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Assignee’s pre- and post-petition attorney fees are compensable in a Chapter 7 bankruptcy

Francis X. Buckley, Jr. June 19, 2018
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In a recent Chapter 11 case (and subsequent Chapter 7 case), an Illinois Northern District judge ruled that an assignee in an ABC could collect pre-petition and post-petition attorney fees and expenses. READ MORE

New tax law eliminates NOL carry backs

David Warfield December 27, 2017
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In a blow to certain distressed companies, the Tax Cuts and Jobs Act of 2017 eliminates the ability of taxpayers to carry back net operating losses (“NOLs”) incurred after December 31, 2017, to previous tax years. READ MORE

Valuation of affordable housing projects in bankruptcy – a muddied landscape

Mark Bossi September 22, 2016
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A divided panel of the 9th Circuit Court of Appeals recently held that rent restrictions should not be considered when valuing a secured creditor’s interest in an affordable housing project that the debtor proposes to retain under a plan of reorganization. READ MORE

Low-income housing tax credit workouts and bankruptcies: Understanding the basics

Mark Bossi November 14, 2014
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This post is the first in a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects. Our upcoming blog posts will discuss specific issues unique to LIHTC project workouts and bankruptcies. READ MORE

Sixth Circuit rules cows can be leased

David Warfield September 5, 2014
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Can you really lease a cow? According to the Sixth Circuit, the answer is “yes.” In fact, the legal and practical issues of cattle leasing were clearly illustrated in a recent decision from the Sixth Circuit, Sunshine Heifers, LLC vs. Citizens First Bank (In re Purdy). READ MORE

Why Missouri’s receivership law is due for reform

David Warfield September 13, 2013
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Missouri receivership law, however, is largely unchanged from the 19th Century and is simply inadequate in several respects to address all the issues raised by the liquidation of a modern business. A few states around the country have recently updated their own receivership laws, and Missouri should follow suit. READ MORE

Ownership of Chapter 11 debtors can’t be retained without competition and credit bidding

Jeff Fink April 15, 2013
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Owners of Chapter 11 bankruptcy debtors have long devised schemes to try to hold on to their ownership interests while stiffing the debtors’ creditors. In the past, owners attempted to do this by proposing reorganization plans that paid creditors only a portion of what they are owed while selling all of the equity in the reorganized debtor to the owner for a nominal new investment. READ MORE