Daniel Glosband

Daniel Glosband

Goodwin Procter LLP

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Rehearing Petition Dramatizes Second Circuit's Comity Rejection

Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the...more

11/26/2014 - Automatic Stay Bankruptcy Code BVI Business Companies Chapter 15 Commercial Bankruptcy Federal Jurisdiction Foreign Jurisdictions Sale of Assets Section 363

Second Circuit Fails to See the Comity in Chapter 15

In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

10/17/2014 - Appeals Bernie Madoff BVI Business Companies Chapter 15 Commercial Bankruptcy Federal Jurisdiction SIPA

Genco Shipping Valuation Leaves Equity Interests Under Water

A chapter 11 plan can only be confirmed if it does not discriminate unfairly and is “fair and equitable” to any non-accepting impaired class. In this case, the issue was whether the debtor’s projected “reorganization value”...more

8/7/2014 - Asset Valuations Business Valuations Chapter 11 Commercial Bankruptcy

Second Octaviar Chapter 15 Petition Clears Hurdle Set by Second Circuit

In December 2013, the Second Circuit ruled that recognition of a foreign proceeding under chapter 15 of the Bankruptcy Code required proof that the debtor in the foreign proceeding also met the eligibility standards to be a...more

7/2/2014 - Australia Bankruptcy Code Chapter 15 Debtors Liquidation

Ruling Explains and Extends Application of Good Faith Defense to Fraudulent Transfer Actions in SIPA Context

In an April 27, 2014 decision in the Madoff cases, Judge Jed S. Rakoff ruled that the standard of good faith should be considered differently in a Securities Investor Protection Act (SIPA) liquidation. To defeat a good faith...more

6/11/2014 - Affirmative Defenses Bernie Madoff Complex Litigation Good Faith Judge Rakoff Ponzi Scheme SEC Securities Fraud SIPA

Misconduct Not Grounds to Terminate Chapter 15 Recognition

A recent ruling from the U.S. Bankruptcy Court for the Southern District of New York illustrates the limited, specific grounds for changing or terminating chapter 15 recognition. The ruling demonstrates that recognition may...more

5/7/2014 - Chapter 15 Commercial Bankruptcy Cozumel Caribe Foreign Affiliates Jurisdiction Mexico Sanctions Willful Misconduct

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