Debtors, Creditors | JD Supra Law News

Surprise! Where did this Judgment Come From?

by John Skiba on 5/7/2013

Probably half a dozen times per week I meet with someone who has been notified that their next check is going to be a quite a bit lighter – wage garnishment. If you are living paycheck to paycheck finding out your wages are...more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more

A Story of Stock, Security and Simplicity Sacrificed Under French Law

by Brice Mathieu, Anker Sorensen, Andrew Tetley | Reed Smith on 4/25/2013

Introduction - In matters of security over personal property, France for a long time had a complex system of general and particular regimes. It had been hoped that legislative reform in this area, brought about by a...more

Seventh Circuit Holds That Debtor Cannot Circumvent Bankruptcy's Absolute-Priority Rule

by Winthrop & Weinstine, P.A. on 4/25/2013

Unless creditors accept a debtor's plan of reorganization, bankruptcy law requires the plan to provide for the payment in full of creditors before owners of the debtor receive anything on account of their equity interest....more

Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa

by Michael Doran, Kevin Heverin, Stephen Phillips | White & Case LLP on 4/24/2013

In summer 2012, two important judgments were handed down on cases relating to bond consent solicitations. Although the consent solicitation techniques proposed by the debtor companies in each case were markedly different, at...more

Always Be Prepared: Forecasting a Business Partner's Financial Problems and How to Prepare

by Christopher Giaimo, Donald Workman | BakerHostetler on 4/19/2013

As the American economy continues to slog through the ongoing Great Recession, even financially sound companies face challenges due to the continued economic malaise. In particular, a company that works with suppliers,...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

by Matthew Ginsburg | Dechert LLP on 4/12/2013

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...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

Kazakhstan’s Bankruptcy Law Overhaul

by Vladimir Shuster, Aset Shyngyssov | Morgan Lewis on 4/1/2013

Key changes proposed in the new Rehabilitation and Bankruptcy Law affect involuntary petitions for bankruptcy, invalidations, trustees' avoidance powers, debtors' dissolution, and priority of claims....more

The Seventh Circuit Expands Scope of Absolute Priority Rule to Protect Creditors

by Blanka Wolfe | Sheppard Mullin Richter & Hampton LLP on 3/25/2013

In a recent decision, In re Castleton Plaza, LP, 2013 WL 537269 *1 (Feb. 14, 2013), the Seventh Circuit held that the absolute priority rule – which requires that creditors be paid in full before equity holders receive...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

In Addition To Natural Gas Providers And Water Providers, Bankruptcy Courts Are Now Allowing Electricity Providers To Claim...

by Elizabeth Aboulafia, Gregory G. Nickson | Cullen and Dykman LLP on 3/21/2013

Recent case law may allow electricity providers to benefit from a payment priority for the value of electricity provided to a bankrupt debtor during the twenty (20) days preceding the date of the debtor’s bankruptcy filing...more

Bankruptcy Courts Allow Electricity Providers To Claim Administrative Expense Status For Electricity Provided During The Twenty...

by Elizabeth Aboulafia, Gregory G. Nickson | Cullen and Dykman LLP on 3/19/2013

Recent case law may allow electricity providers to benefit from a payment priority for the value of electricity provided to a bankrupt debtor during the twenty (20) days preceding the date of the debtor’s bankruptcy filing...more

Rogers Towers: In re Sundale, Ltd.: Bankruptcy Court May Have Final Say in Certain State-law Counterclaims

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 3/19/2013

As we have discussed in previous posts, the Supreme Court has held that not all counterclaims which arise within the context of a bankruptcy case are “core” proceedings, such that the bankruptcy court may make a final and...more

Doing business, or thinking about investing, in Russia? Recent changes to the Russian Civil Code

by Victoria V. Bryxa, Dmitry Gubarev, Alexander Janes | Orrick, Herrington & Sutcliffe LLP on 3/18/2013

In This Presentation: 1. Why were changes needed? 2. How are things changing? 3. The process of change 4. Amendments in place now 5. What is still to change? - 2nd Draft Amendment - 3rd Draft...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

When in Doubt, File a Motion: Trends Concerning Automatic Stay Violations

by Travis Knobbe | Spilman Thomas & Battle, PLLC on 3/15/2013

Bankruptcy filings in Virginia, and nationwide, declined significantly in 2012, and it appears the decline is continuing in 2013. However, thousands of cases continue to be filed, and it is important for practitioners to...more

Beware Of "Pocket" Judgments In Settlement Negotiations

by David Johnson | Winstead PC on 3/15/2013

In settlements, we often request that the debtor enter into an agreed judgment, perhaps with a simultaneous forbearance agreement outlining a payment plan. Debtors are often reluctant to sign these and typically ask that the...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

Shifting Winds? Two N.C. Courts Uphold Fiduciary Duty Claims Against Banks

by Bryan G. Scott | Spilman Thomas & Battle, PLLC on 3/13/2013

For the first time ever, North Carolina’s Business Court and Court of Appeals both upheld fiduciary duty claims against banks in late 2012. Debtors frequently employ such claims in an attempt to shift liability for failed...more

Mere Recording Of Deed Does Not Commence Four Year Statute Of Limitations On Fraudulent Conveyance [Florida]

by Charles (Chuck) Rubin on 3/13/2013

Under fraudulent conveyance law, a creditor of a debtor can reach property of the debtor that the debtor transferred to third parties if the transfer is a fraudulent conveyance. However, Fla.Stats. §726.110(1) provides that...more

In Confirming Indianapolis Downs Chapter 11 Plan, Delaware Bankruptcy Court Provides Guidance On Permissibility Of Binding Plan...

by John Henry Schanne, II | Pepper Hamilton LLP on 3/1/2013

On January 31, 2013, the United States Bankruptcy Court for the District of Delaware (the court) upheld a post-petition “lock-up” agreement in approving confirmation of the proposed plan in In re Indianapolis Downs, LLC, 2013...more

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