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Business Organization Bankruptcy Civil Procedure

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Preference Actions Filed In Draw Another Circle Bankruptcy

by Fox Rothschild LLP on

On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent...more

The Original Soupman, Inc. Files For Chapter 11 Protection In Delaware

by Fox Rothschild LLP on

On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code. According to its petition,...more

IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against...

The Puerto Rico Bankruptcy Court followed the Third Circuit in holding that the Anti-Injunction Act, which prohibits suits to restrain the assessment or collection of any tax, is not superseded by section 105(a) of the...more

Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes...

The Bottom Line - In a decision addressing the reaches of bankruptcy court subject matter jurisdiction, a First Circuit Panel, including retired Supreme Court Justice Davis Souter sitting by designation, ruled that the...more

Insolvency at Its Limits: What Management and Creditors of Insolvent LLCs and LPs Should Know About Fiduciary Duties Waivers and...

by WilmerHale on

Delaware law allows members and partners of limited liability companies (LLCs) and limited partnerships (LPs) to waive the fiduciary duties of their management in their LLC or LP agreements. When an LLC or LP is insolvent,...more

Can a Receiver be Sued for Not Paying a Pre-Receiver Creditor?

by Ervin Cohen & Jessup LLP on

Question: I am the Receiver for a condo project. A pre-receivership creditor has threatened to sue me because I won’t pay for the services he provided the defendant. I have explained to the creditor that the receivership is...more

Tidewater, Inc. Bankruptcy Update – Utilities Motion

by Fox Rothschild LLP on

On May 17th, Tidewater, Inc. and its affiliated debtors (“Tidewater” or “Debtors”) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. On the same day, the Court entered an...more

Foreign Representative Had "Independent" Standing to Prosecute State Law Avoidance Claims in Chapter 15

by Jones Day on

If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more

Eleventh Circuit Addresses Difference Between Constitutional and Equitable Mootness

by Jones Day on

In Beem v. Ferguson (In re Ferguson), 2017 BL 101650 (11th Cir. Mar. 30, 2017), the U.S. Court of Appeals for the Eleventh Circuit addressed the distinction between constitutional mootness (a jurisdictional issue that...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Delaware Bankruptcy Court Denies Creditors’ Committee Access To Privileged Documents

by McCarter & English, LLP on

In a May 8, 2017 ruling, the Delaware Bankruptcy Court denied the official committee of unsecured creditors from accessing certain documents withheld from production based on the attorney-client privilege. Despite the purpose...more

Delaware Bankruptcy Court Approves Indenture Trustee Fees in Face of Fee Objection by Certain Noteholders

by Dorsey & Whitney LLP on

On March 8, 2017, the U.S. Bankruptcy Court for the District of Delaware issued a decision in In re Nortel Networks Inc., et al., 2017 Bankr. LEXIS 674 (Bankr. D. Del. Mar. 8, 2017), that addresses the issue of whether an...more

Landlords Who Violate Bankruptcy Stay May be Ordered to Pay Emotional Distress Damages and Punitive Damages

by PretiFlaherty on

Landlords should use caution in attempts to take possession of leased space once a tenant files bankruptcy. Recently, in Lansaw v. Zokaites, the Third Circuit Court of Appeals upheld an order of the Bankruptcy Court for the...more

Supreme Court Grants Cert on, of all Things, the Standard of Review for Determining Non-Statutory Insider Status

by Bryan Cave on

Last December, we updated you that the Supreme Court was considering whether to grant review of In re The Village at Lakeridge, LLC, 814 F.3d 993 (9th Cir. 2016). Our original post is here. On March 27, 2017, the Supreme...more

Tax Sales and Bankruptcy Stays

It is well understood that under section 362 of the Bankruptcy Code, a bankruptcy filing triggers an “automatic stay” preventing creditors from taking any act to obtain possession of or enforce a lien against property of the...more

Group proceedings settlement update: Court of Appeal upholds binding nature of settlement on group members

by DLA Piper on

In Pekell, the Court of Appeal has provided welcome clarity around the effect of settlements in group proceedings, which should provide comfort to group proceeding defendants and their insurers. Importantly, the case affirms...more

Global Private Equity Newsletter - Spring 2017 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

When a portfolio company underperforms, an equity sponsor will want to assess the degree of negotiating leverage the company’s lenders have against the company under the circumstances, which can play a significant role in...more

Keep On Truckin’: Priority Rules Still Rule in Structured Dismissals

In 2015, Distressing Matters reported on the Third Circuit’s decision in In re Jevic Holding Corp., wherein that panel ruled that, in rare circumstances, bankruptcy courts may approve the distribution of settlement proceeds...more

Have you missed the boat to apply for a Non-Publication Order?

by Dentons on

Peter Oreb and Ingrid Webber were directors of a group of companies supplying workforce solutions to some of the largest corporations in the world. Four of the companies went into liquidation. Prior to the companies going...more

Supreme Court Bars Structured Dismissals of Bankruptcy Cases That Violate the Code’s Priority Distribution Scheme – Could it...

by Foley & Lardner LLP on

On March 22, 2017 the Supreme Court issued its long-awaited ruling regarding the legality of structured dismissals of Chapter 11 bankruptcy cases that would make final distributions of estate assets to creditors in a manner...more

2016 Georgia Corporate and Business Organization Case Law Developments

by Bryan Cave on

The annual survey of decisions by state and federal courts in 2016 addressing Georgia corporate and business organization issues is now available. This survey covers the legal principles governing Georgia businesses,...more

Supreme Court Rules: Even Gifts Must Play by the (Absolute Priority) Rule

by PretiFlaherty on

Last week, the Supreme Court handed down its opinion in Czyzewski v.Jevic Holding Corp., stating that non-consensual, priority violating, structured dismissals are not allowed under the Bankruptcy Code. In a well-reasoned...more

Jevic - The Supreme Court Puts the "Dis" in Structured Dismissals

In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (“Jevic”) that a “structured dismissal” of a bankruptcy case cannot include a...more

Supreme Court Gives WARN-ing To Companies In Bankruptcy: Don’t Ignore Wage Claims

by Fisher Phillips on

The U.S. Supreme Court held today in a 6 to 2 decision that “structured dismissals” resolving Chapter 11 bankruptcy proceedings cannot deviate from the Bankruptcy Code’s priority scheme without the consent of the affected...more

Tenth Circuit Joins Missouri River to Divide Kansas City Over What Constitutes A Stay Violation

by Bryan Cave on

On February 27, 2017, the United States Court of Appeals for the Tenth Circuit joined a minority approach followed by District of Columbia Circuit: failing to turn over property after demand is not a violation of the...more

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