It’s hard to believe, but until now, the Seventh Circuit has never weighed in on the issue of when a claim arises in a bankruptcy case. As a result, the Seventh Circuit has had the luxury of sitting back, watching the Third Circuit go from Frenville to
A Chapter 11 debtor’s reorganization plan purporting to cure a default under a pre-bankruptcy loan agreement must pay “the agreed-upon default rate interest,” consistent with “the underlying agreement” and the “applicable nonbankruptcy law,” held the U.S. Court of Appeals for the Eleventh Circuit on Aug. 31, 2015. In re Sagamore Partners, Ltd., 2015 WL 5091909, at *4 (11th Cir. Aug. 31, 2015).
InIn re: Delta Petroleum Corp. (Bankr. Del. Apr. 2, 2015), the bankruptcy court (the “Court”) considered competing motions for summary judgment as to whether certain overriding royalty interests (“ORRIs”) constituted (1) mere contractual rights to payment that were discharged by the confirmed chapter 11 reorganization plan or (2) real property interests that were not part of the estate in bankruptcy and, thus, survived the trustee’s challenge.
When entrepreneurs decide to embark upon a new endeavor, they must first decide the form of entity to be used in conducting their business. Do they want to incorporate the business, and if so should they elect Subchapter S status? Would they be better served by forming a limited liability company, a limited liability partnership, or a general partnership? Each of these entities has its own beneficial characteristics when considering tax consequences, ease of operation, and potential liabilities of the individual entrepreneurs.
Providing notice to creditors of actions that could affect their interests is one of a debtor’s most important responsibilities. Absent proper notice, relief requested by a debtor that may be warranted could nonetheless be denied. Indeed, the Federal Rules of Bankruptcy Procedure set out pages and pages of rules regarding the time periods, form, and content of notices that a debtor, among others, must follow. As the United States Bankruptcy Court for the District of Colorado recently reminded us in the
Glitnir hf. (“Glitnir”) has announced that as of the end of day on Sept. 11, 2015 (“Transfer Cut-Off Time”), it will no longer be processing Claim Transfer Request Forms (“CTRFs”) or issuing any Notices of Successful Transfers (“NOSTs”). Parties to unsettled claims trades that require assignment of title must submit their CTRFs to Glitnir’s transfer agent, Epiq Bankruptcy Solutions LLC, or Epiq Systems Limited (“Epiq”) before the end of day on Friday, Sept. 11, 2015.
“Who by water and who by fire, who by sword and who by beast, who by famine and who by thirst, who by [bankruptcy courts deciding matters that are outside their constitutional authority]”
– Rosh Hashanah liturgy, as modified
There has been a relatively recent uptick in plaintiffs’ counsel filing putative class actions in multiple state and federal courts for alleged violations of a debtor’s bankruptcy discharge injunction based upon the debtor’s receipt of post-discharge mortgage-related communications. These claims assert putative class action challenges to post-discharge communications alleged to be attempts at personal collection of the discharged mortgage debt.
In a recent decision related to the SemCrude bankruptcy, the federal district court upheld the Bankruptcy Court’s rulings on the efficacy of certain common risk-mitigation tools used in the energy trading and marketing business – namely product payment netting and cross-product setup upon liquidation and closeout. The decision comes amid long-running challenges from producers who had sold product to the SemGroup entities on credit.