At issue in In re Legacy Corp.was the right to allowance and payment as an administrative expense of the professional fees and expenses of the Movant, a holder of a prepetition gift card claim against the Debtors, for his involvement in the resolution and settlement of prepetition gift card holder claims.
“We’re riding down the boulevard,
We’re riding through the dark night,
With half the tank and empty heart,
Pretending we’re in love, when it’s never enough, nah.”
Section 105(a) of the Bankruptcy Code acts as the Bankruptcy Code’s equitable backstop, empowering bankruptcy courts to “issue any order, process, or judgment that is necessary or appropriate to carry out [its] provisions” and to, “sua sponte, take[e] any action or mak[e] any determination necessary or appropriate to enforce or implement court orders or rules, or to prevent an abuse of process.” Does section 105(a), though, authorize
As we previously reported here at the Weil Bankruptcy Blog, in Burberry Limited and Burberry USA v.
Depending on the nature of its business, a debtor may encounter issues associated with the Perishable Agricultural Commodities Act (“PACA”), a statue designed to protect sellers of perishable produce. Recently, in Kingdom Fresh Produce, Inc. v.
“Some people have a way with words, and other people…oh, uh, not have way.”
Practitioners that exclusively represent clients in large scale restructurings and chapter 11 reorganizations may be used to the debtor remaining in place with senior management continuing to oversee the day to day operations of the company and overseeing the debtor’s reorganization case. It may seem strange then to such practitioners that, unlike in chapter 11 cases, the debtor in a chapter 7 case often has only a limited role in its own bankruptcy case after the initial debtor interview and the section 341 meeting of creditors. In a chapter 7 case, a trustee is appointed and i
In Providence Hall Associates Limited Partnership v. Wells Fargo Bank, N.A., the Fourth Circuit denied plaintiff’s attempt to receive a second bite at the apple, finding that plaintiff’s lawsuit was appropriately dismissed by the district court on res judicata grounds.
On February 25, 2016 we discussed decisions by two judges of the United States Bankruptcy Court for the District of Delaware adopting and expanding upon Judge Walrath’s decision in In re Boomerang Tube, Inc., which held that a bankruptcy estate may not compensate professionals under
As energy prices continue in their trough and volatile markets fuel speculation of credit deterioration, more and more investors, companies, and professionals find themselves scouring documents to find room for a capital structure adjustment (or, alternatively, for potential threats to their credit support). A recent decision by the District Court for the Southern District of New York in the Norske cas