in Oklahoma City, was approximately $8, a share price decline...
Continue ReadingThe oil and gas industry is in a state of uncertainty. The price of crude oil, which is depressed and fluctuating, has fallen significantly from 2014 to 2015. Some exploration and production (E&P) and services companies in the industry have filed for bankruptcy protection while others are experiencing operational distress and may soon follow suit. One consequence of the decline...
Continue ReadingThere is a strong public policy in the U.S. favoring the settlement of disputes using alternative dispute resolution tools such as mediation. This is so because mediating disputes before an impartial mediator allows for the confidential and expedient resolution of disputes and avoids costly, time consuming and uncertain in-court litigation. Not surprisingly, therefore, mediation is one tool bankruptcy practitioners...
Continue ReadingIn 2016, the European Union (“EU”) enacted the General Data Protection Regulation (“GDPR”), a sweeping privacy law granting individuals within the EU enhanced privacy protections. GDPR took effect on May 25, 2018. The mandates and scope of enforcement of GDPR, including imposition of severe monetary penalties, were written to apply beyond the geographical boundaries of the EU member countries....
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