Spotlight on Financial Services- Consumer bankruptcy
Repossessions and Bankruptcy Post-COVID, Post-Fulton [More with McGlinchey, Ep. 26]
Bill on Bankruptcy: LightSquared, the Battle among Hedge Funds
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Bill on Bankruptcy: How Purchasers of AMR Stock Made a Killing
Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more
In a recent legal development that underscores the intricate interplay between federal bankruptcy law and the cannabis industry, a court case has emerged involving a bankruptcy filing by an employee of a cannabis company....more
A Massachusetts Bankruptcy Court’s recent appellate decision in Blumsack v. Harrington (In re Blumsack) leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are...more
There is seemingly, in the opinion of a great number of bankruptcy courts, a conflict between the United States Bankruptcy Code requirements that a debtor reorganize or liquidate “in good faith,” the federal Controlled...more
A bankruptcy court’s recent denial of a debtor’s petition for bankruptcy relief on narrow grounds casts a long shadow on the viability of bankruptcy relief for those employed in the cannabis industry. Though confining the...more
In a case of first impression, a bankruptcy court refused to allow an individual to receive bankruptcy relief because he was, and continued to be, employed by a cannabis business. The United States Bankruptcy Court for the...more
Although the use of cannabis has been legalized in approximately 39 states and the District of Columbia¹ , cannabis is still illegal federally and classified as a Schedule I drug under the Controlled Substances Act. As a...more
Despite widespread trends in state-level legalization and decriminalization of high-THC cannabis and growing acceptance of cannabis among Americans, cannabis and cannabis products remain illegal under federal law. At...more
“[E]nsnared between his involvement in a business that is legal under the laws of Arizona but illegal under federal law,” one debtor’s chapter 13 petition was recently dismissed due to his undisputed violations of the...more
As many Americans are faced with the fallout of the COVID-19 pandemic, some business owners are now tasked with creating a clear path forward without traditional means of financial relief. Of its many tragic consequences,...more
In a recent post, we discussed the ongoing personal bankruptcy case In Re Adair, in which a a United States Trustee is seeking to have the court dismiss a Chapter 13 plan of an individual that is employed by a...more
The U.S. Justice Department (“DOJ”) has said that an Oregon woman who is employed by a marijuana staffing agency cannot use bankruptcy protection because of her firm’s ties to the cannabis industry. The U.S. Trustee—a DOJ...more
A 92-year-old landlord who leased a storefront to a marijuana dispensary will receive a new hearing after a court dismissed her bankruptcy case on the grounds that acceptance of rent payments from the dispensary disqualified...more
It was only a matter of time before the budding state laws legalizing marijuana use ran up against the federal government’s treatment of the drug as a controlled substance – and what better place for the two sides to meet...more
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