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ACIC PRIVATE NOTES
Welcome to the September 2021 edition of the ACIC Private Notes Newsletter! This edition brings you:
A message from ACIC President Tina Smith;
A conference teaser from co chairs of the ACIC’s 2021 Fall Annual Meeting and Education Conference, Dora Jimenez (New York Life) and Arinze Onugha (Sullivan & Worcester LLP)
Recent case law summaries from the Mid-Atlantic Region, contributed by Margaret G. Parker-Yavuz (Akin Gump LLP) and Chanwon (Pio) Yoon (Akin Gump LLP) and from the Mid West Region, provided by Mike Robson (Greenberg Traurig LLP)
In the midst of another unprecedented year for the College, click here to read a message from the President of the ACIC, Tina Smith, as she reflects on the year to date and provides a peek of what is to come in the second half of 2021.
Register Now for the Virtual 2021 Annual Meeting & Education Conference
On behalf of the Board of Trustees and the Education Committee, we invite you to join us for the ACIC's 2021 Virtual Fall Annual Meeting and Education Conference on Wednesday, October 13, and Thursday, October 14. This year’s virtual event will discuss a variety of issues we are currently facing. We have planned a two-day program featuring engaging and informative speakers and moderators to provide important market updates on topics of continuing relevance to today's institutional investment practices. We will start with a twist to our market update by having two chief investment officers provide their view on the general investment market, then we will transition to a discussion on recent trends and investor terms of the private fund market, and then finish the educational part of the first day with a panel that explores the ethical obligations and challenges in working remotely. We will later gather for our virtual ACIC Cheese Tasting where we can network with our colleagues over a curated selection of cheeses, which you can of course pair with your beverage of choice! Day two of the conference will start with a panel on ESG and then move to a panel discussing the recent successes and challenges of newly implemented DE&I programs and policies. We will conclude the conference with an overview of the digital asset investment market and how digital assets have evolved over recent years.
We look forward to the conference and catching up with our colleagues and friends. Please keep an eye out for the full agenda and, in the meantime, register by clicking here. Please note that the cheese tasting registration closes on September 29 in order to give sufficient time for delivery of the curated selection of cheeses. We hope to virtually see you next month!
Recent Case Law Summaries
Mid Atlantic Region
In In re Orexigen Therapeutics, Inc., 990 F.3d 748 (2021), the United States Court of Appeals for the Third Circuit held that triangular setoffs are not permissible in a bankruptcy proceeding due to section 553 of the Bankruptcy Code’s mutuality requirement. Click here to learn more
In re Consolidated Bedding, Inc., 2021 Bankr. LEXIS 1720 (2021), United States Bankruptcy Court, D. Delaware, the Bankruptcy Court for the District of Delaware denied a junior secured creditor’s claim for proceeds from lawsuits a chapter 7 trustee pursued as part of an agreement with a senior secured creditor. Click here to learn more.
In In re Live Primary, LLC, 626 B.R. 171 (2021), the Bankruptcy Court of the Southern District of New York recharacterized a $6 million debt claim arising from purported loans to a debtor as an equity interest using the 11-factor recharacterization test from the Sixth Circuit in In re AutoStyle Plastics, Inc. Click here to learn more.
In Uncle Tom’s, Inc. v. Lynn Plaza, LLC, 2021 Ill. App. Ct. (1st) 200205 (May 21, 2021)., the
Illinois Supreme Court of Appeals affirmed an Illinois circuit court’s grant of summary judgment that a tenant is estopped from challenging disputed charges arising under a lease when such tenant has signed an estoppel certificate. Click here to learn more.
In Midwest Regional Bank v. Caribou Energy Corp., No. 18–cv–1217, 2020 WL 4535228 (E.D. Mo. Aug. 6, 2020)., In a matter involving claims by out–of–state loan guarantors that the Missouri District Court lacked personal jurisdiction and that the lender failed to mitigate its damages, the U.S. District Court for the Eastern District of Missouri (“Court”) granted the lender’s motion for summary judgment as to both claims. Click here to learn more.
In In re Zero Energy Systems LLC, 2020 WL 6226100, 69 BCD 123 (Bankr. S.D. Iowa 2020), the Bankruptcy Court of the Southern District of Iowa held that a creditor was not entitled to administrative expense (priority) status. Click here to learn more.