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Articles by Jonathan Doolittle
Pillsbury Earns Industrials Restructuring of the Year Award for Nikola Corporation Chapter 11
The firm represented Nikola Corporation, a leader in zero-emissions transportation and energy infrastructure solutions, along with certain subsidiaries, in its chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Nikola conducted a Bankruptcy Court-sanctioned auction and sale process under Section 363 of the U.S. Bankruptcy Code involving substantially all of its assets, including Nikola’s HYLA brand.
Lenders Beware: The Ponzi Scheme Presumption Can Trap an Unwitting Lender | JD Supra
A recent Ninth Circuit Court decision highlights a risk for lenders caught up in a Ponzi scheme. Takeaways In its recent EPD Investment decision, the Ninth Circuit reaffirmed that (as a matter of law) upon finding the existence of a borrower’s Ponzi scheme, its payments are presumed to be intentionally fraudulent transfers (the so-called “Ponzi scheme presumption”).
Lenders Beware: The Ponzi Scheme Presumption Can Trap an Unwitting Lender
Takeaways In its recent EPD Investment decision, the Ninth Circuit reaffirmed that (as a matter of law) upon finding the existence of a borrower’s Ponzi scheme, its payments are presumed to be intentionally fraudulent transfers (the so-called “Ponzi scheme presumption”). The Ninth Circuit’s Ponzi scheme presumption is irrebuttable and does not require any findings related to fraudulent intent or bad faith by either the borrower or the payee.
Not So Fast: An Option to Purchase Real Estate May Not Always Be Rejected by the Debtor in Bankruptcy | JD Supra
A recent bankruptcy court decision determined that a debtor cannot reject an unexercised option for the purchase of its real estate, raising a potentially significant bar to any debtor extricating itself from an under-market sales price.
U.S. District Court in Connecticut Navigates Supreme Court Precedent Barring Recovery of Certain Postpetition Default Interest | JD Supra
An oversecured creditor can recover default interest where the sole default trigger was the borrower’s bankruptcy filing after considering all relevant equitable considerations. TAKEAWAYS While Bankruptcy Code section 506(b) expressly authorizes oversecured lenders to recover postpetition interest, it is silent about the applicable rate and the significance, if any, of debtor solvency.
Court Finds Pandemic Does Not Satisfy Lease’s Casualty Clause | JD Supra
This is another in a series of alerts on insolvency topics affecting real estate. In this alert, we discuss a new case from the Southern District of New York that extends the trend of courts enforcing leases against tenants forced to close due to the impact of the COVID-19 pandemic. The Gap Inc. v.
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