Secured interests have not changed as a result of the BAPCPA (except with respect to issues of "reclaimed goods," which is wholely inapplicable to your question).
If AIG were to file Chapter 7, GS would keep the collateral to the extent that the CDS actually creates a secured interest (which it may or may not -- it would depend upon the exact verbiage of the CDS).
In Chapter 11, AIG could attempt to "cramdown" GS's interest in any CDS to reflect fair market value. The general requirement is that the Chapter 11 plan be "fair and equitable." There are specific requirements, but basically, if GS gets fair market value for its CDS interests, and so do all the other CDS creditors, then that would likely be sufficient to confirm the plan.
Hope this helps.
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The BAPCPA is primarily connected to consumer-bankruptcies. An AIG bankrutpcy would be the farthest thing from. I can't think of anything in the BAPCPA that would be applicable to a large corporation default.
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