Constitutional Law Bankruptcy Finance & Banking

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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

Ninth Circuit Prohibits Bankruptcy Courts from Entering Judgments on Fraudulent Conveyance Claims Against Non-Claimants

The Ninth Circuit recently held that: bankruptcy courts lack the constitutional authority to enter a final judgment on all fraudulent transfer claims against non-claimants, whether brought under state or federal law, and a...more

9th Circuit Issues Important Post-Stern Opinion

On Dec. 4, 2012, the U.S. Court of Appeals for the 9th Circuit delivered its long-awaited decision in Executive Benefits Insurance Agency v. Arkison (In re Bellingham Insurance Agency, Inc.). The Bellingham decision...more

Law Prof: US Govt Ignoring Rule of Law & Harming Economy Further [Video]

Aug. 29 (Bloomberg Law) -- There are numerous examples of the federal government suspending or ignoring settled rules of law in order to quickly and effectively respond to particular problems created by the broader financial...more

California Authorities Consider Seizing Mortgages Secured by Residential Properties

It’s no secret that California has been hit harder than most states by the housing crisis. Just east of Los Angeles, the county of San Bernardino has cities with some of the highest foreclosure rates in the U.S. On July...more

Preventing a Windfall: Getting a Dismissal When Plaintiff Fails to Disclose the Claims in Bankruptcy

The bankruptcy code provides protection and relief to individuals facing insurmountable debt, but it carries certain obligations and limitations, notably requiring them to list all of their assets, including any claims or...more

Harrisburg Filing Tests the Boundaries of Chapter 9

The insolvency of Pennsylvania's capital city of Harrisburg is unsurprising to anyone watching the disaster slowly unfold over the past several years. With the recent controversial filing, approved by a slim majority of the...more

$499 Bankruptcy – Is that for real????

$499 Bankruptcy – Is that for real???? $499, $899, low price, or free bankruptcy advice were a few of the advertisements I saw while searching bankruptcy terms today on Google. Most of these ads were appearing in the Google...more

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