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Showing 3 posts recarding Judge Richard G. Andrews.

Delaware District Court Holds Subordination Agreements Enforceable to Subordinate Junior Secured Creditor’s Timely Filed Claim to Those Tardily Filed by a Senior Secured Creditor

Bank of New York Mellon Trust Co. v. Miller (In re Franklin Bank Corp.), No. 13-1713-RGA, 2014 WL 3611596 (D. Del. July 21, 2014)

In this Memorandum Opinion, Judge Andrews of Delaware’s District Court vacated an order of the Bankruptcy Court and held that a secured creditor who tardily filed its claims years after the applicable bar date did not waive its ability to enforce subordination agreements to subordinate a junior secured creditor’s timely filed claims.  The District Court further held that, despite the Bankruptcy Court’s contrary ruling, the senior creditor’s failure to act more quickly did not support equitable subordination of its claims under Bankruptcy Code section 510(c). Read More ›

Bankruptcy Court’s Jurisdiction Held Not to Extend to Post-Confirmation ERISA/LMRA Claims Asserted Against Reorganized Debtor

Int’l Union v. Visteon Corp., No. 1:13-cv-01742-RGA, 2014 WL 3547014 (D. Del. July 18, 2014)

Through this decision, Delaware District Court Judge Andrews retained jurisdiction over a post-confirmation proceeding commenced by a group of retirees formerly employed by Visteon Corporation (“Visteon”). Read More ›

Zero Purchase Price Repo Transactions Held to Qualify Under the Catchall Provision of Section 101(47)(A)(v); Liquidation of Disputed Securities Remanded to Bankruptcy Court for Further Review

George L. Miller, Chapter 7 Trustee for the Estate of HomeBanc Corp. v. Bear Stearns & Co., Inc. (In re HomeBanc Mortgage Corp.), No. 13-1064 (RGA) (D. Del. March 27, 2014)

In this Memorandum Opinion issued by the Honorable Richard G. Andrews of the Delaware District Court, an issue of first impression was tackled – whether certain transactions (the “Disputed Transactions”) for the sale and repurchase of mortgage-backed securities (the “Disputed Securities”) fell within the definition of a “repurchase agreement” under section 101(47) of the Bankruptcy Code when the Disputed Securities had a purchase price of zero.  Because the Disputed Transactions were “part and parcel” of other undisputed repurchase transactions, the Court held that the Disputed Securities qualified under the Bankruptcy Code’s catchall provision for repurchase agreements as “credit enhancements.” Read More ›