In McKillen v. Wallace (In re Irish Bank Resolution Corp. Ltd.), 2019 WL 4740249 (D. Del. Sept. 27, 2019), the U.S. District Court for the District of Delaware had an opportunity to consider, as an apparent matter of first...more
2/27/2020
/ Adversary Proceedings ,
Appeals ,
Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Barton Doctrine ,
Breach of Duty ,
Chapter 15 ,
Court-Appointed Receivers ,
Debtors-in-Possession ,
Extraterritoriality Rules ,
Personal Liability ,
Trustees
Under the "single-satisfaction rule," although a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") may seek to avoid and recover avoidable transfers of a debtor's property from more than one transferee, the...more
The recent chapter 11 filings by PG&E Corp. and its Pacific Gas & Electric Co. utility subsidiary (collectively, "PG&E") and FirstEnergy Solutions Corp. have reignited the debate over the power of a U.S. bankruptcy court to...more
8/21/2019
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Debtors-in-Possession ,
Energy Contracts ,
Federal Power Act ,
FERC ,
Filed-Rate Doctrine ,
Mission Product Holdings Inc v Tempnology LLC ,
PG&E ,
Popular ,
Power Purchase Agreements ,
Section 365
In Mission Product Holdings, Inc. v. Tempnology, LLC, 139 S. Ct. 652, 2019 WL 2166392 (U.S. May 20, 2019), the U.S. Supreme Court ruled that the rejection in bankruptcy of a trademark license agreement, which constitutes a...more
8/20/2019
/ Bankruptcy Appellate Panel (BAP) ,
Bankruptcy Code ,
Breach of Contract ,
Chapter 11 ,
Commercial Bankruptcy ,
Debtors ,
Debtors-in-Possession ,
Exclusions ,
Executory Contracts ,
IP License ,
Mission Product Holdings Inc v Tempnology LLC ,
Rescission ,
Reversal ,
SCOTUS ,
Section 365 ,
Split of Authority ,
Trademark Licenses ,
Trademarks ,
Trustees
For nearly 25 years, courts in the Ninth Circuit have consistently refused to sanction nonconsensual third-party releases as part of chapter 11 plans. A ruling recently handed down by the U.S. District Court for the District...more
8/20/2019
/ Asbestos Litigation ,
Asbestos Trust Claims ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Collateral Estoppel ,
Commercial Bankruptcy ,
Cost-Sharing ,
Debtors-in-Possession ,
Reorganizations ,
Section 363 ,
Successor Liability ,
Third-Party Relationships ,
Third-Party Release Agrements
In Momentive Performance Materials Inc. v. BOKF, NA (In re MPM Silicones, L.L.C.), 874 F.3d 787 (2d Cir. 2017), cert. denied, 138 S. Ct. 2653 (2018), the U.S. Court of Appeals for the Second Circuit affirmed a number of lower...more
6/19/2019
/ Appeals ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 13 ,
Commercial Bankruptcy ,
Cramdown ,
Debt Restructuring ,
Debtors ,
Debtors-in-Possession ,
First-Lien ,
Interest Rates ,
Make-Whole Premium ,
Noteholders ,
Remand ,
Secured Notes ,
Subordination ,
Trustees
In In re SIMA Int'l, Inc., 2018 WL 2293705 (Bankr. D. Conn. May 17, 2018), the U.S. Bankruptcy Court for the District of Connecticut ruled that a chapter 7 trustee's rejection of an intellectual property license agreement did...more
8/14/2018
/ Bankruptcy Code ,
Chapter 7 ,
Commercial Bankruptcy ,
Debtors ,
Debtors-in-Possession ,
Intellectual Property Litigation ,
Intellectual Property Protection ,
IP License ,
Petition for Writ of Certiorari ,
Section 365 ,
Split of Authority ,
Trademark Licenses ,
Trademarks
In Mission Product Holdings, Inc. v. Tempnology, LLC (In re Tempnology, LLC), 879 F.3d 389 (1st Cir. 2018), the U.S. Court of Appeals for the First Circuit ruled that the rejection of a trademark license in bankruptcy means...more
Courts disagree as to whether the amount that a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") can recover in fraudulent transfer avoidance litigation should be capped at the total amount of unsecured claims...more
2/5/2018
/ Acquisitions ,
Bankrtupcy Code Section 550 ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Commercial Real Estate Contracts ,
Debtor-Creditor ,
Debtors-in-Possession ,
Fraudulent Transfers ,
Mergers ,
Trustees ,
UFTA
The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more
10/4/2017
/ 363 Sales ,
Appeals ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Commercial Leases ,
Commercial Tenants ,
Debt Restructuring ,
Debtors-in-Possession ,
Free and Clear Transactions ,
Landlords ,
Mortgages ,
Resorts & Restaurants ,
Sale of Assets ,
Section 365 ,
Split of Authority ,
Tenants ,
Trustees
The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more
8/15/2017
/ Appeals ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Debt Restructuring ,
Debtors ,
Debtors-in-Possession ,
Free and Clear Transactions ,
Liens ,
Liquidation ,
Mortgages ,
Sale of Assets ,
Section 363 ,
Section 506 ,
Trustees