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Liquidation Standing

Holland & Knight LLP

Delaware Bankruptcy Court Grants Creditors' Committee of Debtor LLC Derivative Standing

Holland & Knight LLP on

In a recent opinion, In re Pack Liquidating, LLC (Pack Liquidating), the U.S. Bankruptcy Court for the District of Delaware held that under Official Committee of Unsecured Creditors of Cybergenics Corp. v. Chinery...more

Kramer Levin Naftalis & Frankel LLP

Creditors of a Limited Partnership or a Limited Liability Company Lack Standing to Sue Derivatively Under Certain State Laws

In Gavin/Solmonese LLC, Liquidation Trustee for the Citadel Creditors’ Grantor Trust, successor to Citadel Watford City Disposal Partners, L.P., et al. v. Citadel Energy Partners, LLC, et al., Ch. 11 Case No. 15-11323; Adv....more

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Court Precludes Creditors of Limited Partnership From Pursuing Derivative Claims

In several cases since the seminal 2011 Delaware Supreme Court decision CML V LLC v. Bax, which held that creditors of Delaware LLCs lack standing to pursue derivative claims, the U.S. Bankruptcy Court for the District of...more

Orrick - Distressed Download

Second Circuit Affirms Dismissal of Chapter 15 Appeal by Purported Shareholder on Standing Grounds

In a March 19, 2019 summary order, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a purported shareholder’s appeal challenging the chapter 15 recognition of a Cayman Islands...more

Kramer Levin Naftalis & Frankel LLP

Fifth Circuit Holds That Creditor Lacks Constitutional Standing to Appeal

The Fifth Circuit in Nustar Energy Services, Inc. v. M/V Cosco Auckland, Case No. 17-20246 (5th Cir. Jan. 14, 2019), recently held that a subcontractor creditor lacked constitutional standing to appeal a lower court’s ruling...more

Orrick - Finance 20/20

ResCap Liquidating Trust Repurchase Lawsuit Survives Motion to Dismiss in Part:

Orrick - Finance 20/20 on

On February 3, Judge Martin Glenn of the United States Bankruptcy Court of the Southern District of New York denied defendants’ motions to dismiss four adversary proceedings brought by the liquidating trust for Residential...more

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