Bankruptcy, Civil Procedure

Lenders Beware: Debt Can Now Be Recharacterized as Equity in the Ninth Circuit

by Ted Fates, Heather Riley | Allen Matkins Leck Gamble Mallory & Natsis... on 5/23/2013

For the last 27 years, bankruptcy courts in the Ninth Circuit consistently held that debt could not be recharacterized as equity unless the movant proved inequitable conduct by the debt holder. On April 30, 2013, the Ninth...more

Incentive Awards Corrupted Class Action Settlement By Undermining Adequacy Of Class Representatives And Counsel

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 5/23/2013

The United States Court of Appeals for the Ninth Circuit recently considered “the issue of whether class representatives and class counsel are adequate where the settlement agreement conditions payment of incentive awards on...more

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

by Bloomberg Law on 5/22/2013

May 22 (Bloomberg) -- AMF Bowling Worldwide Inc. and Ahern Rentals Inc. are prime examples of the frothy market where junk-bond investors are fearless in the face of risk, as Bloomberg Law's Lee Pacchia and Bloomberg News...more

Q&A With Morrison & Foerster's Deanne Maynard

by Morrison & Foerster LLP on 5/22/2013

Deanne E. Maynard is a partner in Morrison & Foerster LLP's Washington, D.C., office. She chairs the firm's appellate and U.S. Supreme Court practice group and is a former assistant to the solicitor general at the United...more

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous...more

Mississippi District Court Defers to New York Court in Bond Action

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States District Court for the Northern District of Mississippi denied the motion of defendant ACA Financial Guaranty Corporation (ACA) to dismiss a class action complaint, finding that the issues were previously...more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

In this issue: - CFTC Adopts Final Rules for Execution Facilities and Other Matters - FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs - Mississippi District Court Defers to New...more

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

by Kevin Coleman, Valerie Peo | Schnader Harrison Segal & Lewis LLP on 5/20/2013

Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court...more

What happens if I do not provide my bankruptcy attorney with the documents he requested?

by George Bourguignon on 5/16/2013

If you are considering bankruptcy or are wondering what is required of a debtor who files for bankruptcy, then you will want to read this post! Contact: George E. Bourguignon, Jr. Phone: (508) 769-1359...more

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

by Robert Sahyan | Sheppard Mullin Richter & Hampton LLP on 5/15/2013

On April 30, 2013, the United States Court of Appeals for the Ninth Circuit held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the...more

Adversary Proceedings in Bankruptcy Court

by Jeff Field | Jeff Field & Associates on 5/15/2013

Adversary proceedings are lawsuits related to or arising from a bankruptcy case. It can be filed by you, your creditor or the trustee and may involve a variety of issues, including...more

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

Not So Secret - When Under Seal Isn't Enough

by Shirley Dai, Sharon Levine, Michael Savetsky | Lowenstein Sandler LLP on 5/10/2013

In a recent decision, the United States Bankruptcy Court for the Southern District of New York found the standard for sealing under § 107 of the Bankruptcy Code was not met and declined to seal a settlement agreement, despite...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

by Daniel Huitink | Snell & Wilmer L.L.P. on 5/9/2013

Citing a conflict of interest between class representatives and a class, the Ninth Circuit Court of Appeals recently invalidated a $45 million class action settlement that had previously been approved by the district court....more

Rubin: Enforcement of US Judgments in England

by Nicholas Greenwood | Morgan Lewis on 5/8/2013

UK Supreme Court decision confirms traditional rules on enforcement of all US judgments in England and reverses a significant liberalisation of cross-border bankruptcy law....more

Surprise! Where did this Judgment Come From?

by John Skiba on 5/7/2013

Probably half a dozen times per week I meet with someone who has been notified that their next check is going to be a quite a bit lighter – wage garnishment. If you are living paycheck to paycheck finding out your wages are...more

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 5/7/2013

One of the primary roles of a Chapter 7 trustee is to ensure that the bankruptcy estate is preserved prior to liquidation. It is no wonder, then, that the Trustee’s avoidance powers are well defined by the Bankruptcy Code....more

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

by Walter Greenhalgh | Duane Morris LLP on 5/3/2013

In AMR Corporation, et al., Debtors, Case No. 12-3967, 2013 WL 1339123 (S.D.N.Y. April 3, 2013), the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic...more

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

by Alyson Allen, Mark Bane, Stephen Moeller-Sally, James Wilton | Ropes & Gray LLP on 5/3/2013

In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more

Bankruptcy Claims vs. Class Actions: Southern District of New York Finds Class Action Process Superior

by Ferve Ozturk | BakerHostetler on 5/2/2013

In bankruptcy proceedings, is a class action superior to the claims administration process as a vehicle for resolving claims under the federal and New York State Workers Adjustment and Retraining Notification Act (the “WARN...more

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

by Bloomberg Law on 5/1/2013

May 2 (Bloomberg Law) -- Eastman Kodak Co. filed a Chapter 11 plan that cratered the stock and bumped up the unsecured notes, although the plan may be revised to pay off second-lien debt fully in cash, as Bloomberg Law's Lee...more

Where Do Your Interests Lie Under Chapter 15 of the Bankruptcy Code? Determining a foreign debtor’s “center of main interests”...

by Eric R. Blythe, Kevin J. Walsh | Mintz Levin - Bankruptcy, Restructuring &... on 5/1/2013

When doing business with a foreign company, it is important to identify the company’s “center of main interests” (“COMI”) as creditors may find themselves bound by the laws of the COMI locale. If a company initiates...more

Technology of the Bankruptcy Courts

by Jeff Field | Jeff Field & Associates on 5/1/2013

The Public Access to Court Electronic Records (PACER) system is the electronic filing system of the U.S. federal courts, including the U.S. bankruptcy courts. The PACER server is located in San Antonio, Texas and contains...more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more

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Bankruptcy › Civil Procedure

Lenders Beware: Debt Can Now Be Recharacterized as Equity in the Ninth Circuit

Incentive Awards Corrupted Class Action Settlement By Undermining Adequacy Of Class Representatives And Counsel

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

Q&A With Morrison & Foerster's Deanne Maynard

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

Mississippi District Court Defers to New York Court in Bond Action

Corporate and Financial Weekly Digest - May 17, 2013

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

What happens if I do not provide my bankruptcy attorney with the documents he requested?

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

Adversary Proceedings in Bankruptcy Court

California Court Finds Securitization Entities Subject to California Income Tax

Not So Secret - When Under Seal Isn't Enough

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

Rubin: Enforcement of US Judgments in England

Surprise! Where did this Judgment Come From?

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

Bankruptcy Claims vs. Class Actions: Southern District of New York Finds Class Action Process Superior

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

Where Do Your Interests Lie Under Chapter 15 of the Bankruptcy Code? Determining a foreign debtor’s “center of main interests”...

Technology of the Bankruptcy Courts

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

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