News & Analysis as of

Bankruptcy Court

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

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

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

Interest Rates are Rising in South Carolina Courts

by McNair Law Firm, P.A. on

Current economic signs give consumers, investors and economists alike reason for optimism. Unemployment is at historically low levels which means employers are having to offer higher wages to attract and keep talent. Although...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

Haggen’s Order Holds: Fiduciaries Who Enter Into “Foolish” Transactions But Who Are Acting In Good Faith Are Protected

by Fox Rothschild LLP on

On January 22, 2018, in an adversary proceeding arising within the Haggen bankruptcy (Adv. No. 16-51204), Judge Gross of the Delaware Bankruptcy Court issued a ruling against the Plaintiff, denying the relief requested in the...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

Limiting Ponzi Scheme Recoveries in Bankruptcy: United States Supreme Court Declines to Review Fraudulent Transfer Ruling in Favor...

by Ward and Smith, P.A. on

The United States Supreme Court recently declined to review a decision from the United States Court of Appeals for the Fourth Circuit favorable to a bank regarding alleged fraudulent transfers to the bank. In doing so, the...more

Bankruptcy Court Holds Credit Union Policy Does Not Violate Discharge Injunction

by Nexsen Pruet, PLLC on

CentsAbility: Creditors' Rights Law Update - A New York Bankruptcy Court has held that a statement from a credit union in response to a Chapter 7 debtor who received a discharge of his obligations owed to the credit union ...more

Mission Product Holdings Inc v Tempnology LLC First Circuit on a Mission Reverses Bankruptcy Appellate Panel

Anyone who practices bankruptcy or intellectual property law and follows the intersection of the two knows Congress responded to the Fourth Circuit’s ruling in Lubrizol by enacting 11 U.S.C. § 365(n) (“Section 365(n)”)....more

Blog: Throwing Shade At Sunbeam: Following Lubrizol And Not The Seventh Circuit, The First Circuit Leaves Another Trademark...

by Cooley LLP on

The Tempnology Trademark Saga. When it comes to decisions on bankruptcy and trademark licenses, the In re Tempnology LLC bankruptcy case is the gift that keeps on giving. The Original. It all started in November 2015....more

Delaware Court Rules Fraudulent Transfer Recoveries Are Not Capped At The Amount of Creditor Claims

by Robins Kaplan LLP on

One of the most powerful remedies available to a judgment creditor or a bankruptcy trustee is the power to avoid and recover fraudulent transfers. Very generally, fraudulent transfers are transfers made by a debtor (1) with...more

Bankruptcy Venue Reform Act Seeks to Limit Districts Where Debtors May File

by Hogan Lovells on

On January 8, 2018, Senators John Cornyn (R-TX) and Elizabeth Warren (D-MA) introduced the Bankruptcy Venue Reform Act of 2017. The bill would require that individual debtors file in the district where their domicile,...more

Bankruptcy Courts Just Say No to the Marijuana Industry

Despite growing public acceptance of marijuana and the wide-spread passage of state laws legalizing marijuana for medicinal and even recreational purposes, marijuana remains a criminal offense under federal law which presents...more

The Bankruptcy Venue Reform Act of 2017

by Fox Rothschild LLP on

On January 8, Senators John Cornyn (R-TX) and Elizabeth Warren (D-MA) introduced the Bankruptcy Venue Reform Act of 2017. The bill would require companies to seek bankruptcy protection where they are physically headquartered....more

Dispute Evolution: A bona fide dispute regarding claim amount may disqualify creditor from maintaining an involuntary case.

Section 303(b)(1) of the Bankruptcy Code generally requires three petitioning creditors to join an involuntary petition, each of which must hold claims against the debtor that are not contingent as to liability and are not...more

Court Holds that Bankruptcy Judges Cannot Impose Punitive Sanctions

Bankruptcy courts lack the power to impose serious punitive sanctions, a federal district judge ruled recently in PHH Mortgage Corporation v. Sensenich, 2017 U.S. Dist. LEXIS 207801 (D. Vt. Dec. 18, 2018). Judge Geoffrey...more

A Special Purpose CDO, an Involuntary Filing and a Single Lien Structure — Can an Investor “Create” an Unsecured Claim?

by Dechert LLP on

The U.S. Bankruptcy Court for the Southern District of New York recently addressed whether secured noteholders against a CDO can waive their entitlement to a portion of the collateral securing all notes issued under an...more

SDNY Bankruptcy Court Rejects Non-Consensual Third-Party Releases

Third-party releases attract significant attention and debate in Chapter 11 cases. A Southern District of New York bankruptcy court recently weighed in on this hot topic and issued a decision in In re SunEdison, Inc., et al.,...more

Bankruptcy Law Update: Preferences and Selected Bankruptcy Issues

Preference Claims: Elements: A preference is a transfer of property of a bankruptcy debtor that (1) was to or for the benefit of a creditor; (2) was on account of an antecedent debt; (3) was made while the debtor was...more

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

by Morrison & Foerster LLP on

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

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