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Bankruptcy and corporate restructurings continue to be active despite generally strong U.S. financial markets and broader macroeconomic conditions. Below is a brief overview of three recent and noteworthy bankruptcy decisions within the Third Circuit.
The U.S. Bankruptcy Court for the District of Delaware recently denied debtor Exide Technologies' motion to reduce the maximum quarterly fees it is required to pay to the Office of the United States Trustee (U.S. Trustee). In re Exide Technologies, Case No. 13-11482 (Bankr. D. Del. Jan. 9, 2020).
Congress amended the quarterly fee statute in October 2017 so that a fee increase would take effect on Jan. 1, 2018. The amendment increased the maximum quarterly fees for Chapter 11 debtors making quarterly disbursements of over $1 million from $30,000 to $250,000. In Exide's case, its quarterly fees increased by approximately 800%.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.