Features
Junior Noteholders Successfully Petition for Dismissal of Involuntary Filing
The bankruptcy court's ruling is a seminal decision that meaningfully circumscribes the ability of a secured noteholder under an indenture, particularly for structured debt, to force the debtor (i.e., issuer of the debt) into an involuntary bankruptcy.
Features
Reports of the Demise of 'Gifting' Chapter 11 Plans Are An Exaggeration
In Nuverra Environmental Solutions,, the U.S. District Court for the District of Delaware affirmed a bankruptcy court order confirming a non-consensual Chapter 11 plan that included "gifted" consideration from a senior secured creditor to fund unequal distributions to two separate classes of unsecured creditors.
Features
The Bankruptcy Code's Inherent Limitations for Struggling Golf Courses
<b><i>Part One of a Two-Part Article</b></i><p>This article describes conflicts with zoning boards and neighbors as it relates to distressed golf course properties and the methods sometimes available in the bankruptcy realm for working around the problem of restrictive covenants that run with the land.
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Eighth Circuit Rejects Ponzi Scheme Presumption to Protect Legitimate Loan Repayments
The Eighth Circuit affirmed the lower courts' dismissal of a bankruptcy trustee's $250 million fraudulent transfer suit against two banks (the Banks), rejecting the so called “Ponzi scheme presumption” that “allows a creditor to by-pass the proof requirements of a fraudulent-transfer claim by showing that the debtor operated a Ponzi scheme and transferred assets 'in furtherance of the scheme.'”
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Fifth Circuit Holds Asset Purchaser Unable to Acquire Rejected License Agreement
A license agreement "deemed rejected by operation of law" could not be acquired under a court-approved asset purchase agreement, held the U.S. Court of Appeals for the Fifth Circuit
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Secured Creditors Beware of Your Descriptions, Nomenclature and Terminations
Secured creditors can learn a great deal from a few recent bankruptcy cases involving the Uniform Commercial Code that remind us that the “devil is in the details.” These cases show that it is unrealistic to expect forgiveness by a court after a misstep involving Article 9 of the UCC.
Features
Strawberry Fields For Sale
On Oct. 3, 2018, the Chapter 11 Liquidating Plan of Eclipse Berry Farms, LLC was confirmed, concluding a two-year journey from one of the largest strawberry growers in the country to the cessation of operations and eventual liquidation.
Features
Debtor v. UST: The Battleground Over Retention of a Chief Restructuring Officer
The battle over retaining a chief restructuring officer, which the United States Trustee has traditionally not objected to, is heating up.
Features
Second Circuit Rejects Use of Involuntary Bankruptcy Petition As Collection Tool
A bankruptcy court properly dismissed a creditor's involuntary bankruptcy petition “for cause” when it “would serve none of the Bankruptcy Code's goals or purposes … and [when] the sole [petitioning] creditor is not substantially prejudiced by remedies available under state law,” held the U.S. Court of Appeals for the Second Circuit in </i>In re Murray.</i>
Features
Which Financial Representations Will Justify a Discharge Objection after Lamar, Archer?
The Supreme Court's decision in <i>Lamar, Archer & Cofrin, LLP v. Appling</i> has significantly constricted the range and nature of statements that will support a successful objection by a creditor to the discharge of a debt that was obtained by the statements in question. This constriction could have a very real impact on how entities that loan money or provide services on credit review and collect information regarding a borrower's creditworthiness.
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