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Bankruptcy Updates

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Samson Resources Preference Actions Filed In Delaware

by Fox Rothschild LLP on

Starting on September 12, 2017, Peter Kravitz, as Settlement Trustee of the Samson Settlement Trust, filed approximately 293 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers...more

Judicial Estoppel Defense in Bankruptcy Claims Likely to Get More Difficult

A recent decision from the Court of Appeals for the Eleventh Circuit has impaired a valuable defense for early dismissal or settlement with bankrupt plaintiffs. This decision will affect strategy for mortgage originators,...more

Sands Anderson Report on Toys 'R' Us First Day Hearing in Bankruptcy Filings

by Sands Anderson PC on

Toys ‘R’ Us, Inc. and its affiliates have filed for chapter 11 bankruptcy in the United States Bankruptcy Court, Eastern District of Virginia, Richmond Division. Sands Anderson’s attorneys attended today’s “First Day”...more

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

A Pending Supreme Court Ruling Can’t Create a Claim that Doesn’t Currently Exist

After hearing oral argument at confirmation on August 30, 2017, the bankruptcy court for the Western District of Pennsylvania issued a written opinion in In re rue21, inc., et. al., Case No. 17-22045-GLT (Bankr. W.D. Pa....more

Am I liable for my spouse's debts in California?

by Malcolm Ruthven on

I'm often asked if someone is liable for their husband's (or wife's) debts. The short answer is "No". Let's explore the rest of the answer....more

Judicial Guidance about "Perfection by Possession" under Australia's Personal Property Securities Act

by Jones Day on

The Federal Court of Australia has provided judicial guidance about what constitutes taking possession by seizure under the Personal Property Securities Act 2009 (Cth) ("PPSA"). Knauf Plasterboard Pty Ltd v Plasterboard West...more

The Third Circuit Weighs In On The Warn Act

by Cole Schotz on

Short Summary- In In re AE Liquidation, Inc., 866 F.3d 515 (3d Cir. 2017), the Third Circuit answered two important legal questions under the Worker Adjustment and Retraining Notification Act of 1988 (the WARN Act). ...more

The Devil's Dictionary of Bankruptcy Terms: Order for Relief

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Iowa Legislature Introduces Asbestos Litigation Reforms

by K&L Gates LLP on

Over more than four decades of asbestos litigation, many former manufacturers and suppliers of asbestos-containing products have since filed for bankruptcy and exited the tort system. While these entities now have the...more

Single Purpose Limited Liability Companies for Liability Protection: A Word of Caution

by Williams Mullen on

It has become a fairly common practice among commercial and investment real estate owners to hold title to their various parcels in single purpose entities (“SPE’s”), most commonly limited liability companies (“LLC’s”). Many...more

Fed Adopts Final Rule Regarding Contract Termination Provisions for Repos, Stock Loans and Swaps with Systemically Important Banks

by Proskauer Rose LLP on

On September 1, 2017 the Federal Reserve voted to adopt a final rule requiring U.S. global systemically important banking institutions ("GSIBs") and the U.S. operations of foreign GSIBs to amend qualified financial contracts...more

Safe harbour and ipso facto reforms pass through the Senate

by DLA Piper on

Another step has been taken towards the introduction of a safe harbour for directors of insolvent companies and limited stay on the operation of ipso facto clauses. Late on Monday evening, after some debate, the Senate passed...more

Seventh Circuit Denies Trustee a Second Bite at the Avoidance Apple

The Seventh Circuit recently held, in Grede v. FCStone, LLC, Nos. 16-1896 & 16-1916, 2017 WL 3470145 (7th Cir. Aug. 14, 2017), that (i) a transfer previously authorized by a bankruptcy court order cannot be avoided due to the...more

When Leaseholds And Sales Collide In Bankruptcy

by Barley Snyder on

Two sections of the Bankruptcy Code addressing leases sometimes work in tandem with each other, but some courts are creating a conflict. Section 363 gives bankruptcy courts the power to approve the sale of the assets of a...more

Not a Time for Second Thoughts: EDNY Holds Settlement Approval Stage Is No Escape Route

by Dechert LLP on

U.S. Bankruptcy Rule 9019 provides that on a motion brought by a trustee (and thus a chapter 11 debtor-in-possession as well) the court may approve a settlement. The prevailing view is that due to the court’s approval...more

Some Holiday Cheer for a Challenging Retail Environment

by Perkins Coie on

It would be an understatement to say that 2017 has been a difficult year for the retail sector. Store closings and bankruptcy filings punctuate the news almost daily. However, challenges beget opportunities, and this...more

Australian Court of Appeal Approves Use of "Holding" Deed of Company Arrangement

by Jones Day on

In Mighty River International Ltd v Hughes [2017] WASCA 152, the Western Australian Court of Appeal delivered a landmark decision approving the use of a "holding" deed of company arrangement ("DOCA")....more

No Surrender: Massachusetts Appeals Court Preserves Foreclosure Challenges for Bankruptcy Petitioner

by Hinshaw & Culbertson LLP on

Like Bruce Springsteen, a Massachusetts bankruptcy debtor said "no surrender" when it came to his home. In EverBank v. Chacon, a panel of the Massachusetts Appeals Court issued a non-binding decision that a debtor's...more

Don't Want To Be The Next Kodak? Embrace Blockchain

by Morrison & Foerster LLP on

For most of the 20th century, Eastman Kodak Co. (often referred to simply as Kodak) was one of the most recognizable brands in the world. Founded in 1888, Kodak dominated the film and camera markets — in 1976, Kodak had 90...more

Troubling Court Decision Sends Withdrawal Liability Warning To Employers

by Fisher Phillips on

A federal appeals court has handed multiemployer pension plans a blank check to assess increased withdrawal liability against employers exiting a plan. The 11th Circuit Court of Appeals’ recent decision in Westrock RKT...more

Coming Soon: Bankruptcy Proofs of Claim Must be Filed Sooner and by More Claimants

by Snell & Wilmer on

Bankruptcy Rule 3002 is getting an update, which goes into effect on December 1, 2017. Creditors in a Chapter 7 (liquidation), Chapter 12 (family farmer), and Chapter 13 (individual reorganization) bankruptcy need to take...more

Debt Dialogue: August 2017 - Setoff and Recoupment in Bankruptcy: A Brief Overview

This article provides a brief overview of the somewhat related doctrines of setoff and recoupment in the Chapter 11 context. Setoff is recognized in the Bankruptcy Code to offset the claims of creditors and the debtor in a...more

Courts, Cooperation, and More: Incorporating Case-Specific Provisions in Insolvency Protocols - September 2017

by Jones Day on

In cross-border restructuring cases, interested parties increasingly rely on court-approved insolvency protocols to aid in managing complex insolvencies involving debtors' assets, liabilities, or operations that span...more

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