News & Analysis as of

Good Faith Bankruptcy Code

Gray Reed

Fraud in the Oil Patch the Modern Way

Gray Reed on

Once upon a time a good way to commit oil patch theft was to back a truck up to the tank battery in the middle of the night, fill ‘er up, and drive off into the darkness. In re: Black Elk Energy Offshore Operations LLC shows...more

Seward & Kissel LLP

Two Left Feet, Block Sale, and Lobster Clause

Seward & Kissel LLP on

US Senate bill aims to curb Texas Two-Step bankruptcies | Reuters - On Tuesday, U.S. Senators introduced a bipartisan bill intended to discourage the Texas Two-Step. The bill aims to deter financially healthy companies...more

Mintz

Recent Bankruptcy Court Decision Leaves the Door Open to Bankruptcy Relief for Those in the Cannabis Industry

Mintz on

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

Jones Day

Objections to Bankruptcy Asset Sale Did Not Rise to Level of "Adverse Interest" Defeating Buyer's Good-Faith Status

Jones Day on

The finality of asset sales and other transactions in bankruptcy is an indispensable feature of U.S. bankruptcy law designed to maximize the value of a bankruptcy estate as expeditiously as possible for the benefit of all...more

Dorsey & Whitney LLP

SCOTUS Removes a Partial Barrier to Challenging Unstayed Bankruptcy Sales to Good-Faith Purchasers

Dorsey & Whitney LLP on

In MOAC Mall Holdings LLC v. Transform Holdco LLC, 134 S.Ct. 927, 937 (2023), the U.S. Supreme Court recently resolved a debate that has long divided Circuit Courts throughout the U.S: whether section 363(m) of the Bankruptcy...more

Bracewell LLP

Use It or Lose It: U.S. Supreme Court Unanimously Holds in MOAC Mall Holdings LLC That 363(m) Protections Can Be Waived

Bracewell LLP on

The U.S. Supreme Court recently issued its latest bankruptcy opinion in MOAC Mall Holdings LLC v. Transform Holdco LLC, holding that the Bankruptcy Code’s rule against invalidating 363 sales after appeal is not an iron-clad...more

Tucker Arensberg, P.C.

LTL, Part Deux (now with even more fraudulent transfers!)

Tucker Arensberg, P.C. on

Here we go again. Precisely one hour and thirty-nine minutes after the dismissal of the bankruptcy filing of LTL, Johnson & Johnson’s artificially created talc-liability subsidiary, the company was right back at it again with...more

Bracewell LLP

Lightning Round: LTL Management Files “Chapter 22” Case Immediately Following Bankruptcy Court’s Dismissal of its Prior Bankruptcy

Bracewell LLP on

Just hours after the United States Bankruptcy Court for the District of New Jersey entered an order dismissing the Chapter 11 Case of Johnson & Johnson subsidiary, LTL Management, as a bad faith filing, LTL filed for Chapter...more

Bracewell LLP

Texas "Two-Step" Forward, Three Steps Back for Mass Tort Debtors in the Third Circuit After LTL

Bracewell LLP on

In a decision that may provide much-needed boundaries around the permissibility of debtors created from “out-of-the-box” prepetition corporate transactions, on January 30, 2023, the United States Court of Appeals for the...more

Maron Marvel

3rd Circuit Rejects Johnson & Johnson’s Effort To Set Up Subsidiary In Bankruptcy Court To Resolve Talc Asbestos Claims

Maron Marvel on

On January 30, 2023, the Third Circuit dismissed Johnson & Johnson (J&J)’s subsidiary LTL’s Chapter 11 bankruptcy petition because the facts did not support the financial distress required for the entity’s good faith filing...more

Nelson Mullins Riley & Scarborough LLP

The Unredeemable Debtor

Bankruptcy law decisions are replete with references to the “worthy debtor.”  In re Carp, 340 F.3d 15, 25 (1st Cir. 2003); In re BankVest Capital Corp., 360 F.3d 291 (1st Cir.2004); In re Institute of Business and...more

Pillsbury Winthrop Shaw Pittman LLP

If You Know Something, Say Something, or Lose Good-Faith Protection in a Bankruptcy Sale

Asset purchasers that have actual or constructive knowledge of a competing interest yet fail to alert the bankruptcy court may be subjecting them to claims by competing interest holders in an otherwise free and clear sale. ...more

Jones Day

The Eleventh Circuit Revisits the Doctrine of Statutory Mootness in Bankruptcy Sales

Jones Day on

The finality of sales of assets in bankruptcy is an indispensable feature of U.S. bankruptcy law, designed to maximize the value of a bankruptcy estate as expeditiously as possible for the benefit of all stakeholders....more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Canada (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER CANADIAN LAW - 1. Canada's Political and Legal System - Canada has a Federal constitution that was significantly overhauled in the early 1980's,...more

Jones Day

New York Bankruptcy Court Rules that Good Faith Is Not the Gatekeeper to Chapter 15

Jones Day on

Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause,"...more

Jones Day

Business Restructuring Review | November–December 2021

Jones Day on

New York Bankruptcy Court Rules That Good Faith Is Not The Gatekeeper To Chapter 15 - Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11...more

Jones Day

Case Update: Second Circuit Breathes New Life Into Madoff Trustee's Efforts to Recover Ponzi Scheme Payments

Jones Day on

In In re Bernard L. Madoff Investment Securities LLC, 12 F.4th 171 (2d Cir. 2021), the U.S. Court of Appeals for the Second Circuit revived litigation filed by the trustee administering the assets of defunct investment firm...more

Jones Day

New York Bankruptcy Court Rules that Good Faith Is Not the Gatekeeper to Chapter 15

Jones Day on

Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause," which...more

Fox Rothschild LLP

Second Circuit Stands By Brunner Test For Discharge Of Student Loan Debt

Fox Rothschild LLP on

When the Bankruptcy Code was first enacted in 1978, student loan debt could be discharged either after the passage of five years since the repayment obligation began, or if repayment would impose an undue hardship on the...more

Jones Day

Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments "For Value"

Jones Day on

In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff's defunct brokerage firm as part of the largest Ponzi scheme in history,...more

Smith Debnam Narron Drake Saintsing & Myers,...

Court Approves Sale of Assets to Third Party Despite Stalking Horse Bad Faith Allegations Against Purchaser

United States Bankruptcy Judge John E. Waites approved a sale of substantially all the assets of a small business Chapter 11 Debtor over the protests of a “Stalking Horse” bidder who claimed the successful bidder was acting...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Canada

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER CANADIAN LAW - 1. Canada's Political and Legal System - Canada has a Federal constitution that was significantly overhauled in the early 1980's,...more

Lowenstein Sandler LLP

Is The Board To Blame?

A bankruptcy trust for creditors (including former workers and trade vendors) who lost significant sums of money in the Toys “R” Us Inc. (TRU) bankruptcy sued former Chief Executive Officer David Brandon, several other...more

Bennett Jones LLP

The New Duty of Good Faith in Canadian Insolvency Proceedings

Bennett Jones LLP on

Canada’s two main insolvency and restructuring statutes, the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) were recently amended to include a new duty of good faith on the part of all...more

Ballard Spahr LLP

Bankruptcy Court Discharges Student Loan Debt

Ballard Spahr LLP on

On January 7, 2020, Chief United States Bankruptcy Judge Cecilia G. Morris of the United States Bankruptcy Court for the Southern District of New York issued a notable opinion in the case of Rosenberg v. N.Y. State Higher...more

39 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide