Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Bill on Bankruptcy: Lehman Test Case on Judicial Nullification
Cohen: Cyprus Is Not A Template For Future Restructurings
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
Deloitte: Turnarounds and Democracy Don't Mix
Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated
Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform
Buchheit: Cyprus Could Need a Second Bailout
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Bill on Bankruptcy: Why is Kodak's Stock Soaring?
Smolinsky Sees Similarities Between Reader's Digest, Kodak
Bill on Bankruptcy: How Purchasers of AMR Stock Made a Killing
Bankruptcy and Insolvency. It's not as bad as you think!
Bill on Bankruptcy: Secret Madoff Agreement May Harm Victims
Consultant: More Big Law Firms Will "Implode"
Weekly Brief: Courthouse Violence on the Rise
Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case
A Better 2012 for BigLaw (With Big Asterisks)
FCStone, a New York-based commodities brokerage firm, was recently ordered to return a transfer of $15.6 million to the bankruptcy estate of Sentinel Management Group. Approximately $1.1 million of this amount constituted a...more
Investors wanting to equip and position themselves to negotiate a debtor's restructuring may temporarily relinquish their ability to buy and sell securities in exchange for access to material nonpublic information ("MNPI")....more
Because debtors may avoid certain transfers and contracts entered into during the ninety days before they filed their bankruptcy petition, trade creditors are understandably nervous about entering into contracts with...more
Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes...more
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more
Certain recent legal developments will likely impact acquisition finance. This article will survey some of the more notable ones.
We discussed in the last newsletter the Eleventh Circuit Court of Appeals’ decision in...more
The American Bankruptcy Institute’s commission studying reforms of the U.S. bankruptcy code has distressed-debt investors near the top of its agenda. But so far the institute's not getting much backing from the bankruptcy...more
The United States Bankruptcy Court for the Southern District of New York issued a memorandum decision in the Lehman Brothers Inc. (LBI) liquidation proceeding confirming the LBI trustee’s determination that certain claims...more
Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York on December 8, 2011 issued an opinion on a motion of the Lehman Brothers Inc. (“LBI”) trustee (“Trustee”) to confirm his...more
On October 4, 2011, in the case of In re Lehman Brothers Inc., the Bankruptcy Court in the Southern District of New York (the "Court") held that a cross-affiliate setoff provision contained in a swap agreement was not...more
The enforcement of triangular setoffs in bankruptcy, where affiliates set off their claims against the debtor, received another setback in a recent decision in the Lehman bankruptcy cases. See In re Lehman Brothers Inc., No....more
In this Issue: CRAB Bites – Bad Boy Guaranties; CR&B Alert Case Update – Seventh Circuit Upholds Lenders’ Credit Bidding Rights in River Road Decision; Shareholders Permitted to Retain Ownership Under ‘New Value Exception’ to...more
The Bankruptcy Code generally allows trustees and debtors-in possession to seek to avoid and recover fraudulent and preferential transfers made prior to bankruptcy. One of the exceptions to this general rule...more
Section 546(e) of the Bankruptcy Code provides a “safe-harbor” for certain transfers involving the purchase or sale of securities and protects those transfers from avoidance as constructive fraudulent...more
For all of the legal difficulties which market participants are facing in light of the insolvency of Lehman Brothers, the insolvency is providing the Courts with the opportunity to pass judgment on many of...more
A recent NY court ruling may have set the stage for greater auditor protection, following a stricter interpretation of the in pari delicto doctrine in situations in which undetected accounting frauds have resulted in...more
Barely 24 hours old — the Massachusetts Supreme Judicial Court’s U.S. Bank v. Ibanez decision is already a huge national story. CNN-Money calls it a “beat down” of the big banks. Reuters says its a “catastrophe risk” for...more
Section 2(a)(iii) of the ISDA Master Agreement, Similar Clauses and Insolvency
There have been so many articles written and opinions expressed on the spate of cases on the effect of how netting provisions in...more
Financial statements play an integral role in business as well as a multitude of legal matters, including, but not limited to, bankruptcy, mergers and acquisitions, shareholder disputes, fraud and class action activities. As...more
This is our second update regarding the collapse of securities firm Bernard L. Madoff Investment Securities LLC (“BMIS”) and the associated fraud scheme to which its founder, Bernard Madoff, admitted in December.
This is an update regarding the collapse of securities firm Bernard L. Madoff Investment Securities LLC (“BMIS”) and the associated fraud scheme to which its founder, Bernard Madoff, admitted last week.
A standard repurchase agreement, commonly referred to as a “repo,” typically consists of a two-part transaction.[i] The first part involves the transfer of specified securities by one party, the dealer, to another party, the...more
It is hard to conceive of an event more distracting and potentially damaging to a chapter 11 debtor than scheduling and conducting a shareholder meeting that threatens to unseat the company's board and management. Such an...more
receivable based collateral in The Netherlands....more
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