Creditors

News & Analysis as of

Third Circuit Court of Appeals Concludes that Section 303(i) Does Not Preempt State Law Claims of Non-Debtors Predicated on the...

In Rosenberg, et al. v. DVI Receivables XVII, LLC, 2016 WL 4501675, at *1 (3d Cir. Aug. 29, 2016), the Third Circuit Court of Appeals held that damages awarded pursuant to Section 303(i) of the Bankruptcy Code for an...more

Court of Appeal Closes Door on U.S. Doctrine for Re-Ranking Creditors

The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc. (Re), the OCA clarified the scope of...more

Delaware Organizational Meeting – Delivery Agent, Inc.

Upcoming Committee Formation Meeting: Thursday, September 29, 2016, 10:00 a.m. Case Name: Delivery Agent, Inc. Case Number: 16-12051 (LSS)...more

Delaware Organizational Meeting – NJOY, Inc.

Upcoming Committee Formation Meeting: Tuesday, September 27, 2016, 2:00PM - Case Name: NJOY, Inc. Case Number: 16-12076 (CSS)...more

Delaware Organizational Meeting – Golfsmith International Holdings, Inc. et al.

Upcoming Committee Formation Meeting: Friday, September 23, 2016, 10:30AM - Case Name: Golfsmith International Holdings, Inc. et al. Case Number: 16-12033 (CSS)...more

New Delaware Chapter 11 Filing – NJOY, Inc. (16-12076)

NJOY, Inc., an e-cigarette and vaping company headquartered in Scottsdale, Arizona, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12076)....more

A Closer Look at DOD’s New Guidance on the Military Lending Act Regulations

On August 26, 2016, the Department of Defense (“DOD”) issued an interpretive rule (the “Interpretive Rule”) providing guidance on the DOD’s regulations implementing the Military Lending Act (“MLA”). That same day, we...more

The Charging Order – How The Nevada Secretary Of State Doesn’t Get It Quite Right

In 2007, Nevada imposed an interesting limitation, the charging order, on the ability of creditors to foreclose on shares of closely-held Nevada corporations. Here’s how the Nevada Secretary of State’s website describes the...more

How You Can Settle Your Debts Using Marketing Tactics

When it comes to dealing with debt there are really three options: (1) pay them in full, (2) settle the debt for an amount less than the full amount, or (3) file for bankruptcy. If you can’t pay your debts in full and...more

Can I Be Sued for Filing a Time-Barred Claim? Fourth Circuit Weighs In

Whether it’s a conscious decision or an inadvertent mistake, creditors sometimes try to recover on an old claim that is no longer enforceable by law. A debt collection lawsuit filed by a creditor can be dismissed if the...more

Is Renewable Energy in Puerto Rico Back On Your Radar?

Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years. The foundations of most of the projects on the island were power purchase...more

The Impacts of South Korean Hanjin Shipping Co Ltd. Filing for Court Receivership

South Korea’s Hanjin Shipping Co Ltd. filed for court receivership on Wednesday, August 31st in South Korea after losing the support of its banks, setting the stage for its assets to be frozen as West Coast ports deny access...more

13 Pitfalls of Bankruptcy in Arizona

Bankruptcy is a powerful tool that can once and for all eliminate your debt problems. And while bankruptcy is a lot less painful than most imagine, there are certain pitfalls that can make the process a whole lot more...more

Department of Defense Issues New Guidance on Military Lending Act Regulations

On August 26, 2016, the Department of Defense (DOD) issued an interpretive rule providing guidance on the DOD’s regulations implementing the Military Lending Act (MLA). Specifically, the interpretive rule aims to clarify...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

Supreme Court of Nevada Holds That Legal Malpractice Claim Was Impermissibly Assigned

Tower Homes, LLC v. Heaton, ___ P.3d ___, 2016 WL 4273578 (Nev. 2016) - Brief Summary - The Supreme Court of Nevada held that a bankruptcy trustee's stipulation and court's order permitting creditors to pursue the...more

August 2016: Bankruptcy & Restructuring Litigation Update

Delaware Bankruptcy Court Disagrees with Second Circuit on Implied Preemption of State-Law Fraudulent Transfer Claims Brought by Creditors. In recent years, several bankruptcy and district courts have addressed whether the...more

Delaware Bankruptcy Court Rules Gift Cards Not Eligible for Priority Treatment

Decision clarifies standards for priority treatment under section 507(a)(7); important implications in retail bankruptcy cases for debtors, creditors - and consumers Overview - In October 2015, City Sports, Inc....more

Confirmation Of A Chapter 11 Plan: Good Faith In The Context Of “Artificial Impairment”

In order to confirm a chapter 11 plan, at least one class of creditors whose claims are “impaired” must accept the plan. The concept of “impairment” is very broad. Under the Bankruptcy Code, a class of claims is impaired...more

Delaware Organizational Meeting – Last Call Guarantor, LLC

Upcoming Committee Formation Meeting: Monday August 22, 2016, 10:00 AM - Case Name: Last Call Guarantor, LLC - Case Number: 16-11844 (KG)...more

Missed Calls Don’t Cut It: Injury in Fact is Required for Each Call and Must Be Traceable to the Use of an ATDS

In the latest dismissal of a TCPA case for lack of Article III standing, a District Court in California held that a plaintiff does not suffer an injury in fact from calls she did not hear, calls she heard but did not answer,...more

CFPB Official Offers Update and Guidance on Regulations

This morning we attended the meeting of the Financial Services Roundtable’s Consumer Working Group, which featured a presentation by David Silberman, Acting Deputy Director of the Consumer Financial Protection...more

Delaware Organizational Meeting – Roadhouse Holdings, Inc.

Upcoming Committee Formation Meeting: Friday August 19, 2016, 12:00 PM - Case Name: Roadhouse Holdings, Inc. Case Number: 16-11819 (BLS)...more

How Long are Arizona Judgments Enforceable?

Over 95% of the cases filed by junk debt buyers like Midland Funding, CACH, LLC, and Portfolio Recovery Associates end in a default judgment. These debt collectors file thousands of debt collection lawsuits in Arizona each...more

The NPL Circus: the Italian Tightrope

This summer, fans of the non-performing loan (NPL) circus, are in for a treat with the launch of the Italian tightrope trick. Spurred on by the recent European Banking Authority stress tests, the news last week that...more

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