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Bankruptcy Court

McGlinchey Stafford

Priority of IRS Liens in Bankruptcy: Reminder That the King Gets Paid First

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So starts the opinion of the United States Court of Appeals for the Ninth Circuit in United States v. MacKenzie: “As Benjamin Franklin said, ‘nothing is certain except death and taxes.’ But how certain are taxes in a Chapter...more

DLA Piper

Delaware District Court Sheds Light on Standards for Dismissal of Chapter 11 Case Based on Bad Faith

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On August 28, 2024, Judge Gregory B. Williams of the US District Court for the District of Delaware issued a ruling in AIG Financial Products Corporation, Civ. No. 23-573, affirming an order on appeal from the Delaware...more

Lowenstein Sandler LLP

Bankruptcy in Real Estate: What to Do When Faced with Foreclosure?

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This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office...more

Cadwalader, Wickersham & Taft LLP

Jevic Keeps on Gifting: Third Circuit Reaffirms Solvent Debtor Exception by Holding Unsecured Creditors of Solvent Debtor Entitled...

On September 10, 2024, the U.S. Court of Appeals for the Third Circuit held in In re The Hertz Corporation that unsecured creditors of a solvent debtor are entitled to receive the contractual rate of interest, rather than...more

Fox Rothschild LLP

New Jersey Bankruptcy Courts Remain a Strong Option for Debtors Seeking to Obtain a Third-Party Release in a post-Purdue Pharma...

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The restructuring industry held its proverbial breath following the Supreme Court’s decision in Harrington v. Purdue Pharma L.P., which invalidated the nonconsensual third-party release in the debtors’ plan. While various...more

Cranfill Sumner LLP

Supreme Court Sends Earthquake Through Bankruptcy Cases, Past, Present, and Future

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The legal wrangling over Purdue Pharma, L.P.’s bankruptcy plan has been splashed over the news. In Purdue Pharma’s case, the reorganization plan called for Purdue Pharma to become a non-profit organization, while the Sackler...more

Mayer Brown

How the Automatic Stay in Bankruptcy Can Affect Net Asset Value Facilities

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Executive Summary - In net asset value (NAV) facilities, the borrowing capacity typically adjusts to reflect changes to the value of the underlying investment portfolio, and borrowers face the risk of potential borrowing...more

Troutman Pepper

The Debtor (or Its Successor) Has Objected to My Claim – What Do I Need to Do? - Creditor’s Rights Toolkit

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Often, after filing a proof of claim, a creditor can go months or even years, without hearing anything regarding their claim. Then, unexpectedly, the creditor's proof of claim faces an objection, possibly on multiple grounds,...more

Husch Blackwell LLP

Talc-Related Matter Filings Predictably Increase, As New Bankruptcies are Filed

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Observers of filing trends in personal injury mesothelioma matters alleging exposure to talc contaminated with asbestos have noted that the bankruptcy filing of a predominant defendant in those matters did little to slow the...more

Lewitt Hackman

Franchisee 101: Non-Compete Jumpstarted in Bankruptcy

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A Michigan bankruptcy court held that a debtor-franchisee seeking to reject a franchise agreement for an auto repair center could not reject either a stand-alone confidentiality agreement with the franchisor or the...more

Stotler Hayes Group, LLC

Medical Debt and Bankruptcy: Myths, Realities, and Pathways to Relief

As one of the more toxic topics in the United States political and social realms, healthcare, and the debt associated with it, is always at the tip of most people’s tongue. Whether eagerly waiting to argue for proposed...more

Fox Rothschild LLP

The Impact of Purdue Pharma

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It has been approximately two months since the highly anticipated Supreme Court decision in Harrington v. Purdue Pharma L.P., and it is already making a significant impact in bankruptcies around the country. In September...more

Patterson Belknap Webb & Tyler LLP

Eighth Circuit Issues Decision on Involuntary Bankruptcy Case and Damages Arising from a Bad Faith Filing

An appeals court has issued an insightful decision on the availability of damages when an involuntary bankruptcy petition is filed in bad faith. See Stursberg v. Morrison Sund PLLC, No. 23-1186, 2024 U.S. App. LEXIS 20286...more

Patterson Belknap Webb & Tyler LLP

Individuals Charged with Bankruptcy Crimes Are Connected to Controversial Mayor of Dolton, Illinois

Under federal law, a debtor may be criminally prosecuted for various kinds of misconduct in connection with a bankruptcy case, including concealing assets, falsifying information, embezzlement, or bribery. See 18 U.S.C. §§...more

Freeman Law

When is an Issue Tried by Consent?

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In a recent trial, I had occasion to encounter the issue of when an issue can be considered to have been tried by consent. The trial was an adversary proceeding in a bankruptcy court, and the issues related to the alleged...more

Seward & Kissel LLP

Rock the Vote and RICO-chet

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Celsius pushes back on FTX customer payback plan | Bloomberg Law - The Celsius administrator and liquidators of Three Arrows Capital objected to FTX's Chapter 11 plan, arguing it aims to compensate people who had accounts...more

Troutman Pepper

What Is an Assignment for the Benefit of Creditors and How Does It Differ From a Bankruptcy? - Creditor’s Rights Toolkit

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An assignment for the benefit of creditors (ABC) is a process by which a financially distressed company (referred to as the assignor) transfers its assets to a third-party fiduciary (referred to as the assignee). The assignee...more

Faegre Drinker Biddle & Reath LLP

Post-Purdue Pharma, Two Bankruptcy Courts Chime In on Preliminary Injunctive Relief for Nondebtors

For decades, bankruptcy courts have extended the automatic stay through preliminary injunctions halting litigation against a debtor’s nondebtor codefendants. Such relief was relatively routine when the codefendants were the...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy Court Splits the Baby on Real Estate Landlord’s Claim for Unpaid Postpetition Rent

A chapter 7 trustee-lessee’s failure to comply with postpetition, pre-rejection lease obligations does not automatically give the landlord an administrative expense claim, as some courts fashion alternative remedies on a...more

Fox Rothschild LLP

New Jersey Releases New Chapter 11 Complex Procedures and Other Rule Updates

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Pursuant to the New Jersey Bankruptcy Court’s (the “Court”) annual rule making cycle, the Court implemented various changes to the New Jersey Local Rules and Local Forms, which became effective on August 1, 2024. ...more

Morris James LLP

Avon Delaware Bankruptcy Proceedings FAQs

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What is the status of the Avon bankruptcy? Avon Products Inc., a U.S.-based holding company that owns the Avon brand outside the United States, filed for Chapter 11 bankruptcy protection on August 14, 2024. The filing...more

Ward and Smith, P.A.

The Perils of Over-Lawyering in Bankruptcy

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For a lender in bankruptcy, the best situation is to be an over-secured creditor, meaning the value of your collateral exceeds your debt.  A creditor in this exalted category can recover principal, interest (including...more

Farrell Fritz, P.C.

Summer Shorts: An Unusual Application of LLC Law § 608 and Other Decisions of Interest

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Welcome to this 14th annual edition of Summer Shorts. This year’s edition features brief commentary on three recent decisions by New York courts in business divorce cases. The featured cases involve a suit pitting three...more

Flaster Greenberg PC

Why Purchasing Commercial Assets in a Bankruptcy Sale May Be a Good Business Strategy

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Businesses generally file for bankruptcy because of financial challenges or operational issues. But, while their distressed business dissolves, there could be an opportunity for another business to acquire it through a...more

Jones Day

Chapter 15 Recognition Is No Rubber Stamp: Recent Trends Regarding Foreign Main and Nonmain Recognition

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he number of complex cross-border restructurings continues to rise as the various economies of the world become more integrated. A growing contingent of countries has enacted sophisticated restructuring regimes or refined...more

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