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ACIC PRIVATE NOTES
Welcome to the October 2022 edition of the ACIC Private Notes!
In this edition, you’ll find:
Recent case law updates from the Rocky Mountain and Western regions, prepared by David Simonds (Hogan Lovells); and
An article about potential opportunities created by the Inflation Reduction Act’s expansion of green technology industry tax credits, authored by Casey August and kindly contributed by Amy Maloney (Morgan Lewis).
We’ll also let you know where you can find the latest updates and materials for the upcoming 2022 Fall Annual Meeting and Education Conference!
ACIC Fall Annual Meeting & Education Conference Reminder
2022 Fall Annual Meeting and Education Conference, scheduled to take place on October 20 and 21 at the Boston Marriott Long Wharf Hotel, is right around the corner. There’s still time to register! You can find the registration page and more event details, including the agenda and conference papers, as they become available, here. We hope to see you in Boston.
Recent Case Law Summaries
In In re PG&E Corp., No. 21-16043, 2022 WL 3712478 (9th Cir. Aug. 29, 2022), a panel of the United States Court of Appeals for the Ninth Circuit held that the long-standing “solvent debtor” exception survived the enactment of the Bankruptcy Code. Accordingly, creditors of a solvent debtor, in order to be “unimpaired,” are entitled to receive postpetition interest at the contractual or applicable state law rate (as opposed to the federal judgment rate), subject to any other equitable considerations, before the solvent debtor or shareholders may collect or retain surplus value from the bankruptcy estate. A detailed summary of the case can be found here.
In In re Shoot the Moon, LLC, 635 B.R. 568 (Bankr. D. Mont. 2022), the United States Bankruptcy Court for the District of Montana dismissed an adversary proceeding, brought by a liquidating trustee, seeking a declaratory judgment that a broad release of claims against lenders that was part of an asset sale and related stipulations was null and void as obtained through fraud. Click here to read a full summary.
In In re Source Hotel, LLC, No. 8:21-BK-10525-ES, 2022 WL 2072673 (C.D. Cal. June 8, 2022), the United States District Court for the Central District of California, reversing a decision of the United States Bankruptcy Court for the Central District of California, held, in an issue of apparent first impression, that a debtor’s not-yet-completed and non-operational hotel, which was not producing income, qualified as “single asset real estate” under the Bankruptcy Code’s definition. Click here for a full summary of the case.
The Inflation Reduction Act, Green Technology Tax Credits and Potential Investment Opportunities
The Inflation Reduction Act was passed in August, 2022. This timely and informative article provides an overview of the tax credits that are newly available under the Inflation Reduction Act in the sector of green energy and other technologies and discusses ways in which the availability of these tax credits may impact project financing transactions in the green technology industry. Click here to read more!