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“Mere minutes can be the difference between saving one’s home … or losing that home to a foreclosure.” With this statement, the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) summed up the importance of the determination as to when a bankruptcy case is actually filed of record, thereby triggering the imposition of the automatic stay. In In re Francisco Procel, Case No. 23-10697-CGM (Bankr. S.D.N.Y., July 25, 2023), Docket No. 47, the Bankruptcy Court thoroughly examined this issue and found that the “upload” time of a bankruptcy filing — and not the time physically “stamped” on a bankruptcy petition — determines when a case is commenced. In doing so, the Bankruptcy Court offered direction and guidelines that debtors and creditors will be well advised to observe in future cases.
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By J. Eric Wise
Among the risks of cryptocurrency exchanges are bankruptcy risk and fraud, including: the inalienability of account claims, holding an unsecured claim versus an entitlement to the return of coin, and bankruptcy preference risk.
By Avalon Zoppo
A sharply divided U.S. Court of Appeals for the Fourth Circuit ruling shielding a nondebtor in bankruptcy proceedings from asbestos lawsuits underscores the wider and growing divide among judges across the country on the bounds of Chapter 11 protection and corporations’ use of the “Texas two-step” to address mass tort litigation.
By Francis J. Lawall and Brenden S. Dahrouge
Chapter 11 cases involving mass tort and complex personal injury claims often require the resolution of novel legal issues that stretch the bounds of existing precedent. As these cases evolve, they can also impact claims against other debtors unrelated to the case at hand through court-approved injunctions, releases or settlements.
By Amanda Bronstad
With the dismissal of Johnson & Johnson’s second talc bankruptcy, plaintiffs lawyers are doubling down on their plans to pursue trials across the country.