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As a general rule, the Bankruptcy Code provides that prepetition trade creditors receive distribution on their claims, if any, in a Chapter 11 case only in connection with a Chapter 11 plan.
Appellate Court Holds FCC Penalty Claim Survives Chapter 11 Corporate Debtor’s Discharge
By Michael L. Cook
A Chapter 11 corporate debtor’s monetary penalty obligation owed to the FCC, resulting from “fraud on consumers,” survived the debtor’s reorganization plan discharge, even when the FCC “was not a victim of the fraud,” the U.S. District Court for the Southern District of New York recently held.
By Rudolph J. Di Massa Jr. and Drew S. McGehrin
The U.S. Bankruptcy Court for the District of New Mexico recently ruled that any attempt to avoid preferential or fraudulent transfers must be supported by evidence that the avoidance will benefit the debtor’s estate and the debtor’s creditors — not just the debtor itself.
Plaintiffs Bar Not Happy with J&J’s Shift of Liability to Victim Fund
By Amanda Bronstad
A bankruptcy filing allows Johnson & Johnson to shift legal liability over its talc-based baby powder into a potential $2 billion compensation program for cancer victims, but not without a big fight from the plaintiffs bar.
Retention of Title Disputes: Don’t Take the Uniform Commercial Code for Granted
By Eva D. Gadzheva, Jeremy M. Downs and David E. Morrison
This article reminds us of the conflict-of-laws analysis at the heart of such retention of title disputes, and then discuss the multi-step UCC analysis that is also required.
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