Cram Down

http://www.bankruptcylawnetwork.com/wp-content/uploads/repossessed-car-3... 300w" sizes="(max-width: 438px) 100vw, 438px" />Next to home mortgages, motor vehicle loans are often your most expensive purchase.

In the recent decision of Village Green I, GP v. Fed. Nat’l Mortgage Ass’n (In re Village Green I, GP), 2016 WL 325163 (6th Cir. Jan. 27, 2016), the Sixth Circuit held that the contrived nature of the impairment will cause the plan to fail section 1129(a)(3)’s requirement of having been proposed in good faith.

The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11 plan of reorganization.  As described in numerous prior posts on this site, the ruling resolves a split between circuits and removes a cloud of ambiguity from chapter 11 cases. 

Over 40 states have already signed on to the sellout deal the corrupt politicians negotiated, so they could run for office beating their chests bragging about their tremendous accomplishment, with their mortgage company liege lords, who should have already started their prison terms, to get them off the hook for the greatest financial crimes in our history.

Just in case you wonder where I stand.

The U.S. Supreme Court will rule this term in RadLAX Gateway Hotel Inc. v.