Who are we kidding? The topic of statutory insiders has been a blog favorite, year after year.
Earlier this week, the Third Circuit affirmed a federal bankruptcy court’s dismissal of a mesothelioma claim against a bankrupt oil company that arose as an adversary proceeding fifteen years after the bankruptcy plan was confirmed and discharged all outstanding claims. The Circuit held that because the parties conceded the claim arose at the time of the victim’s asbestos exposure, which pre-dated the defendant’s bankruptcy, a
“In bankruptcy, as in life, timing can be everything” – the Fifth Circuit.
“A boy’s best friend is his mother.” – Norman Bates
“Let’s have a family gathering for the remaining family members who still speak to each other” – Someecards, Inc.
Today, in the latest installment of our series reviewing the Final Report and Recommendations of the American Bankruptcy Institute Commission to Study the Reform of Chapter 11, we explore the Commission’s recommendations on executory contracts and leases – discussed in section V.A. The Commissione
This latest installment of our ongoing coverage of the Report of the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 discusses the Commission’s proposals regarding plan content, voting, confirmation issues, and exit orders (Report sections VI.E, F, and G). The recommendations are geared toward creating greater efficiencies in the plan process by reducing what the Commissioners view as opportunities for litigation and gamesmanship, and clarifying the permissibility of certain plan provisions and orders that have divided courts.
In this installment of the Bankruptcy Blog’s series on the ABI Commission to Study the Reform of Chapter 11, we turn our attention to the recommendations and findings on the trustee’s avoiding powers (section V.C.), the standard for reviewing settlements and compromises (section V.G.), and the in pari delicto doctrine (section V.H.).
Avoiding Powers
Providing proper notice to existing and potential creditors is an important consideration for debtors’ counsel. A seminal Supreme Court decision established that due process for “unknown” claimants is generally satisfied by publication notice, so long as it is reasonably calculated to reach such creditors under the circumstances.
“I’m sorry, Dave. I’m afraid I can’t do that.” – HAL 9000, 2001: A Space Odyssey
This past Saturday, October 11, 2014, marked an important day in the too-big-too-fail regulatory and industry initiative. The International Swaps and Derivatives Association, Inc. (ISDA) announced on Saturday that 18 major global banks (G-18) have agreed to sign a new ISDA Resolution Stay Protocol, developed in coordination with the Financial Stability Board, to support cross-border resolution and reduce systemic risk.