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Tenth Circuit BAP Holds that Section 541 of the Bankruptcy Code Doesn't Invalidate Transfer Restrictions in LLC Operating Agreements

In a recent decision by the Tenth Circuit Bankruptcy Appellate Panel, the court held that a chapter 7 trustee could not sell an LLC membership… ....

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Tenth Circuit BAP Decision Authorizes Claim for Postpetition Interest Under 506(b): Read the Fine Print! | Weil, Gotshal & Manges LLP

In a recent decision,
Twiford Enters. v. Rolling Hills Bank & Trust (
In re Twiford Enters.), 2020 Bankr. LEXIS 2964, 2020 WL 6075691 (10th Cir. BAP 2020), the Tenth Circuit Bankruptcy Appellate Panel affirmed the lower court’s decision awarding postpetition interest pursuant to section 506(b). The disputed issue was whether a reference in the variable rate promissory notes to an internal rate index maintained by the bank was sufficiently clear and specific to support a claim for postpetition interest. The court held that it was.
Background
Twiford Enterprises, Inc. (the “Debtor”) owned and operated a cattle ranch in Wyoming. The Debtor financed its ranching operations through five loans made by Rolling Hills Bank and Trust (the “Bank”), three of which were reflected in variable interest rate notes (the “Variable Rate Notes”) tied to an internal rate index (the “Index”) maintained by the Bank. The Variable Rate Notes were secured by both real a ....

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