News & Analysis as of

Bankruptcy Code

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

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

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

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

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

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

Chris Lazarini Discusses Fraudulent Transfers During Broker Bankruptcy Filing

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving an arbitration award and bankruptcy filing. The court ruled that where a bankruptcy action has been closed, the bankruptcy trustee's exclusive authority to...more

Sunbeams Don’t Shine on Trademark Licensees in First Circuit

by Fish & Richardson on

Every article, blog post, book chapter or court decision this blogger has ever read about Section 365(n) of the Bankruptcy Code and the treatment of trademark licenses thereunder has always been either dizzyingly abstruse,...more

Restructuring and Insolvency Bulletin Issue 3 - January 2018: Takata's Japanese Bankruptcy Case Survives Public Policy Objection

by Dechert LLP on

As has been widely reported, over the last several years Takata Corporation and its various worldwide subsidiaries (together “Takata”) have been involved in a multitude of governmental investigations, class actions and...more

In Case You Missed It – PACA Trust Rights in Bankruptcy are Just Plain Old Secured Claims

by Bryan Cave on

Happy 2018! We at The Bankruptcy Cave have been itching to write about the Cherry Growers Chapter 11 case – which really is ground-breaking – but the holidays, life, and yes, work for clients too, all just got in the way. ...more

Stay Violation? Beware Of Escalating Attorneys’ Fees

by Fox Rothschild LLP on

In the case of Mantiply v. Horne (In re Horne), 876 F.3d 1076 (11th Cir. 2017) the Eleventh Circuit decided an issue of first impression in the Circuit: Whether the Bankruptcy Code authorizes payment of attorneys’ fees and...more

Recent Bankruptcy Decision Raises Questions for Trademark Licensees

by Dickinson Wright on

If you are a licensee under a trademark license, what happens to your license if the licensor winds up in the Bankruptcy Court? A recent United States Circuit Court case demonstrates how uncertain the answer is at this time....more

“All Sales Final”: First Circuit Defends Bankruptcy Sale Against Spurned Bidder Attack

by King & Spalding on

Affirming the Bankruptcy Code’s aversion to upsetting court-approved sales on appeal, on January 12, 2018, the U.S. Court of Appeals for the First Circuit held that a bankruptcy court’s “good-faith” finding protected a...more

Restructuring & Insolvency Newsletter - January 2018

by Reed Smith on

Welcome to the January 2018 issue of the R&I Alert, the newsletter produced by Reed Smith's Restructuring & Insolvency Group. ...more

Commercial Bankruptcy Filings Increase in 2017: Are more bankruptcies ahead?

by Sands Anderson PC on

The American Bankruptcy Institute (“ABI”), in partnership with Epiq Systems, Inc., has recently reported that commercial Chapter 11 filings for 2017 increased 6% over those filings for 2016. Commercial bankruptcy filings...more

Three key changes for bankruptcy procedures in 2018

by Thompson Coburn LLP on

The New Year brings with it new changes to the bankruptcy code. These recent rule changes apply to any case filed after December 1, 2017, and may apply retroactively to pending proceedings in those instances where it would be...more

Trademark Licenses . . . Again

A long-running issue concerning the treatment of trademark licenses in bankruptcy has seen a new milestone with the January 12 decision of the First Circuit in Mission Product Holdings, Inc. v. Tempnology, LLC. The issue was...more

Exelco’s US Chapter 11 Case Dismissed in Favor of Belgian Proceeding

by Dechert LLP on

The Delaware Bankruptcy Court recently dismissed a Chapter 11 bankruptcy case pending before it and recognized, under Chapter 15 of the Bankruptcy Code, the debtor’s bankruptcy proceeding in Belgium. Exelco NV (“Exelco”), a...more

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