Articles in this issue:

• Construction Lenders Beware
• Supreme Court Upholds Secured Creditor’s Right to Credit Bid in a Bankruptcy Case
• Jointly Administered Plans Must Obtain Impaired Class Approval ‘Per Debtor’ Rather Than ‘Per Plan’
• Court Rejects ‘Whole Enterprise’ Argument of Jointly Administered Debtors; Holds Each Debtor is a SARE
• Court Analyzes Objective Factors to Find Chapter 11 Petition Filed in Bad Faith
• Rental Payments and Administration Expenses Back in the Spotlight: Luminar Decision Clarifies Circumstances in Which Rental Liabilities Qualify as Administration Expenses
• Creditor’s Proposed Plan Violated Absolute Priority Rule – Court Dismissed Bankruptcy Case
• Dividend Paid in LBO/Recapitalization Not Protected by 546(e) Safe Harbor
• Asset Purchasers May Be Subject to Seller’s Liabilities, De Facto Merger Doctrine Expanded in Pennsylvania
• Ending Forbearance is Not Equivalent to Economic Duress
• Statute of Frauds Bars Claims, Except for Interference with Prospective Contractual Relations
• Illinois Mortgagees Beware – Mortgages Lacking Interest Rate and Maturity Date Avoidable By Bankruptcy Trustee
• Split Continues – Individual Chapter 11 Debtors Not Subject to Absolute Priority Rule
• Court Relies on its Own Logic to Value Mortgage Servicing Rights
• SARE Creditor’s Right to Pre-Petition Interest Governed by State Law
• CMBS Certificateholder is Not a ‘Party in Interest’ in Chapter 11 Case
• Court Allows Pro Se Claimant to Withdraw Claim to Preserve Right to Jury Trial
• Indenture No-Action Clause Bars Suit Against Issuer, Directors and Officers
• Ipso Facto Clause Results in Master Lease Termination, Nullifies Sublessee’s Right to Possession
• Second Creditor Out of Luck in Debtor’s Fraudulent Transfer Scheme
• Secured Party Must Turn Over Repossessed Collateral if the Debtor’s Rights to the Collateral Were Not Terminated Pre-Petition
• Counsel’s Corner: News From Reed Smith

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