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On May 11, 2021, U.S. Bankruptcy Judge Harlin Hale of the U.S. Bankruptcy Court for the Northern District of Texas issued a decision dismissing the Chapter 11 case of the National Rifle Association and certain of its affiliates. The high-profile New York-based non-profit sought bankruptcy protection in Texas on Jan. 15, 2021 and immediately faced a bevy of motions seeking dismissal of its Chapter 11 case pursuant to Section 1112(b) of the Bankruptcy Code filed by: 1) a former vendor-turned-litigation adversary, Ackerman McQueen, Inc.; 2) the New York Attorney General (NYAG); and 3) the District of Columbia Attorney General. A separate motion seeking the appointment of an examiner pursuant to section 1104(c) of the Bankruptcy Code was also filed. This article explores the competing factors the Bankruptcy Court considered and the rationale underlying its decision to grant the drastic relief of dismissing the NRA’s bankruptcy case.
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Authority to File Chapter 11: A Matter of Contract or Public Policy?
By Steven B. Smith and Rachel Ginzburg
If you think public policy favoring the freedom to file a Chapter 11 trumps the freedom to negotiate specific restrictions to such a filing, think again.
Supreme Court’s Denial to Hear Student Debt Discharge Case Leaves Ambiguity
By Joseph Pack and Jessey Krehl
With federal student loan forbearance set to expire at the end of September, many hoped the high court would provide, if not clarity, at least uniformity for the millions of Americans who currently are on the hook for student loans.
Abbreviated Name Makes UCC Financing Statement Defective
By Rudolph J. Di Massa Jr. and Keri L. Costello
In In re Bryant, the U.S. Bankruptcy Court for the Middle District of Georgia determined that a lender’s UCC-1 financing statements were “seriously misleading” under the Georgia Commercial Code because the financing statements identified the individual debtor with his middle name abbreviated.
Sixth Circuit: Section 363 Sale Not ‘Free and Clear’ of Creditor’s Claims
By Francis J. Lawall and Kenneth A. Listwak
Buyers generally assume that the multi-page “free and clear” order, which typically follows the sale hearing, will insulate them from any of the seller’s current (and often) future liabilities. However, that is not always the case.
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