Commercial Bankruptcy

News & Analysis as of

Intellectual Property Issues in Bankruptcy and the Exclusion of Trademark Licenses from the Definition of Intellectual Property

The Bankruptcy Code divides intellectual property into distinct categories depending upon the particular type of intellectual property. Issues with respect to intellectual property can be of utmost importance in bankruptcy,...more

Third Circuit Holds Funds Escrowed By Secured Lender After Section 363 Sale Were Not Property of the Estate

In In re ICL Holding Co., Inc., et al., the Third Circuit Court of Appeals held that funds escrowed by the secured lender for the payment of professional fees and other administrative expenses in connection with a Section 363...more

Committee Formation Meeting for Parallel Energy LP, et al.

Upcoming Committee Formation Meeting: November 23, 2015 at 10:00 a.m. Case Name: Parallel Energy LP, et al. Case Number:15-12263 (KG)...more

Lincoln General Insurance Company Enters Liquidation in Pennsylvania

The Insurance Commissioner of Pennsylvania has placed Lincoln General Insurance Company into liquidation in Pennsylvania. As a result, the Insurance Commissioner as Liquidator takes over the property, business, and affairs of...more

New Delaware Chapter 11 Filing – Millennium Lab Holdings II, LLC

Millennium Lab Holdings II, LLC and two of its affiliates, Millennium Health, LLC, and RxAnte, LLC, have commenced cases (Lead Case No. 15-12284) under Chapter 11 of the Bankruptcy Code by filing petitions with the United...more

Extra-territorial effect of section 236 – the debate continues

Re Omni Trustees Ltd (In Liquidation) [2015] EWHC 2697 (Ch) - In an interesting judgment, the High Court in Manchester has decided not to follow the ruling from earlier this year of Mr Justice Richards in Re MF Global...more

Dealing with Restaurant and Retail Leases in Bankruptcy

The recent Great Recession and the wave of bankruptcy filings that accompanied it presented a number of challenges for landlords and tenants. Yet, as the economy has recovered, we still continue to see restaurant and retail...more

New Delaware Chapter 11 Filing – Parallel Energy LP

Parallel Energy LP, an oil and natural gas developer in Texas and Oklahoma (TSX: PLT.UN), and one affiliate have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

New Delaware Chapter 15 Filing – Essar Steel Algoma Inc. USA

The foreign representative of Essar Steel Algoma Inc. USA, Cannelton Iron Ore Company, Essar Steel Algoma (Alberta) ULC, Essar Steel Algoma Inc. and Essar Tech Algoma Inc. has filed chapter 15 petitions for those entities...more

Hospitality, Food and Beverage Industry Newsletter

We are pleased to share the first edition of our Hospitality, Food and Beverage Industry Newsletter with you. This Newsletter addresses important recent legal developments affecting the hospitality and restaurant industry and...more

In RE ICL Holding Co.: Roadmap For Avoiding The Absolute Priority Rule

In In re ICL Holding Co.,1 the United States Court of Appeals for the Third Circuit a_rmed the bankruptcy court’s approval under 11 U.S.C.A. § 363(b) of the sale of all of the debtors’ assets to the secured lender group and...more

Corporate E-Note - October 2015

By now, everyone has heard of the Department of Labor’s ("DOL's") proposed rule requiring a weekly salary of at least $970.00, or $50,440.00 annually, for employees to be exempt from the Fair Labor Standards Act's ("FLSA's")...more

Taking a Security Interest in Insurance

How many of your business and corporate customers carry business interruption insurance? For those that do, what steps, if any, have you taken when extending credit to obtain a security interest in the borrower’s business...more

New York Law Governed Bonds are Sufficient “Property” for U.S. Bankruptcy Court Jurisdiction

To qualify as a “debtor” under the U.S. Bankruptcy Code, an entity must reside, have a place of business or property in the U.S. It is common for non-U.S. entities that file for chapter 11 protection to rely on the “property”...more

Government Contract: How Can a Subcontractor Get Paid?

G4S Technology LLC v. US, 779 F.3d 1337 (Fed. Cir. 2015) – A subcontractor worked on construction of wireless broadband networks for rural communities that was funded in part by a loan to the prime contractor from a US...more

Assignments Of PACA Claims: New Opportunities For Unpaid Produce Sellers, Credit Insurance Companies, Claims Purchasers & Others

The Perishable Agricultural Commodities Act (“PACA”) is an invaluable tool for produce sellers to ensure repayment for goods sold and delivered. Traditionally, it has been used by sellers of produce to recover against...more

Illinois District Court Enters Final Judgment Against For-Profit College to Resolve CFPB Litigation

On October 28, the U.S. District Court for the Northern District of Illinois filed a default judgment and order against a for-profit college company to resolve litigation with the CFPB. In a September 2014 lawsuit, the CFPB...more

New Delaware Chapter 11 Filing – Fresh & Easy, LLC

Fresh & Easy, LLC has filed a chapter 11 petition in the United States Bankruptcy Court for the District of Delaware (Case # Case No: 15-12220-CSS). The Petition and list of top 30 creditors and the docket are available...more

Beating a dead horse: CFPB announces default judgment against Corinthian

The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

CFPB Continues to Take Action Against Offenders in Debt Collection Services

CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

Executive Labor Summary - September / October 2015

Back to the Past at VW Chattanooga? - On October 23, the United Auto Workers' Local 42 filed a petition with the National Labor Relations Board to represent a bargaining unit of skilled trades workers at Volkswagen's...more

A New OHADA Uniform Act on Insolvency and Restructuring in Africa

A new Uniform Act Organizing Collective Proceedings for Wiping Off Debts dated 10 September 2015 (the “Uniform Act”) has been published in the OHADA Official Gazette on 25 September 2015 and will enter into force on 24...more

Kentucky Court Affirms Consumer Act Claim Does Not Apply to Real Estate Transactions

In Kennedy v. Parks, the Kentucky Court of Appeals affirmed that the Kentucky Consumer Protection Act (CPA) does not apply to real estate transactions. In Kennedy, the plaintiffs entered into a contract with a builder...more

New Delaware Chapter 15 Filing – Thane International, Inc.

Consumer product marketer Thane International, Inc. and six affiliates have filed a chapter 15 petition before the United States Bankruptcy Court for the District of Delaware (Lead Case # 15-12186). The case has been...more

Court of Appeal finds that ship owner “got what it agreed to pay for”

(1) PST Energy 7 Shipping LLC and (2) Product Shipping & Trading S.A. v. (1) O.W. Bunker Malta Ltd and (2) ING Bank N.V. [2015] EWCA Civ 1058. In a decision which has wide reaching implications for ship owners, the Court...more

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