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Appeals Court rules bankruptcy trustee can recover tuition payments from college

David Warfield November 22, 2019
gavel with money

The First Circuit Court of Appeals has ruled that bankruptcy trustees may sue colleges and universities to recover pre-bankruptcy tuition payments received from parents of adult children. The decision, while not binding in any other court of appeals, signals a clear trend in similar cases. READ MORE

Health care provider agreements may be acquired 'free and clear' in bankruptcies

David Farrell October 15, 2019
Piggy Bank sitting on top of a stethoscope

Breaking from the overwhelming majority of prior case law, two bankruptcy courts recently held that Medicare and Medicaid provider agreements can be assigned as part of a Section 363 bankruptcy sale free and clear of the assignor’s liabilities under the provider agreements, including amounts due or that may become due under the Provider Agreement for pre-assignment activities. READ MORE

Court rules subordination agreement bars junior creditor from obtaining discovery from senior creditor

David Warfield January 16, 2019
Chapter 7 bankruptcy form

A recent decision from the U.S. Bankruptcy Court strictly enforced a subordination agreement preventing the junior lienholder from obtaining discovery from the senior creditor. This is good news for creditors who bargain for “silent second” language in subordination agreements. READ MORE

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

Francis X. Buckley, Jr. June 19, 2018

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

Valuation of affordable housing projects in bankruptcy – a muddied landscape

Mark Bossi September 22, 2016
Credit Report_default blog

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

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

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

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

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