Energy & Utilities Finance & Banking Civil Procedure

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Your Daily Dose of Financial News

Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

As Agency Enforcement Efforts Mount, CFTC Prohibits Private Lawsuits Against RTOs/ISOs for Market Manipulation

Incidents of alleged fraud and market manipulation in the energy markets increasingly have received the attention of federal agency enforcement efforts, including the Federal Energy Regulatory Commission (FERC) and the...more

Third Circuit Upholds The Enforceability Of Make-Whole Premiums In Post-Bankruptcy Context

In a recent November 17, 2016 opinion, Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC, Case No. 16-1351, the Third Circuit Court of Appeals reversed two lower court opinions by holding that make-whole...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

“Ponzi Scheme” Recital Not Enough

Disgruntled investors suing oil and gas companies for fraud must allege facts to support a Ponzi scheme in order to obtain the “Ponzi scheme presumption.” This “Ponzi scheme presumption,” if adequately pleaded in the first...more

Your daily dose of financial news - The Brief – 9.14.16

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

FERC Civil Penalties May Be Subject to Full Judicial Review

A Federal District Court recently held that a proposed civil penalty assessed by FERC was subject to a full trial de novo where the respondent elects to forego a hearing before an Administrative Law Judge, a matter of first...more

D.C. Circuit Questions FERC’s Policy Statement on Income Tax Allowances

On July 1, the U.S. Court of Appeals for the District of Columbia Circuit issued its opinion in United Airlines, Inc., et al. v. FERC. This oil pipeline rate case appeal involves SFPP, L.P., a pipeline organized as a limited...more

Lack of Court Direction Requires Developers and Lenders to Estimate Their Own Significance Thresholds for GHG Emissions Past 2020

This June, the California Supreme Court heard the last set of oral arguments before breaking for the summer. Cleveland National Forest Foundation v. San Diego Association of Governments, 231 Cal.App.4th 1056 (2014)...more

The Redwater Decision: The Alberta Energy Regulator - Trumped by Federal Bankruptcy Law

In Redwater Energy Corporation (Re, the Alberta Court of Queen’s Bench ruled against the AER, holding certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act inoperative to the extent that if applied...more

Banking & Financial Services E-Note - May 2016

The Southern District of New York has issued an opinion that permitted a debtor to reject certain gathering and condensation agreements as executory contracts. Because the midstream service sector finances the construction of...more

CFTC Proposes to Allow Private Lawsuits for Transactions in RTOs and ISOs

The proposal could create uncertainty for market participants and raise jurisdictional questions about which regulator should police power markets....more

CFTC Proposes Reversing Course, Granting Private Right of Action in Energy Market Manipulation

Last week the Commodity Futures Trading Commission (CFTC) issued a notice of proposed order and request for comment proposing to allow a private right of action to enforce violations of the anti-manipulation, anti-fraud or...more

Trial Court Dismisses Georgia Patronage Capital Lawsuits

On May 2, a trial court in DeKalb County, Georgia, dismissed two class action patronage capital lawsuits filed against Oglethorpe Power Corporation, Georgia Transmission Corporation (GTC) and certain distribution electric...more

Decisions in Sabine Oil & Gas and Quicksilver Resources Inc. Bankruptcy Cases Will Have Broad Impact on Midstream and Exploration...

Executive Summary - New York bankruptcy judge allows Sabine Oil & Gas to reject gathering agreements over the objections of midstream companies, finding that the covenants do not run with the land. On March 8, 2016, the...more

Sabine Bankruptcy Court Allows Rejection of Gathering Agreements

In a March 8, 2016 ruling from the bench, the U.S. Bankruptcy Court for the Southern District of New York issued a significant decision regarding the ability of a debtor in bankruptcy to reject gas gathering agreements and...more

To “SIB” or Not to “SIB” – That Is the Question on How to Timely Fund Necessary Water and Wastewater Infrastructure Improvements

Recently, the U.S. Environmental Protection Survey showed that $271 billion is needed for the Nation’s Wastewater Infrastructure, including for investor-owned utilities regulated by state public utility commissions....more

Renewable Energy Remains Poised for a Banner Year in 2016

Opposition to the Clean Power Plan (CPP), promulgated by the EPA and championed by the Obama administration as a path to a cleaner energy future, recently came to a head as the Supreme Court granted opponents a stay halting...more

New Regulation to Facilitate the Implementation of Offshore Wind Projects in France

While the development of the first four offshore wind projects awarded by the French state back in 2012 to the consortia EDF Energies Nouvelles / DONG Energy / Alstom (3 projects) and Areva / Iberdrola (1 project) is...more

Protecting Rights and Finding Opportunity in Oil and Gas Industry Bankruptcies

2015 was a rough year for the oil and gas industry. The primary source of the trouble was (and continues to be) the dramatic fall in crude oil prices. In 2014, the price of U.S. crude oil averaged approximately $91 per...more

FERC enforcement report cites screenshots, keylogger

The Federal Energy Regulatory Commission has issued an Order to Show Cause and Notice of Proposed Penalty against Coaltrain Energy, L.P. and six individuals relating to alleged fraudulent transactions in PJM Interconnection...more

Somewhere over Africa: When Eurobonds and high yield bonds meet - New issuers and investors are driving growth and change in...

In 2015, two simultaneous market trends are developing across emerging markets: (1) The emergence of the international capital markets as a primary funding source for African issuers (sovereign and corporate) across the...more

Standing of Petrobras Opt-Out Plaintiffs Challenged

A recent motion to dismiss filed by the defendants in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing of several institutional opt-out plaintiffs. ...more

Hudson Energy Denied Administrative Priority for Electricity Sold Pre-Bankruptcy

In a September 18, 2015 order, the U.S. District Court for the Southern District of New York affirmed a bankruptcy court order denying administrative claim treatment to Hudson Energy Services, LLC (“Hudson”) for its retail...more

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