Chapter 11

Around the Virtual World: May 13-17, 2013

by Pillsbury Social Media, Entertainment &... on 5/20/2013

A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. In This Issue: - What's the Matter With Zynga? - Video game maker drops gun makers, not their guns -...more

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 5/7/2013

One of the primary roles of a Chapter 7 trustee is to ensure that the bankruptcy estate is preserved prior to liquidation. It is no wonder, then, that the Trustee’s avoidance powers are well defined by the Bankruptcy Code....more

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

by Walter Greenhalgh | Duane Morris LLP on 5/3/2013

In AMR Corporation, et al., Debtors, Case No. 12-3967, 2013 WL 1339123 (S.D.N.Y. April 3, 2013), the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic...more

Bankruptcy Claims vs. Class Actions: Southern District of New York Finds Class Action Process Superior

by Ferve Ozturk | BakerHostetler on 5/2/2013

In bankruptcy proceedings, is a class action superior to the claims administration process as a vehicle for resolving claims under the federal and New York State Workers Adjustment and Retraining Notification Act (the “WARN...more

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

by Bloomberg Law on 5/1/2013

May 2 (Bloomberg Law) -- Eastman Kodak Co. filed a Chapter 11 plan that cratered the stock and bumped up the unsecured notes, although the plan may be revised to pay off second-lien debt fully in cash, as Bloomberg Law's Lee...more

Secured Lender’s Large “Makewhole” Claim Upheld By Delaware Bankruptcy Court

by Alyson Allen, Mark Bane, Mark Somerstein | Ropes & Gray LLP on 4/26/2013

The United States Bankruptcy Court for the District of Delaware recently upheld a secured lender’s claim for a $23.5 million “makewhole” premium (the “Makewhole Claim”) over the heavily litigated objection raised by the...more

Wilbur Ross Says Results-Based System Can Curb Ch. 11 Fees

by Bernstein Shur on 4/26/2013

Law360, New York (December 03, 2012, 7:05 PM ET) -- An American Bankruptcy Institute commission designed to take stock of the state of Chapter 11 anticipates that any changes to the Bankruptcy Code would likely focus on the...more

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

by Bloomberg Law on 4/24/2013

April 24 (Bloomberg) -- With $64 million at stake for creditors of Lehman Brothers Holdings Inc., lawyers can find complexity even in simple words like "immediately proceeding," as Bloomberg Law's Lee Pacchia and Bloomberg...more

Chapter 11 Filings Decrease In South Florida, Nationally

by Scott Baena | Bilzin Sumberg Baena Price & Axelrod LLP on 4/22/2013

Chapter 11 filings in the Southern District of Florida continue to trend downward. Since 2010, annual chapter 11 filings have declined by about 25%. The decline is consistent with the national bankruptcy experience....more

Recent Court Decisions Hold That The Absolute Priority Rule Still Protects Creditors Of Individual Chapter 11 Debtors

by Daniel Gosch | Dickinson Wright on 4/18/2013

As the economic recovery continues to wind along through the up and down financial cycles that have been the hallmark of the last four years, there can be little doubt that some individuals historically on the higher end of...more

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

by Bloomberg Law on 4/17/2013

April 18 (Bloomberg) -- Why and when U.S.-managed hedge funds can go bankrupt in the Caribbean, not in the U.S., is the first item discussed on the new bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg...more

Strategies for Avoiding the Headache of Preference Liability

by James Holman | Duane Morris LLP on 4/17/2013

Although business bankruptcy filings have trended down in recent months, the lingering legacy of litigation prompted by the surge in filings at the outset of the U.S. financial crisis remains with us and continues to strike...more

Can't You Hear Me Knocking? The Dreaded Preference Demand

by David Conaway | Shumaker, Loop & Kendrick, LLP on 4/9/2013

You are in your office finishing your morning espresso when you receive an email from the CFO of your companies' U.S. subsidiary. Attached to the email is a letter from a U.S. law firm. Instinctively, you know this can't be...more

To Release Or Not to Release – If That Is the Question, What Is the Answer?

by Ella Shenhav, Kevin J. Walsh | Mintz Levin - Bankruptcy, Restructuring &... on 4/8/2013

In a recent decision by the Bankruptcy Court for the District of Delaware, the court adopted a flexible approach to consensual third party releases in a plan of reorganization. In In re Indianapolis Downs, LLC, 2013 Bankr....more

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

by Bloomberg Law on 4/3/2013

April 2 (Bloomberg Law) -- Although Stockton, California established the right to be in a Chapter 9 municipal bankruptcy, the judge warned the city that victory may be short-lived if bondholders prove that pensioners must...more

Lenders Beware -- Fifth Circuit has lowered the bar for cramdown plan confirmation

by Eugene Kim | Sheppard Mullin Richter & Hampton LLP on 4/1/2013

In a recent Fifth Circuit decision, Western Real Estate Equities, LLC v. Village at Camp Bowie I, L.P., No. 12-10271 (5th Cir. 2013), the court held that the acceptance vote from a minimally and “artificially impaired” class...more

Bankruptcy Court Rejects Forum-Shopping Ploy

by Irve J. Goldman | Pullman & Comley, LLC on 3/22/2013

Originally published in the Connecticut Law Tribune on March 11, 2013. It has become a reality of bankruptcy practice that most large or complex Chapter 11 cases are filed and administered in one of two so-called...more

Bill on Bankruptcy: Why is Kodak's Stock Soaring? [Video]

by Bloomberg Law on 3/20/2013

March 20 (Bloomberg Law) -- Although Eastman Kodak Co. stock shot up like a rocket in a week's time, investors might not have the same profitable outcome like owners of American Airlines shares, as Bloomberg Law's Lee Pacchia...more

Smolinsky Sees Similarities Between Reader's Digest, Kodak [Video]

by Bloomberg Law on 3/19/2013

Mar. 19 (Bloomberg) -- Joseph Smolinsky, business finance and restructuring partner at Weil, Gotshal & Manges LLP, talks with Bloomberg Law's Spencer Mazyck about his representation of RDA Holding Co., publisher of Reader's...more

Bankrupt Municipality May Reduce Retiree Benefits

by Aaron Kleven | Sheppard Mullin Richter & Hampton LLP on 3/15/2013

The bankruptcy of the largest U.S. city to file a chapter 9 bankruptcy petition has yielded a decision with serious implications for municipal creditors. Specifically, the United States Bankruptcy Court for the Eastern...more

Tribal Corporate Bankruptcy Petition Raises Issues of First Impression for Bankruptcy Court

by Carren Shulman, Christine Swanick, Wilda Wahpepah | Sheppard Mullin Richter & Hampton LLP on 3/15/2013

On March 4, 2013, ‘SA’ NYU WA, Inc., a tribally-chartered corporation wholly owned by the Hualapai Indian Tribe, filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court, District of Arizona. This is a...more

Village At Camp Bowie: The Fifth Circuit Weighs In On Artificial Impairment

by Deborah Kovsky-Apap, Lesley Welwarth | Pepper Hamilton LLP on 3/14/2013

A key tenet of reorganization under Chapter 11 is that if the debtor’s plan impairs creditors, at least some of those creditors must agree to the plan. More specifically, “if a class of claims is impaired under the plan, at...more

Rogers Towers: Radlax

by Jacob J. Payne | Rogers Towers on 3/14/2013

Can a Chapter 11 debtor propose a plan to sell a lender’s collateral free and clear of the lender’s lien without allowing the lender to credit bid? The Supreme Court says “no”—unless there’s cause....more

When “Loan to Own” Becomes “Own a Loan” – How a Recent Fifth Circuit Decision Rejecting the Artificial Impairment Doctrine...

by Mark Bane, Walter McCabe, Mark Somerstein | Ropes & Gray LLP on 3/8/2013

Chapter 11 of the U.S. Bankruptcy Code provides debtors with a number of tools to restructure comprehensively their debts and other liabilities as well as immediate protection from secured and unsecured creditors. In single...more

Rogers Towers: New Equity Auctions

by Jacob J. Payne | Rogers Towers on 3/7/2013

Seventh Circuit holds that new equity in a Chapter 11 debtor must be auctioned…and that a creditor may credit bid. In a Chapter 11 bankruptcy, if the debtor’s owners want to continue to own the debtor after...more

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Around the Virtual World: May 13-17, 2013

Rogers Towers: A Lesson from the Lumber Yard: Middle District of Florida Raises Particularity Requirement for Trustee Standing in...

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

Bankruptcy Claims vs. Class Actions: Southern District of New York Finds Class Action Process Superior

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

Secured Lender’s Large “Makewhole” Claim Upheld By Delaware Bankruptcy Court

Wilbur Ross Says Results-Based System Can Curb Ch. 11 Fees

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

Chapter 11 Filings Decrease In South Florida, Nationally

Recent Court Decisions Hold That The Absolute Priority Rule Still Protects Creditors Of Individual Chapter 11 Debtors

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Strategies for Avoiding the Headache of Preference Liability

Can't You Hear Me Knocking? The Dreaded Preference Demand

To Release Or Not to Release – If That Is the Question, What Is the Answer?

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

Lenders Beware -- Fifth Circuit has lowered the bar for cramdown plan confirmation

Bankruptcy Court Rejects Forum-Shopping Ploy

Bill on Bankruptcy: Why is Kodak's Stock Soaring? [Video]

Smolinsky Sees Similarities Between Reader's Digest, Kodak [Video]

Bankrupt Municipality May Reduce Retiree Benefits

Tribal Corporate Bankruptcy Petition Raises Issues of First Impression for Bankruptcy Court

Village At Camp Bowie: The Fifth Circuit Weighs In On Artificial Impairment

Rogers Towers: Radlax

When “Loan to Own” Becomes “Own a Loan” – How a Recent Fifth Circuit Decision Rejecting the Artificial Impairment Doctrine...

Rogers Towers: New Equity Auctions

Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock [Video]

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans [Video]

Bill on Bankruptcy: Stockton May Win the Battle, Lose the War [Video]

Bill on Bankruptcy: Why is Kodak's Stock Soaring? [Video]

Smolinsky Sees Similarities Between Reader's Digest, Kodak [Video]

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