General Motors and JPMorgan: The Gift That Keeps on Giving

Some of you may be tired of hearing me run on about the GM-JPMorgan mess.  Remember?  JPMorgan and its counsel authorized the termination of the UCC financing statement securing a $1.5 Billion Syndicated Term Loan.  And despite the General Motors’ bankruptcy judge deciding that JPMorgan did not “intend” to terminate the UCC and that the … Continue reading “General Motors and JPMorgan: The Gift That Keeps on Giving”

General Motors and the Second Circuit,…Again!

Last week, the Second Circuit Court of Appeals issued a significant decision regarding the General Motors bankruptcy.  You probably remember an earlier case, where the Second Circuit reversed the bankruptcy court’s determination that JPMorgan Chase and its syndicate could remain as a secured party despite having erroneously filed a UCC Termination Statement.  Last week’s decision … Continue reading “General Motors and the Second Circuit,…Again!”

Think Before You Click: A $500 million mistake!

A major objective of this blog is to keep lenders apprised of significant judicial decisions that impact their business lives so they can learn from them, correct bad habits and improve their best practices. In writing WurstCaseScenario we seek to help lenders avoid making mistakes. Today, we focus on a critical decision from the Southern … Continue reading “Think Before You Click: A $500 million mistake!”

Who Do You Trust?

This edition of WurstCaseScenario is dedicated to those readers who remember Johnny Carson’s pre-Tonight Show era afternoon game show, Who Do You Trust? Read on. Many of you take comfort in a fairly standard provision contained in loan agreements such as this one: “[debtor] shall hold and keep all Property and the proceeds thereof (collectively, … Continue reading “Who Do You Trust?”