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Ubiquitous news of law firm data breaches, even among BigLaw, spotlights a treasure trove of trade secrets, confidential and strategic transactions, and sensitive client information. No wonder law firms are perceived to be attractive targets of cyber-attacks. Attractive? You can't help that. Easy? Not so fast.
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On Jan. 17, 2017, in a closely watched dispute, the Second Circuit issued its long-anticipated decision in <i>Marblegate Asset Management, LLC v. Education Management Finance Corp.</i>, construing Section 316(b) narrowly, holding that it only prohibits "non-consensual amendments to an indenture's core payment terms" and does not protect noteholders' practical ability to receive payment.
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<b><i>Will Reversing a Transaction 'Seriously Upset The Securities Market' Ability to Function'?</b></i><p>On Dec. 1, 2016, Bankruptcy Judge Michael J. Kaplan, held that when a private company repurchases stock from a shareholder, and the payments were made "by" the company "to" the shareholder, through a bank, those payments are not protected by Bankruptcy Code § 546(e)'s safe harbor defense because its application "cannot be permitted to turn upon the use of a bank."
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<i><b>Uncertain Treatment of Make-Whole Premiums Upon Bankruptcy-Induced Acceleration and Redemption of Indentures</b></i><p>Recently, tempted by attractive interest rates, certain borrowers have sought to use the bankruptcy process to shield themselves from their obligations to pay make-whole premiums contemplated by their indenture documents. Although certain courts have allowed crafty borrowers to shed unwanted make-whole obligations through the bankruptcy process, other courts refuse to sanction such manipulation.
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A Chapter 11 debtor "cannot nullify a preexisting obligation in a loan agreement to pay post-default interest solely by proposing a cure," held a split panel of the U.S. Court of Appeals for the Ninth Circuit on Nov. 4, 2016.
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Although Congress has not expressly addressed when and under what circumstances bankruptcy jurisdiction ends, most courts agree that a bankruptcy court's jurisdiction "shrinks" after confirmation of a plan. This article discusses the factors that courts take into consideration in determining the extent of the post-confirmation jurisdictional shrinkage.
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this issue of WARN Act liability giving rise to significant administrative or priority claim risk is unique to bankruptcy.However, assuming that, for other reasons, a bankruptcy case is the best path for your client, what can you do to mitigate the risk?
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"[T]he bankruptcy court did not abuse its discretion in denying [the debtor's former employees'] motion to compel arbitration" when the dispute turned on the relative priority of their claims, held the U.S. Court of Appeals for the Second Circuit on Oct. 6, 2016 in <i>In re Lehman Bros. Holdings.</i>
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Recently, a Florida bankruptcy court permitted a Chapter 7 trustee to reach back 10 years to unwind a fraudulent transfer, a period of time well beyond the two years that practitioners generally expect.
Features
One of the main causes of the "death spiral" of malls in the United States has been the bankruptcies, and subsequent liquidations, of many retailers that were once household names -- and often a mall's anchor tenants.