In a unanimous decision, the New York Court of Appeals stuck a dagger through the heart of bankruptcy estates of failed law firms as it declared that profits earned on matters that former partners of the failed firm take with them to their new employers are not property of the former firm. Those profits belong to the new firm that provides the legal services.
What do you get when you combine a 20+ year old bankruptcy, a contaminated landfill, and a state regulatory agency that moves at a glacial pace? The answer: In re Solitron Devices, Inc., a recent decision from the Bankruptcy Court for the Southern District of Florida.
Introduction
In a decision with broad and significant implications for many investors, the Court of Appeals for the Fifth Circuit has held that claims arising under a guarantee of a security issued by an affiliate can be subject to mandatory subordination pursuant to section 510(b) of the Bankruptcy Code. While the decision may come as a surprise to some invest
This morning, the Supreme Court issued its decision in the much-anticipated Wellness International Network, Ltd. v. Sharif. And finally, the various opinions of the Court have offered some meaningful guidance on some of the key issues raised in the wake of Stern v.
Is a rent-stabilized lease in New York a “local public assistance benefit” that is exempt from property of a debtor’s bankruptcy estate, or is it merely “a quirk of the regulatory scheme in the New York housing market[?]” That was the question recently decided by the Second Circuit in In re Monteverde.
“I can [resolve] that” – Sam the Onion Man, Holes (as modified)
“[W]hat I do have are a very particular set of skills, skills I have acquired over a very long career…” – Bryan Mills (Liam Neeson), Taken
As part of the Weil Bankruptcy Blog’s series on the recently released ABI Commission Report, we previously discussed the ABI Commissions’ recommendations on managem
While some of us may have had turkey on the mind over the last few days following the Thanksgiving holiday, members of the U.S. House of Representatives clearly had more important things than turkey to ponder. Just yesterday, December 1, 2014, the House passed H.R. 5421, the Financial Institution Bankruptcy Act of 2014.