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To embed, copy and paste the code into your website or blog: It is generally recognized that a bankruptcy court has the power either equitable or statutory to recharacterize a purported debt as equity if the substance of the transaction belies the labels the parties have given it. A ruling handed down by the U.S. Bankruptcy Court for the Southern District of New York provides a textbook example of such a recharacterization. In In re Live Primary, LLC, 2021 WL 772248 (Bankr. S.D.N.Y. Mar. 1, 2021), the court held that a purported loan made to a startup limited liability company by one of its members should be treated as a capital contribution because, among other things, the company was inadequately capitalized and the unsecured loan was not properly documented, bore a ....
Bankruptcy Court Recharacterizes Purported Loan As Equity - Insolvency/Bankruptcy/Re-structuring mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
When is a loan not a loan? The SDNY Bankruptcy Court in In Re: Live Primary, LLC held that a $6 million start-up loan was actually an equity contribution after analyzing the terms of the transaction and the intent of the parties. The court recharacterized the loan as equity given the alleged loan functioned as an equity investment would be expected to function. As a result, the insider investor s claim was subordinated to the claims of creditors of the company. The Risks of Recharacterization Shareholders, sponsors, and third-party lenders should be aware of the risks of recharacterization. Many debt instruments held by ....
Bankruptcy Court Recharacterizes Alleged Loan as Equity Under Delaware Law | Troutman Pepper jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Last year, I talked about the challenges of being confined during the Passover holiday. This year, however, we are beginning to see the light at the end of the COVID-19 tunnel. One would naturally hope this Passover is a celebration of our liberation from both spiritual and actual confinemen… More Headlines ....