Companies in Chapter 11 must publicly report substantial financial information — indeed, more information should be reported or available publicly in Chapter 11 than outside of Chapter 11. This paper analyzes what information...more
What Happened?
One fundamental question in any restructuring relates to the treatment of funded debt obligations, like mortgages. When the cost of prepetition debt is higher than the prevailing market rates, a debtor may...more
In Highland Capital Mgmt. v. Dondero (In re Highland Capital Mgmt.), Case No. 21-03007-sgj (Bankr. N.D. Tex. 2021), the U.S. Bankruptcy Court for the Northern District of Texas held that a debtor could not be compelled to...more
1/11/2022
/ Adversary Proceedings ,
Arbitration ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Executory Contracts ,
Limited Partnership Agreements ,
Limited Partnerships ,
Mandatory Arbitration Clauses ,
Promissory Notes ,
Section 365
In Hilal K. Homaidan v. Sallie Mae, Inc., Navient Solutions, LLC, Navient Credit Finance Corporation, Case No. 20-1981 (2d Cir. 2021), the Second Circuit affirmed the opinion of the U.S. Bankruptcy Court for the Eastern...more
In In re Nuverra Environmental Solutions, Inc., Case No. 18-3084, the Third Circuit affirmed the opinion of the District Court for the District of Delaware denying the confirmation appeal of an unsecured noteholder as...more
Recently, in In re Dura Automotive Systems, No. 19-12378 (Bankr. D. Del. June 9, 2020), the Bankruptcy Court for the District of Delaware held that granting the Official Committee of Unsecured Creditors (the Committee)...more
In its recent decision in Rodriguez v. Federal Deposit Insurance Corp., No. 18–1269 (Sup. Ct. Feb. 25, 2020), the Supreme Court held that federal courts may not apply the federal common law “Bob Richards Rule” to determine...more
3/12/2020
/ Affiliated-Business Arrangements ,
Appeals ,
Bob Richards Rule ,
Commercial Bankruptcy ,
Consolidated Tax Returns ,
Federal Common Law ,
Federal v State Law Application ,
IRS ,
Jurisdiction ,
Lack of Authority ,
Parent Corporation ,
Remand ,
Rodriguez v Federal Deposit Insurance Corp. ,
SCOTUS ,
State Law Claims ,
Tax Allocation Agreements ,
Tax Refunds ,
Vacated
In UMB Bank NA v. Sun Capital Partners V, LP (In re LSC Wind Down, LLC), Adv. Proc. No 19-50272 (Bankr. D. Del. Jan. 23, 2020), the Bankruptcy Court for the District of Delaware denied a motion to dismiss a liquidating...more
In Gavin/Solmonese LLC, Liquidation Trustee for the Citadel Creditors’ Grantor Trust, successor to Citadel Watford City Disposal Partners, L.P., et al. v. Citadel Energy Partners, LLC, et al., Ch. 11 Case No. 15-11323; Adv....more
6/27/2019
/ Breach of Duty ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditor's Committee ,
Creditors ,
Derivative Complaint ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Liquidation ,
Standing ,
Trustees
In Picard v. BAM LP (In re Bernard L. Madoff Investment Securities LLC), Adv. Pro. No. 10-04390 (Bankr. S.D.N.Y. Jan. 18, 2019), a matter arising out of the Ponzi scheme perpetrated by Bernard Madoff through Bernard L. Madoff...more
2/15/2019
/ Adversary Proceedings ,
Avoidance ,
Bankruptcy Court ,
Bernie Madoff ,
Clawbacks ,
Creditors ,
Forum Shopping ,
Fraudulent Transfers ,
Jurisdiction ,
Ponzi Scheme ,
Proof of Claims ,
SIPA
Recently, in IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC; Polo North Country Club, Inc. (In re Revel AC Inc.), No. 17-3607 (3d Cir. Nov. 30, 2018), the Third Circuit held that Section 365(h) of the Bankruptcy Code...more