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

Public and private entities can access the U.S. capital markets without registering the offering with the U.S. Securities and Exchange Commission (SEC) by issuing securities under Rule 144A and/or Regulation S of the U.S. Securities Act of 1933, as amended (the Securities Act). http://www.pepperlaw.com/publications_update.aspx?ArticleKey=2656

No New Deadlines. No rule making requirements were due in May. 0 Requirements Met, 1 Proposed.

THE INTERNATIONAL SCENE: Dialing in Scope of Chapter 15 Relief (citation: Robert Miller, Dialing in Scope of Chapter 15 Relief, XXXII ABI Journal 5, 42-43, 86, June 2013) - Robert Miller

Bankruptcy Litigation Panel (2013 ABI New York City Bankruptcy Conference - Peter V. Pantaleo, Hon. Carla E. Craig, Robin E. Keller, Kenneth Pasquale, Steven J. Reisman, Ken Ziman

Comparison of U.S. vs. European Distressed Debt Market and Restructuring Environment (2013 ABI New York City Bankruptcy Conference - Wilbur L. Ross Jr., Rick Morris, Marc A. Broude, Lisa G. Beckerman, Daniel B. Kamensky, Ben Pickering