Bankruptcy Finance & Banking Constitutional Law

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You Got To Show It If You Don’t Want To Blow It

The filing of a bankruptcy petition creates a bankruptcy estate that includes “all legal or equitable interests of the debtor in property as of the commencement of the case.” Highland Capital Mgmt. LP v. Chesapeake Energy...more

Supreme Court Declines to Consider Madoff Appeal

On Monday, the U.S. Supreme Court refused to take up an appeal brought by Irving Picard, the court-appointed bankruptcy trustee charged with recovering assets on behalf of Madoff’s bankruptcy estate and distributing them to...more

Supreme Court Clarifies Procedure for Deciding Stern Claims in Bankruptcy Courts, But Leaves Big Questions Unresolved

Bankruptcy courts have jurisdiction over "core" and "non-core" proceedings. See 28 U.S.C. § 157. In "core" proceedings, bankruptcy courts can enter final judgments. See 28 U.S.C. § 157(b). In "non-core" proceedings, however,...more

Supreme Court Ruling in Bellingham Offers Comfort but Little Clarity

A unanimous Supreme Court, in Executive Benefits Ins. Agency, Inc. v. Arkinson (In re Bellingham Ins. Agency, Inc.), 573 U.S. ___ (2014), confirmed a bankruptcy court’s power to submit proposed findings of fact and...more

The “Law’s” Limits On The Bankruptcy Court’s Ability To Impose Sanctions For Debtor Misconduct

In the first six months of 2014 the Supreme Court has already issued two opinions concerning the authority of the bankruptcy courts. The first opinion, Law v. Siegel, 134 S. Ct. 1188 (2014), was issued in March. In Law,...more

U.S. Supreme Court Issues Ruling in In re Bellingham

On June 9, 2014, the United States Supreme Court issued a unanimous opinion in Exec. Benefits Ins. Agency, Inc. v. Arkison (In re Bellingham Ins. Agency, Inc.), 573 U.S. ___ (2014), affirming the Ninth Circuit and holding...more

Supreme Court Set To Rule On Waiver Of Article III Rights

Bankruptcy practitioners are anxiously awaiting a U.S. Supreme Court ruling that will determine whether a party can waive its right to trial before an Article III tribunal. In Exec. Benefits Ins. Agency, Inc. v....more

Dodd-Frank’s Intersection with the Bankruptcy Code Could Have Significant Impact for Unsecured Creditors

On February 11th, the three private plaintiff-appellants and eleven State plaintiff-appellants in State National Bank of Big Spring, et al. v. Jacob J. Lew, et al. filed briefs with the U.S. Court of Appeals for the District...more

Bill on Bankruptcy: Detroit Falls Short on Good-Faith Test [Video]

Dec. 12 (Bloomberg) -- Although Detroit was found eligible for municipal bankruptcy, the judge said the city came up short of conducting required good-faith negotiations, as Bloomberg Law's Lee Pacchia and Bloomberg News...more

Court Rules That Detroit Is Eligible For Chapter 9 And That Pensions May Be Impaired In Chapter 9

On December 5, 2013, the U.S. Bankruptcy Court for the Eastern District of Michigan released its 143 page decision upholding the City of Detroit’s eligibility to be a debtor under chapter 9 of the United States Bankruptcy...more

Bill on Bankruptcy: Madoff Victims Rooting for Stanford Victory  [Video]

Nov. 14 (Bloomberg) -- How the U.S. Supreme Court rules in a case involving the R. Allen Stanford Ponzi scheme may decide whether those defrauded by Bernard Madoff recover in full, as Bloomberg Law's Lee Pacchia and Bloomberg...more

Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law  [Video]

Oct. 24 (Bloomberg) -- Detroit's municipal bankruptcy is reason Congress should consider amending Chapter 9 governing municipal debt adjustment, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill...more

Stanwich Clarifies Wagoner Rule in Fraudulent Transfer Cases

In the Second U.S. Circuit, the so-called Wagoner rule deprives a trustee of standing to sue third parties, such as lawyers and investment bankers, if the bankrupt corporation participated with them in defrauding creditors. A...more

Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case  [Video]

Sept. 12 (Bloomberg) -- The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the "Case of the Week" status on the bankruptcy video with...more

Bankruptcy Court Enforces “No Action” Clause and Rules that Bondholders Lack Standing in Chapter 11 Case

On August 28, Judge Burton R. Lifland of the Bankruptcy Court for the Southern District of New York held that an ad hoc group of bondholders did not have standing to object American Roads LCC’s plan or otherwise participate...more

Service Provider Challenges CFPB Authority

On July 22, a Connecticut bankruptcy attorney and a firm with whom the attorney contracts for legal support services filed a lawsuit charging the CFPB with “grossly overreaching its authority” in requesting “sensitive and...more

Court Approves Extension of the Automatic Stay in Detroit’s Chapter 9 Case to State Officials

On July 24, 2013, Judge Steven W. Rhodes of the Bankruptcy Court for the Eastern District of Michigan approved the City of Detroit’s motion to extend the automatic stay to various non-debtor parties, including certain state...more

Harvey Miller: Detroit Will Be In Bankruptcy "For A Long Time"  [Video]

July 24 (Bloomberg Law) -- Harvey Miller, partner at Weil, Gotshal & Manges, tells Bloomberg Law's Lee Pacchia that Detroit's recently filed Chapter 9 bankruptcy case will not be an easy restructuring. In addition to the...more

Rogers Towers: Discharge and the Unscheduled Debt: Discharge Requires Due Process

Often referred to as the “holy grail” of bankruptcy law, a bankruptcy discharge releases the debtor from personal liability for certain specified types of debts....more

Cohen: Cyprus Is Not A Template For Future Restructurings [Video]

May 3 (Bloomberg Law) -- Rodge Cohen, partner at Sullivan & Cromwell, tells Bloomberg Law's Lee Pacchia why the recent bailout of Cyprus's banking sector was a unique situation and not necessarily a template for dealing with...more

Rogers Towers: Denial of Discretion: Eleventh Circuit Lacks Jurisdiction to Hear Bankruptcy Appeal

Even one year removed from the Supreme Court’s decision in Stern v. Marshall, which challenged the jurisdiction of a lower bankruptcy court, many practitioners and lenders alike are still left with unanswered questions...more

Stern v. Marshall Update – Ninth Circuit Holds That Bankruptcy Courts Lack Constitutional Authority To Finally Determine...

On December 4, 2012, the United States Court of Appeals for the Ninth Circuit added to the growing body of case law delineating the extent of bankruptcy courts’ jurisdiction in the wake the Supreme Court’s decision in Stern...more

Burr Alert: Evolving Bankruptcy Jurisdiction - Ninth Circuit Rules That Bankruptcy Courts Cannot Enter Final Judgment On...

Before the Supreme Court’s seminal ruling in Stern v. Marshall, bankruptcy courts regularly entered final orders in fraudulent conveyance actions and other “core” matters. In Stern v. Marshall, the Supreme Court ruled that...more

Fourth Circuit Holds Bankruptcy Trustee Cannot Pursue Former Directors Of Bankrupt Holding Company For Alleged Mismanagement Of...

On December 28, the U.S. Court of Appeals for the Fourth Circuit affirmed a district court holding that a bankruptcy trustee lacked standing to sue former directors of an insolvent bank holding company for alleged...more

No Oregon Income Tax Nexus For Company Owning Intangibles Used In State

A federal bankruptcy court judge has held that Washington Mutual, Inc. (WMI), a parent holding company that owned bank subsidiaries conducting business in Oregon, did not have nexus in Oregon by virtue of its ownership of the...more

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