Features
Fifth Circuit: Pre-petition Payout of Insurance Proceeds Should Be Classified As a 'Transfer of An Interest'
In upholding the bankruptcy court's determination that the payment of insurance proceeds could be such a transfer, the Fifth Circuit underscored the complex interplay between state law, bankruptcy law and the rights of creditors in bankruptcy proceedings.
Features
A Look Inside the Rulings for Sandy Hook Families In Alex Jones Bankruptcy
A Q&A with the team working on the Alex Jones/Sandy Hook case in bankruptcy court in Texas, who provides an inside look at the case, their strategy, and some takeaways.
Features
Online Extra: WeWork Creditors Likely to Attempt to Pierce Corporate Veil In Bankruptcy Court
WeWork's Chapter 11 bankruptcy has stayed a Manhattan Commercial Division decision allowing plaintiffs to dig around in 11 years of the tanked company's finances — but observers say it's likely creditors will now try to pierce the corporate veil in the bankruptcy proceeding.
Features
Landmines In Bankruptcy Appellate Practice
Pundits are raving about the current increase in business bankruptcy cases. But they rarely, if ever, mention the spike in bankruptcy appeals. A brief survey of recent decisions shows that appellate courts are, among other things, finding ways to (a) avoid making decisions or to (b) avoid litigation delay and uncertainty by expediting appellate review. Practitioners can avoid surprises by grasping what these courts are actually doing.
Features
Appointment of Receiver Under State Law No Assurance Receiver Will Stay If Ch. 11 Filed
Many clients are not aware that the Bankruptcy Code provides that, upon the filing of a bankruptcy case, the receiver is required to give back possession of the mortgaged property to the debtor unless the lender obtains an order from the Bankruptcy Court excusing the receiver from this requirement.
Features
With Interest Rates On the Rise, Reinstatement Will Again Become An Attractive Restructuring Strategy
To formulate a reinstatement plan that will survive challenges, debtors and creditors should heed the lessons from two high-profile reinstatement cases from the Southern District of New York that were decided just months apart: Charter Communications and Young Broadcasting.
Features
Rite Aid Rejects 168 Store Leases As Part of Bankruptcy
Unable to absorb the potential cost of federal, state and private lawsuits over allegations that it, along with other drugstore chains, oversupplied prescription painkillers, Rite Aid filed for bankruptcy protection in September.
Features
DIP Financing and Liens On Avoidance Actions
The Eighth Circuit's decision in Simply Essentials has practical significance for Chapter 11 debtor in possession (DIP) lenders. U.S. Trustees and unsecured creditors regularly object to the granting of liens on avoidance actions, but this and other appellate rulings should now eliminate the purported legal obstacle.
Features
Challenges Faced By U.S. Debtors Aiming to Qualify for Chapter 15 Recognition
When restructuring or liquidating a non-U.S.-based company with U.S. operations, practitioners should consider the benefit and efficiency of utilizing the company's home country laws under a foreign proceeding and a Chapter 15 in the United States.
Features
Second Circuit: Notes Issued from Syndicated Loan Transaction Are Not Securities Under 'Reves' Test
In an important recent decision, the U.S. Court of Appeals for the Second Circuit reviewed a $1.7 billion syndicated loan and provided a helpful analytical framework for determining whether applicable securities laws were called into play.
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