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NJ Supreme Court Holds Intervening Mortgage Takes Priority After Discretionary Advances by Initial Mortgagee

The New Jersey Supreme Court recently clarified its rules regarding mortgage priority, holding that a factoring company’s secured first mortgage can be trumped by a law firm’s later-filed mortgage where the factoring company...more

Supreme Court of Nevada Holds That Legal Malpractice Claim Was Impermissibly Assigned

Tower Homes, LLC v. Heaton, ___ P.3d ___, 2016 WL 4273578 (Nev. 2016) - Brief Summary - The Supreme Court of Nevada held that a bankruptcy trustee's stipulation and court's order permitting creditors to pursue the...more

August 2016: Bankruptcy & Restructuring Litigation Update

Delaware Bankruptcy Court Disagrees with Second Circuit on Implied Preemption of State-Law Fraudulent Transfer Claims Brought by Creditors. In recent years, several bankruptcy and district courts have addressed whether the...more

Delaware Bankruptcy Court Rules Gift Cards Not Eligible for Priority Treatment

Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers Overview - In October 2015, City Sports, Inc....more

Confirmation Of A Chapter 11 Plan: Good Faith In The Context Of “Artificial Impairment”

In order to confirm a chapter 11 plan, at least one class of creditors whose claims are “impaired” must accept the plan. The concept of “impairment” is very broad. Under the Bankruptcy Code, a class of claims is impaired...more

Duty of Consistency Doctrine - Effective Sword for the IRS, but Not Likely a Shield for Taxpayers - Tax Update Volume 2016, Issue...

Two recent cases illustrate the IRS’ ability to successfully argue that taxpayers should not benefit from their own mistakes if they result in less tax being paid. Two recent cases highlight the most current view of the...more

Developments in Unitranche Financing (2016)

The increasing use of unitranche financing, both domestically and abroad, has created new opportunities for middle market loan participants. However, lenders must understand the legal issues and potential bankruptcy risks...more

Producers Beware: What happens when your movie distributor files bankruptcy?

The Issue - There has been written a plethora of articles about Bankruptcy Code §365(n) regarding the rights of parties to license agreements when the licensor files a bankruptcy and rejects a license agreement....more

Judge Chapman Flips the Script

US Bankruptcy Court for the Southern District of NY Grants Noteholders’ Motion to Dismiss Based on Lehman’s Failure to State Claim With Respect to Flip-Clause Litigation - On June 28, 2016, in what essentially was a...more

Singapore to Become International Centre for Debt Restructuring

Singapore to Become International Centre for Debt Restructuring August 04, 2016 Singapore is set to adopt the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring....more

Troubled Waters: The Raging Storm Over Safe Harbors

Two United States courts recently issued decisions involving the scope of the Bankruptcy Code’s safe-harbor provision in section 546(e) related to avoidance actions. In one, in the Second Circuit, the court took a broad...more

Seventh Circuit: Section 546(e) Safe Harbor Does Not Shield From Avoidance Transfers Made Through Financial Institution Conduits

In FTI Consulting, Inc. v. Merit Management Group, LP, the Seventh Circuit recently held that transfers are not protected under the safe harbor of section 546(e) of the U.S. Bankruptcy Code from fraudulent transfer and other...more

Court decides to ‘wait and see’ in its refusal to grant an administration order

Rowntree Ventures Ltd v Oak Property Partners Ltd [2016] EWHC 1523 (Ch) - The High Court recently re-affirmed the discretionary nature of its right to grant an administration order. In this case, the court refused to...more

In Conflict With Other Circuits, Seventh Circuit Rules That Certain Transfers Involving Financial Institution Intermediaries Not...

Section 546(e) of the bankruptcy code prohibits a bankruptcy trustee from avoiding “settlement payment[s]”, or payments “made in connection with a securities contract,” that are “made by or to (or for the benefit of)”...more

Second Circuit Raises a Caution Flag for Sales Free-and-Clear of Claims

The power of a bankruptcy court to authorize the sale of assets “free-and-clear” of liens and any other interests is a powerful tool that is used to realize value from distressed businesses. Indeed, purchasers will...more

One of the Largest Member Clubs in Singapore Is Liquidated

California Fitness’s closure has left many consumers who have purchased prepaid packages without any remedies. On 20 July, California Fitness, which was once fronted by action movie star Jackie Chan, announced that it...more

Michael Fiddy, Co-chair of DLA Piper's global restructuring group, reflects on significant restructuring developments around the...

This edition of Global Insight comes to you shortly after the United Kingdom voted to leave the European Union. The morning after the vote we provided clients with a summary of its immediate impact, stressing that the...more

Unauthorized Transfers of Receivership Property: Void, Voidable or Ok?

Question: Unauthorized Transfers of Receivership Property: Void, Voidable or Ok? Answer: In a recent unpublished bankruptcy appellate panel decision (In Re Domum Locis, LLC, 2015 WL 4697747 (9th Cir. BAP 2015)), the BAP...more

Bankruptcy Court Rejects Unfair-Practices Claim Against Insurer Accused of Aiding and Abetting Conversion of Trust Funds

A recent decision reminds us that North Carolina’s bankruptcy courts often rule on claims under N.C. Gen. Stat. § 75-1.1. In re NC & VA Warranty Co. was an adversary proceeding in the bankruptcy of a warranty company....more

Distress in the oil and gas industry: What happened to the price of oil?

To the delight of motorists everywhere, the price of oil suddenly halved in the second half of 2014, dropping from over $100 to less than $50 a barrel. It’s safe to say no one saw the fall coming: most banks and industry...more

Drilling Deeper: The Intersection of Producer Bankruptcies and Gathering Agreements

The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Enforcing Personal Guaranties

You might wonder whether lenders can enforce a guaranty of a loan from an individual or entity that has no formal connection with the borrower, i.e. someone who is not an owner or affiliated company. Generally, the answer is...more

Delaware Law Updates – Freedom of Contract in LLC Structure Is Not Absolute Where Parties Seek Bankruptcy Relief

In re Intervention Energy Holdings, LLC, Case No. 16-11247 (D. Del. June 3, 2016), the Bankruptcy Court for the District of Delaware dealt with the issue of whether a Delaware LLC lacked authority to file a Chapter 11...more

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become...more

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