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“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities.” Petr v. BMO Harris Bank, N.A., (In re BWGS, LLC), 2024 WL 113217, *6 (7th Cir. Mar. 15, 2024). Affirming the district court’s reversal of the bankruptcy court, the court also held that “§546(e) preempts” the bankruptcy trustee’s “proffered” state law fraudulent transfer claims. Id. at *10.
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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.
So Far In 2024, Law Firms Are Using Bankruptcy As a Springboard for Profit
By Andrew Maloney
With broad hopes for countercyclical consistency and a nearly 120% uptick in Chapter 11 filings in February specifically, law firms seem ready to use restructuring work as a significant plank in a profitable 2024.
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