Beware of Debtors Bearing Gifts: Eleventh Circuit Upholds TOUSA Bankruptcy Decision by Miller Canfield on 5/23/2012 Sleep better at night knowing that the loan you made to your borrower is supported by collateral from the borrower’s subsidiaries? You may want to keep one eye open. On May 15, 2012, the U.S. Court of Appeals for the Eleventh...more
Chapter 7 Bankruptcy in 7 Steps: The Bankruptcy Discharge by John Skiba on 5/22/2012 The day you receive your bankruptcy discharge is similar to those Christmas mornings back when you were a kid. You wait and wait for the day to arrive, and then, finally it arrives. Your discharge is entered. All those days,...more
Just When I Thought I Was Out . . . Eleventh Circuit Rules in TOUSA that Refinanced Lenders Can Be “Pulled Back In” and Held... by Cadwalader, Wickersham & Taft LLP on 5/18/2012 On May 15, 2012, the Eleventh Circuit Court of Appeals upheld a ruling by the U.S. Bankruptcy Court for the Southern District of Florida, which required certain lenders to return $403 million in prepetition payments they had...more
Reasons a Bankruptcy Case Would Be Dismissed by Harold Shepley & Associates, LLC on 5/18/2012 With more than 6,000 bankruptcy filings every day, the courts don’t have any time to waste when dealing with a bankruptcy case. It makes sense, then, that they would have a low tolerance if someone doesn’t follow the rules....more
Eleventh Circuit Issues New TOUSA Decision, Upholds Finding That Upstream Guarantees Were Fraudulent Transfers by Davis Wright Tremaine LLP on 5/17/2012 In a decision with significant implications for borrowers and lenders, on May 15, 2012, the Eleventh Circuit Court of Appeals affirmed a bankruptcy court's findings that upstream guarantees and associated liens delivered by a...more
TOUSA Appeal: 11th Circuit Reinstates Bankruptcy Court’s Fraudulent Transfer Opinion as Against All Defendants by Bracewell & Giuliani LLP on 5/16/2012 TOUSA involved one of the largest fraudulent transfer litigations in bankruptcy history. The Bankruptcy Court agreed with the Unsecured Creditors’ Committee that both the so-called “New Lenders” and the “Transeastern Lenders”...more
Eleventh Circuit Reinstates Controversial Bankruptcy Court Opinion in In re TOUSA by Cadwalader, Wickersham & Taft LLP on 5/16/2012 On May 15, 2012, the U.S. Court of Appeals for the Eleventh Circuit reinstated the controversial 2009 opinion from the U.S. Bankruptcy Court for the Southern District of Florida in In re TOUSA Inc., which allowed the estate...more
Extent of Non-Debtor Parent Exposure Under Channeling Injunctions by Cadwalader, Wickersham & Taft LLP on 5/15/2012 Originally published in New York Law Journal - Volume 247—NO. 85, Thursday, May 3, 2012. On April 10, 2012, the U.S. Court of Appeals for the Second Circuit in In re Quigley issued an opinion adopting a narrow...more
The Ninth Circuit Affirms Inflexible Standard of Finality for Purposes of District Court Appeals by Cadwalader, Wickersham & Taft LLP on 5/15/2012 On March 6, 2012, the United States Court of Appeals for the Ninth Circuit held that the flexible standard for finality generally applied in bankruptcy cases does not apply to appeals from orders of a district court sitting...more
SNP Boat Service S.A.: Clarifying the Limited Reach of a U.S. Bankruptcy Court in Chapter 15 by Cadwalader, Wickersham & Taft LLP on 5/11/2012 Addressing issues of comity in a chapter 15 bankruptcy proceeding, Judge K. Michael Moore of the United States District Court for the Southern District of Florida recently ruled that a U.S. court can only examine whether the...more
Plaintiff Was Judicially Estopped From Pursuing A Sexual Harassment Claim Because Of Her Failure To Include The Lawsuit As A... by Warner Norcross & Judd - Appellate Practice... on 5/11/2012 A person can be judicially estopped from pursuing a sexual harassment claim based on her failure to include the lawsuit as a potential asset in a Chapter 13 bankruptcy proceeding. In Spohn v. Van Dyke Public Schools, the...more
Court Denies Pennsylvania Insurance Department’s Move To Liquidate Two Long-Term Care Insurers by Ballard Spahr LLP on 5/10/2012 The Commonwealth Court of Pennsylvania has rejected the efforts of the Pennsylvania Insurance Department (PID) to liquidate two long-term care insurance (LTCI) companies domiciled in Pennsylvania. The ruling in Consedine v....more
What To Do If Creditors Attempt To Collect During Your Bankruptcy by Tampa Bay Bankruptcy Center, P.A. on 5/8/2012 Once you file for bankruptcy protection, an automatic stay on all collection efforts by creditors comes into immediate effect. This gives you the opportunity to proceed with the bankruptcy process without disturbance or...more
SDNY Bankruptcy Court Interprets Section 546(e)’s Safe Harbors in Lehman-JPMorgan Dispute by Cadwalader, Wickersham & Taft LLP on 5/4/2012 On April 19, 2012, the U.S. Bankruptcy Court for the Southern District of New York granted in part and denied in part JPMorgan Chase, N.A.’s motion to dismiss an adversary complaint filed by Lehman Brothers Holdings Inc....more
What should I do if I dispute the amount that I owe to a creditor? by George Bourguignon on 5/4/2012 If you believe that a creditor is collecting an amount that is wrong or for a debt that is not owed by you, then you want to read this post and find out one new tool available for Massachusetts consumers. Contact: George E....more