Finance & Banking Bankruptcy

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Supreme Court Decides Bank of America v. Caulkett and Bank of America v. Toledo-Cardona

On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more

Bankruptcy Blog Re: Debtor’s Funds When Case Is Converted From Chapter 13 To Chapter 7

The Supreme Court of the United States was recently asked whether, when a debtor in good faith converts a bankruptcy case to Chapter 7 after confirmation of a Chapter 13 plan, undistributed funds held by the Chapter 13...more

Orrick's Financial Industry Week in Review

European Commission Requests 11 Member States to Implement Bank Recovery and Resolution Directive (BRRD) - On May 28, 2015, the European Commission published a press release announcing that it has requested 11 member...more

Credit Crunch Digest - May 2015

This issue of the Credit Crunch Digest focuses on the nearly $6 billion Forex settlement between the big banks and various regulatory agencies; a judgment against RBS and Nomura in a mortgage-backed securities lawsuit brought...more

Suspension of Contractual Rights of Counterparties to UK Banks

On 26 May 2015, the Prudential Regulation Authority (“PRA”) of the UK issued a consultation paper entitled “Contractual stays in financial contracts governed by third-country law”, proposing a new restriction that would apply...more

Bankruptcy Beat: Jockeys Nearing Finishing Line in 25-Year Civil and Bankruptcy Litigation with their Former Business Managers

Hall of fame horse racing jockeys Laffit Pincay, Jr. and Chris McCarron first sued their former business managers, Vincent and Robert Andrews, in California District Court in 1989 for fraud, breach of fiduciary duty and other...more

Recent Unitranche Issues in the RadioShack Bankruptcy Case

As the market for so-called “unitranche” credit facilities continues to increase, the Delaware Bankruptcy Court had an opportunity recently to answer positively the question of whether bankruptcy courts will enforce the...more

The Third Circuit Court of Appeals Affirms Structured Dismissal of Chapter 11 Case, Holding That a Structured Dismissal Can...

On May 21, 2015, the United States Court of Appeals for the Third Circuit affirmed a decision of the United States Bankruptcy Court for the District of Delaware, which had approved the structured dismissal of the Chapter 11...more

Chapter 7 Debtors Cannot Strip Off Junior Liens on Underwater Home Loans, United States Supreme Court Rules

Yesterday, the United States Supreme Court ruled that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that—based on the value of the property and the amount of claims secured by...more

Should Bond Lawyers Care About Chapter 9 of the Bankruptcy Code?

I have been practicing public finance law for almost thirteen years, and during the first half of that period, I never gave Chapter 9 of the Bankruptcy Code much thought, as prior to the financial crisis, municipal...more

The 1099-C Issue: Potential Tax Liability in Debt Settlement and Bankruptcy

When you owe debts that you cannot pay most will look to one of two options – debt settlement or bankruptcy. What many don’t realize is that in some circumstances there is the potential for additional tax liability even if...more

Confusion Surrounds the Fair Debt Collection Practices Act

The United States Supreme Court recently declined to review Crawford v. LVNV Funding, LLC, 758 F.3d 1254, 1257 (11th Cir. 2014) cert. denied, No. 14-858, 2015 WL 246891 (U.S. Apr. 20, 2015), an Eleventh Circuit decision that...more

Supreme Court Decides to Maintain the Viability of the U.S. Bankruptcy Courts, But a Key Question Remains Unresolved

Four years ago, in Stern v. Marshall, the Supreme Court stunned many observers by re-visiting separation of powers issues regarding the jurisdiction of the United States bankruptcy courts that most legal scholars had viewed...more

All’s Wellness That Ends Well?: Supreme Court Permits Parties To Consent To Bankruptcy Court’s Entry Of Final Judgment On Stern...

The continuing saga of the impact of the U.S. Supreme Court’s Stern v. Marshall decision took a major turn Tuesday when the Court issued its ruling in the Wellness International Network, Limited v. Sharif case. Before...more

"Third Circuit Provides Road Map for Structured Dismissals"

In the past decade, Chapter 11 practice has witnessed the rise of a new phenomenon: structured dismissals.1 Broadly speaking, the term structured dismissal is an umbrella term for a dismissal order that includes additional...more

New Discovery Order Requiring Greater Transparency Regarding Bankruptcy Trust Claims in Southern California Asbestos Litigation

On May 27, 2015, the Honorable Emilie H. Elias, the coordination judge who presides over all asbestos litigation in the counties of Los Angeles, Orange, and San Diego (LAOSD), issued a discovery order entitled “Case...more

The United States District Court for the Southern District of New York Upholds Rulings With Respect to Subordination, Cramdown and...

In a memorandum decision dated May 4, 2015, Judge Vincent L. Briccetti of the United States District Court for the Southern District of New York affirmed the September 2014 decision of Judge Robert D. Drain of the United...more

Privacy Policy Impacts RadioShack’s Sale of Customer Information

On April 10, 2015, RadioShack, and certain affiliated debtor entities, proposed a bankruptcy sale of certain assets, including Personally Identifiable Information (“PII”). Deposition testimony in the case revealed that, over...more

"Supreme Court Clarifies Scope of Bankruptcy Court Authority, Allows Court Adjudication of ‘Stern Claims’ if Parties Consent"

On May 26, 2015, the U.S. Supreme Court issued its ruling in Wellness International Network, Ltd., et al. v. Sharif. The Wellness decision clarifies one of the most significant open issues created four years ago by the...more

Seventh Circuit Says Secured Creditors Must File Proof of Claim Within Ninety Days of Meeting of Creditors

Timely proof of claim filings by secured creditors have “been a thorn in the side of many Chapter 13 cases involving secured creditors,” according to Judge Wood in In re Pajian. However, a recent Seventh Circuit decision may...more

Delaware Courts Continue to Clarify Creditor Standing With Respect to Insolvent Companies

On May 4, 2015, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery issued an opinion in Quadrant Structured Products Company, Ltd. v. Vertin clarifying when a creditor gains standing to pursue derivative...more

Provisions of The Small Business, Enterprise and Employment Act now in force

We published a client alert in March, confirming that the Small Business, Enterprise and Employment Act 2015 (the “Act”) received Royal Assent on 26 March 2015 and summarising the provisions which will amend insolvency...more

Third Circuit: Only in a ‘Rare Case’ May a Case Arising Under Chapter 11 Be Resolved In a ‘Structured Dismissal’ That Deviates...

The Court of Appeal has just decided a “novel question of bankruptcy law: may a case arising under chapter 11 ever be resolved –in a ‘structured dismissal’ that deviates from the Bankruptcy Code’s priority system?” In its May...more

Business Law Newsletter - May 2015

In This Issue: - Social Media Accounts in Bankruptcy: Business or Personal? - Should Your Company Allow Pets for Take Your Dog to Work Day? - Excerpt from Social Media Accounts in Bankruptcy: Business or...more

Supreme Court Decides Wellness International Network, Ltd. v. Sharif

On May 26, 2015, the U.S. Supreme Court decided Wellness International Network, Ltd. v. Sharif, (No. 13-935), holding that Article III does not prevent bankruptcy judges from entering final judgment on claims that seek only...more

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