In This Issue:

• Announcing Our New Cross-Border Insolvency and Restructuring Practice, and New Singapore Office
• ‘Unfinished Business’ Doctrine in Law Firm Dissolutions is the Subject of Recent Opposing Decisions Within the Same District
• Third Circuit Court of Appeals Again Modifies the Definition of ‘Claim’ by Including ‘Post-Petition, Pre-Confirmation’ Exposure
• Low-Income Housing Tax Credits Must be Included in Valuing Section 506(a) Collateral
• Pennsylvania Supreme Court to Determine if Guaranty Signed Under Seal is an ‘Instrument’
• Purchased Claims Are Subject to Preference Disallowance Under Section 502(d)
• Another Court Chimes in on Validity of Intercreditor Assignment of Voting Rights
• Letter of Credit Payment Made Independent of Bond Indenture is Not a ‘Settlement Payment’ Protected by Section 546(e)
• Third Circuit Clarifies Burden of Proof Analysis Under Section 506(a) Valuation, and Allows Lien Stripping in Chapter 11
• ‘Contingent Claim’ Not Sufficient To Establish Right of Setoff for Lift-Stay Motion
• Secured Blanket Lien on Inventory Trumps Reclamation Rights
• ‘Intent’ Inferred, Summary Judgment Granted in Debt Recharacterization Case
• Reasonableness of Pre-Petition Default Rate Under Section 506(a) Not Subject to Equitable Analysis
• Counsel’s Corner: News From Reed Smith

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