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Although four cases presenting important bankruptcy issues were teed up for the Supreme Court’s consideration this term, the Court denied certiorari for each. Each of these petitions involve splits among the circuit courts of appeals, influencing choice of venue and the extent to which bankruptcy decisions are subject to meaningful appeal.
The U.S. Supreme Court began its 2021-2022 term this Fall with a schedule that includes no bankruptcy matters. Although four cases presenting important bankruptcy issues were teed up for the Court’s consideration this term, the Court denied certiorari for each. These petitions involved open questions on states’ powers to assert sovereign immunity in the bankruptcy arena, the extent to which federal bankruptcy law preempts certain state-law causes of action, and the judicially created doctrine of equitable mootness. Each of these areas involve splits among the circuit courts of appeals, influencing choice of venue and the extent to which bankruptcy decisions are subject to meaningful appeal.
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By Michael L. Cook
Conflicts of interest among clients are a chronic problem for law firms with many clients. How law firms address the problem — and they must — is what the Boy Scouts of America decision shows.
By Francis J. Lawall and Kenneth A. Listwak
The Ninth Circuit recently affirmed a lower courts’ rulings that a stipulation between the IRS and a bankruptcy trustee, which allowed the IRS’s priority tax claim, did not prevent the IRS from collecting nondischargeable tax debt above the agreed amount in that stipulation.
By Joel H. Levitin and Richard A. Stieglitz Jr.
It seems clear that bankruptcy filings inevitably will increase in the near future, because of rising interest rates, pandemic-related micro-economic forces, global strife, and other macro-economic factors and their continuing strain on the global economy and individual businesses. Consequently, strategic buyers and private equity sponsors should find expanding opportunities to purchase distressed businesses out of bankruptcy.
By Ann Pille, Richard Tannenbaum, Alexis Leventhal and Emily Costantinou
While regularly used among lenders, manufacturers, and dealers, treatment of Inventory financing program agreements in bankruptcy is not uniform, and uncertainty exists with respect to how such agreements may be treated in the context of a manufacturer’s Chapter 11.