Rediscovering Chapter 9 As Financial Woes of Municipalities Escalate
May 27, 2008
Last month, the authors discussed the fact that even though Chapter 9 of the Bankruptcy Code has been in effect for over 30 years, fewer than 100 Chapter 9 cases have been filed during that time. Municipal bankruptcy cases ' or, more accurately, proceedings involving the adjustment of a municipality's debts ' are a rarity, compared with reorganization cases under Chapter 11. This, however, may be changing. The authors now continue that discussion.
No Stay for the Weary
May 27, 2008
The Delaware Court of Chancery recently emphasized that issues of corporate governance remain the purview of the state of incorporation, notwithstanding the filing of a bankruptcy petition and the accompanying automatic stay, which ordinarily acts to halt proceedings against the debtor.
The Benefits Priority Cap of ' 507(a)(5)
May 27, 2008
Thirty years after the enactment of BAPCPA, there are still unresolved issues that arise from time to time under the pre-BAPCPA Bankruptcy Code. One such issue involves the proper application of the statutory priority cap found in Bankruptcy Code ' 507(a)(5), including its interplay with ' 507(a)(4).
Rediscovering Chapter 9
April 25, 2008
Even though Chapter 9 of the Bankruptcy Code has been in effect for over 30 years, fewer than 100 cases have been filed during that time. Municipal bankruptcy cases ' or, more accurately, proceedings involving the adjustment of a municipality's debts ' are a rarity, compared with reorganization cases under Chapter 11.
A Quagmire of Obligations
April 25, 2008
Pending in bankruptcy court in Corpus Christi, TX, is <i>In re ASARCO, LLC, et al.</i>, the largest environmental bankruptcy case ever filed. This article explores the ramificatinos of the case.
Termination Premiums Under ERISA Held to Be Dischargeable Prepetition Claims
April 25, 2008
In a matter of first impression, the United States Bankruptcy Court for the Southern District of New York held that the termination premiums assessed against Oneida Ltd. ('Oneida') as a result of the termination of one of Oneida's pension plans during its Chapter 11 case were prepetition 'claims' (as defined in ' 101(5) of title 11 of the United States Code (the 'Bankruptcy Code')) that were discharged under Oneida's confirmed plan of reorganization.
On the Move
March 28, 2008
Who's doing what; who's going where.
Strategic Uses of a Rule 2004 Exam
March 28, 2008
While most bankruptcy practitioners are familiar with the basic concepts behind the Rule 2004 exam, some are less familiar with the procedural intricacies of obtaining, conducting, and responding to the exam ' intricacies that often involve practices and procedures adapted from civil discovery that are beyond the scope of pure bankruptcy practice. This article explains.
Forum Shopping
March 28, 2008
Attention, forum shoppers! The Bankruptcy Court for the Southern District of New York, long known for its ability and willingness to handle large and complex business reorganizations with (even tangential) connections to New York as the 'financial capital of the world,' recently granted a motion filed by a group of creditors to transfer venue to California.
DE Bankruptcy Court Enforces 'X-Clause'
March 28, 2008
Recently, the United States Bankruptcy Court for the District of Delaware enforced subordination provisions against certain out-of-the-money subordinated noteholders. The latter had asserted that the so-called 'x-clause' in the indenture provided them with a right to recovery under the plan of reorganization despite the fact that the senior noteholders would not be paid in full. The decision is significant for several reasons ...
