On June 20, 2013, the United States Court of Appeals for the Second Circuit issued an opinion in Picard v. JP Morgan Chase & Co., et al. that addressed the ability of a trustee (a “SIPA Trustee”) appointed pursuant to the Securities Investor Protection Act (“SIPA”) to assert common law claims against financial institutions in connection with the Ponzi scheme perpetrated by Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC (collectively, “Madoff”).

In the past month, no rulemaking requirements were due, no new rules were proposed to meet rulemaking requirements and one rulemaking requirement was finalized.

In this latest issue of Global Insight, our global Restructuring team reports and comments on breaking legal developments in restructuring law across borders and in jurisdictions around the world. http://viewer.zmags.com/publication/a8d990fd#/a8d990fd/1

Far-reaching and critical amendments proposed by Bill S-14, An Act to amend the Corruption of Foreign Public Officials Act, received royal assent on June 19, 2013. http://www.osler.com/NewsResources/Details.aspx?id=6148

Sales of a debtor’s assets, either pursuant to §363 of the Bankruptcy Code or through a confirmed Chapter 11 plan of reorganization, have become increasingly common in recent years and are generally viewed as an efficient and effective way to monetize a debtor’s assets and, under the appropriate circumstances, to maximize the value of its estate. http://communicate.dlapiper.com/rs/vm.ashx?ct=24F7691CD3EA0AEDC1D181A4D72F9310DABE7BB3D38714DD4CF371647BF8D90DDD78035

The U.S. Bankruptcy Court for the Eastern District of California granted the City of Stockton, California (“Stockton”) relief under chapter 9 holding that Stockton satisfied its burden of proof on eligibility under sections 109(c) and 921(c) of the Bankruptcy Code.

A recent decision of the United States Court of Appeals for the Second Circuit affirmed decisions of the district court holding that the trustee appointed under the Securities Investor Protection Act (“SIPA”) to oversee the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) lacks standing to assert common law claims on behalf of Madoff’s customers against financial institutions that the trustee alleges aided and abetted Madoff’s fraud.

U.S. sanctions targeting non-U.S. companies’ business with Iran have greatly expanded in recent years, but have focused in significant respects on Iran’s energy sector, including, in particular, Iran’s petroleum and petrochemical sectors. Non-U.S. companies engaged in activities involving other sectors of the Iranian economy have felt somewhat secure from the reach of U.S. sanctions.

The Delaware courts have often repeated the bedrock principle that there is no one path or blueprint for the board of a target company to fulfill its Revlon duties of seeking the highest value reasonably available in a sale transaction.

In a decision issued on June 10, 2013, In re Quebecor World (USA) Inc., No. 12-4270-bk, 2013 WL 2460726 (2d Cir. June 10, 2013), the Second Circuit affirmed decisions of the district and bankruptcy courts holding that section 546(e) of the Bankruptcy Code precluded a creditors committee from avoiding a debtor’s purchase of private placement notes issued by one of the debtor’s affiliates as a preferential transfer. https://clients.clearygottlieb.com/rs/alertmemos/65-2013.pdf