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As we all know, COVID-19 caused a shutdown of many aspects of the U.S. and world economies. Due to, among other things, funding and other relief from the U.S. government, the economic downturn that many had initially projected has not yet materialized in the ways that were anticipated. Bankruptcy filings are down 29.1% for the 12-month period ending on Sept. 30, 2021, accordingly to the Administrative Office of the U.S. Courts. Nevertheless, many businesses and industries continued to be impacted through the end of last year by issues such as worker shortages and supply chain problems, as U.S. ports had historic backlogs of cargo ships waiting to offload their goods ahead of the 2021 holiday season. Additionally, inflation is on the rise, leading to increased pricing, and the country is going into mid-term elections in 2022, all of which can negatively impact economic outlooks for 2022.
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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