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Lehman: New Limitations on Plan Payment of Individual Creditors’ Committee Members’ Professional Fees

In the recent case of Davis v. Elliot Mgmt. Corp. (In re Lehman Bros. Holdings Inc.), 2014 U.S. Dist. LEXIS 48102 (S.D.N.Y. Mar. 31, 2014), the District Court for the Southern District of New York issued a decision barring...more

Claims Against Failed Banks Must Go Through the FDIC’s Administrative Claims Process

As described in a previous post, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) requires that anyone with a claim against a failed bank must file a claim with the FDIC within 90 days of being...more

UPDATE: Court Rejects CalPERS’ Efforts to Lift Stay In San Bernardino Case

In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift...more

BLG Monthly Update for December 2012

UGG boots, thieving drug addicts, misappropriated sheep and the usual neat contracts cases: all this and more in the BLG Monthly Update for December....more

Third Party Benefit Providers Get Super Priority Secured Claim for Unpaid Remittances Owed by Employer

Synopsis In the latest decision of the British Columbia Supreme Court (the “Court”) regarding the bankruptcy of Ted LeRoy Trucking Ltd. (“TLT”), the Court found that unpaid remittances owed by TLT to third party benefit...more

Court Dismisses Public Pension Fund's Bankruptcy Case

In our May 24 entry on this topic, the Northern Mariana Islands Retirement Fund (the “Fund”) was battling numerous challenges to its Chapter 11 eligibility. The dispute revolved around whether the Fund, which provides...more

No State Sovereign Immunity Against Section 544 Avoidance Actions

On January 27, 2012, Judge Peter J. Walsh of the United States Bankruptcy Court for the District of Delaware held that states do not have sovereign immunity from fraudulent transfer actions brought by a liquidation trustee...more

Latest in Harrisburg Bankruptcy Saga

US Bankruptcy Judge Mary France has ruled that the bankruptcy petition filed by the majority of the city’s council members under Chapter 9 of the Bankruptcy Code is null and void. At a hearing to decide on the petition, Judge...more

Gaming Legal News: September 8, 2011 • Volume 4, Number 27

Seventh Circuit to Lac Du Flambeau: "They Can't Touch You" Lac du Flambeau can continue its casino operations without facing any liability for its $46.6 million bond default two years ago. The bondholder still has some...more

How to Get Your Slice of the Dodd-Frank Liquidation Pie

Introduction Under the new insolvency regime created by Title II of the Dodd-Frank Wall Street and Consumer Protection Act (the "Act"), the Federal Deposit Insurance Corporation (the "FDIC" or the "Receiver") may be...more

U.S. ex rel., Kolbeck v. Point Blank Solutions, Inc.

Va. District Court holds that a qui tam action in which the government does not participate doesn't fall under the "police powers"...

The District Court holds that because the government declined to "intervene" in the action brought by the qui tam realtor's and thus the action was not "conducted by the Government", see 31 USC 3730, the "police powers...more

The Colonial BancGroup, Inc.: FDIC Denied Right to Setoff Against Demand Deposit Accounts

On January 24, 2011, the Honorable Dwight H. Williams, Jr. of the U.S. Bankruptcy Court for the Middle District of Alabama denied the Federal Deposit Insurance Corporation’s (“FDIC”) request for relief from the automatic stay...more

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