Bankruptcy | JD Supra

Rating Agency Developments - May 20, 2013

by Orrick - Structured Finance Group on 5/20/2013

On May 17, DBRS released its criteria for rating market-linked securities. On May 17, DBRS released a criteria report relating to Canadian bankruptcy and restructuring legal considerations. On May 15, Moody’s released its...more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

In this issue: - CFTC Adopts Final Rules for Execution Facilities and Other Matters - FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs - Mississippi District Court Defers to New...more

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

by Kevin Coleman, Valerie Peo | Schnader Harrison Segal & Lewis LLP on 5/20/2013

Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court...more

Q&A With Morrison & Foerster's Gary Lee

by Morrison & Foerster LLP on 5/17/2013

Gary S. Lee is a partner in Morrison & Foerster LLP's New York office. He is co-chairman of the firm's finance department and chairman of the firmwide business restructuring and insolvency group. Lee advises clients on...more

Bond is Back

by Jonathan Bloom, James Douglas, Mike Goetz, Tony Horspool, Michael Kazakevich, Daniel Martin, W. Jane Rogers | Ropes & Gray LLP on 5/17/2013

Opportunities for investors in European HY Debt - Record amounts of HY issuance in Europe since 2010, much of which has refinanced the LBO bank debt maturity wall - Potential for significant restructuring...more

Following in Ohio’s Footsteps: The Expansion of Asbestos Transparency Legislation

by Rachel Reynolds | Sedgwick LLP on 5/16/2013

Asbestos personal injury trusts proliferated after many of the early primary asbestos product manufacturers reorganized under bankruptcy law. It is estimated that nearly 100 companies have declared bankruptcy in the face of...more

What happens if I do not provide my bankruptcy attorney with the documents he requested?

by George Bourguignon on 5/16/2013

If you are considering bankruptcy or are wondering what is required of a debtor who files for bankruptcy, then you will want to read this post! Contact: George E. Bourguignon, Jr. Phone: (508) 769-1359...more

Italia – Imprese e Diritto fallimentare (La “domanda di concordato in bianco”)

by Studio Legale Avv. Elena Zanconti on 5/16/2013

Italia – Imprese e Diritto fallimentare (La “domanda di concordato in bianco”): La Commissione Studi del Consiglio Nazionale del Notariato, con lo Studio n. 100/2013 pubblicato il 19 aprile 2013, ha approfondito l’istituto...more

Italy – Enterprises and Bankruptcy Law (The so-called “blank application for arrangement with creditors”)

by Studio Legale Avv. Elena Zanconti on 5/16/2013

Italy – Enterprises and Bankruptcy Law (The so-called “blank application for arrangement with creditors”): The Italian National Council of Notaries, with Study no. 100/2013 published on April 19, 2013, has examined in depth...more

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

by Bloomberg Law on 5/15/2013

May 15 (Bloomberg Law) -- Trustees of all types are sleeping easier, knowing that their liabilities for theft by a co-trustee is a debt that can be wiped out in bankruptcy as a result of a unanimous Supreme Court decision...more

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

by Robert Sahyan | Sheppard Mullin Richter & Hampton LLP on 5/15/2013

On April 30, 2013, the United States Court of Appeals for the Ninth Circuit held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the...more

Adversary Proceedings in Bankruptcy Court

by Jeff Field | Jeff Field & Associates on 5/15/2013

Adversary proceedings are lawsuits related to or arising from a bankruptcy case. It can be filed by you, your creditor or the trustee and may involve a variety of issues, including...more

Legal Alert: U.S. Supreme Court Clarifies When Debts Can Be Discharged In Bankruptcy

by Robert Thomas on 5/14/2013

Michael A. Yoshida may@hawaiilawyer.com May 14, 2013 On Monday, May 13, 2013, the U.S. Supreme Court clarified when certain debts can be discharged in bankruptcy. In Bullock v. BankChampaign, NA, No. 11-1518, the...more

Electric Car Maker Seeks Bankruptcy Protection

by Joel Glucksman on 5/14/2013

Electric Car Maker Seeks Bankruptcy Protection by Joel R. Glucksman on May 14, 2013 Coda Automotive, an electric car maker seeks bankruptcy protection in a U.S. Bankruptcy Court in Delaware. The company plans to exit...more

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

Bank Did Not Alter Right To Foreclose By Agreeing To Work With The Debtor After Bankruptcy Dismissal

by David Johnson | Winstead PC on 5/13/2013

In Branch Banking and Trust Company v. TCI Luna Ventures, LLC, BB&T appealed a temporary injunction order prohibiting it from foreclosing on two properties owned by TCI Luna. No. 05-12-00653-CV, 2013 Tex. App. LEXIS 1745...more

Credit Counseling and Debtor Education Requirements

by Jeff Field | Jeff Field & Associates on 5/13/2013

The U.S. Bankruptcy Code requires debtors to participate in a pre-filing credit counseling session and a subsequent pre-discharge debtor education course. The U.S. Department of Justice (DOJ) maintains a list of credit...more

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/13/2013

A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more

I need to file bankruptcy, but I WANT to pay certain people!

by Malcolm Ruthven on 5/13/2013

Many people who need to file bankruptcy also want to pay certain people or businesses, particularly if they have a personal relationship with them. Wanting to pay family members and friends is very common, as is the desire to...more

Not So Secret - When Under Seal Isn't Enough

by Shirley Dai, Sharon Levine, Michael Savetsky | Lowenstein Sandler LLP on 5/10/2013

In a recent decision, the United States Bankruptcy Court for the Southern District of New York found the standard for sealing under § 107 of the Bankruptcy Code was not met and declined to seal a settlement agreement, despite...more

Changes Afoot for ERISA “Reportable Event” Rules

by Mark Hamilton, Kellie Thomas | White & Case LLP on 5/10/2013

As many as 90% of pension plans and pension plan sponsors may soon have fewer “reportable events” to track and report to the Pension Benefit Guaranty Corporation (the “PBGC”), if certain proposed changes to the PBGC...more

What is the Meeting of Creditors and am I Required to Attend?

by Jeff Field | Jeff Field & Associates on 5/10/2013

Section 341 of the Bankruptcy Code is titled meetings of creditors and equity security holders and contains the provisions for conducting this court hearing. Because it is governed by section 341, the hearing is often called...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

Rolling back the point of no return: the English Supreme Court clarifies the balance sheet insolvency test

by Edward Mathison, Charlotte Møller | Reed Smith on 5/9/2013

The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the “balance sheet” test for insolvency should be applied, was released today. The decision clarifies how courts should apply the...more

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

by Daniel Huitink | Snell & Wilmer L.L.P. on 5/9/2013

Citing a conflict of interest between class representatives and a class, the Ninth Circuit Court of Appeals recently invalidated a $45 million class action settlement that had previously been approved by the district court....more

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Bankruptcy Updates

Rating Agency Developments - May 20, 2013

Corporate and Financial Weekly Digest - May 17, 2013

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

Q&A With Morrison & Foerster's Gary Lee

Bond is Back

Following in Ohio’s Footsteps: The Expansion of Asbestos Transparency Legislation

What happens if I do not provide my bankruptcy attorney with the documents he requested?

Italia – Imprese e Diritto fallimentare (La “domanda di concordato in bianco”)

Italy – Enterprises and Bankruptcy Law (The so-called “blank application for arrangement with creditors”)

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

Adversary Proceedings in Bankruptcy Court

Legal Alert: U.S. Supreme Court Clarifies When Debts Can Be Discharged In Bankruptcy

Electric Car Maker Seeks Bankruptcy Protection

California Court Finds Securitization Entities Subject to California Income Tax

Bank Did Not Alter Right To Foreclose By Agreeing To Work With The Debtor After Bankruptcy Dismissal

Credit Counseling and Debtor Education Requirements

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

I need to file bankruptcy, but I WANT to pay certain people!

Not So Secret - When Under Seal Isn't Enough

Changes Afoot for ERISA “Reportable Event” Rules

What is the Meeting of Creditors and am I Required to Attend?

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

Rolling back the point of no return: the English Supreme Court clarifies the balance sheet insolvency test

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

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