Weil

Restructuring

Latest Posts

Market Trends, German Restructuring, French Restructuring, Cross-border, News

The Weil European Distress Index – March 2023

Contributor(s)

Andrew J.
Wilkinson

Anne-Sophie
Noury

Cryptocurrency Issues, Property of the Estate

Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate

Contributor(s)

Ronit J.
Berkovich

Claims, Employment, Fees, Professionals, Rules & Procedures

How Many Connections are Too Many? Bankruptcy Court Finds Multiple Attenuated Connections Not Enough to Warrant Disqualification of Debtors’ Professional

Contributor(s)

Jared
Mezzatesta

What We’re Watching, Chapter 11 Plans, Claims

Ultra IV: Make-Wholes, Never Say Never Again

Contributor(s)

Gabriel A.
Morgan

Tristan M.
Sierra

Market Trends, German Restructuring, French Restructuring, Cross-border, News

The Weil European Distress Index – October 2022

Contributor(s)

Andrew J.
Wilkinson

Anne-Sophie
Noury

Avoidance Actions, Case Overviews, Property of the Estate, Rules & Procedures

A Tale of Fraud and Overzealousness: How the Judicial Shrinkage of “Initial Transferee” Saved an Innocent Immigrant From a Corrupt Car Dealer and a Troublesome Trustee

Contributor(s)

Ronit J.
Berkovich

Cryptocurrency Issues, Financial Markets, What We're Watching

Winter in June: Distress in the Crypto Industry and Potential Regulatory Responses

Contributor(s)

Ronit J.
Berkovich

Environmental, Government

Recent Developments at the Intersection of Bankruptcy and Environmental Law

Contributor(s)

The Supposed Hierarchy of “Efforts” Clauses

Contributor(s)

News

Alexander Welch Named 2022 Outstanding Young Restructuring Lawyer by Turnarounds & Workouts

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Four Weil Partners Named 2022 Emerging Leaders by The M&A Advisor

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

International, Jurisdiction & Appeals, Litigation Issues, Setoffs

A Foreign Entity May be Subject to U.S. Bankruptcy Court Jurisdiction Simply by Utilizing a U.S. Bank Account in a Transaction with Another Foreign Entity

Contributor(s)

Ronit J.
Berkovich

Furqaan
Siddiqui

Market Trends, German Restructuring, French Restructuring, Cross-border, News

The Weil European Distress Index – June 2022

Contributor(s)

Andrew J.
Wilkinson

Anne-Sophie
Noury

Case Overviews, Constitutional Law, Fees, Jurisdiction & Appeals, News, What We're Watching

Supreme Court Resolves Split on U.S. Trustee Fees

Contributor(s)

News

Michael J. Aiello and Ronit Berkovich Named Northeast Trailblazers by The American Lawyer

Contributor(s)

David
Griffiths

News

Kevin Bostel Named 2022 Rising Star for Bankruptcy by Law360

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Corporate Governance & Fiduciary Duties, Estoppel, Litigation Issues

Statute of Limitations, Res Judicata, and Collateral Estoppel—Oh My! Asserting Affirmative Defenses in Delaware Bankruptcy Court

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Corporate Governance & Fiduciary Duties, Litigation Issues, Post-Confirmation Issues, Sponsor/Owner Series, Valuation

ASHINC or Swim Case Study: Lessons for Private Equity Sponsors on Risks Relating to Distressed Portfolio Companies (Part II: Breach of Fiduciary Duty)

Contributor(s)

Ronit J.
Berkovich

Chapter 13, Automatic Stay, Avoidance Actions, Breaking the Code, Case Overviews, Chapter 11 Trustees & Examiners, Jurisdiction & Appeals, Litigation Issues, Property of the Estate, Secured Claims, What We're Watching

Courts Begin to Wrestle with the Impact of City of Chicago, Illinois v. Fulton on a Debtor’s Ability to Recover Estate Property

Contributor(s)

Jennifer Brooks
Crozier

Avoidance Actions, Case Overviews, Chapter 15, What We're Watching

Avoiding Foreign Transfers Based on Foreign Law Claims: Norske Case Favors Flexible Approach to Safe Harbor Analysis in Chapter 15

Contributor(s)

Andriana
Georgallas

Theodore
Heckel

Assumption & Rejection, Automatic Stay, Chapter 11 Plans, Chapter 15, Cramdown, DIP Financing, Executory Contracts & Unexpired Leases, Financing, International, Jurisdiction & Appeals, Out-of-Court Restructuring, Pre-Filing Considerations, What We're Watching

Aviation Chapter 11 Cases Take Flight

Contributor(s)

Case Overviews, Jurisdiction & Appeals, Pre-Filing Considerations

Far and Wide: Bankruptcy Court’s Expansive Definition of “Property” Under Section 109(a)

Contributor(s)

Automatic Stay, Chapter 11 Plans, Jurisdiction & Appeals, Litigation Issues, Pre-Filing Considerations, Releases & Exculpations, Rules & Procedures, Third Party Claims, What We're Watching

Will We Have New Rules for Corporate Bankruptcies? Recently Proposed Legislation That Could Reform Chapter 11 Practice

Contributor(s)

Furqaan
Siddiqui

Due Process Concerns, Insurance, Releases & Exculpations, Rules & Procedures

No Procedural Notice, No Problem: 11th Circuit Affirms Due Process Not Violated Where Debtor Provides Actual Notice

Contributor(s)

Jillian
McMillan

363 Sales, Tax Issues

Structuring a Section 363 Sale as a “G” Reorganization

Contributor(s)

Stuart
Goldring

News

Are Consequential Damages Recoverable for Breach of a Contractual Obligation to Pay a Sum of Money?

Contributor(s)

News

Weil Named 2021 Law360 Bankruptcy Practice Group of the Year

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Automatic Stay, Case Overviews, Chapter 7 Trustees, Financial Markets, Litigation Issues, Property of the Estate

Lenders Beware: Lender Liability is Real and Can Cost You Dearly

Contributor(s)

Ronit J.
Berkovich

Alejandro
Bascoy

News

Weil Recognized for 2021 Restructuring Successes by Turnarounds & Workouts

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Case Overviews, Claims, Distressed Debt Funds, Financing, Litigation Issues, Post-Confirmation Issues, Sponsor/Owner Series, Third Party Claims

ASHINC or Swim Case Study: Lessons for Private Equity Sponsors on Distressed Portfolio Company Risks (Part I: Sponsor Breach of Company Loan Agreement)

Contributor(s)

Ronit J.
Berkovich

Bar Dates, Claims, Due Process Concerns, Proofs of Claim

The Bar Date Notice: Two Recent Cases Show Us There May Be More (Yes, More!) To Learn When It Comes to Providing Notice of a Debtor’s Bar Date

Contributor(s)

News

Ten Weil Partners Named Leading U.S. Bankruptcy and Restructuring Leaders by Lawdragon in 2022

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Weil Named Among 2021 Law360 Firms of the Year, Wins Five Practice Group of the Year Awards

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Arbitration, Assumption & Rejection, Case Overviews, Executory Contracts & Unexpired Leases

Arbitrate? You Can’t Make Me! Rejection Trumps Arbitration, Says Texas Bankruptcy Court

Contributor(s)

Ronit J.
Berkovich

363 Sales, Case Overviews, Chapter 7 Trustees, Real Estate, Rules & Procedures, Valuation

Going, Going, Gone: Third Circuit Confirms Auction Outcome Can Be Strong Evidence of Fair Value

Contributor(s)

David
Griffiths

Justin
Armstrong

News

Ronit Berkovich Named Among 2022 Notable Women in Law by Crain’s New York Business

Contributor(s)

David
Griffiths

Chapter 11 Plans, Mass Torts, Releases & Exculpations, Third Party Claims, What We're Watching

In Vacating Purdue Pharma’s Confirmation Order, the District Court Determines that the Plan’s Nonconsensual Third-Party Releases Are Not Statutorily Authorized

Contributor(s)

Chapter 15, Claims, International, Litigation Issues, Pre-Filing Considerations

Clearing a Runway to Litigating Claims: The Principle of Comity and Pre-Litigation Discovery in Chapter 15 Cases

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Constitutional Law, Energy Sector, Government, Litigation Issues, Post-Confirmation Issues

The Third Circuit Lets the Katz Out of the Bag: No Sovereign Immunity for California in the Post-Confirmation Venoco Dispute

Contributor(s)

Ronit J.
Berkovich

Austin
Crabtree

Market Trends, German Restructuring, French Restructuring, Cross-border, News

The Weil European Distress Index

Contributor(s)

Andrew J.
Wilkinson

Anne-Sophie
Noury

Administrative Expenses, Claims, Mass Torts

Prepetition Claim or Postpetition Claim? The Timing of a Claim When A Debtor’s Prepetition Wrongful Actions Continue Postpetition

Contributor(s)

Ronit J.
Berkovich

Valuing Business Interruption Claims in a Post-Pandemic World

Contributor(s)

News

David Griffiths Named to American Bankruptcy Institute’s 2021 40 Under 40

Contributor(s)

Ronit J.
Berkovich

News

Three Weil Partners Win 2021 TMA Turnaround and Transaction of the Year Awards

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Matt Barr, Gary Holtzer and Ray C. Schrock Named 2021 Crisis Leadership Trailblazers by The National Law Journal

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Five Weil Partners Named 2021 Emerging Leaders by The M&A Advisor

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Corporate Governance & Fiduciary Duties

Contractually Reimposing Fiduciary Duties in an LLC Operating Agreement Despite Clause Waiving Fiduciary Duties

Contributor(s)

Case Overviews, What We're Watching

The New Normal: Impact of the Global Pandemic on U.S. Restructurings

Contributor(s)

David
Griffiths

Case Overviews, Government, News, What We're Watching

Bankruptcy No Sanctuary Against Government Enforcement Actions: NRA’s Chapter 11 Case Dismissed as Bad Faith Filing

Contributor(s)

Ronit J.
Berkovich

Claims, Proofs of Claim, Subordination & Recharacterization

Debt or Equity? SDNY Bankruptcy Court Says “Equity” in a Recent Case Involving Recharacterization of a Party’s Debt Claim as Equity

Contributor(s)

Avoidance Actions, Case Overviews, Chapter 15, What We're Watching

Avoiding Foreign Transfers Based on Foreign Law Claims: Fairfield Sentry Cases Illustrate Broad Scope of Safe Harbor in Chapter 15

Contributor(s)

Andriana
Georgallas

Theodore
Heckel

Assumption & Rejection, Executory Contracts & Unexpired Leases, Pre-Filing Considerations

Executory or Not Executory? That is the Question – NJ Bankruptcy Court Rules That Court-Ordered Specific Performance Renders a Contract Non-Executory

Contributor(s)

Jacqueline
Marcus

363 Sales, Pre-Filing Considerations

Transferring Personally Identifiable Information in Bankruptcy M&A – Part 3

Contributor(s)

Weil Represents Norwegian Air in Obtaining Chapter 15 Recognition of Successful Cross-Border Restructuring

Contributor(s)

Avoidance Actions, Case Overviews, Chapter 11 Trustees & Examiners, Chapter 7 Trustees, Government, Lookback Period, What We're Watching

No Time Runs against the King (IRS): The Golden Creditor Rule and its Discontents

Contributor(s)

Litigation Issues, Settlement

A Reminder That a 9019 Motion Is Not a Slam Dunk: Bankruptcy Court Denies 9019 Motion After Determining That Approving Certain Findings Required By Settlement Would Amount to Inappropriate Advisory Opinion

Contributor(s)

Ronit J.
Berkovich

Ryan C.
Rolston

Due Process, Bar Dates, Breaking the Code, Case Overviews, Claims, Constitutional Law, Mass Torts, Post-Confirmation Issues

Adjust Your Focus When Due Process Requirements Are Blurry: Third Circuit Finds Kodak’s Notice of Publication Sufficient for Unknown Tort Claimant

Contributor(s)

News

Ray C. Schrock Honored by Her Justice in 2021

Contributor(s)

David
Griffiths

Ronit J.
Berkovich

News

Candace Arthur Named 2021 Outstanding Young Restructuring Lawyer by Turnarounds & Workouts

Contributor(s)

David
Griffiths

Ronit J.
Berkovich

Administrative Expenses, Case Overviews, Claims, Energy Sector, Litigation Issues, News, Post-Confirmation Issues, What We're Watching

The Aftermath of a Complicated Breakup: Third Circuit Holds Stalking Horse Bidder in Terminated Transaction May Assert Potential Administrative Expense Claim Notwithstanding Disallowance of Its Termination Fee

Contributor(s)

Ronit J.
Berkovich

Setoffs, Third Party Claims

No Setoff Here: Third Circuit Resolves Triangular Setoff Debate Once and for All

Contributor(s)

Ryan C.
Rolston

Chapter 11 Plans, Due Process Concerns, Jurisdiction & Appeals, Litigation Issues, Post-Confirmation Issues

What’s Done is Done: Third Circuit Upholds Equitable Mootness and Rules Out Possibility of Individualized Relief for Timely Objecting Party

Contributor(s)

Corporate Governance & Fiduciary Duties, Insurance, Pre-Filing Considerations

Wear Your Mask, Keep Your Distance and…Update Your D&O Insurance

Contributor(s)

Ronit J.
Berkovich

Claims, Due Process Concerns, Mass Torts, Proofs of Claim

Manville Channeling Order Still Effective After More Than 30 Years

Contributor(s)

Jacqueline
Marcus

Avoidance Actions, Case Overviews, Litigation Issues, What We're Watching

Delaware Bankruptcy Court Weighs in: Debtors Are Not Excluded From Bankruptcy Code’s Definition of “Financial Participant” and Safe Harbor

Contributor(s)

Theodore
Heckel

Corporate Governance & Fiduciary Duties, Litigation Issues, News, Post-Confirmation Issues, What We're Watching

Officers of Selling Companies May Escape Fiduciary Duty Liability But May Be Required to Return Change of Control Payments if Company is Insolvent Post-Closing (Nine West Part 2)

Contributor(s)

Ronit J.
Berkovich

Automatic Stay, Government, Litigation Issues, Pre-Filing Considerations, Property of the Estate, Secured Claims, What We're Watching

Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

Contributor(s)

Alejandro
Bascoy

Robert
Niles-Weed

Case Overviews, Chapter 11 Plans, Fees, Jurisdiction & Appeals, Post-Confirmation Issues, What We're Watching

In re Buffets: A Fees-t for the United States Trustee

Contributor(s)

363 Sales, Litigation Issues, What We're Watching

Attention Buyers of Assets in Bankruptcy: How To Be A Good Faith Purchaser and Ensure Any Post-Closing Challenges Will Be Dismissed as Statutorily Moot Under Section 363(m) of the Bankruptcy Code

Contributor(s)

Ronit J.
Berkovich

Theodore
Heckel

Claims, Letters of Credit

Tenth Circuit BAP Decision Authorizes Claim for Postpetition Interest
Under 506(b): Read the Fine Print!

Contributor(s)

Jacqueline
Marcus

Ryan C.
Rolston

Corporate Governance & Fiduciary Duties, Litigation Issues, News, Post-Confirmation Issues, What We're Watching

Warning to Directors of Selling Companies: Breach of Fiduciary Duty Liability May Exist for Failure to Investigate and Ensure Solvency of Company Post-Closing and Propriety and Effect of All Related Transactions (But You Can Protect Yourself)

Contributor(s)

Ronit J.
Berkovich

Breaking the Code, Case Overviews, Chapter 11 Plans, Claims, Jurisdiction & Appeals, Post-Confirmation Issues, Rules & Procedures

Yeah, We Can Take It – Texas Bankruptcy Court Defines the Scope of Its Post-Confirmation Jurisdiction

Contributor(s)

Executory Contracts & Unexpired Leases, Real Estate, Securitizations & Hedges

Eastern District of Virginia Bankruptcy Court Finds Landlord’s Lender Has No Right to Enforce Landlord’s Lease with Bankrupt Retailer

Contributor(s)

Ronit J.
Berkovich

News

Four Weil Partners Named 2020 Emerging Leaders by The M&A Advisor

Contributor(s)

Ronit J.
Berkovich

News

Weil Wins Two 2020 Law360 Practice Group of the Year Awards

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Candace Arthur Profiled as Top Young Restructuring Lawyer by Bloomberg Law

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Ray C. Schrock Named 2021 Fellow of The American College of Bankruptcy

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Sunny Singh Named to American Bankruptcy Institute’s 2020 40 Under 40

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Ray C. Schrock Profiled as Law360 Bankruptcy MVP for 2020

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Third Circuit Decision Provides New Guidance on the Unfair Discrimination Standard of Cramdown and the Enforcement of Subordination Agreements When Confirming Cramdown Plans

Contributor(s)

Ronit J.
Berkovich

Theodore
Heckel

News

Weil Wins Top Honors at IFLR1000 U.S. Awards in 2020

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

363 Sales, Pre-Filing Considerations

Transferring Personally Identifiable Information in Bankruptcy M&A – Part 2

Contributor(s)

363 Sales, Pre-Filing Considerations

Transferring Personally Identifiable Information in Bankruptcy M&A – Part 1

Contributor(s)

News

Jessica Liou Named 2020 Rising Star for Bankruptcy

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

An Asset Purchase That Wasn’t—Beware the De Facto Merger Doctrine in Distressed M&A

Contributor(s)

News

Gabriel A. Morgan Named an Outstanding Young Restructuring Lawyer in 2020 by Turnarounds & Workouts

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Ray C. Schrock Named a Top Restructuring Lawyer for 2020 by Business Insider

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Ray C. Schrock Named a 2020 Dealmaker of the Year by The American Lawyer

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Avoidance Actions, Case Overviews, Constitutional Law, Jurisdiction & Appeals, Litigation Issues, Property of the Estate

Fraudulent Transfer Claims Avoid State Sovereign Immunity, But Only If a Property Interest Exists Under State Law

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Financing, Secured Claims

Covenant of Good Faith and Fair Dealing Examined: La Paloma

Contributor(s)

Ronit J.
Berkovich

Supreme Court Will Tell Us Soon if Creditor Violates Automatic Stay by Passively Retaining Debtor’s Property

Contributor(s)

Ronit J.
Berkovich

Automatic Stay, Case Overviews, Jurisdiction & Appeals, Rules & Procedures

Denial of Stay Relief is a Final Order, Says the U.S. Supreme Court

Contributor(s)

Ronit J.
Berkovich

News

Weil Wins Five 2019 Law360 Practice Group of the Year Awards

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Delaware District Court Affirms Decision Holding Triangular Setoffs Are Not Permitted

Contributor(s)

Ronit J.
Berkovich

Andriana
Georgallas

363 Sales, Case Overviews, Healthcare, What We're Watching

Bankruptcy Court Confirms High Burden to Find Material Adverse Effect in Asset Purchase Agreement

Contributor(s)

Ronit J.
Berkovich

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Jurisdiction & Appeals, Releases & Exculpations, Stern Files

Just “Released” by the Third Circuit: In re Millennium Lab Holdings II Key Takeaways

Contributor(s)

Ronit J.
Berkovich

Avoidance Actions, Litigation Issues, What We're Watching

It’s (Still) Alive! The Second Circuit Throws the 546(e) Safe Harbor a Lifeline Post Merit Management

Contributor(s)

Alexander
Welch

Chapter 11 Plans, Claims, What We're Watching

Ultra III: Make-Whole Never Dies

Contributor(s)

David
Griffiths

Portfolio Company, Employment, Financial Markets, Litigation Issues

Sun Capital Update: First Circuit Rules Affiliated Investment Funds Not Responsible for Portfolio Company’s Pension Liability, Reversing District Court

Contributor(s)

News

Jessica Liou Named to American Bankruptcy Institute’s 2019 40 Under 40

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

David Griffiths Named 2019 Rising Star for Bankruptcy by Law360

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Chapter 15, International

syncreon’s Financial Restructuring Implemented by Landmark English Schemes of Arrangement with Parallel Chapter 15 and CCAA Recognition

Contributor(s)

Andrew J.
Wilkinson

News

Three Weil Partners Honored with 2019 Turnaround and Transaction of the Year Awards

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Weil Ranked Among Standout Firms for Restructuring and Insolvency by Global Restructuring Review in 2019

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

News

Four Weil Partners Named 2019 Emerging Leaders by The M&A Advisor

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Assumption & Rejection, Executory Contracts & Unexpired Leases, Intellectual Property, What We're Watching

Supreme Court Sides with Trademark Licensees in Rejection Dispute

Contributor(s)

Ronit J.
Berkovich

New tax developments for insolvency and restructuring deals

Contributor(s)

Automatic Stay, Pre-Filing Considerations, Setoffs

The Devil is in the Details … The Doctrine of Recoupment

Contributor(s)

Gabriel A.
Morgan

Avoidance Actions, Case Overviews, Litigation Issues, What We're Watching

Safe Harbor Re-Opened? SDNY Revisits Merit Management

Contributor(s)

Momentive Noteholders Entitled to “Process Efficient” Market Interest Rate on Cramdown Replacement Notes

Contributor(s)

David
Griffiths

Assumption & Rejection, Executory Contracts & Unexpired Leases

Sold or Rejected? To Be or Not to Be ― Executory

Contributor(s)

News

Two Weil Partners Named Among Turnarounds & Workouts’ Outstanding Young Restructuring Lawyers for 2019

Contributor(s)

Ronit J.
Berkovich

Assumption & Rejection, Executory Contracts & Unexpired Leases

Double Trouble: The Executory Effect of a Clerical Error

News

Marcia Goldstein and Ronit Berkovich Named 2019 Dealmakers of the Year by The American Lawyer

Contributor(s)

David
Griffiths

Professionals, Rules & Procedures

To Retain (Under Section 327(a) or 363(b) of the Bankruptcy Code) or Not to Retain? Retention of Liquidation Consultants in Bankruptcy Cases

Credit Bidding, 363 Sales

Partial Credit Bidding: The Potential for Subtracting a Portion of a Credit Bid to Unwind a Purchase Agreement

Contributor(s)

Corporate Governance & Fiduciary Duties

Serving on the Board of Your Portfolio Company: Be Careful What You Share in Emails and Texts Among You and Your Firm’s Other Designated Board Members

Contributor(s)

D&O Insurance and the Bankrupt Portfolio Company—Are the Director Designees of PE Owners Actually Covered?

Contributor(s)

Robert
Carangelo

Chapter 7 Trustees, Due Process Concerns, Litigation Issues, Property of the Estate

Law of the Case Doctrine in Bankruptcy

Contributor(s)

Case Overviews, Chapter 15, Due Process Concerns, International

The High Burden to Satisfy the “Manifestly Contrary to Public Policy” Standard of Chapter 15

Contributor(s)

Ronit J.
Berkovich

Chapter 11 Plans, Claims, What We're Watching

Ultra Petroleum Corp. Make-Whole Saga Continues

Contributor(s)

Alfredo R.
Perez

News

Weil Named 2018 Bankruptcy Practice Group of the Year

Chapter 11 Plans, Claims, What We're Watching

To Make-Whole … or Not

Contributor(s)

Alfredo R.
Perez

Corporate Governance & Fiduciary Duties

Financial Reporting in 2019: What Management and the Audit Committee Need to Know (and Ask)

Contributor(s)

Catherine
Dixon

Second Liens Beware
Delaware Bankruptcy Court Finds De Facto Claim Subordination Under Intercreditor Agreement

Contributor(s)

News

Marcia Goldstein Named Among “Notable Women in Law” in 2019

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Triangular Setoff Impermissible Under Section 553: No Contracting or Theorizing Around It, Section 553 Requires Mutuality

Contributor(s)

Ronit J.
Berkovich

Andriana
Georgallas

Holiday Posts, Dismissal, Real Estate

Home for the Holidays: A Tale of My Local Shopping Center (and its Dismissal from Chapter 11 for Cause)

Contributor(s)

Ronit J.
Berkovich

Happy Holidays from Weil’s Business Finance & Restructuring Group!

Contributor(s)

Ronit J.
Berkovich

David
Griffiths

Chapter 15 Recognition of Third-Party Releases in Cross-Border Restructurings

Contributor(s)

David
Griffiths

Alexander
Welch

News

Claire’s Stores, Inc.: A Proactive Approach to Portfolio Company Governance

Comity for Croatia: S.D.N.Y. Decision in Agrokor Reinforces Respect for Foreign Rulings in Chapter 15

Contributor(s)

Ronit J.
Berkovich

Assumption & Rejection, Executory Contracts & Unexpired Leases, Intellectual Property, What We're Watching

Supreme Court Grants Certiorari in Trademark License Case

Contributor(s)

Ronit J.
Berkovich

Humor

“It’s the Great [Non-Article III] Pumpkin, Charlie Brown”: A Weil Bankruptcy Blog Séance

Avoidance Actions, Case Overviews

Going Once, Going Twice: Avoiding a Prepetition Foreclosure Sale in Chapter 11

Contributor(s)

There is Such a Thing as a “Material Adverse Effect”: Delaware Court Supports Buyer’s Right to Terminate

Contributor(s)

Claims, Insurance, Tax Issues

In Case of Fire, File a Claim

Contributor(s)

Financial Markets, Jurisdiction & Appeals, Litigation Issues, What We're Watching

A Momentous Rejection: United States Supreme Court Declines to Review Second Circuit’s Momentive Make-Whole Opinion

Contributor(s)

David
Griffiths

Case Overviews, Corporate Governance & Fiduciary Duties, Litigation Issues

Seventh Circuit Affirms Summary Judgment Decision Piercing the Corporate Veil Considering Egregious and Uncontested Facts

Claims, Distressed Debt Funds

A Cautionary Tale for Claims Traders and Other Contract Counterparties

Contributor(s)

David
Griffiths

Avoiding a Dog’s Breakfast—Some Timely Reminders of How to Effectively Limit the Universe of Purported Representations upon which Fraud Claims Can be Made

Contributor(s)

Chapter 11 Plans, Property of the Estate

Wasn’t Me: The Insured vs. Insured Exclusion (“Side A”)

Credit Bidding, Case Overviews, Distressed Debt Funds, Secured Claims, Valuation

Delaware Bankruptcy Court Declines to Bind Credit Bidders to the Mast

Contributor(s)

Chapter 11 Plans

Tenth Circuit B.A.P. on Novinda’s Classification: No Gerrymandering, No(n)-Creditor Interest, No Problem

Contributor(s)

Andriana
Georgallas

Getting off on the Right Foot: Bankruptcy Court Rejects U.S. Trustee’s Unconventional Position That Management Consultant Must be Retained Under Section 327 of the Bankruptcy Code

Chapter 11 Plans, Plan Solicitation & Voting

Absolute(ly) No – A Reminder That When It Comes to Reorganization, Equity Comes Last

Contributor(s)

Avoidance Actions, Case Overviews, Pre-Filing Considerations

A Check is Transferred When It's Honored, Not Delivered

Contributor(s)

Chapter 11 Plans, Cramdown

Joint Plan Cramdown: Per Plan or Per Debtor?

Contributor(s)

Assumption & Rejection, Executory Contracts & Unexpired Leases, Intellectual Property, What We're Watching

From Gucci to Knock-off: How Bankruptcy Leaves Trademark Licensees at Risk

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Due Process Concerns, International, Jurisdiction & Appeals, Litigation Issues, Stern Files

In Advance Watch, SDNY Bankruptcy Court Offers How-To Guide on Serving Process on Foreign Defendants and Applies Broad Implied Consent Standard under Stern and Wellness

Contributor(s)

Ronit J.
Berkovich

Case Overviews, Chapter 11 Plans, Cramdown, Plan Solicitation & Voting, Secured Claims

Upon Further Review, Ninth Circuit Finds No Flag On the Play – Creditor Allowed to Block a Cram-Up Plan Following Claims Purchases

Contributor(s)

David
Griffiths

Jurisdiction & Appeals

Are Attendance and Objection in Bankruptcy Court Prerequisites for Appellate Standing?

Corporate Governance & Fiduciary Duties

The Fifth Circuit Considers Enforceability of Bankruptcy Blocking “Golden Share” Provisions in Franchise Services

Contributor(s)

Ronit J.
Berkovich

Jurisdiction & Appeals

Momentive Court Declines to Dismiss Creditors’ Appeals as Equitably Moot

Contributor(s)

David
Griffiths

News

Weil Remembers Stephen Youngman

Usury Bites—A Refresher on an Easily Overlooked Issue in the Restructuring and Private Equity Arenas

Contributor(s)

Case Overviews, Chapter 11 Plans, Cramdown, Litigation Issues, Plan Solicitation & Voting

U.S. Bank N.A. v. Village at Lakeridge, LLC

Contributor(s)

Ronit J.
Berkovich

London Restructuring Bulletin: What will 2018 hold?

Contributor(s)

Andrew J.
Wilkinson

Chapter 11 Plans, Cramdown, Secured Claims

Second Circuit Allows Efficient Market Interest Rates For Cramdown Loans

Contributor(s)

David
Griffiths

363 Sales, Chapter 11 Plans, Distressed Debt Funds, Jurisdiction & Appeals, Post-Confirmation Issues

The Cloak of Good Faith: Protecting Bankruptcy Sales from Appellate Review

Case Overviews, CERCLA, Environmental, Estoppel, Settlement

No Contradiction in Contribution: Tenth Circuit Finds that Bankruptcy Court Approval of Settlement of CERCLA Environmental Claims Does Not Estop Subsequent CERCLA Contribution Claim

Fees, Professionals

Fees, Fees, Fees: SDNY Bankruptcy Court Questions the Ongoing Validity of the “Blackstone Protocol” for Investment Banker Fees in Chapter 11 Cases

Chapter 11 Plans, What We're Watching

BREAKING NEWS: Structured Dismissals Survive Supreme Court Scrutiny, Strict Adherence to Absolute Priority Rule Specified

Contributor(s)

David
Griffiths

Case Overviews, Chapter 11 Plans, Releases & Exculpations

The Thirteenth Labor of Hercules: Bankruptcy Court Confirms Hercules Offshore Chapter 11 Plan, Approving Debtor Releases Over Committee Objections

Contributor(s)

Stephanie
Morrison

Case Overviews, Corporate Governance & Fiduciary Duties

District Divided: Tribune Decision Creates SDNY Split over Standard for Imputing Officer and Director Intent to a Corporation

Avoidance Actions, International

Extra-territorial Transfers Don’t Phone Home: Revisiting the Presumption Against Extraterritoriality in Ampal–American

Can’t Hide Behind the Veil (When It isn’t Pierced): Court Denies Bankrupt LLC Member’s Attempt to Use the Automatic Stay to Shield Himself from Litigation

Insurance, Setoffs

Recoupment – Is it the same transaction?

Contributor(s)

Chapter 9, Government

Taxing Legal Marijuana: A Hazy Issue for Municipal Bankruptcy

Plan Solicitation & Voting

Chapter 22 Commencement to Confirmation in Just 6 days: Exploring Roust Corporation

Contributor(s)

Andriana
Georgallas

Bar Dates, Proofs of Claim, Rule 3003

Notice over Science: Delaware Bankruptcy Court Enforces Bar Date Against Asbestos Creditor Based on Actual Notice Standard

Jurisdiction & Appeals, Litigation Issues

Eleventh Circuit Agrees with Seventh Circuit that an Unauthorized Bankruptcy Court Order Is Not a “Judgment, Order, or Decree” for Purposes of 28 U.S.C. § 158(d)(2)(A)

Litigation Issues, Out-of-Court Restructuring

Marblegate Ruling is Reversed on Appeal: Second Circuit Adopts Narrow Interpretation of TIA Section 316(b)

Contributor(s)

Miranda S.
Schiller

Claims, Real Estate

To Cap or Not to Cap: Ninth Circuit Vacates Order of District Court and Revisits Section 502(b)(6)

Contributor(s)

Chapter 11 Plans, Constitutional Law, Employment, Releases & Exculpations, Third Party Claims

Speak Now and Forever Hold Your Release: Gawker Breaks News One Last Time

London Restructuring Bulletin: Looking Ahead to 2017

Contributor(s)

Andrew J.
Wilkinson

Avoidance Actions, Financial Markets, Pre-Filing Considerations

Seventh Circuit Exposes Leveraged Buy-Outs to Avoidance Risk in FTI v. Merit Management

Litigation Issues, Out-of-Court Restructuring

Court Rejects §316(b) Claims in Cliffs Natural Resources

Contributor(s)

Miranda S.
Schiller

Chapter 11 Trustees & Examiners

Chapter 11 Trustee Appointed by Southern District of New York Bankruptcy Court in In re China Fishery Group Limited

What’s a Cure, Anyway? Ninth Circuit Holds Creditor Entitled to Post-Default Interest Rate

Corporate Governance & Fiduciary Duties

Bankruptcy Court Weighs in on Delaware’s Prohibition on Deepening Insolvency Claims and Claims Against Directors Based on Relationship with Majority Shareholder

How a “Voluntary” Default under An Indenture Converted an Optional Redemption Provision into a Mandatory Redemption Provision Requiring Payment of a Make-Whole Premium

Contributor(s)

Automatic Stay, Canadian Restructuring Issues, Chapter 15

Return to Sender? Domestic Reach of Foreign Stay Can Be Modified in Chapter 15 Recognition Order, Without Trip to Foreign Court

Avoidance Actions

A Setoff Question of First Impression

Contributor(s)

Chapter 7 Trustees, Claims

Same As It Ever Was: Seventh Circuit Reaffirms Narrow Construction of Informal Proof of Claim Doctrine

Contributor(s)

Claims

Get to the Back of the Line! Delaware Bankruptcy Court Holds C-Suite Stock Compensation was Equity Security Not General Unsecured Claim

Contributor(s)

Andriana
Georgallas

Tinkering With Ipso Facto Provisions In Financial Contracts Could Send Them Sailing Out of Safe Harbors

You Can't Buy Me Love and You Can't Buy a 363(f) Order

Jurisdiction & Appeals

Back to Square One … Eighth Circuit Bankruptcy Appellate Panel Reverses Motion to Dismiss Bankruptcy Case Based on Reversal of Three Year Old Ruling

Financial Markets, International

ICYMI . . . Sovereign debt restructuring: what can we learn from Argentina, Greece and Ukraine?

Contributor(s)

Andrew J.
Wilkinson

Kirsten
Erichsen

Assumption & Rejection, Executory Contracts & Unexpired Leases

Subjective Intent to Assume Unexpired Lease of Nonresidential Real Property Deemed Insufficient

Contributor(s)

Avoidance Actions

District Court Denies Interlocutory Appeal of Protective Order

Jurisdiction & Appeals, Professionals, Rules & Procedures

First Circuit Affirms Sanctions Order From Massachusetts Bankruptcy Court Requiring Bankruptcy Attorney to Return to Law School For Ethics Class

Pre-Filing Considerations

Court Declines to Convert a Chapter 12 Case to a Chapter 11 Case

Supreme Court Construes “Actual Fraud” Broadly, Resolving Circuit Split

Chapter 11 Plans, Property of the Estate

Court Finds that Absolute Priority Rule Applies in Individual Chapter 11 Cases

363 Sales, Litigation Issues, Property of the Estate

Know When to Fold ‘Em – Texas Bankruptcy Court Enjoins Losing Bidder’s “Sour Grapes” Attempt to Bring Derivative Claims Under the Guise of Direct Claims

Chapter 9, Government, News

Federal Government Enacts New Restructuring Law for U.S. Territories and Their Instrumentalities

Contributor(s)

Gabriel A.
Morgan

Not So Swift: Delaware District Court Gives Remedial Lesson in Basic Contract Law Finding that an RSA Would Likely Be Enforced According to Its Terms

Post-Confirmation Issues

Lesson Learned: Sometimes Paying Zero Is Still Too Much for Student Debtors

Happy July Fourth from the Weil Bankruptcy Blog

Court Approves Key Employee Incentive Plan, Finding it is Not a Disguised Retention Plan

Contributor(s)

Bankruptcy Beach Reading

The Rule Against Perpetuities May Be Forgotten, But It Should Not Be Ignored—It May Still Affect the Validity of Your Deal

Contributor(s)

Chapter 7 Trustees

Judge Tosses Bad Faith Involuntary Filing Primarily Seeking Management Change

EFH Court Refuses to Entertain “Legal Fiction,” Dismisses First-Lien Trustee’s Turnover Action Against Second-Lien Noteholders to Recover Make-Whole Not Payable by Debtors

Contributor(s)

Kirsten
Erichsen

News

ICYMI . . .The Transactional Common Interest Privilege in New York–Common, But Not So Privileged

Contributor(s)

Executory Contracts & Unexpired Leases

According to One Bankruptcy Court, the “Wrangle Over Executoriness May be a Tale ‘Full of Sound and Fury, Signifying Nothing’"

Claims

Wholesale Assignment of Causes of Action Does Not Establish “Related To” Jurisdiction in Delaware Bankruptcy Court

Claims

Do Bankruptcy Courts Have Jurisdiction Over Out-of-the-Money Claims Disputes?

No American Horror Drama TV Series, but Close: Chapter 11 Case Dismissed as Resembling “Walking Dead”

Contributor(s)

Andriana
Georgallas

Financial Markets, International

ICYMI . . . EU Referendum

Contributor(s)

Andrew J.
Wilkinson

Chapter 7 Trustees, Jurisdiction & Appeals, Professionals

Not So Fast: Sixth Circuit Dismisses Appeal of Bankruptcy Court Order Denying Approval of Proposed Settlement Agreement For Lack of Jurisdiction

Contributor(s)

Arbitration, Chapter 11 Plans, Intellectual Property, Litigation Issues, Post-Confirmation Issues

Barred by Res Judicata & Judicially Estopped – Court Finds That Netflix Has No Chill

Avoidance Actions

When is Conduct Ordinary Enough to Constitute Conduct in the “Ordinary Course of Business”?

Corporate Governance & Fiduciary Duties

All That Glitters: Golden Share Can’t Dismiss Bankruptcy

Chapter 11 Plans, Secured Claims

Third Circuit Adopts Nuanced View of “Equal Treatment” in Context of Pre-Plan Settlement Offers

Involuntary Petitions

Keep Your Fights Out of Bankruptcy Court: Bad Faith Involuntary Petitions

Schedules & SOFAs

Keep to the Schedule: How a Failure to List Affirmative Claims in a Debtor’s Schedules Can Preclude Recovery in Future Actions

Claims

Not All “Claims” Were Created Equal

Contributor(s)

MLB, McCourt and Magic: Revisiting the Los Angeles Dodgers’ Bankruptcy Five Years Later

Avoidance Actions

Third Circuit Agrees, No Aggregation of Claims Among Creditors to Defeat Preference Minimum Thresholds

Contributor(s)

Claims

Proceed with Caution: 11th Circuit Holds Debt Collectors May Face Penalties under FDCPA for Filing Proofs of Claims in Bankruptcy for Time-Barred Claims

Contributor(s)

Are you Covered? The Insured v. Insured Exclusion

Contributor(s)

Lookback Period

Lookback Period – Twelve Weeks (pt. 4)

Lookback Period

Lookback Period – Twelve Weeks (pt 3)

Lookback Period

Lookback Period – Twelve Weeks (pt 2)

Lookback Period

Lookback Period – Twelve Weeks

Jurisdiction & Appeals

Court Refuses to Apply “Divestiture Doctrine” in Denying Creditors’ Committee Stay Pending Appeal

Financing, Jurisdiction & Appeals

The Marblegate Oral Argument in the Second Circuit Court of Appeals

Humor, Professionals, Rules & Procedures

Lessons in Local Rules and Civility

Post-Confirmation Issues

The Battle of the Student Loan Discharge

Assumption & Rejection

Section 365(a) – Cherry Picking Executory Contracts

Assumption & Rejection

Fifth Circuit Holds That Assumption of a Real Property Lease Is Effective Upon Entry of an Agreed Order

Avoidance Actions

Third Circuit Agrees That When it Comes to Fraudulent Transfers, There’s No Room for 20/20 Hindsight

Administrative Expenses, Automatic Stay, Claims, Property of the Estate

BREAKING: Automatic Stay Releases Airplane Hostage and Shoots Down Landlord’s Administrative Expense

Case Overviews, Humor

Backstage Rider Demands: 10 Bottles of Dom Perignon, M&Ms (Absolutely No Brown Ones!), Two Ice Cream Cakes, and a DIP Carve Out

Contributor(s)

Valuation Outside the Box: Southern District of Texas Affirms the Bankruptcy Court’s Discretion to Select Appropriate Valuation Methodologies

Contributor(s)

Gabriel A.
Morgan

Jurisdiction & Appeals

What Are You Doing in This Court? SDNY Bankruptcy Court Transfers Post-Confirmation, State Law Dispute with Non-Debtors Back to the “Home” Bankruptcy Court

Jurisdiction & Appeals

Toto, We Are Staying in Kansas: Bankruptcy Court Declines to Transfer Related Case to Delaware

Dismissal, Jurisdiction & Appeals, Pre-Filing Considerations

Lake Michigan Part II: Bad Faith Analysis

Post-Confirmation Issues

Southern District of New York Reopens Atari’s Bankruptcy Cases

Jurisdiction & Appeals, Litigation Issues, Stern Files

Wellness International Network v. Sharif: An In-Depth Review

Contributor(s)

Ronit J.
Berkovich

Jurisdiction & Appeals

Ninth Circuit Reminds Us of Limits to Bankruptcy Jurisdiction

Avoidance Actions, SIPA Proceedings

In Madoff Fraudulent Transfer Cases, Bankruptcy Court Focuses on Intent of the Transferees

Assumption & Rejection, Executory Contracts & Unexpired Leases

Dueling Debtors: Missouri Bankruptcy Court says Debtor Can Reject Contract That Counterparty (Who is Also a Debtor) Sought to Assume

Contributor(s)

Corporate Governance & Fiduciary Duties, Pre-Filing Considerations

Bankruptcy Court Rejects Use of Blocking Director to Prevent Bankruptcy Filing

Avoidance Actions, Jurisdiction & Appeals

Asserting Personal Jurisdiction Over Foreign Banks

Rules & Procedures

Whose Rules Are They Anyway? Even in District Court, the Bankruptcy Rules Apply to Proceedings Arising Under Chapter 11

Claims, Rules & Procedures

Too Little, Too Late: Ninth Circuit Holds Confirmation Objection Insufficient to Revive Untimely Complaint Objecting to Dischargeability of Debt

Contributor(s)

Litigation Issues, Real Estate

Defalcation and the Hazards of Board Membership – Lessons from the Fifth Circuit

Chapter 11 Plans, Claims, Cramdown, Secured Claims

Improper Calculation of Postpetition Interest Leads to Reversal of a Confirmation Order

Please Buckle Your Seatbelts and Check Your D&O Insurance: A Gloomy Forecast Is Ahead

Contributor(s)

Ronit J.
Berkovich

Employment, Financial Markets

ICYMI . . .Sun Capital ERISA Litigation – Private Equity Funds Held Liable for Pension Obligations

Contributor(s)

Steven
Margolis

Strategies for Purchasing and Selling Assets in Chapter 11

Contributor(s)

Jacqueline
Marcus

Claims, Rules & Procedures

A Twist on Excusable Neglect

Contributor(s)

Claims, Subordination & Recharacterization

Bad Children: How One Court Used Alter Ego Doctrine to Uphold Reverse Veil Piercing

Can Assigned Rents Be Excluded From a Debtor’s Estate? In Michigan, Absolutely.

Involuntary Petitions

Florida Bankruptcy Court Finds That It Should Abstain From Involuntary Cases Against Florida Real Estate Developer (No, Not THAT Florida Real Estate Developer)

Survey

2016 March Madness: Weil Bankruptcy Blog’s Champion Is…

Claims

Section 105(a): No Roving Writ, Much Less a Free Hand

Ninth Circuit B.A.P. Drove Down Bayshore Boulevard and Rendered a Decision on the Merits of a Section 363(m) Appeal in the Face of New Facts

Contributor(s)

Andriana
Georgallas

Claims, Substantial Contribution

Bar Remains High for Substantial Contribution: Delaware Bankruptcy Court Denies § 503(b)(3) Claim

Intellectual Property, Litigation Issues

Knock Off the Knock-Offs, Part II: SDNY Bankruptcy Court Holds That Defendant’s Judgment Debt on Account of His Company’s Trademark Infringement Is Not Dischargeable Under Section 523(a)(6)

Property of the Estate

A Loss for the Broccoli Bar: Fifth Circuit Rules That Attorneys’ Fees Cannot Be Paid From PACA Trust Assets

Survey

2016 March Madness: Weil Bankruptcy Blog's Championship Round

Chapter 7 Trustees

I’m Still Here!! Individual Debtor-out-of-Possession May Appeal Bankruptcy Court Order Allowing Claims in Chapter 7 Case

Contributor(s)

Survey

No Post Today, but March Madness Voting Continues

Words Matter—Ninth Circuit Decides Issue of Contract Interpretation

Survey

2016 March Madness: Weil Bankruptcy Blog’s Final Four

ASARCO Update: Fee Premium Disallowed Under Baker Botts v. ASARCO and Boomerang Tube

Fourth Circuit Finds That Bankruptcy Court Sale Orders Should Be Granted Preclusive Effect

Avoidance Actions

Seventh Circuit’s Warning to Landlords: Getting Out of Your Lease With a Distressed Company May Expose You to Bankruptcy Risk

Survey

2016 March Madness: Weil Bankruptcy Blog's Elite Eight

Distressed Debt Funds, Litigation Issues, Out-of-Court Restructuring

Exchange Offer Litigation: SDNY Finds Exchange Likely in Breach of Indenture, But Does Not Issue Preliminary Injunction

Claims

How Are Informal Proofs of Claim Like Informal Dress Codes? What You Can Get Away With May Depend on Whom You Ask

Survey

Voting Ends Friday at Noon for the Sweet Sixteen!

Pre-Filing Considerations

Don’t Mess With Texas (Unless You Are Properly Venued in the Delaware Bankruptcy Court)! Texas Comptroller’s Motion to Transfer Venue of Chapter 11 Case Is Denied

Survey

2016 March Madness: Weil Bankruptcy Blog's Sweet Sixteen

Due Process Concerns, Rules & Procedures

Pro Se Creditor Out of Luck (and Time) When He Did Not File Timely Appeal – Because He Never Received Notice of Entry of the Order!

Claims

The Saga Continues: A brief update on the EFIH First Lien Make Whole Litigation

Contributor(s)

Claims

Bringing Certainty to Uncertainty: Estimation of Tort Claims

EU insolvency law reform could boost growth and jobs across Europe, finds new report

Contributor(s)

Andrew J.
Wilkinson

Delaware Bankruptcy Judges Expand Boomerang Tube Holding that Professionals Cannot Contract Around Baker Botts v. ASARCO

Labor & Employment

Debtors Trump Union in 1113 Appeal (Trump the verb, not the Donald)

Humor, Involuntary Petitions

Time is Money: Conversion and Property of the Estate

Claims

Timing Is Everything – Frenville Continues to Surface in Pre-2011 Cases

Contributor(s)

Lookback Period

2016 Lookback Period – Six Weeks (Part 3)

Lookback Period

2016 Lookback Period – Six Weeks (Part 2)

Lookback Period

2016 Lookback Period – Six Weeks (Part 1)

Constitutional Law, Government, Jurisdiction & Appeals

Justice Scalia, Remembered

Section 236, extra-territorial effect and a way forward following Re MF Global UK Ltd and Re Omni Trustees Ltd

Contributor(s)

Lindsay
Merritt

Subordination & Recharacterization

Don’t Go Chasing (Debtor-Affiliate) Waterfalls: Second Circuit Applies 510(b) Subordination to Contribution Claims Arising from the Securities of an Affiliate of a Debtor

Chapter 11 Plans

The Sixth Circuit’s Take on Artificial Impairment

363 Sales, Involuntary Petitions, Jurisdiction & Appeals

Southern District Bankruptcy Court Dismisses for Cause Involuntary Bankruptcy Filed By Single Creditor for Purpose of Enforcing a Debt in a Two-Party Dispute

Delaware Bankruptcy Court Holds That Committee Professionals Cannot Contract Around Baker Botts v. ASARCO

Jurisdiction & Appeals

Can a Debtor Appeal Confirmation of its own Plan? The Eighth Circuit Applies the Person-Aggrieved Doctrine

Chapter 11 Plans, Claims, Cramdown

Delaware Bankruptcy Court Addresses When and Whether Creditors are Entitled to Postpetition Interest in Chapter 11 (Part 4)

Survey

March Madness Is Coming!

Automatic Stay, Case Overviews, Chapter 11 Plans, Humor

50 Cent: You Love Him in a Bentley, But Would You Love Him on a Bus? 50’s Creditors Have 21 Questions, and They’re All About U.S. Bankruptcy Law

Contributor(s)

Chapter 11 Plans, Releases & Exculpations

Let Me Be Clear: Fifth Circuit Holds Generic Plan Release Language Lacks Specificity to Discharge Creditor’s Claims Against Officer of the Debtor

Contributor(s)

Partner Andrew J. Wilkinson Interviewed by The Banker on Ukraine’s Sovereign Debt Restructuring

Contributor(s)

Andrew J.
Wilkinson

Second Circuit Wyly’ing Out? Asset Freeze Order Doesn’t Violate the Automatic Stay

Contributor(s)

Andriana
Georgallas

Subordination & Recharacterization

Sentinel Appeal Part II: Seventh Circuit Discusses Equitable Subordination of Non-Insider

Avoidance Actions

Sentinel Appeal Part I – Seventh Circuit Discusses Inquiry Notice

Jurisdiction & Appeals

Bankruptcy Court Rules Parties Lack Standing, Reminds Litigants of the Parameters of §1109(b)

Humor

You’ve Got a Lot of Chutzpah: Pondering the Prevalence of Chutzpah as a Legal Term, and Revisiting the Very Issue of Chutzpah

Automatic Stay, Chapter 15

How Wide is a Worldwide Stay? Bankruptcy Court Analyzes Scope of Foreign Court’s Stay Order

Avoidance Actions, International

Extraterritorial Transactions – a Viable Way to "Take the Money and Run"?

Claims, Financing

No Authorization? No Problem. Court Finds that Unauthorized Loan Is Entitled to Priority Status

363 Sales, Chapter 7 Trustees

Faced with a Belated Offer for the Debtor’s Assets, Bankruptcy Court Converts the Case to Chapter 7 to Allow a Trustee to Run the Sale Process

Claims

Claim for Amount Owed in Bid Rigging Scheme Disallowed by Connecticut Bankruptcy Court

Breaking the Code

Section 108(c) – Extension of Time to Commence or Continue a Civil Action

D&O Debate: Directors and Officers are Not Down-and-Out When it Comes to Defense Costs

Post-Confirmation Issues, Rules & Procedures

Court of Appeals Reminds Debtors That Honesty Is Not Only the Best Policy, But Is Required

Time Doesn’t Heal Everything: Court Denied Motion to Dismiss Action to Set Aside 21-Year Old Bankruptcy Sale for Fraud on the Court Despite Absence of Specific Allegations That Fraud Reduced the Sale Price!

Insurance, Letters of Credit, Property of the Estate, Third Party Claims

McCarran-Fer-get About It: Insurance Rehabilitation Proceeding Does Not Reverse-Preempt Bankruptcy Court Jurisdiction, Says S.D.N.Y. Bankruptcy Court

Lookback Period

Lookback Period: Six Weeks (Part 3)

Lookback Period

Lookback Period – Six Weeks (Part 2)

Lookback Period

Lookback Period – Six Weeks (Part 2)

Subordination & Recharacterization

Northern District of Illinois Examines Law on Fraudulent Transfer, Recharacterization and Equitable Subordination (Part Two)

Avoidance Actions

Northern District of Illinois Examines Law on Fraudulent Transfer, Recharacterization and Equitable Subordination

Chapter 7 Trustees

Delaware Bankruptcy Court Denies Request to Appoint an Interim Trustee During the “Gap Period” in an Involuntary Case

Breaking the Code

Section 1505 – Authorization to Act In A Foreign Country

Chapter 9, Government, Jurisdiction & Appeals

Post-Confirmation Powers: EDNY Bankruptcy Court Orders Government Entities to Act in In re Suffolk Regional Off-Track Betting Corporation

Automatic Stay, Litigation Issues

In Considering Motions to Sever, District Courts Might Effectively Shift the Burden to Plaintiffs to Show Why the Automatic Stay Should Not Be Extended to Nondebtor Defendants

Contributor's Corner

For-Profit Education Institutions Face a Volatile and Uncertain Future

Chapter 11 Plans

In re Nancy Akbari-Shamirzadi Round 2: TKO

Property of the Estate, Real Estate

Not a Pretty Picture: The Snapshot Rule and Texas Homestead Exemptions

Rules & Procedures

You’re Excused! Court Grants Final Fee Application Despite Late Filing

Rules & Procedures

The Bankruptcy Forms' Makeover Takes Effect Today

Chapter 11 Plans, Cramdown, Secured Claims

S.D.N.Y. Explores Impairment of a Secured Creditor Retaining its Collateral

Contributor(s)

Events

Happy Thanksgiving from the Weil Bankruptcy Blog!

Avoidance Actions

Another Case Involving a Truck, But Not to Worry – This One Is Not About Interest Rates!

Automatic Stay, Claims

What the Future Holds for Make-Whole Claims in Bankruptcy (Redux): Examining the Energy Future Holdings EFIH Second Lien Make-Whole Decision

Contributor(s)

Chapter 11 Plans, Claims, Cramdown

Delaware Bankruptcy Court Addresses When and Whether Creditors are Entitled to Postpetition Interest in Chapter 11 (Part 3)

Avoidance Actions

One Fewer Reason to Fear the Hague Convention – New York Bankruptcy Court Permits Mailing of Claim Objection to Foreign Claimants

The Eternal Pursuit to Collect: Due Process Rights and Actions to Collect on a Debtor’s Defaulted Student Loans

Jurisdiction & Appeals, What We're Watching

Supreme Court Grants Cert to Consider Actual Fraud Bar in Section 523(a)(2)(A)

Chapter 11 Plans, Claims

Delaware Bankruptcy Court Addresses When, if Ever, Unsecured Creditors are Entitled to Postpetition Interest in Chapter 11 (Part 2)

Distressed Debt Funds, Litigation Issues

Distressed Investor Finds Covenant-Lite Loan Offers Little Protection – Quadrant Structured Products v. Vertin

Ukraine’s Sovereign Restructuring: Why is this sovereign deal ground-breaking?

Contributor(s)

Andrew J.
Wilkinson

Chapter 11 Plans, Claims

Delaware Bankruptcy Court Addresses When, if Ever, Unsecured Creditors are Entitled to Postpetition Interest in Chapter 11 (Part 1)

Avoidance Actions

Making a Clean Break, Part II: Tenth Circuit Sheds Light on Reasonably Equivalent Value for Severance

Court Jester: Tenth Circuit BAP Not Amused By Jester’s Attempt to Reopen Case

Chapter 15 for All: SDNY Bankruptcy Court Holds that Indenture Governed by New York Law Constitutes “Property in the United States” Under Section 109(a)

Jurisdiction & Appeals, Litigation Issues, Stern Files

Be Careful — You Might Consent to Adjudication in Bankruptcy Court Even If You’ve Expressly Said You Don’t

Administrative Expenses

Think Holding a Guaranty Will Give You Priority Over Other Creditors? Think Again!

Avoidance Actions

Making a Clean Break, Part I: Tenth Circuit Sheds Light on When Terminated Officer Ceases to Be Insider

Lookback Period

Lookback Period – Six Weeks, Pt. 2

Lookback Period

Lookback Period — Six Weeks

ABI Reform Commission, Pre-Filing Considerations, Property of the Estate

Don’t Count Your Escrows Before They Hatch

Please, SIR, the Plaintiffs Want Some More: The Southern District of Ohio Weighs in on the Treatment of Self-Insured Retentions in Bankruptcy

Jurisdiction & Appeals, Stern Files

Judge Joseph Irenas and Appellate Review of Bankruptcy Decisions – a Snapshot of a Lasting Legacy

Avoidance Actions

House Wins! 7th Circuit Holds that “Good Faith” Defense Under Section 550(b)(1) Applies to Casino in Fraudulent Transfer Action

Involuntary Petitions

No Bad Blood in the Bankruptcy Court: Third Circuit Holds That Bad Faith Is a Basis for Dismissing Involuntary Petitions

Constitutional Law, Pre-Filing Considerations

Bankruptcy Court Holds That Same-Sex Couples in Registered Domestic Partnerships Are Not “Spouses”

Das Moot – Debtors’ Argument that 363(m) Moots Creditors’ Appeal of Sale Order Gets Sunk by Third Circuit

Busted! Sixth Circuit Holds Creditor’s Threat to Pursue Criminal Charges Against Debtor Falls Outside Criminal Prosecution Exception to Automatic Stay

Contributor(s)

California Court Holds Implied Consent Is a Valid Alternative Basis to Surcharge Secured Creditors’ Collateral

Executory Contracts & Unexpired Leases

Bankruptcy Court Makes ‘Executive’ Decision, Rules Master Service Agreement Ineligible for Rejection

Want to Know a Secret? Go to Bankruptcy Court

Automatic Stay, Litigation Issues

Nondebtor Alter Egos Don’t Automatically Benefit from the Automatic Stay, Says New York’s Eastern District

Litigation Issues

Court Tells Junior Investors in CDO “You Gotta Have Faith” – Good Faith and Fair Dealing, That Is

Dismissal, Rules & Procedures

Bankruptcy Court Sheds Light on Effect of Section 1112(b) Case Dismissal on Section 365 Lease Rejection Order – Section 349 Answers the Question

Contributor(s)

Substantive Consolidation

Sixth Circuit “Contributes” to Section 503(b)(3)(D) Debate – Holds Substantial Contribution Claim is Available in a Chapter 7 Case

ABI Reform Commission, Chapter 11 Plans, Financial Markets

LSTA to ABI Commission on Chapter 11 Reform: No Way, José

Contributor(s)

David
Griffiths

Third Circuit Rules that If It’s Not Estate Property, There’s No Need to Respect Priority

Corporate Governance & Fiduciary Duties

The Interesting Relationship Between Veil Piercing and Fraudulent Transfer Law

Jurisdiction & Appeals

The Seasons May Change, But the Law is Staying the Same: Ninth Circuit’s Superseding Decision Simply Restates Prior Decision

Litigation Issues

Does Your Bond Deal Seem Too Good To Be True? Maybe it Violates the Indenture

Jurisdiction & Appeals

Ninth Circuit on Finality: “It ain’t over ’til it’s over”

Happy 5th Birthday to the Weil Bankruptcy Blog

Avoidance Actions

Safe No More? Court Vacates Opinion Safe Harboring REMIC Payments

Ukraine’s sovereign restructuring: launch of $18bn simultaneous exchange offers

Claims, Litigation Issues

Can’t Control Your Emotions? Well, Maybe the Bankruptcy Court Can

Automatic Stay, Constitutional Law

Yom Kippur, Kim Davis, the Automatic Stay, and Religious Adjudication of Disputes Involving Parties in Bankruptcy

Avoidance Actions, Chapter 15, Chapter 7 Trustees, Claims, Due Process Concerns, Financing, International, Litigation Issues, Lookback Period, Mass Torts

Lookback Period: Two Weeks

Humor, Litigation Issues

The Annoyed Adjudicator: When Recusal is Unnecessary

Claims, Secured Claims

Think You Got A Blank Check? Think Again

Holiday Posts, Constitutional Law, Jurisdiction & Appeals, Stern Files

Some Rosh Hashanah Reflections on the Talmud, Wellness, and the High Court

Due Process Concerns

Fail to ‘Notice’ an Objection to Your Proof of Claim? Too Bad Says the Bankruptcy Court

Claims

“Conduct” Test Now the Rule in the Seventh Circuit – But We Still Don’t Know How the Seventh Circuit Will Deal With Due Process Concerns

Chapter 7 Trustees, Claims

Our Bad: Bankruptcy Court Denies Creditors’ Motion to Reopen Chapter 7 Case and Vacate Discharge Order Based on Parties’ Mutual Mistake

Contributor(s)

Bankruptcy Beach Reading, Humor

Highlights of Our Favorite Bankruptcy Quotes This Year

Avoidance Actions, Chapter 15, Claims, International

Bankruptcy Court Analyzes English and Luxembourgish Insolvency Law – Opts to Take a Cup of Tea With its Decision and Decline Luxembourg’s eau de vie1

Piper Aircraft Bankruptcy Court Gives Parties ‘Crash’ Course in Parameters of Channeling Injunction

Financing, Litigation Issues

Judge Scheindlin Rules in Caesars that Trust Indenture Act Bars “Core” Impairments; Certifies the Issue to the Second Circuit OR What’s the Deal with the Caesars Parent Guarantee Litigation? [PART II]

Financing, Litigation Issues

Judge Scheindlin Rules in Caesars that Trust Indenture Act Bars “Core” Impairments; Certifies the Issue to the Second Circuit OR What’s the Deal with the Caesars Parent Guarantee Litigation? [PART I]

Avoidance Actions, Case Overviews, Claims, Distressed Debt Funds, Due Process Concerns, Litigation Issues, Lookback Period, Rules & Procedures

Lookback Period: Eight Weeks (Part 4)

Chapter 11 Plans, Chapter 11 Trustees & Examiners, Chapter 15, Executory Contracts & Unexpired Leases, International, Lookback Period, Secured Claims

Lookback Period: Eight Weeks (Part 3)

363 Sales, Executory Contracts & Unexpired Leases, Involuntary Petitions, Jurisdiction & Appeals, Lookback Period, Property of the Estate, Real Estate, Subordination & Recharacterization, Subrogation

Lookback Period: Eight Weeks (Part 2)

363 Sales, ABI Reform Commission, Cryptocurrency Issues, Chapter 11 Trustees & Examiners, Chapter 7 Trustees, Cramdown, Lookback Period, Secured Claims, Valuation

Lookback Period: Eight Weeks

Greek bank bonds: brace yourself for bail-in

Contributor(s)

Andrew J.
Wilkinson

Avoidance Actions

“Ordinary” Doesn’t Always Mean “Often”: Tenth Circuit Holds that First-Time Transaction Can Qualify for the Ordinary Course of Business Exception under Section 547

Distressed Debt Funds, Litigation Issues

Chesapeake Remand Decision Sets Damages at Make-Whole Price and Offers Food for Thought on Bankruptcy Litigation Strategy

NPL innovation – examples from Italy

Claims, Due Process Concerns

Known or Unknown? Third Circuit Questions Standing in New Century Appeal

Due Process Concerns, Rules & Procedures

Back to School Basics: Attorneys Should Confirm Their Address Information is Correct and Monitor Their Case Docket

Two New Decisions Appear to Support Lien-Stripping (Under Certain Conditions)

UK High Court judgment on Lehman Waterfall II application, parts A and B

Contributor(s)

What Marblegate Can Teach Us About the Protections Available to Minority Noteholders in an Out-of-Court Restructuring

Contributor(s)

SDNY Bankruptcy Court Says Claims Against Insurer Need Not Be “Inextricably Intertwined” with Insurer’s Relationship with Debtor to Fall Within Scope of Channeling Injunction

Executory Contracts & Unexpired Leases

It’s All or Nothing: Delaware District Court Says Debtor Cannot Pick and Choose From Bundle of Related Agreements!

Bankruptcy Beach Reading

Bankruptcy Puns: Available Today For Only Fifty Cents On The Dollar

Chapter 11 Plans, Secured Claims

Why Won’t the Courts Apply the Plain Language of Section 1141(c)? Second Circuit Misses the Chance to Get It Right in Northern New England Telephone Operations

Chapter 15, International

OAS S.A. Part III – SDNY Takes a Narrow View of Chapter 15’s Public Policy Exception

The Cure: Eleventh Circuit Entitles Lender to Default-Rate Interest

Jurisdiction & Appeals

Equitable Mootness on Life Support: The Third Circuit Further Pares Back the Abstention Doctrine in One2One Communications

Bankruptcy Beach Reading

Bittersweet Bankruptcy Beach Reading: A Eulogy for The Show Place and the Surflight Theatre

Subordination & Recharacterization

Tenth Circuit Declares "No Recharacterization Without Justification"

Chapter 15, International

OAS S.A. Part II – SDNY Holds That Austrian Financing Subsidiary Has Its Center of Main Interests in Brazil

Chapter 15, International

SDNY Sides with Fifth Circuit and the UNCITRAL Model Law when Granting Recognition to OAS S.A. et al.

Bankruptcy Beach Reading

A Tale of Two Residences

Involuntary Petitions

Bankruptcy Court Reinforces the Notion That Counting the Number of Eligible Creditors Commencing an Involuntary Case Really Counts

363 Sales, Secured Claims

Does Silence Mean Consent? Some Courts Have Found That It Does Not (at Least for Purposes of Sales Under Section 363(f))

Chapter 7 Trustees, Professionals

Blurred Lines: Seventh Circuit Keeps Alive Claims Based upon Law Firm’s Alleged Failure to Advise on Degrees of Business Risk

Contributor(s)

363 Sales, Anti-Assignment Clauses, Energy Sector, Executory Contracts & Unexpired Leases

Kentucky Bankruptcy Court Holds That Coal Mining Lease is Not an Executory Contract or Unexpired Lease and is Transferable Pursuant to Section 363 Despite an Anti-Assignment Provision

What’s next for insolvency law reform in Europe: a pan-European insolvency law?

Contributor(s)

Andrew J.
Wilkinson

Property of the Estate

Same Dollars, Different Treatment: Tenth Circuit Holds That Distributions From a Retirement Plan Do Not Fall Within the Colorado State Law Exemption Statute

Subordination & Recharacterization

Debt or Equity? Which Circuit? Recent Cases on Equitable Recharacterization

363 Sales, Executory Contracts & Unexpired Leases, Real Estate

Puh-lease, It’s a Lease: Bankruptcy Court Upholds Agreements as True Leases Entitled to Section 365(h) Protections

Jurisdiction & Appeals

A Word from the Ninth Circuit: Substantial Consummation is Not the Final Word!

Avoidance Actions, Contest

Announcing the Winner of the Weil Bankruptcy Blog First Annual Law Student Note Competition

Real Estate, Subrogation

[Un]Signed, Sealed, Delivered: Is It Still Yours?

Onward, Christian Soldiers: Some Guidance on 363 Sales, Fair Auctions, and Proposed Sales to Insiders

Chapter 11 Trustees & Examiners, Chapter 7 Trustees

A Tale of Two Circuits: Recent Applications of the Barton Doctrine

ABI Reform Commission, Valuation

If It Ain’t Broke, Don’t Fix It: ABI Commission Recommends No Change To Judicial Valuation

Contributor(s)

David
Griffiths

Scheme hot topics

Contributor(s)

In re Jevic Holding Corp. Part II: In a Close Call, Third Circuit Approves Settlement Agreement and Structured Dismissal that Deviate from Bankruptcy Code’s Priority Scheme

Rules & Procedures

In re Jevic Holding Corp. Part I: Third Circuit Authorizes Structured Dismissals in Limited Circumstances

Cryptocurrency Issues

Banks and Bitcoin Exchanges

Avoidance Actions, Chapter 11 Plans, Claims, Executory Contracts & Unexpired Leases, Financing, Jurisdiction & Appeals, Litigation Issues, Lookback Period, News, Professionals, Real Estate, Rules & Procedures, Subordination & Recharacterization

Lookback Period: Two Weeks

Avoidance Actions, Real Estate

Everything Has Its Own Value: 7th Circuit Holds That Forbearances by a Lender May Be Considered When Determining Reasonably Equivalent Value

Contributor(s)

Gabriel A.
Morgan

Executory Contracts & Unexpired Leases, Real Estate

Delaware Bankruptcy Court Holds That Vacating Premises After Rejection of a Lease Does Not Constitute Termination of the Lease

Claims, Rules & Procedures

Can You Object to a Claim Just Because It Doesn't Include Supporting Documentation? The Answer May Not Be as Simple as You Think

Jurisdiction & Appeals, Professionals

Supreme Court Holds Professionals Are Not Entitled to Fees for Defending Fee Applications

Energy Sector, Events

Weil Business Finance & Restructuring Partner Joseph Smolinsky Discusses Distressed Coal Considerations at the 2015 Barclays High Yield Bond and Syndicated Loan Conference

Claims, Subordination & Recharacterization

Guaranteed Subordination: Fifth Circuit Subordinates Claims Arising Under Guarantees of Securities Issued by an Affiliate

Chapter 11 Plans, Claims, Litigation Issues

Speak Before Confirmation or Forever Hold Your Peace: Tenth Circuit Upholds Dismissal of Nondischargeability Suit After Confirmed Plan Treats Claim as “Satisfied in Full”

Momentive Plan Confirmation Affirmed: I Can See Clearly Now the Claim Has Gone

Contributor(s)

David
Griffiths

Jurisdiction & Appeals, Professionals

BREAKING NEWS: Professionals Are Not Entitled to Fees for Defending Fee Apps

German BaFin permits origination, restructuring and prolongation of loans to German borrowers by certain funds without a banking licence

Throwback Thursday

The Seventh Circuit’s Deprizio Doctrine and its Aftermath

Contributor(s)

Andriana
Georgallas

Claims, Jurisdiction & Appeals, Secured Claims

SCOTUS Rules that Completely Underwater Liens Ride Through, At Least in a Chapter 7 Case

Breaking the Code, International

Pitfalls for Foreign Enterprises Seeking to Restructure Under the Bankruptcy Code

Breaking the Code, International

Section 109(a) – Filing a Chapter 11 Case for a Foreign Business

Bankruptcy Beach Reading, Substantive Consolidation

Two Become One: Eighth Circuit Rules That Separated Couple Must Substantively Consolidate Their Estates

Property of the Estate

Time is Money: Conversion and Property of the Estate

Chapter 9, Claims, Rules & Procedures, Secured Claims

You’re Late! You’re Late! For a Very Important Date! Seventh Circuit Holds Bankruptcy Rule 3002(c) Deadline to File Proofs of Claim Applies to Secured Claims

Contributor(s)

Chapter 11 Plans

Momentive Plan Confirmation Affirmed: Efficient Market Cramdown Interest Rate Unlikely in Second Circuit Any Time Soon

Contributor(s)

David
Griffiths

Claims, Jurisdiction & Appeals, Secured Claims

Breaking News: SCOTUS Rules That Liens Ride Through, At Least in a Chapter 7 Case.

363 Sales, Secured Claims

Fodder for the Dinner Table: The Rights of Secured Creditors in Chapter 11

Can ISDA’s Close-out Protocol Stay the Next Lehman Brothers?

Contributor(s)

Andrew J.
Wilkinson

Automatic Stay, Claims

What the Future Holds for Make-Whole Claims in Bankruptcy: Examining the Energy Future Holdings EFIH First Lien Make-Whole Decision – Part 2

Contributor(s)

Jurisdiction & Appeals, Stern Files

Well Well Wellness: The Supreme Court’s Most Recent Decision Regarding Stern v. Marshall and its Progeny

Jurisdiction & Appeals, Stern Files

BREAKING NEWS: Some Guidance from SCOTUS on Stern v. Marshall! (And What You Really Need to Know)

Bankruptcy Beach Reading, Chapter 7 Trustees, Humor, Professionals, Property of the Estate

Fake It ‘til You Make It — or at Least Keep the Frivolous to a De Minimis

Avoidance Actions

Deprizio, Shmeprizio: A Waiver of Indemnification Can Shield an Insider Guarantor From Liability (at Least in the Ninth Circuit)

UK Court of Appeal judgment in Lehman Waterfall I appeal

Contributor(s)

Property of the Estate

We Work Hard For the Money: Supreme Court Rules That A Debtor Who Converts From Chapter 13 To Chapter 7 Is Entitled to Any Postpetition Wages Held by the Chapter 13 Trustee At The Time of Conversion

Chapter 11 Plans, Jurisdiction & Appeals

The Supreme Court Rigidly Applies the Rules of “Flexible Finality” in Bullard v. Blue Hills Bank

Collective Redundancies in the UK – the Woolworths case

Contributor(s)

Avoidance Actions

Securitized Loan Payments Safe Harbored Under Section 546(e)

Assumption & Rejection, Avoidance Actions, Corporate Governance & Fiduciary Duties, Executory Contracts & Unexpired Leases

Bankruptcy Court Analyzes Preference and Fraudulent Transfer Claims as Applied to the Termination of a Lease

Claims

What the Future Holds for Make-Whole Claims in Bankruptcy: Examining the Energy Future Holdings EFIH First Lien Make-Whole Decision – Part 1

Contributor(s)

Chapter 11 Plans

Momentive Plan Confirmation Affirmed: Subordination Dispute

Contributor(s)

David
Griffiths

Holiday Posts, Humor, Jurisdiction & Appeals

Happy Mothers Day From the Weil Bankruptcy Blog

Claims, Real Estate

To Cap or Not to Cap, That is the Question: Bankruptcy Court Examines 502(b)(6)

Closing a loophole, confirming market practice

Contributor(s)

Breaking the Code

Distributions – Section 1143

News

Remembering Harvey R. Miller: Chapter 11 in Transition – From Boom to Bust and Into the Future

News

Remembering Harvey R. Miller: The Evolution and Changing Environment of Bankruptcy Reorganization Law and Practice

News

Remembering Harvey R. Miller

News

In Memoriam: Harvey R. Miller (1933-2015)

News

Frolic and Detour: A Look at Some of Weil’s Other Blogs

Events

Small Businesses in Distress: Bankruptcy and Other Alternatives

Citing Plain Language of Bankruptcy Code and Split With Other Circuits, Fifth Circuit Overturns Pro-Snax Decision

Property of the Estate

Bankruptcy Court “Right-Swipes” Debtor’s Property Interest in Its Social Media Accounts

Chapter 7 Trustees, Property of the Estate

Rent-Stabilized Leases: Exempt or Not?

The (not just) Small Business, Enterprise and Employment Act 2015

Contributor(s)

Jurisdiction & Appeals

More on Stern: What Does “De Novo Review” Mean?

Releases & Exculpations

Eleventh Circuit Confirms Position That Non-Consensual, Third-Party Releases Are Permissible

Contributor(s)

Gabriel A.
Morgan

Chapter 11 Plans, Jurisdiction & Appeals

Changes to “Flexible Finality”? Civic Partners and the Supreme Court Oral Argument in Bullard

Claims, Jurisdiction & Appeals, Rules & Procedures

Can a Bankruptcy Court Order a Non-Debtor to Dismiss a State Court Lawsuit Against a Third Party? It Depends on the Nature of the Claim—and How Long the Non-Debtor Waits to Object

Survey

Weil's March Madness: the 2015 Champion is …

Contributor(s)

David
Griffiths

The Moral of the Tael

Contributor(s)

Lindsay
Merritt

Claims

Death: The Ultimate Hardship Discharge?

Post-Confirmation Issues

Tipping Point: Plan Clarification or Plan Modification? Third Circuit Denies Bankruptcy Court’s Use of Its Plan Clarification Powers to Circumvent Plan Modification Requirements of Section 1127

ABI Reform Commission

ABI Commission Opts to Assume the Current State of the Law on Executory Contracts and Leases

Survey

Weil's March Madness Championship Round

Humor

Congress Passes 15% Senior Discount on 363 Sales

Corporate Governance & Fiduciary Duties, Sponsor/Owner Series

Sponsor/Owner Series: Initial Considerations When Your Company is Heading Toward Distress—Fiduciary Duties and More

Contributor(s)

Andriana
Georgallas

Ronit J.
Berkovich

Canadian Restructuring Issues, North of the Border Update

We Can Bankrupt the Company for Sure, It’s Insolvent – Think Again

Financial Markets, International

The EU Bank Recovery and Resolution Directive: moving towards full implementation

Jurisdiction & Appeals

“Life is Full of Tough Choices”: Sixth Circuit Considers Interplay Between Change of Venue and Choice of Law Rules

Survey

March Madness: Weil's Final Four

Chapter 11 Trustees & Examiners, Involuntary Petitions, Property of the Estate

Bankruptcy Is a Battlefield, but the Fight Is Over When You Shake on It

Assumption & Rejection, Executory Contracts & Unexpired Leases, Intellectual Property

Trump-ing the Automatic Stay: Delaware Bankruptcy Court Allows Suit to Terminate Trademark Licensing Agreement

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Trade Creditor and Employee Priorities

Automatic Stay, Claims

Litigation or Estimation? When Should Nonbankruptcy Actions Continue in Their Original Forums, and When Should They Be Resolved Through Estimation in Bankruptcy Court?

Survey

MARCH MADNESS: Weil's Elite Eight

Financing, Professionals, Valuation

Bankruptcy Court Denies Debtor’s Request to Pay Estate Professionals With Cash Collateral

Contributor(s)

Gabriel A.
Morgan

North of the Border Update

The Sale of Litigious Rights in an Insolvency Context – A Civil Law Approach

Frivolous Petitions Cannot Be Completely Eliminated

ABI Reform Commission, Distressed Debt Funds

Kill Till: ABI Commission Recommends Market Rate for Cramdowns

Contributor(s)

David
Griffiths

ABI Reform Commission, Survey

March Madness Kicks Off – All About the ABI Report

Involuntary Petitions

Three’s a Crowd: Payoffs, Numerosity, and Involuntary Petitions

ABI Reform Commission

Making an Exit, Part II: ABI Commission Recommendations on Chapter 11 Plan Content, Voting and Exit Orders

Scheme Hot Topics

Contributor(s)

Andrew J.
Wilkinson

Due Process Concerns, Rules & Procedures

Technical Difficulties, Efforts to Avoid Overtime Work Do Not Excuse a Missed Filing Deadline

Survey

One Shining Moment: March Madness Is Here!

Chapter 11 Plans, Cramdown, Real Estate

Ninth Circuit BAP: Cramdown, DENIED.

Contributor(s)

Andriana
Georgallas

No Security by Obscurity: The Importance of Clearly Identifying Collateral

Financial Markets

Gary Holtzer Interviewed on Top Issues PE Firms Should Consider When Faced with Trouble

Energy Sector, Executory Contracts & Unexpired Leases

Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry Part 4—Smoke on the Water: The Hazy Law of Oil and Gas Leases on the Outer Continental Shelf

Anti-Assignment Clauses, Distressed Debt Funds, Financial Markets, What We're Watching

Barbarians at the Gate: Loan Syndications and Trading Association Issues Market Advisory Regarding Disqualified Institutions Provisions for Blacklisted Lenders

Contributor(s)

David
Griffiths

ABI Reform Commission

Making an Exit, Part I: ABI Commission Recommendations on Chapter 11 Plan Content, Voting and Exit Orders

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Postpetition Financing II

Contributor(s)

Gabriel A.
Morgan

Alma: the test case introducing the ‘accelerated safeguard’

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Postpetition Financing I

Contributor(s)

Gabriel A.
Morgan

Jurisdiction & Appeals

Wrong Place, Wrong Time: Beware the Statute of Limitations!

Humor

Even Exes Can Tell the Truth Sometimes: A Valentine’s Day Reminder from the Weil Bankruptcy Blog

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Labor and Benefits

Claims, Secured Claims, What We're Watching

Supreme Court to Consider Eleventh Circuit Decisions Upholding “Strip Off” of Junior Mortgage Liens

Arbitration, Chapter 11 Trustees & Examiners, Litigation Issues, Professionals

How to Get a Mediator Appointed in a Bankruptcy Case (Hint: In Some Courts, It’s Easier If She Wasn’t a Bankruptcy Judge)

North of the Border Update

Court Interprets Receivership Order Stay Provisions and Addresses the Impact of Inter-Creditor Disputes on the Distribution of Proceeds into Court

Financial Markets

Investors Prepare to Pounce on Possible Uptick in Restructurings

Contributor(s)

Energy Sector, Executory Contracts & Unexpired Leases

Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry Part 3—The Ability to Assume or Reject Oil and Gas Leases

Litigation Issues

Delaware Bankruptcy Court Provides Further Guidance on the Contours of the Common Interest Doctrine

Contributor(s)

Second Circuit Holds Secured Creditor to Errant Termination Statement Filing

Cryptocurrency Issues

Could a Bitcoin Exchange Be a Commodity Broker?

ABI Reform Commission

ABI Chapter 11 Reform Commission: Section 363 of the Bankruptcy Code (No More Quick Sales?)

ABI Reform Commission, Automatic Stay, Executory Contracts & Unexpired Leases, Setoffs

ABI Chapter 11 Reform Commission Series: Shallow Harbors? An In-Depth Look at the Proposed Changes to the Safe Harbor Provisions

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Small and Medium Sized Debtor Enterprises

Contributor(s)

ABI Reform Commission, Avoidance Actions

ABI Chapter 11 Reform Commission Series: Avoidance Actions and Other Litigation Issues

North of the Border Update

Fee Adjustments in Canada Revisited

Due Process Concerns, Pre-Filing Considerations

Bankruptcy Court Refuses to Hop Aboard Faulty Subway Directions Excuse for Delayed Petition Filing

Contributor(s)

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Venue and Core and Noncore Matters

Want to Shop? Don’t Let Bankruptcy Stop You!

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Claims Trading

Scheme hot topics

Contributor(s)

Andrew J.
Wilkinson

Automatic Stay, Financing

Postpetition Ratification of Prepetition Stay Waivers – A Possible End Around of the General Prohibition Against Prepetition Waivers of Bankruptcy Rights?

Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry Part 2—Treatment of Oil and Gas Interests in Bankruptcy

Litigation Issues

Chesapeake Bond Redemption Case: Ambiguity, Plain Meaning and Value

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Oversight of the Case (Part II, Professional and Compensation Issues)

Charging Liens and Trump Cards: Specific Isolated Funds Not Required

ABI Reform Commission

ABI Chapter 11 Reform Commission Series: Oversight of the Case (Part I)

Drilling Down: A Deeper Look into the Distressed Oil & Gas Industry

Releases & Exculpations, Rules & Procedures

Class Action in Bankruptcy: “NO REPRESENTATION WITHOUT DESIGNATION!” Said the Second Circuit

Contributor(s)

Andriana
Georgallas

Canadian Restructuring Issues, North of the Border Update

Rare Substantive Consolidation Order Issued by Ontario Court

The Need for Greater Transparency in Municipal Bankruptcies

Corporate Governance & Fiduciary Duties, Litigation Issues, Third Party Claims

The Cycle of Fiduciary Duties – Owner/Directors of Solvent Companies Owe Fiduciary Duties Only to Themselves

Corporate Governance & Fiduciary Duties

Slouching Towards Bankruptcy: Corporate Fiduciaries Escape Liability in Ultimate Escapes

Contributor(s)

Gabriel A.
Morgan

Due Process Concerns

Why You May Not Want to Get All Your News From Facebook

Bankruptcy Court Decision Sheds Light on Cross-Border Eligibility, Venue, and COMI Issues (Part Two)

Bankruptcy Court Decision Sheds Light on Cross-Border Eligibility, Venue, and COMI Issues (Part One)

Jurisdiction & Appeals

Can I Borrow Your Cause of Action for a Minute? Derivative Standing in the Seventh Circuit

Canadian Restructuring Issues, North of the Border Update

Ontario Court of Appeal Rejects Theory of “Common Enterprise Insolvency”

ABI Reform Commission

Breaking News: The ABI Commission to Study the Reform of Chapter 11 Issues Its Final Report and Recommendations

Contributor(s)

Ronit J.
Berkovich

Executory Contracts & Unexpired Leases

If it Looks Like a Duck and Quacks Like a Duck, Then…: Kansas Bankruptcy Court Finds Car “Lease” is a Disguised Financing Based on Economic Realities of Transaction

Avoidance Actions, Financing, Subordination & Recharacterization

There’s a Thin Line Between Equity and Debt: Affiliates, Advances and Avoiding Recharacterization

Rules & Procedures

House Passes Financial Institution Bankruptcy Act of 2014 and Takes Significant Step Towards Establishing a Separate Bankruptcy Process for Bank Holding Companies and Large Financial Institutions

Rules & Procedures

Bankruptcy Court Announces Cyber Monday Deals: Higher Fees, New Rules, and Revised Forms

Holiday Posts, Automatic Stay

Happy Thanksgiving: In Case You’re Wondering, The Automatic Stay Protects Cranberries, Too!

Executory Contracts & Unexpired Leases, Property of the Estate

Interest in an LLC: Property or a Contractual Right? You Decide (But We Are Warning You the Stakes Are High)!

International, North of the Border Update

Recognizing Foreign Proceedings Under the Canadian Bankruptcy and Insolvency Act: Re MtGox Co

Apcoa restructuring scheme of arrangement sanctioned by the English High Court despite being contested – Court of Appeal hearing set for 9/10 December 2014

Contributor(s)

Andrew J.
Wilkinson

Property of the Estate

Sixth Circuit Says, “I’m With the Underhills!”

Jurisdiction & Appeals, Stern Files

Thoughts on a New Age of Consent: What Does Consent Mean with Respect to Stern Claims?

Executory Contracts & Unexpired Leases, Intellectual Property

Crumbs Bake Shop Finds Layers of Rights Under a Rejected Trademark License

Bank of England's New Strategy for Resolving Failing Financial Institutions

Contributor(s)

Andrew J.
Wilkinson

Avoidance Actions, Financing, International

Free Trade, Comity, and the Bankruptcy Code

Automatic Stay, Claims

Computers Are People Too: “The Computer Did It” Is No Defense to Violations of the Automatic Stay

363 Sales, Chapter 7 Trustees, Constitutional Law, Property of the Estate

Forced Sales, Unconstitutional Takings, and BAPCPA Oh My…

Canadian Restructuring Issues, North of the Border Update

Court Considers Corporate Insolvency Provision in the Context of a Share Redemption

Harvey Miller on Repeat Chapter 11 Filings

Claims

Bankruptcy Court Bars Future Claimant from Seeking to Avoid Effect of Discharge

Chapter 11 Plans, Plan Solicitation & Voting

To Deem Accepted or Not to Deem Accepted . . . That Is the Question

Contributor(s)

Claims, Tax Issues

Give and Take: Delaware Bankruptcy Court Dismisses Trustee’s Turnover and Avoidance Claims Relating to Debtor’s Net Operating Losses

Chapter 11 Plans, Plan Solicitation & Voting

Momentive Postscript – Bankruptcy Rule 3018: Vote Changing on Chapter 11 Plans: You Can’t Have Your Cake and Eat It, Too

Contributor(s)

David
Griffiths

Recent “Family Farmer” Case Shows How Secured Creditors Can Avoid Being Plowed Down By Unfair Cramdown Provisions

Avoidance Actions

Where’s the Beef? (Part II)

Avoidance Actions

Where’s the Beef? (Part I)

Labor & Employment

When the Stakes are High, Union Can’t Gamble with Gambling Debtors – Bankruptcy Court Approves Casino’s Rejection of CBA

Canadian Restructuring Issues, North of the Border Update

CCAA Court Reconsiders Accepted Claim Under Claims-Bar Order

Courtroom Drama: Argentinian Sovereign Debt

Administrative Expenses

Transcending Self-Protection: How a Selfless Creditor Can be Handsomely Rewarded

WARN Act Plaintiffs Ask, “Are You My Employer?”

Avoidance Actions

No Protection in Ponzi Schemes: Utah Bankruptcy Court Limits Investors’ Ability to Retain Returns on Investments

Claims

Almost Favored – Court Denies Settling Defendants’ Attempt to Recover Under Most Favored Nations Clause

Can You Inadvertently Waive Your Automatic Stay Rights Goodbye?

A Comity of (Reversible) Error: Second Circuit Finds Foreign Debtor’s Claim Against U.S. Debtor Is “Located” in the United States

Canadian Restructuring Issues, North of the Border Update

Post-Filing Interest in a CCAA Proceeding: Re Nortel Networks Corp.

Dodd-Frank & Financial Institution Regulation

Major Banks Take Action to Facilitate Cross-Border Resolution Efforts by Agreeing to Sign ISDA Resolution Stay Protocol

News, Rules & Procedures

Closed for Columbus Day Because of Bankruptcy Rule 9006(a)(6)

Jurisdiction & Appeals

#Hashtag: Thinking of Starting Your Own Marijuana Business?

Brazilian Reorganization Plan: Fundamentally Fair or Wholesale Trampling of Creditors’ Rights?

Automatic Stay, Avoidance Actions, Jurisdiction & Appeals

R-E-C-O-V-E-R: Find Out What It Means to the Third Circuit

Claims

No Proof of Claim, No Problem: Bankruptcy Court Finds Declaration to Be Effective as Informal Proof of Claim

Contributor(s)

Court Refuses to Equitably Subordinate Because Conduct Was Consistent With the Contract

Jurisdiction & Appeals, Rules & Procedures

Dear Court: Please Forgive Me, But I Need a Continuance of My Trial Due to Yom Kippur

Administrative Expenses, Claims, Utilities

Appellate Panel Teaches the Electric Slide, Sets Forth a Standard for Determining Whether Electricity Is a “Good” for Purposes of Section 503(b)(9)

You Can’t Get Around the Automatic Stay by Filing an Action Against the Debtor in Another Bankruptcy Case Before the Same Bankruptcy Court. Or Can You?

The Reach of the Automatic Stay: One Court Reminds Us that Extending the Automatic Stay to Non-Debtors Is “Extraordinary Relief”

North of the Border Update

No Loss is No Defence: Asset-Flipping and Fraudulent Misrepresentation in Receiverships

Humor

Party Like It’s 5775: Rosh Hashanah Wishes for a Sweet New Year

Avoidance Actions

Double Dipping? Section 503(b)(9) and the New Value Defense to Preference Liability

Anti-Assignment Clauses, Distressed Debt Funds, Financial Markets, What We're Watching

Interview with Bridget Marsh, Deputy General Counsel of the LSTA on Meridian Sunrise Village

Contributor(s)

David
Griffiths

Bank for Sale – Involuntary Petition Against Bank Holding Company Sustained

Claims

Court Denies Administrative Priority Status to Seller Whose Goods Were Not Received by the Debtor

Avoidance Actions

I Hear Nothing, I See Nothing, I Know Nothing: Third Circuit Says Transferee’s Knowledge Not Relevant to Establishing Fraudulent Transfer Claims

Jurisdiction & Appeals, Stern Files

Back to School: Circuit Courts Provide “Cheat-Sheet” on Stern Consent Issues in Advance of the Supreme Court’s Consideration of Wellness Int’l Network v. Sharif

North of the Border Update

Walking a Mile in the Trustee’s Shoes: How s. 38 of the BIA can allow creditors to revive dismissed claims

News

Weil Female Restructuring Partners Discuss Gender Gap Issues in WSJ

Chapter 11 Plans, Financing, Releases & Exculpations

Momentous Decision in Momentive Performance Materials Part IV: Make-Wholes and Third Party Releases

Contributor(s)

Chapter 11 Plans, Financing

Momentous Decision in Momentive Performance Materials: Subordination Is as Subordination Does

Chapter 11 Plans, Cramdown, Secured Claims

Momentous Decision in Momentive Performance Materials: Cramdown of Secured Creditors – Part II

Contributor(s)

David
Griffiths

Chapter 11 Plans, Cramdown, Secured Claims

Momentous Decision in Momentive Performance Materials: Cramdown of Secured Creditors – Part I

Contributor(s)

David
Griffiths

Claims, Due Process Concerns

Publish or Perish: How Much Publication Notice Is Enough to Provide Notice to Unknown Creditors?

Avoidance Actions

Delaware Bankruptcy Court Weighs in on Subsequent New Value Circuit Split

Contributor(s)

Andriana
Georgallas

Avoidance Actions

Caveat Debtor: Liens Preserved Pursuant to Section 551 Subject to Defects Under State Law

Contributor(s)

Gabriel A.
Morgan

North of the Border Update

Court Clarifies Secured Creditor’s Rights to Pursue Chose in Action

Survey

It’s Back to School Season and the Weil Bankruptcy Blog Is Calling All Law Students and Recent Graduates!

Humor

Our Last Day Off of the Summer

Assumption & Rejection

The Business Behind Renting a Resort Villa

Claims

Failure to Provide a Translation Does not Translate to Victory

Executory Contracts & Unexpired Leases, Jurisdiction & Appeals

What’s the Difference Between a Contested Matter and an Adversary Proceeding Anyway?

Jurisdiction & Appeals

Flexibility on Finality: Over Dissent, First Circuit Splits from Majority in Holding That Orders Denying Relief from Stay Are Not Always Final

Practice Pointers from the Second Circuit: A Prohibited Power Grab Can Be “Taxing”

Energy Sector, Stern Files, Throwback Thursday

J. Howard Marshall: Scion of Bankruptcy Reform??

Chapter 11 Plans

Let’s Call the Whole Thing Off: What Happens if the Bankruptcy Code Says Yes, But the Debtor’s Governance Documents Say No?

Corporate Governance & Fiduciary Duties, Financial Markets

Can the FDIC Assert Direct as Well as Derivative Claims of Stockholders of Failed Banks? The Seventh Circuit Says “No (But Maybe They Should)”

North of the Border Update

CCAA Court Modifies a Claims Procedure Order and Allows a Stay to Be Lifted for A Proposed Class Action Claim to be Pursued After the Claims-Bar Date

Bankruptcy Beach Reading

Keeping Up with the Joneses: Our Top Five Most Read Posts this Year

Executory Contracts & Unexpired Leases

Peering Through the Muck Again: Another Court Analyzes Whether LLC Operating Agreements are Property Interests or Executory Contracts

Contributor(s)

Jurisdiction & Appeals, Stern Files

The Ninth Circuit Waits for No One

Avoidance Actions

Pass the Buck: Fourth Circuit Preserves the Mere Conduit Defense

Section 363(f) Retires ERISA-Based Successor Liability Claims

Bankruptcy Beach Reading

Our "Must-Cite" Bankruptcy Cases

Slice of the Pie, Valuation

In Assessing Solvency, Beware the Unknown Unknowns

Slice of the Pie, Valuation

Genco: Future Earnings? That Was Then; This Is Now

Contributor(s)

Gabriel A.
Morgan

North of the Border Update

You Have A Trust? Well, Iona Secured Interest: A summary of Iona Contractors Ltd. (Receiver of) v. Guarantee Co. of North America, 2014 ABQB 347

Avoidance Actions

Ignorance Isn’t Always Bliss: Tenth Circuit Illustrates Limits of Good Faith and Subsequent Transferee Defenses Under UFTA

Financial Markets

Harvey Miller on Argentina and Distressed Investors

Automatic Stay, Avoidance Actions, Executory Contracts & Unexpired Leases, Throwback Thursday

A Spoonful of Sugar Helps the [UCC] Remedy Go Down: Recognition of Stoppage Rights in the Early Years of the Bankruptcy Code

Jurisdiction & Appeals, Professionals

Can You Keep a Secret? Can the Bankruptcy Court? Bankruptcy Courts Must Adequately Demonstrate the Basis for Sealing Proceedings from the Public, Media

Claims, SIPA Proceedings

The Interplay between Section 502(d) of the Bankruptcy Code and SIPA’s Requirement of “Prompt” Return of Customer Funds

Claims, Involuntary Petitions, Jurisdiction & Appeals

A Dispute Over a Dispute: Recent Bankruptcy Court Decision Dismisses Involuntary Chapter 7 Petition Due to Bona Fide Disputes

Contributor(s)

Claims, Tax Issues

Following the Eleventh Circuit, Sixth Circuit Sides with FDIC in Latest Tax Refund Dispute

Slice of the Pie, Valuation

Genco: Dry Bulk Shipping Valuations No Longer Anchored to Discounted Cash Flow Method

Contributor(s)

Gabriel A.
Morgan

Chapter 11 Plans, Professionals, Releases & Exculpations

Indecent Disclosure: How the Failure to Disclose a Third-Party Release Led to Its Undoing

Releases & Exculpations

Release Me! Release Me!: S.D.N.Y Bankruptcy Court Upholds Certain Non-Consensual Non-Debtor Releases Granted by Unimpaired Creditors and Equity Holders

North of the Border Update

Comment Period Closes for Canadian Government Public Consultation Process on Insolvency Law Reform

Bankruptcy Beach Reading, Humor

Highlights From 2014 (and Beyond)

Releases & Exculpations

The Fourth Circuit Provides a Useful Roadmap for Debtors Seeking Third-Party Releases

The Pain that Comes along with Walking a Mile in Your Own Shoes … Circuits Refuse to Allow Reorganized Debtors to "Step in the Shoes" of Debtors in Possession as Subrogees

Jurisdiction & Appeals

Code vs. Contract: Fifth Circuit holds that Section 506(b) Governs Recovery of Proceeds from a Foreclosure Sale After the Automatic Stay Has Been Lifted

Cryptocurrency Issues, Claims, Pre-Filing Considerations

Could a Bitcoin Exchange Constitute a “Stockbroker”?

Property of the Estate

Unfinished Business: And The Winner Is . . .

Claims

How to Overcome Your Fear of “Commitment” If You Are a Bank Holding Company

Jurisdiction & Appeals, Stern Files

The Stern Files: Uncertainty Abounds Regarding Consent to Bankruptcy Court Adjudication

North of the Border Update

Fairness Opinions and Plans of Arrangement: A Second Look

Throwback Thursday

U.S. v. Ron Pair Enters.

Constitutional Law, Jurisdiction & Appeals, Property of the Estate, Stern Files, What We're Watching

“Thank You, SCOTUS; It’s About Time!”: Supreme Court Grants Cert to Decide Meaningful Stern v. Marshall Questions

Foreign Debtor Eligibility for Chapter 15: The Second Circuit’s Gateway Requirements May Not Limit Access After All

Corporate Governance & Fiduciary Duties

Court Pierces the Corporate Veil and Tells Designer Knock-Off to Knock It Off

Contributor(s)

Harvey Miller on Municipal Distress

Executory Contracts & Unexpired Leases, Intellectual Property

The Eighth Circuit Reverses Course and Concludes that a License Agreement that Is Part of a Completed Sale Transaction Is Not an Executory Contract

Avoidance Actions

Ex-President Surely Feels Like a Room without a Roof: Happy Not to Be Deemed an Insider (Part II)

Contributor(s)

Andriana
Georgallas

Avoidance Actions

Ex-President Surely Feels Like a Room without a Roof: Happy Not to Be Deemed an Insider (Part I)

Contributor(s)

Andriana
Georgallas

North of the Border Update

Restructuring in Canada: the Companies’ Creditors Arrangement Act and the Canada Business Corporations Act

Bankruptcy Beach Reading, Humor

BANKRUPTCY BEACH FUTBOL READING – World Cup Edition

Are You Not Entertained? The SDNY Weighs In On the Battle Between Sections 363(f) and 365(h) of the Bankruptcy Code

Litigation Issues

In a Setback for Argentina Against its Holdout Bondholders: US Supreme Court Holds FSIA Does Not Limit Discovery in Post-Judgment Execution Proceedings Against Foreign Sovereign

Chapter 11 Plans

No Confirmation Without Representation: New Test Is Proposed for Approval of a Debtor’s Proposed Slate of Post-Confirmation Officers and Directors

Executory Contracts & Unexpired Leases

Contract Remedies in the Face of Imminent Default – What Happens to State Law Adequate Assurance and Anticipatory Breach in Bankruptcy?

Bankruptcy Court Declines to Force Municipality into Mediation of Dispute Unrelated to Chapter 9

Claims, Environmental, Post-Confirmation Issues, Third Party Claims

Clean Up for What?! After Enough Time, You Can Leave Your Mess Behind.

Avoidance Actions

How Safe Is the Section 546(e) Safe Harbor? Part III: Risk to the Financial Markets

North of the Border Update

Fee Adjustments in Canada: Bank of Nova Scotia v Diemer and Re TNG Acquisition Inc.

Jurisdiction & Appeals, Stern Files

Breaking News: Unanimous Supreme Court Closes Statutory Gap, Leaves Other “Core” Stern Questions For Another Day (Executive Benefits Insurance Agency v. Arkison)

Fourth Circuit Holds that Chapter 7 Trustees are Entitled to Commission-Based Payments in the Absence of Extraordinary Circumstances

What a Long, Strange “Tripp” It’s Been: Eastern District of Virginia Upholds Sealing Report Under Section 107

Chapter 11 Plans, Cramdown, Real Estate

Recent Bankruptcy Court Decision Renews Debate over Artificial Impairment

Contributor(s)

Chapter 11 Plans

You Thought Your Deal Was Set in Stone? Maybe Not, Says Bankruptcy Court More Than a Decade After Plan Confirmation.

Successful Bidder Must Pay Damages (In Addition to Forfeiting Deposit) After Backing Out of Sale – At Least in Certain Circumstances

Jurisdiction & Appeals

Wave Goodbye to Bankruptcy Waivers? (Court Rules LLC’s Prepetition Waiver of Bankruptcy Protection Contrary to Public Policy)

Assumption & Rejection, Claims, Executory Contracts & Unexpired Leases

To Assume or Not to Assume, that Is the Question: What Act Constitutes “Assumption” Under Section 365(d)(4) of the Bankruptcy Code?

Avoidance Actions, Slice of the Pie, Valuation

Always Sunny In Adelphia – Bankruptcy Court Rejects DCF with Unreliable Projections, Drops Some Valuation Knowledge

North of the Border Update

Canadian Government Initiates Public Consultation Process on Insolvency Law Reform

Bankruptcy Beach Reading

BANKRUPTCY BEACH READING

Throwback Thursday

How a Real Estate Bankruptcy in Georgia Led to One of the Code’s Most Misunderstood Provisions—the Pine Gate Case Revisited, Part Two

Assumption & Rejection

Bankruptcy Court Rejects Debtors’ “Prompt” Payment of Cure over 3.5 Years

Corporate Governance & Fiduciary Duties

The Rural/Metro Decision and its Relevance to Reorganization

The Post-Fisker Credit Bidding Debate Continues: Two More Decisions Leave Unanswered Questions About the Significance of Fisker

Delaware Bankruptcy Court Allows Debtor to Drop Lease Settlement for Higher Offer

Contributor(s)

Gabriel A.
Morgan

Throwback Thursday

How a Single Asset Real Estate Bankruptcy in Georgia Led to One of the Code’s Most Misunderstood Provisions—the Pine Gate Case Revisited

Avoidance Actions

Section 547(c)(2)(B): Congress Meant What It Said and It Said What It Meant, This Test is Objective One-Hundred Percent!

North of the Border Update

Court Clarifies Principles for the Distribution of Sales Proceeds and the Allocation of Costs in Receivership Proceedings

Case Overviews, Constitutional Law, Jurisdiction & Appeals, Pre-Filing Considerations

Wisconsin Bankruptcy Court Says “I Do” to Same-Sex Spouses’ Bankruptcy Petition

Involuntary Petitions

In the Game of “Involuntary Petition” Poker, Tenth Circuit BAP Calls Creditor’s Bluff

Chapter 11 Trustees & Examiners

The Wall Street Journal’s Experts Panel: What Does the Rural/Metro Ruling Mean for Advisors to Distressed Companies?

Chapter 15 Recognition of a Foreign Main Proceeding: Balancing Parties’ Interests

Labor & Employment

Supreme Court Declines to Hear Appeal of Conclusion that PE Funds are Potentially Liable for Pension Obligations of Portfolio Companies

Contributor(s)

Avoidance Actions

How Safe Is the Section 546(e) Safe Harbor? Part II: Financial Intermediaries and Financial Institutions

Avoidance Actions, Financing

“Release the Kraken” II: For Want of a Lien, the Botticelli Could Be Lost. . .

Claims, Jurisdiction & Appeals

On Having Standing to Object to a Bankruptcy Settlement, the Seventh Circuit Holds that Money Isn’t Everything

Assumption & Rejection, Executory Contracts & Unexpired Leases

Executory Contracts: Sometimes Debtors Can Be Choosers!

North of the Border Update

Who Gets the Upside in a Single-Asset Real Estate Company? Unsecured Creditors, Québec Court Rules

Anti-Assignment Clauses, Distressed Debt Funds, Financial Markets, What We're Watching

Ceci n’est pas une institution financière: Existential Crisis For Distressed Debt Focused Hedge Funds

Contributor(s)

David
Griffiths

Chapter 11 Plans, Post-Confirmation Issues

Reminder: Not All Prepetition Claims Against Reorganizing Chapter 11 Debtor Are Dischargeable Under Chapter 11 Plan

Corporate Governance & Fiduciary Duties, Financing, Involuntary Petitions

Is Your Child Controlling You? Delaware Bankruptcy Court Holds that Subsidiaries Can Owe Fiduciary Duties to their Parents

Administrative Expenses, DIP Financing

Breaking-Up Just Got Harder to Do: Court Holds Break-Up Fee to be Prepetition Claim Not Entitled to Administrative Expense Priority

Contributor(s)

Credit Bidding Capped Again: The Fisker Factors Create a “Perfect Storm” in Virginia

Jurisdiction & Appeals

Judicial Estoppel, or Why You Can’t Talk Outside Both Sides of Your Mouth in Court

363 Sales, Avoidance Actions, Valuation

“Keep Calm and Carry On”: “Panicked” Asset Sale Not Inconsistent With Good Faith Finding for Constructive Fraudulent Transfer Analysis

Avoidance Actions, Setoffs

Whose Value is It Anyway? When it Comes to Three-Party Relationships and Preference Liability, It May Not Matter.

Administrative Expenses

When it Comes to Administrative Expenses Under Section 503(b) of the Bankruptcy Code, Hindsight Isn’t Always 20/20

Avoidance Actions

Eleventh Circuit Holds That Trustee Cannot Recover Tax Payments IRS Already Refunded

North of the Border Update

Approval of a SISP in a BIA proposal: Re Colossus Minerals Inc.

Peanut Butter Maker Takes More Bread in 363 Sale, Leaves Winning Bidder in a Jam

Contributor(s)

Gabriel A.
Morgan

Cryptocurrency Issues, Claims, Pre-Filing Considerations

Would a U.S.-Based Bitcoin Exchange Be Eligible for Bankruptcy?

363 Sales, Chapter 7 Trustees

Free and Clear. Not So Fast. Bankruptcy Court Claws Back Ability to Sell Distressed Assets Free and Clear of Claims and Interests

Contributor(s)

Survey

THE 2014 CHAMPION OF WEIL’S MARCH MADNESS IS…

Avoidance Actions

“Moo”-ving Away from Omegas: Seventh Circuit Opens the Barn Door for Use of Constructive Trusts as a Preference Defense

Administrative Expenses

No Blurred Lines Here, Confidential Means Confidential (Even if No Nuclear Launch Codes Are Involved)

Contributor(s)

Andriana
Georgallas

Chapter 11 Trustees & Examiners

No Trust? Time for a Trustee

Survey

MARCH MADNESS: Weil’s Championship Round

363 Sales, Executory Contracts & Unexpired Leases

363(f) Versus 365(h): A Victory for 363(f), At Least in this Case

North of the Border Update

Administrative consolidation of proposals under the BIA: Re Electro Sonic

Claims, Financing, Professionals, Secured Claims

You Can’t Always Get What You Want, But If You’re an Oversecured Creditor, You Might Get What You Need

Claims

Rejecting Frenville (again), Third Circuit Extends Grossman’s and Broadens Scope of Prepetition Claims

Survey

March Madness: Weil’s Final Four

Avoidance Actions

Telling Clients to “Just Keep Paying” Won’t Cut It – Bankruptcy Court Claws Back Legal Fees as Constructively Fraudulent Transfers

Administrative Expenses, Claims, Real Estate

Stub Rent Debate Continues: Another Jurisdiction Adopts the Billing Date Approach

Anti-Assignment Clauses, Executory Contracts & Unexpired Leases

Ninth Circuit B.A.P. Affirms That Liquidating Trust Can Receive Joint Venture Interests Notwithstanding Transfer Restrictions in Operating Agreement

Chapter 11 Plans

Don’t Do Tomorrow What You Can Do Today Or You Might Just Be Asking for Judicial Intervention Pursuant to Section 1142(b) of the Bankruptcy Code

Survey

March Madness: Weil's Elite Eight

Avoidance Actions

I Didn’t Know, I Swear! Section 548(c)’s Good-Faith Defense to Fraudulent Transfer Actions

North of the Border Update

Receivership or Stay of Proceedings? Court Deals with Competing Applications for the Appointment of a Receiver and CCAA Protection

363 Asset Sales: Going Once, Going Twice, Sold! . . . Subject to Court Approval

Claims, Secured Claims

Liens Will Survive — All Goes Well for Secured Creditor When Ninth Circuit Extends Dewsnup Principles to Chapter 12

Chapter 11 Plans, Jurisdiction & Appeals

Open and Shut: Southern District Upholds Denial of Trustee’s Motion to Reopen Case

Cryptocurrency Issues, Chapter 15, Financial Markets, International, Jurisdiction & Appeals, Pre-Filing Considerations

Foreign Bitcoin Exchanges and Chapter 15

Survey

March Madness: Weil's Sweet Sixteen

Jurisdiction & Appeals

The Supreme Court Says, “No Need to Spare the Rod, but Don’t Spoil the Fraudulent Debtor’s Exemptions Either”

Avoidance Actions, Claims, Jurisdiction & Appeals

Distributions to Cash Out Shareholders of Target Company in an LBO are Subject to Fraudulent Transfer Lawsuits in State Court

Avoidance Actions

Health Insurer to Bankruptcy Trustee: I’d Prefer You Not Avoid That Transfer

Claims

Landlord Tries “To Be an Optimist About This” In Arguing Sections 365 and 503 Apply to Guarantor of Lease Obligations

Survey

Hoop Here It Is – March Madness 2014 Is Here!

Events

Avoiding Bankruptcy for Small Businesses in Financial Distress

Debtor’s Dream Home Becomes Nightmare: Bankruptcy Court Grants Relief from the Automatic Stay to Permit Foreclosure

Contributor(s)

Weil’s March Madness: The Selection Panel Has Met!

Avoidance Actions, Releases & Exculpations

The Fraudulent-Transfer Risk of Intangible Consideration

Corporate Governance & Fiduciary Duties

In Pari Delicto — An Auditor’s Best Friend?

Releases & Exculpations

The Second Circuit Upholds Madoff Trustee’s Release of Derivative Claims

363 Sales, Chapter 11 Plans

Fisker Credit Bid Controversy Update: Hybrid Leave to Appeal Denied; Wanxiang Wins Auction; Court Approves Sale

Claims

Whose Claim Is It Anyway?