You have been reading for months that the U.S. Supreme Court approved amendments to the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) that go into effect on December 1, 2017. You also may have ignored these changes because they affect Chapter 13 consumer cases and may not impact your commercial bankruptcy practice.
Right?
In a move that surprised bankruptcy practitioners and other observers, a Delaware bankruptcy court recently rescinded an order approving a $275 million break-up fee relating to a failed merger.
Earlier this month, the United States Supreme Court agreed to review a Seventh Circuit decision regarding the scope of the so-called “safe harbor” from avoidable transfers provided in Section 546(e) of the Bankruptcy Code. Many in the U.S. bankruptcy industry expect that the Supreme Court granted certiorari to hear Merit Management Group, LP v. FTI Consulting, Inc., Case No. 16-784, in order to resolve a long-running split among the 2nd, 3rd, 6th, 8th, and 10th Circuits, on the one hand, and the 7th and 11th Circuits on the other.
Recently, the United States Bankruptcy Court for the District of Delaware held that a carve-out provision in a DIP financing order did not act as an absolute limit on the fees and expenses payable to the professionals retained by an unsecured creditors’ committee (the “Committee”). Rather, in In re Molycorp, Inc., 562 B.R. 67 (Bankr. D. Del.
When we last discussed the Commonwealth of Puerto Rico’s efforts to restructure some $72 billion in municipal debt, a Federal District Court Judge had found the Commonwealth’s 2014 municipal debt-restructuring law, the “Recovery Act,” to be pre-empted by the federal Bankruptcy Code, unconstitutional and therefore void.
Recently, lawyers for 50 Cent fought against the appointment of a bankruptcy examiner to investigate Instagram photos the rapper posted of himself lying next to piles of hundred dollar bills. In one picture, the bills spelled out the word “BROKE.” The humor of the photos was lost on the Office of the U.S. Trustee, who viewed the postings as disrespectful of the bankruptcy process and possible evidence that 50 Cent committed bankruptcy fraud by concealing assets from his creditors.
The past several years have not been kind to commodities exploration companies. The price of gold dropped to $1,051/oz. in November 2015, a level that had not been seen since 2009. Although the price of gold rebounded somewhat in January and February 2016 to just over $1,200/oz., the price has steadily decreased after peaking at $1,921/oz. in August 2011. The price of silver has also decreased dramatically, with its price off 60% from the 2011 highs. Copper has not escaped this trend, and was recently selling for just over half of its 2011 price.
The U.S. District Court for the District of Delaware recently denied the debtors’ attempt to assume a software license agreement while simultaneously rejecting related agreements with the same vendor. In Huron Consulting Svcs., LLC v. Physiotherapy Holdings, Inc. (In re Physiotherapy Holdings, Inc.), Chief Judge Leonard P.
On 26 May 2015 new UK insolvency law changes take effect and all insolvency practitioners and stakeholders should be aware of these amended rules which apply from today onwards. Read on to make sure you are up to date!
As we previewed last week, the U.S. Bankruptcy Court for the Southern District of New York recently handed General Motors (“New GM”) an enormous victory that may end up shielding the company from up to $10 billion in successor liability claims.