Bankruptcy Civil Remedies

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Keeping the Benefit of Your Bargain: Strengthening Your Right to Prepayment Premiums

Anyone involved in commercial lending transactions is familiar with provisions of loan agreements that provide for compensation to the lender in the event the indebtedness is paid in advance of the contemplated due date....more

Delaware Bankruptcy Court Faces Split Among the Courts Concerning Scope of a Landlord’s Claim Against a Tenant in Bankruptcy

The Delaware bankruptcy court will soon be forced to rule on the scope of a landlord's claim in bankruptcy, an issue on which courts around the country have been split for many years. In the case of In re Masonite Corp. (Case...more

SEC Efforts To Compel SIPIC Coverage For Stanford Victims Rejected

The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more

Inadvertence May Be Unavailing, Says the Fifth Circuit on Judicial Estoppel

The Fifth Circuit became the second United States Court of Appeals to establish a three prong test for determining whether a bankrupt debtor should be judicially estopped from pursuing a cause of action that she failed to...more

Section 75-1.1 and Mortgage Servicing: Lessons From a Federal Bankruptcy Court in New York

Claims under N.C. Gen. Stat. § 75-1.1 can turn up in unexpected places—including a bankruptcy court in Manhattan. Recently, a section 75-1.1 claim made its way from Hyde County, North Carolina, to the Big Apple, courtesy of...more

Eleventh Circuit Rules Post-Confirmation Settlement Proceeds are Property of Chapter 13 Estate

A recent case out of the Eleventh Circuit Court of Appeals (the “Court”) concluded that proceeds stemming from a post-confirmation settlement agreement between a chapter 13 debtor and its mortgagor related to a violation of...more

Be PREPAred: PREPA Bondholders Greet Puerto Rico’s Bankruptcy Legislation With Federal Lawsuit

On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers. Within 24 hours of the statute’s enactment, two mutual fund complexes owning...more

Fourth Circuit Reestablishes Subcontractors’ Right to Perfect Liens After Bankruptcy Filing

The Fourth Circuit Court of Appeals recently ruled in the case of In re Construction Supervision Services that the property interest underlying a subcontractor’s lien on funds arises from the date it first furnishes labor or...more

SEC Obtains Freeze Order Against Recidivist And His Entities

The Commission brought an action against a securities law recidivist and his entities who had raised about $22 million in a fraudulent investment scheme. When the action was filed a temporary freeze order was obtained. Later...more

Bankruptcy Beat : Choice of Law & Liquidated Damages Analyses Result in Significant Reduction of Creditor’s Claim

In the context of an objection to claim proceeding, the Bankruptcy Court (Dabrowski, J.) engaged in choice of law and liquidated damages analyses and as a result disallowed approximately a million dollars of Best Western’s...more

Advertising News & Analysis - June 2014

In this issue: - Leading Product Liability Litigator Jessica Grant Joins Venable's SF Office - FindTheBest's 1-2 Punch KOs Patent Troll - The Other Ski Boot Drops – You Shouldn't Collude Over Endorsers...more

When One Solution Is Better Than Two

Over the years, clients have sought my advice after they have obtained a judgment against a limited liability company or a corporation, and after they have tried, without success, to collect on that judgment. All of the...more

District Court Denies Distressed Funds the Right to Vote on Bankruptcy Plan

The US District Court for the Western District of Washington (the "District Court") recently affirmed a bankruptcy court decision that prohibited a transferee of a secured lender's interest in a loan from voting on a debtor's...more

Prepetition Default Interest — Take Nothing For Granted

The case is In Re Shree Mahalaxmi Inc., 503 B.R. 794 (Bankr. W.D. Tex. 2014). After a mortgage lender learned of a prepetition default during a bankruptcy, it filed an amendment to its proof of claim to add prepetition...more

In an Appealed Appointment, How Does a Receiver Get Paid if the Receivership is Terminated?

I have been appointed receiver in a case where the defendant appealed my appointment. If the appeal is successful, and the receivership is terminated, how do I get paid? ANSWER: As a general rule, fees and costs of a...more

Effect of Automatic Stay in Quasi-Criminal Proceedings

The automatic stay of § 362(a) of the Bankruptcy Code is one of a debtor’s most powerful tools and protections, because it stays all proceedings and collection efforts. Under § 362(b), however, a debtor may not use the...more

Business Bankruptcy: Executive Summary - Need to Know Bankruptcy Concepts

The following is an executive summary of the “need to know” bankruptcy concepts as they impact creditors in business insolvencies. CHAPTER 11 vs. CHAPTER 7 - - Chapter 11 is technically used for bankruptcy...more

A Bankrupt Can't Escape a Judgment for Sexual Assault

Under most circumstances, an order of discharge releases a bankrupt person from all debts. There are, however, exemptions that have been legislated to ensure that a bankrupt party does not escape a debt arising from certain...more

Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court...

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment...more

1st Circuit Limits Secured Lender’s Right to Post-Petition Interest by Applying Flexible Standard

In an important decision for lenders, the 1st Circuit Court of Appeals recently decided In re SW Boston Hotel Venture LLC, holding that a bankruptcy court was right to give a lender a claim for post-petition interest...more

Coldwater Creek Bankruptcy: Suppliers, Consider Remedies

On April 11, 2014 Coldwater Creek filed in Delaware for Chapter 11 bankruptcy reorganization. It follows filings in 2014 by Dots, January in New Jersey, and Ecko, April in New Jersey. For retailers, the most common motivation...more

Asbestos Alert: Paulus v Crane Co.

Second District Court of Appeal, Division Three, Action # B246505 (Filed Feb. 21, 2014, modified Mar. 24, 2014) 2014 WL 1157284 ____Cal.App.4th____ - Sufficiency of Expert Testimony to Prove Causation; Bankruptcy Trust...more

The GPMemorandum, Issue 178

In This Issue: - Appellate Court Vacates Order Denying Franchisor’s Motion For Preliminary Injunction; District Court Then Grants Summary Judgment To Franchisor And Enters Final Injunction: In H&R Block Tax...more

Can an Appeal be Dismissed because the Appellant has Refused to Comply with Court Orders?

I have been appointed receiver in a case involving contentious litigation over a business. The defendant has appealed my order of appointment. The defendant has also repeatedly violated the injunction issued along with my...more

NY Court Rejects Recourse Triggers Accepted in Cherryland and Gratiot

In a prior post (“Emerging Statutory Threats to Recourse Triggers”), we tackled Michigan and Ohio statutes that invalidated non-recourse triggers sprung by certain types of insolvency events. As noted there, the statutes were...more

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