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California Court: Commercial Crime Policy Rescinded Due To Insured’s Material Misrepresentation Concerning Handling of Funds

Kurtz v. Liberty Mutual Insurance Co., et al., Case No. 2:11-cv-7010 (C.D.Cal. April 14, 2014), was an insurance coverage dispute arising out of the downfall of Los Angeles businessman Ezri Namvar who has also been referred...more

Lehman: New Limitations on Plan Payment of Individual Creditors’ Committee Members’ Professional Fees

In the recent case of Davis v. Elliot Mgmt. Corp. (In re Lehman Bros. Holdings Inc.), 2014 U.S. Dist. LEXIS 48102 (S.D.N.Y. Mar. 31, 2014), the District Court for the Southern District of New York issued a decision barring...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

Attorney fees properly discharged under bankruptcy law in family law matter

In Bendetti v. Gunness, 2014 DJDAR 623 (2014), the US Bankruptcy Appellate Panel (“BAP”) for the Ninth Circuit Court of Appeals affirmed the bankruptcy court’s decision. The bankruptcy court ruled that an attorney fee award...more

Privy Council rules on Fairfield

On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company. The BVI Commercial Court and the Eastern...more

Can a Receiver Be Liable for Acts or Omissions that Occurred in a Case After Discharge?

The court has approved my final account and report, discharged me as receiver and exonerated my bond in a difficult, litigious case I am glad to have over. An elder receiver I know told me I could still be liable for acts or...more

Claims Against Failed Banks Must Go Through the FDIC’s Administrative Claims Process

As described in a previous post, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) requires that anyone with a claim against a failed bank must file a claim with the FDIC within 90 days of being...more

Insurance and Reinsurance Newsletter: Italy - April 2014

1. IVASS (ITALIAN INSURANCE SUPERVISORY AUTHORITY) – NEW REGULATIONS ON COMPLAINTS MANAGEMENT - On 1 April 2014, the draft measure containing amendments to ISVAP (former Italian Insurance Supervisory Authority)...more

Bankruptcy Beat: Luck of the Irish Cannot Save Debtor’s Bankruptcy Appeal of Order Granting Relief from the Stay

The importance of obtaining a stay pending appeal of a bankruptcy court order lifting the automatic stay was recently illustrated in Dunne v. Ulster Bank (In re Dunne), 13 cv 00996-JBA (Mar. 11, 2014). In the Dunne case,...more

Equity Investors: Be ForeWARNed

The Worker Adjustment Retraining and Notification Act (WARN Act) requires certain employers to give employees 60 days’ notice of plant closings and mass layoffs. The goal of the WARN Act is to “provide workers and their...more

Court Compels Production Of Information Exchanged Between Insurer And Reinsurer As Relevant To Construction Of Policy

In a declaratory relief action brought against the FDIC by the liability insurer for the directors and officers of a bank in receivership, the court resolved a discovery dispute that included a contested request for...more

SCOTUS Denies Certiorari In Lien Stripping Case

On March 31, the U.S. Supreme Court denied a petition for a writ of certiorari in an Eleventh Circuit case that raises the issue of whether, under section 506(d) of the Bankruptcy Code, a chapter 7 debtor can “strip off” a...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

When it Comes to Answering Debt Collection Lawsuits – Keep it Simple

The other day a client hired me to help them in fighting debt buyer Midland Funding. I drafted the Answer – the document that is submitted in response to the Complaint filed by Midland. I was reviewing it with the client...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

Eighth Circuit Applies Subsequent New Value Defense To Payments Received From Third Party Creditor

The Eighth Circuit held that preferential payments are subject to a new value defense of § 547(c)(4) where the new value was provided by a third party that benefitted from the preferential transfers....more

Sentinel Decision Prioritizes Protection of Securities and Futures Markets

On March 19, 2014, the U.S. Court of Appeals for the Seventh Circuit decided Grede v. FCStone, LLC, Nos. 13-1232, 13-1278 (7th Cir. Mar. 19, 2014), an opinion that reinforces the importance of the portability of investment...more

Watch Out for This Sneaky Debt Buyer Tactic!

Recently I had a conversation with an attorney who represents Midland Funding, LLC here in Arizona. He said that about 95% of Midland Funding cases are filed in the Arizona Justice Courts. In Arizona, debt collection cases...more

Stern Revisited, Testing the Jurisdictional Authority of the Bankruptcy Courts and Beyond

In January, the Supreme Court heard oral argument in Executive Benefits Insurance Agency v. Arkison. Executive Benefits is viewed by many as the sequel to Stern v. Marshall, 131 S. Ct. 2594, 180 L. Ed. 2d 475 (2011). In...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

Concurrent ‘Alter-Ego’ Claims: Oklahoma Leads the Nation in Extending Protection to Shareholders, Officers and Directors

During the past several years, practitioners have devoted significant attention to the fate of the Oklahoma Legislature’s efforts at, and the Oklahoma Supreme Court’s response to, legislative tort reform. However, few noticed...more

Amendments To Local Rules For The United States Bankruptcy Court For The District Of Delaware

In This Issue: - General - Rule 2002-1: Notices to Creditors, Equity Security Holders, United States and United States Trustee - Rule 2004-1: Rule 2004 Examinations - Rule 3007-2: Service of Objections to...more

Sino-Forest: More Lessons as a Chapter Closes

On March 13, 2014 the Supreme Court of Canada dismissed applications for leave to appeal by a group of alleged former institutional shareholders of Sino-Forest Corporation. These institutions unsuccessfully sought leave to...more

U.S. Supreme Court Round-Up: Sun Capital Cert Denied, Omnicare Cert Granted and Whistle-Blower Protection Extended

As first discussed in July 2013 the First Circuit Court of Appeals held in Sun Capital Partners III, LP, et al. v. New England Teamsters & Trucking Industry Pension Fund that a Sun Capital Partners private equity fund (Sun...more

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