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Bankruptcy Updates

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First Circuit Holds Rejection of Trademark License Leaves Licensee With Only a Claim for Pre-petition Damages – No Right to...

The First Circuit in Mission Product Holdings, Inc. v. Tempnology, LLC (In re Tempnology, LLC), 879 F.3d 389 (1st Cir. 2018), recently held that the Debtor’s rejection of a trademark license left the licensee with only a...more

Eleventh Circuit Follows Ninth Circuit in Awarding Appellate Fees for Automatic Stay Violation

by Robins Kaplan LLP on

By its recent decision in In re Horne, 876 F.3d 1076 (11th Cir. 2017), the United States Court of Appeals for the Eleventh Circuit broadened the scope of attorney’s fees that are recoverable pursuant to section 362(k) of the...more

“Golden Shares” May be Fool’s Gold for Lenders

by Sherman & Howard L.L.C. on

February 16, 2018 – One of the biggest risks that any lender faces is a potential bankruptcy filing by its borrower. To counter that risk, lenders have developed creative strategies—with varying degrees of success—to gain...more

Only The Financially Distressed May File For Bankruptcy

by Fox Rothschild LLP on

On February 13, 2018, Judge Silverstein of the Delaware Bankruptcy Court granted a motion to dismiss the Rent-A-Wreck of America bankruptcy case (Bankr. D. Del. case 17-11592). Judge Silverstein’s opinion is available here...more

Second Circuit Finds “Related To” Bankruptcy Jurisdiction in a Madoff Matter

The Second Circuit recently issued an important decision on a “related to” jurisdiction case arising out of the Bernie Madoff Ponzi scheme. SPV Osus, Ltd. v. UBS AG, 2018 U.S. App. LEXIS 3088 (2d Cir. Feb. 9, 2018). SPV...more

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

A closer look at round six of the NAFTA negotiations

by Dentons on

Round six of the NAFTA negotiations concluded in Montreal on January 29, 2018. Trade ministers from Canada, the United States and Mexico rejoined the talks this round with the aim of creating movement on contentious chapters....more

The First Circuit Casts a Shadow on Sunbeam

In the recently decided case, Mission Product Holdings, Inc. v. Tempnology, LLC, the United States Court of Appeals for the First Circuit took a hardline position that trademark license rights are not protected in bankruptcy....more

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

“Golden Share” Equity Holder Can Bar Bankruptcy Filing

The Bankruptcy Court in the Southern District of Mississippi (the “Court”), in In re Franchise Services of North America, Inc., Case No. 1702316EE (Bankr. S.D. Miss. Dec. 18, 2017), upheld the blocking power held by a...more

The Rule In Gibbs: Safeguarding Creditors’ Rights Or Aiding And Abetting "Hold Out" In Foreign Insolvencies?

There is an English common law rule that a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding. This rule is derived from a Court of Appeal case: Antony Gibbs and sons v La...more

One and Done. Cramdown Requirement for an Impaired Assenting Class Applies on a Per-Plan, Not a Per-Debtor, Basis.

Confirmation of a Chapter 11 plan of reorganization generally requires the consent of each impaired class of creditors. But, upon satisfaction of additional statutory requirements, a plan proponent can obtain confirmation of...more

UK Restructuring Scheme Case Study: Guiding Bibby Offshore Into Safe Waters

by Latham & Watkins LLP on

UK-based offshore and subsea oil & gas services company solidifies its position and completes ownership transfer to noteholders in major company milestone. The recent Bibby Offshore recapitalisation is as fair and...more

Avoid these banks if filing bankruptcy!

by Malcolm Ruthven on

Why avoid certain banks if filing bankruptcy? Because if you don't, you could lose a lot of money! Here's why and how...more

Preference Actions Filed In Hancock Fabrics

by Fox Rothschild LLP on

On January 31, 2018, Hancock Fabrics Inc., the post-effective date debtor, filed approximately 68 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and...more

Supplier Strategies for the Financially Distressed Buyer

by Shipman & Goodwin LLP on

While the stock market continually reached new highs last year, the pace of retail bankruptcies did not abate. In just the last year, Toys R Us, Gymboree, Radioshack, Payless ShoeSource, BCBG Max Azria, Eastern Outfitters,...more

Third-Party Releases in Chapter 11 Plans

by Hogan Lovells on

U.S. Bankruptcy Judge Kevin Gross sitting in Delaware recently approved J.G. Wentworth’s (the “Debtor’s”) Chapter 11 plan after overruling an objection from the U.S. Trustee regarding third-party releases. The Debtor’s...more

The Importance of Signatures: General Motors’ Unsigned But Fully Negotiated Deal Not Enforceable

by Hogan Lovells on

U.S. Bankruptcy Judge Martin Glenn recently decided that a fully-negotiated agreement would not be enforced in the absence of required signatures. The agreement contemplated a settlement between the General Motors bankruptcy...more

Landfill Gas Collection System: Federal Appellate Court Addresses Competing Claims for Possession

The Seventh Circuit Court of Appeals addressed the priority of claims between the City of Peoria, Illinois, and Banco Panamericano, a secured creditor, regarding gas-to-energy conversion infrastructure left behind from a...more

Polsinelli TrBK Distress Indices - Fourth Quarter 2017

by Polsinelli on

We're pleased to announce the release of the Polsinelli|TrBK Distress Indices for the Fourth Quarter of 2017. Polsinelli, with data provided exclusively by TexHost, LLC d/b/a TrollerBk.com, publishes the Indices on a...more

Fraudulent Transfer Avoidance Recovery Not Limited to Total Amount of Creditor Claims

by Jones Day on

Courts disagree as to whether the amount that a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") can recover in fraudulent transfer avoidance litigation should be capped at the total amount of unsecured claims...more

Lease Profit-Sharing Provision Unenforceable Condition to Assignment in Bankruptcy

by Jones Day on

In Antone Corp. v. Haggen Holdings, LLC (In re Haggen Holdings, LLC), 2017 WL 3730527 (D. Del. Aug. 30, 2017), the U.S. District Court for the District of Delaware considered whether, as part of a bankruptcy asset sale, a...more

The Year in Bankruptcy: 2017

by Jones Day on

The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

New York Bankruptcy Courts Hold That a Debtor’s Failure to Make Postpetition Loan Payments is a Basis for Granting Relief from the...

by Pullman & Comley, LLC on

February 2, 2018 There are basically two alternative grounds for a secured lender to achieve a lifting of the automatic stay imposed by the bankruptcy filing of its borrower. One is to establish that the debtor has no equity...more

Does my discharged-in-bankruptcy debt stay gone forever?

by Malcolm Ruthven on

Many clients ask me if the debt that's discharged (eliminated) in bankruptcy will stay gone forever. The simple and correct answer is Yes. But that really isn't the whole story....more

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