Commercial Bankruptcy

News & Analysis as of

Streetwear Company, Karmaloop, Inc., Files for Chapter 11 Protection

On March 23, 2015, Karmaloop, Inc., and one of its affiliates, KarmaloopTV, Inc., filed voluntary petitions under chapter 11 of the Bankruptcy Code in Delaware. Karmaloop is based in Boston Massachusetts. ...more

Delaware USDC Rejects Chapter 7 Trustee’s Request for Direct Appeal to Third Circuit

In the on-going saga of the Conex v. Car-Ber Testing, Inc. adversary proceeding Judge Leonard P. Stark, of the United States District Court for the District of Delaware, denied the Chapter 7 Trustee’s request to allow a...more

Third Circuit refuses to permit Debtor Lessor to Reject an Oil and Gas Lease

The Court of Appeals for the Third Circuit confirmed that the Pennsylvania Landlord and Tenant Act is inapplicable to an agreement by a landowner authorizing the “lessee” to extract oil and gas lying beneath the property's...more

Holder of Equity Interest in Bankrupt Company not Entitled to Become Shareholder in Reorganized Entity

A recent Eleventh Circuit case examines equity shareholders’ role (or lack thereof) in a reorganized entity. Vision-Park Properties owned an equity share of Seaside Engineering & Surveying, Inc. Seaside filed for Chapter 11...more

Locke Lord QuickStudy: The Supreme Court Considers “Fees For Fees”

Lawyers in probate and fiduciary matters, and in bankruptcy and receivership matters, are frequently entitled to seek payment of their fees from a corpus of trust or estate funds. Unlike in employment litigation and civil...more

USDC For Delaware Affirms Bankruptcy Court’s Denial Of Derivative Standing

On March 13, 2015, the United States District Court for the District of Delaware, in the case of Walnut Creek Mining Company v. Cascade Investment, LLC, Civ. No. 14-738-LPS (In re Optim Energy, LLC, Bankr. Case No....more

Eleventh Circuit Sides with Majority in Approving Third Party Releases in Bankruptcy Plans

On March 12, 2015, the United States Court of Appeals for the Eleventh Circuit affirmed the authority of a bankruptcy court to issue non-consensual, non-debtor releases in connection with the confirmation of a plan of...more

USA Synthetic Fuel Corporation Files Bankruptcy; Will Pursue A Sale

On March 17, 2015, following the lead of Quicksilver Resources Inc., USA Synthetic Fuel Corporation filed its own voluntary chapter 11 case in Delaware. The case is docketed as case no. 15-10599, and has been assigned to...more

Update: Banca Privada d’Andorra Succumbs After FinCEN Action

On March 16, 2015, the Spanish subsidiary of Banca Privada d’Andorra, Banco de Madrid, sought bankruptcy protection in the midst of a run on the bank by depositors. ...more

Blog: Trump Card: Delaware Bankruptcy Court Deals Trademark Owner The Winning Hand Over A Debtor Licensee

Risky Business. When a debtor is a licensee under a trademark license agreement, does it risk losing those license rights when it files bankruptcy? The question had not been answered in a Delaware bankruptcy case until Judge...more

Terminating a Lease Prior to Bankruptcy: Tricks and Traps

As many commercial landlords can attest based on experience, a tenant that files bankruptcy receives the benefit of rights and protections under the Bankruptcy Code that it would not have outside of bankruptcy. Among other...more

LIHTC exit strategies: Loan sale

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

Swap Agreement Safe Harbors at Risk in Latest Lehman Dispute

On May 30, 2014, hedge fund Moore Capital (Moore) brought suit against the Lehman Brothers bankruptcy estate (Lehman) in the Southern District of New York bankruptcy court, seeking a declaratory judgment that it acted...more

[Event] Protecting Your Company When Key Suppliers and Customers Enter Bankruptcy - Mar. 25, Palo Alto, CA

At this intimate roundtable discussion, our finance and bankruptcy experts will update you on recent supply chain developments and be available for your related questions....more

In Tough Times, Dissolution May Offer the Benefits of Bankruptcy But Without the High Costs

The economy may be showing signs of improvement, but more than 34,000 businesses still filed for bankruptcy in 2014, according to the American Bankruptcy Institute. Studies indicate, however, that many more...more

How We're Different: Partner-Level Attention

It is an unfortunate fact of life for those of us who represent lenders that our bills are paid by the people on the other side of the table — the borrowers. While this is the custom, it adds extra weight to the usual concern...more

Four Non-Core Matters and A RICO Claim Don’t Justify Immediate Withdrawal of Reference, USDC Rules

On March 12, 2015, Judge Leonard P. Stark, of the United States District Court for the District of Delaware denied a defendant’s motion to withdraw the reference from the Bankruptcy Court....more

The Standard Register Company Files Bankruptcy

On March 12, 2015, The Standard Register Company, based in Ohio, and several affiliates filed a voluntary chapter 11 bankruptcy petition in Delaware. The case has been docketed as case no. 15-10541, and has been assigned to...more

How to Ensure Creditor Protection in Cyprus

This article outlines the many ways in which under Cypriot law businesses can protect their interests in their commercial dealings. Any creditor needs to ensure that he will receive payment for the sale of his goods or...more

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

Allied Nevada Gold Corp. Files For Chapter 11 Bankruptcy Protection

On March 10, 2015, Allied Nevada Gold Corp. and thirteen (13) affiliates filed voluntary chapter 11 petitions in Delaware. The petition lists approximately $941.2 million in total assets and $663.7 million in total debts....more

Chromcraft Revington, Inc. and Sport-Haley Holdings, Inc. file Chapter 11

On March 5, 2015, Chromcraft Revington, Inc.(“Chromcraft”) and Sport-Haley Holdings, Inc. (“Sport-Haley”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code....more

Lease Claims: You Snooze, You Lose

In re Sky Ventures, LLC, 523 B.R. 163 (Bankr. D. Minn. 2014) – After a debtor obtained court approval to retroactively reject a lease as of the bankruptcy filing date, the landlord moved to reset the rejection date and for...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

Directors of Nonprofit Held Financially Liable for Relying on Incompetent Officers and Lack of Oversight

In a striking decision earlier this year, the 3rd Circuit Court of Appeals affirmed a jury’s findings of liability for breach of fiduciary duties and ‘deepening insolvency,’ and the award of $2.25 million in compensatory...more

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