25 billion credit bid
of existing indebtedness and the assumption of certain liabilities.
A conversion [to Chapter 7] will likely leave no possibility of a distribution to unsecured creditors because of the likelihood that [Chambers Bank] will merely credit bid
all or a portion of its claim and, considering the very limited pool of possible buyers of a state chartered bank, it is unlikely that the stock of Allied Bank would fetch a sufficient sum to provide for a distribution to unsecured creditors," noted the letter sent on Quinn's behalf by his attorney, Rick Ramsay.
There can be no deficiency when the lender has credit bid
the full amount of the underlying obligation, and a lender who sues for a deficiency after making a full credit bid
will be held liable for the borrower's attorney fees if such an action is brought.
The detailed terms contemplate a credit bid
for an amount equal to the aggregate amount of indebtedness owing to the Towergate Group's senior secured creditors being [pounds sterling]715 million (and accrued interest plus one pound).
On March 31, 2010, Oreo purchased the property at the foreclosure sale for the credit bid
price of $5.
As per bankruptcy rule, First Citizens has the right to propose a credit bid
worth $11 million to buy the property, with no money down.
Secured Party reserves the right to adjourn the sale from time to time, reject all bids, terminate the sale or to effectuate a private sale instead of a public sale, without written notice or further publication, and further reserves the right to bid for the Collateral at the sale and to credit bid
by applying some or all of its secured debt to the purchase price.
5 million, Roswell could instead, through a credit bid
, take title to the property itself, but then Roswell would have to pay various costs contained in the agreement out of its pocket.
In an 8-0 decision from which Justice Anthony Kennedy abstained, the Supreme Court on May 29 agreed that a cramdown plan must allow a secured creditor to credit bid
When neither the daughter nor her parents made payments, Downey foreclosed on the property in April 2008, making a credit bid
of the unpaid mortgage balance and leaving an alleged deficiency of $220,000.
Meanwhile, the Atlanta Business Chronicle has reported that the buyer had placed an USD235m credit bid
, and was advised by LNR Partners Llc, the special service provider that previously took control of an USD363m mortgage on the property.
The Inquirer reported last week that with the credit bid
ruling, the auction is now scheduled to take place April 27.