Unsecured Creditors

News & Analysis as of

Bankruptcy Beat: Bankruptcy Court Rules That Undersecured Creditor Could Object to Claims that Were Listed on the Debtor’s...

In In re 3333 Main, LLC, Case No. 13-51533 (ECF No. 172) (Bankr. D. Conn. May 29, 2014) (Shiff, J.), the Debtor listed a number of unsecured claims on its bankruptcy schedules without indicating they were disputed, contingent...more

Delaware District Court Affirms Order Approving Gifting In Chapter 11 Case

The U.S. District Court for the District of Delaware has affirmed a bankruptcy court order which approved both a sale of the debtors’ assets and the establishment of an escrow account, which essentially provides a “gift” to...more

Our Neighbors Filed Bankruptcy and Kept Everything. What Will We Lose?

This area of Bankruptcy law deals with a lot of ‘twos.’ There are two components of a Bankruptcy: assets and debts. There are two kinds of debts: dischargeable and non-dischargeable. There are two kinds of assets: exempt...more

Delaware Bankruptcy Court Denies Derivative Standing to Creditor Seeking Recharacterization

In that case, Walnut Creek Mining Company (“Walnut Creek”), the debtor Optim Energy’s largest unsecured creditor, sought standing to pursue recharacterization, equitable subordination, and fiduciary duty claims on behalf of...more

Sbarro LLC Confirms Plan of Reorganization

On Monday, May 29, 2014, the United States Bankruptcy Court for the Southern District of New York approved Sbarro LLC’s plan of reorganization, paving the way for the pizza restaurant chain to exit bankruptcy. Sbarro filed...more

Dodd-Frank’s Intersection with the Bankruptcy Code Could Have Significant Impact for Unsecured Creditors

On February 11th, the three private plaintiff-appellants and eleven State plaintiff-appellants in State National Bank of Big Spring, et al. v. Jacob J. Lew, et al. filed briefs with the U.S. Court of Appeals for the District...more

Public Works Projects and Municipal Bankruptcies

The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings...more

The $382,901 Check Really is in the Mail

We recently delivered a $382,901 check to a client in payment of a Bankruptcy Section 503(b)(9) claim, known as a “20-day administrative” claim. The claim arose from the client’s pre-petition sale of goods to its customer....more

Bill on Bankruptcy: What's in the $83M ResCap Examiner's Report?  [Video]

May 29 (Bloomberg) -- The examiner in the Residential Capital bankruptcy has charged approximately $83 million to create his report, but it remains under seal. Berkshire Hathaway has asked the judge to unseal the report...more

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

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

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

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

Seventh Circuit Reaffirms Absolute-Priority Rule in In re Castleton Plaza, LP

Can an equity investor who directs an insider to contribute "new value" to a debtor under a plan of reorganization, so as to retain his interest in the company, avoid an express market test for that new equity? The answer to...more

Is It Necessary To Give Unsecured Creditors Notice of Motions in Receivership Cases?

QUESTION: In an operating receivership with an impaired secured creditor, where there is no possibility of payment to unsecured creditors, is it necessary to notice unsecured creditors on motions? ANSWER: The answer is...more

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