Fulltext Search
Second Circuit Reverses Lower Courts, Preserves Madoff Trustee's Ability To Pursue $3.75 Billion of Stolen Customer Property

On Aug. 30, 2021, in a significant decision that paves the way for additional substantial recoveries for the victims of Bernard L. Madoff’s Ponzi scheme, the Second Circuit Court of Appeals preserved the ability of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), to pursue $3.75 billion of stolen customer property currently in the hands of participants in the global financial markets.

USA, Insolvency & Restructuring, Litigation, BakerHostetler, Second Circuit
Will Congress Finally Act? The ABI Commission on Business Bankruptcy Reform: Exiting the Case - Changes to the Plan Confirmation Process

This is the sixth in a series of alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies (the “Commission”). This alert covers the Commission’s recommendations regarding Chapter 11 plans of reorganization and Chapter 11 dismissal orders. It discusses the Commission’s proposed changes to plan confirmation and voting procedures, approving settlements contained in the plan, and releasing insiders from liability.

1. Recommended Changes to Confirmation and Voting Requirements.

USA, Insolvency & Restructuring, BakerHostetler, Bankruptcy, Title 11 of the US Code