A recent decision by the Second Circuit Court of Appeals has saved Citibank from the ramifications of an internal error that could have cost it nearly $900 million. Although the recipients of an unintended transfer of Citibank’s funds could have
Continue Reading What Inquiring Minds Should Have Known – Second Circuit Ruling on Inquiry Notice Saves Citibank from $900 Million Payment Mistake
Second Circuit
Second Circuit Summarily Reverses Claims Trading Decision
The Second Circuit Court of Appeals, acting with unusual alacrity (oral argument was heard only one month ago), summarily reversed the district court decision in Longacre Master Fund v. ATS Automation Tooling Systems. The decision did not break any significant…
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The Dog That Didn’t Bark – Second Circuit’s Opinion in DBSD North America Disallows Gifting, But Is Silent on Cramdown of Secured Creditor
By Ben Feder on
Posted in Chapter 11
As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO…
Second Circuit Affirms Unfavorable Plan Treatment of Senior Secured Creditor in DBSD North America
By Ben Feder on
Posted in Chapter 11
The Second Circuit Court of Appeals issued a summary order this week upholding the aggressively unfavorable treatment of a senior secured creditor under the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”). (The Second Circuit upheld…
Second Circuit Stays DBSD North America Plan
By Ben Feder on
Posted in Chapter 11
The chapter 11 case of DBSD North America, Inc. (“DBSD”), f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement. DBSD, a non-operating satellite communications company, and its second lien noteholders made clear their intent…
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