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Features
As defendants increasingly seek bankruptcy as a resolution to multidistrict litigation claims, plaintiffs firms and judges are starting to ask questions about the legitimacy of the tool commonly referred to as the "Texas Two-Step."
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The decision by the Supreme Court has practical significance for corporate officers and others in an agency or partnership relationship, and also may have serious consequences for corporate Chapter 11 debtors whenever a "domestic governmental unit" is a creditor.
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Are there exceptions to the general rule against prejudgment attachment that may allow a plaintiff to obtain injunctive relief against a defendant freezing the defendant's assets prior to the outcome of the litigation? This issue was recently considered by the U.S. Bankruptcy Court for the District of Delaware.
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Part One of a Two-Part Article This two-part article will examine the role of third-party releases in successful Chapter 11 reorganizations. This part will address the factors considered in each Circuit where such releases have been deemed permissible within the confines of the Bankruptcy Code, evaluate several recent cases highlighting the uncertainty created by the current Circuit split, and consider options for creating a clear, nationwide standard.
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Attorneys and consultants involved in the FTX bankruptcy have asked the District of Delaware bankruptcy court to approve billed hours and expenses totaling just under $37 million for the first six weeks of Chapter 11 proceedings.
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In a recent decision, the U.S. Bankruptcy Court for the Southern District of Texas (the court) addressed whether a debtor that has no independent assets or ongoing business operations can reorganize under Chapter 11 in good faith.
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Johnson & Johnson's talc bankruptcy may be on its last legs, but it's still standing — at least for a while. On February 13, Johnson & Johnson subsidiary LTL Management petitioned the U.S. Court of Appeals for the Third Circuit to rehear its Jan. 30 decision dismissing its Chapter 11 case
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Rules Bankruptcy Court Lacked Jurisdiction to Decide State-Governed Question Jurisdictional boundaries within the federal system as between bankruptcy and district courts as well as various federal agencies can be a maze that is at times nearly impossible to navigate. Further complicating matters are those cases involving state-regulated issues that add abstention to the mix.
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As we debate whether there will be a "soft" or "hard" landing of the economy and the resulting effect of different landings on the volume of bankruptcy filings, it is helpful to review how a bankruptcy filing affects not only rights between a creditor and the debtor, but also the respective rights of creditors against property held by the debtor.
Features
Corporate bankruptcies have been a hot topic lately, with several businesses or their parent companies declaring bankruptcy, announcing they plan to do so or saying they may to do so soon. Two veteran bankruptcy attorneys in Georgia give their take on this and other bankruptcy topics.