|Sep 2, 2016|
In re Jevic
On Friday, September 2nd, the LSTA filed an amicus brief with the Supreme Court of the United States in In re Jevic urging the court to overturn the use of structured dismissals that violate the absolute priority rule, a foundational tenant of the bankruptcy code. This case will determine whether Chapter 11 of the Bankruptcy Code permits a bankruptcy court to approve a settlement where proceeds are distributed in disregard of the priorities established in the code without the consent of the adversely affected creditors.
|Sep 16, 2015|
Marblegate Asset Management v. Education Management Corp. (“Marblegate II”)
On September 16th, the LSTA filed an amicus brief in connection with an appeal to the U.S. Court of Appeals for the 2nd Circuit of a recent case decided in the Southern District of New York which could have important consequences for the market for distressed debt. In Marblegate Asset Management v. Education Management Corp. (“Marblegate II”) Judge Katherine Polk Failla, interpreted Section 316(b) of the Trust Indenture Act (“TIA”) expansively, giving rise to concerns that bondholders could exert additional leverage in out-of-court restructurings. The LSTA’s brief argues that the court misread Section 316(b) of the TIA by expanding its reach from the legal right of minority bondholders to receive payments of principal and interest to any action that might have the practical effect of making it more difficult to receive payment.
|Aug 10, 2015|
Stonehill Capital v. Bank of the West
The LSTA filed an amicus brief requesting that the Court of Appeals, NY State's highest court, agree to hear an appeal of a case, Stonehill Capital v. Bank of the West, which presents two questions of utmost importance to the loan market.
|Feb 19, 2015|
LSTA Files Amicus Brief For The 2nd Circuit in Support of Rehearing En Banc
The Loan Syndications and Trading Association and The Clearing House Association L.L.C. request leave to file a brief as amici curiae in support of JPMorgan's pending petition for rehearing en banc.
|Jan 16, 2015|
LSTA Files Amicus Brief with U.S. Supreme Court Over Holders of Mortgages in Bankruptcy
LSTA, joined by the American Bankers Association, the Securities Industry and Financial Markets Association and the Clearing House Association, filed with the Supreme Court of the United States an amicus brief in support of the proposition that a bankruptcy court cannot compel the holder of a mortgage to relinquish property to a debtor, free of the lien, without payment in full of the underlying debt.