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In This Issue
2019 Spring Investment Forum
April 4 & 5, 2019

Four Seasons Hotel - Chicago
120 E Delaware Pl
Chicago, IL 60611

Job Postings
Lincoln Financial Group

Hancock Natural Resource Group


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ACIC Private Notes                        February  2019
Welcome to the February 2019 edition of the ACIC Private Notes!
This edition brings you:  
  • Insights as to the status of make-whole amounts and post-petition interest, following the January 2019 decision by the Fifth Circuit in the Ultra case, authored by Renée Dailey, Chip Fisher, Kate Lindsay and Kristin Goodchild (each of Akin Gump);
  • A piping hot legal update from Canada with respect to the Supreme Court's decision in the highly anticipated Redwater case, courtesy of Norton Rose Fulbright;
  • Recent case law summaries from the Midwest Region, prepared by Michael Robson (Greenberg Traurig);
  • A sneak peek of the Spring Investment Forum, courtesy of this year's co-chairs, Kate Lindsay (Akin Gump) and Jenna Jenson (Thrivent Financial); and
  • A spotlight on the ACIC's new members, courtesy of Charles Calloway (Chapman and Cutler).
After-Ultra: Status of Make-Whole Amounts and Post-Petition Interest

On January 17, 2019, the United States Court of Appeals for the Fifth Circuit in the  Ultra Petroleum matter became the first court of appeals to hold that the make-whole amount is unmatured interest and therefore disallowed by the Bankruptcy Code. In doing so, the Fifth Circuit has vacated a well-reasoned bankruptcy court decision, ignored prior precedent, and called into question the future of make-whole in bankruptcy. Click here  to learn more. 

Redwater Overturned: Environmental Liabilities in Canada May Need to Be Satisfied Before Creditors in Insolvency

In a 5:2 decision issued on January 31, 2019, the Supreme Court of Canada overturned the Alberta Court of Appeal's decision in Orphan Well Association v Grant Thornton Ltd. (also known as Redwater). The practical effect is that, in an insolvency, the Alberta Energy Regulator may require the satisfaction of abandonment and reclamation liabilities from the debtor's estate, thereby reducing what is available for distribution even to prior-ranking secured creditors. Click here to learn more about the Supreme Court's decision, and click here for our earlier coverage on the now-overturned Court of Appeal's decision. Thank you to Danielle Maksimow for letting us share the Norton Rose Fulbright article.
Recent Case Law Summaries (Midwest Region)

In Big A LLC v. Vogel , involving a dispute between the guarantor of a series of notes purchased through fraudulent inducement, the Court of Appeals of Missouri has held that agreements entered into simultaneously should be reviewed in respect of one another.
Click here   to learn more.

In American Tooling Center, Inc. v. Travelers Casualty & Surety Co. of America, a proceeding relating to the interpretation of an insurance contract, the United States Court of Appeals, Sixth Circuit, reversed a lower court decision that an insurance provider's "Computer Fraud" policy did not cover a loss stemming from wire transfers to a third party that impersonated the intended recipient. Click here  to learn more.
In In re Wheelchair Sales & Services, Inc., a proceeding under Chapter 11 of the United States Bankruptcy Code, the U.S. Bankruptcy Court, Northern District of Illinois relied on the legislative history of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to resolve ambiguous language related to the automatic forty five day extension for small businesses seeking bankruptcy protection. Click here to learn more.
In Morgan Walg, LLC v. Nicollet Island Development Co., et al., an action between former joint venture partners, a Minnesota Court of Appeals panel held that a state district court erred when it granted summary judgment when a genuine issue of material fact existed as to amounts owed under promissory notes and a guaranty. Click here to learn more.
Sneak Peek of the Spring Investment Forum

The 2019 Spring Investment Forum takes place at the Four Seasons Hotel on April 4 and 5 in Chicago (well after Polar Vortex season!). Please click here to read a message from the Forum's co-chairs, which reveals this year's theme and a handful of panel topics. More information about how to register, the panels and the speakers will be coming soon! Please check back at this link frequently for updates. We look forward to seeing you in Chicago!
Spotlight on New Members

The ACIC is thrilled to welcome the following new members since June 2018:
  • Paul Epstein (Shearman & Sterling)
  • Robert Freedman (Shearman & Sterling)
  • Sam Gray (State Farm)
  • Chiraag Kumar (MetLife)
  • Tammy Lam (Greenberg Traurig)
  • Vince Pelleriti (Chapman and Cutler)
  • Caroline Sandberg (Fried Frank)
  • Mandeep Sidhu (Pricoa Capital Group)
  • Noelle H. Sproul (Nuveen)
  • Shannon Wolf (Bracewell) 
To learn more about our newest colleagues, please click here.