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Bankruptcy professionals in the Eastern District of New York should be relieved by Judge Grossman’s recent decision holding that although nunc pro tunc orders approving a professional’s retention are now considered “inappropriate” in light of the Supreme Court’s decision in Roman Catholic Archdiocese of San Juan, Puerto Rico v. Acevedo Feliciano, 140 S.Ct. 696 (2020), there is nothing in the Bankruptcy Code, Bankruptcy Rules, or applicable case law preventing an award of compensation before a retention order is entered. In re Benitez, 19-70230 (REG), 2020 WL 1272258 (Bankr. E.D.N.Y. Mar. 13, 2020). Note that estate professionals must at some point be retained, and as mentioned below, sooner rather than later remains best practice.
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Update on Bankruptcy Appellate Practice: Part Two — Equitable Mootness
By Michael L. Cook
This installment of our appellate practice series reviews recent cases addressing the equitable mootness doctrine. The issue ultimately often turns on whether it is practical and fair for an appellate court to review an appeal on the merits, enabling that court to avoid review altogether.
Chapter 15 Can Impact Foreign Bankruptcy As Well As Domestic Civil Litigation
By Francis J. Lawall and Patrick M. Ryan
At first glance, Chapter 15 might appear to have the relatively minor role of staying actions against U.S. assets while the main foreign proceeding moves forward. However, as one recent case out of the Southern District of New York demonstrates, Chapter 15 carries the potential to significantly impact not only the main foreign bankruptcy, but civil litigation in the United States as well.
Using Section 365(n) to Minimize Loss of Use of IP In Licensor Bankruptcy
By By Richard Assmus, Matthew Wargin, Monique Mulcare and Danielle Corn
This article provides an overview of Section 365 of the Bankruptcy Code, a key provision within the Code that allows a debtor to assume, assume and assign, or reject certain executory contracts and unexpired leases.
Purdue Pharma Bankruptcy Settlement Vacation Could Bring More Scrutiny to Non-Debtor Releases
By Avalon Zoppo
A ruling tossing OxyContin maker Purdue Pharma’s bankruptcy settlement could tee up a new issue for the U.S. Supreme Court and spur other judges to more closely scrutinize non-debtor releases, a controversial mechanism that shields third parties in Chapter 11 proceedings from liability.
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