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The U.S. District Court for the Northern District of California recently issued two blistering opinions on appeals by the Internal Revenue Service (IRS) California Franchise Tax Board (FTB) (collectively, Tax Agencies) from a bankruptcy court’s Chapter 11 plan confirmation order and a tax determination order. In the first decision, the court held the appeals were neither constitutionally nor equitably moot. In re Levandowski, 2023 WL 2503305 (N.D. Cal. Mar. 14, 2023), (Levandowski I). In the second opinion, the court reversed and remanded the bankruptcy court’s order erroneously determining the debtor’s tax liability (Tax Order) and the bankruptcy court’s separate confirmation order on feasibility grounds “due to legal error [in] the Tax Order.” In re Levandowski, 2023 WL 2495763 (N.D. Cal. Mar. 14, 2023) (Levandowski II). The court also remanded to the bankruptcy court for a reconsideration of its “setoff rights” finding in the confirmation order’s discharge provision.
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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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