Mattress retailer Sleep Number may pay up to $1.825 million in retention awards to 38 employees after a Southern District of New York bankruptcy judge rejected the U.S. trustee’s argument that some participants should be treated as insiders under the Bankruptcy Code. The awards were intended to keep key employees from leaving while Sleep Number completed its bankruptcy sale.
Jackson Walker has agreed to pay $15 million to former bankruptcy clients in a settlement of litigation the U.S Trustee’s Office filed alleging the Texas firm failed to disclose a romantic relationship between a former partner Elizabeth Freeman and former U.S. Bankruptcy Judge David Jones of the Southern District of Texas.
The U.S. Bankruptcy Court for the District of Connecticut decision in JNET Commc’ns offers a stark reminder that control of cash collateral is not a mere formality under Article 9 of the Uniform Commercial Code; it is the crucial element of perfection itself.
In a recent decision in the bankruptcy case of Del Monte Foods, the U.S. Bankruptcy Court for the District of New Jersey interpreted a liability management exercise that was challenged through the prepetition term loan agreement’s ratable sharing provision in the context of a debtor-in-possession financing and related roll-up, thereby providing the first actual market guidance on this issue.
When a debtor that is a landlord rejects a real property lease in bankruptcy, the tenant has a choice. Either the tenant can treat the lease as terminated or retain its rights under the lease. These rights include the use, possession, quiet enjoyment, subletting and hypothecation of the property. In a recent case, the parties and the court grappled with this question: when does the tenant need to make that decision? When the lease is rejected, or by some other date?
The trilogy of Prince Global decisions provide a useful roadmap for cross-border practitioners exploring recognition under Chapter 15 in the U.S., as well as the key strategic tools and other considerations that are involved.
Delaware recently became the sixth state to enact the Uniform Act, with minor modifications (the Delaware Act). Part One of this article included background regarding assignments for the benefit of creditors, including historical shortcomings that the Uniform Act is intended to address. Part Two discusses the Uniform and Delaware Acts in more detail, including the uniformity, clarity, flexibility, and efficiency provided by the Uniform Act, and the specific refinements incorporated into the Delaware Act.
A New York bankruptcy judge has established a first-of-its-kind framework for valuing cryptocurrency in Celsius Network avoidance actions, a ruling that White & Case says will guide nearly 1,000 pending cases and hundreds of defaults.
In re Moche reinforces how bankruptcy courts and matrimonial courts can work in tandem and harness the specialized expertise of both tribunals. While bankruptcy courts have exclusive jurisdiction to control the disposition of assets, the threshold issue of marital property rights is a matter that comes within the unique expertise of the matrimonial court. That determination in the matrimonial court ultimately impacts what steps may occur in the bankruptcy court proceedings.
Delaware recently became the sixth state to enact the Uniform Law Commission’s Uniform Act, with minor modifications (the Delaware Act). This two-part article describes the innovations, certainty and paradigm provided by the Uniform Act and Delaware’s revisions to the Uniform Act. Part One includes background regarding assignments for the benefit of creditors, including historical shortcomings that the Uniform Act is intended to address.
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