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Garvin and its Aftermath: The Ninth Circuit Upholds a Bankruptcy Plan Contemplating Income From a Cannabis-Related Source and Several Bankruptcy Courts Quickly Weigh In

In May, the United States Court of Appeals for the Ninth Circuit issued a much anticipated decision in Garvin v. Cook Investments NW, SPNWY, LLC, 922 F.3d 1031 (9th Cir.

USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Debtor, Ninth Circuit
Supreme Court Alert: The Court Provides Additional Guidance on the Appropriate Level of Review of Determinations of Mixed Questions of Law and Fact by the Bankruptcy Court

On March 5, 2018, the Supreme Court issued a unanimous decision in U.S. Bank National Ass’n ex rel. CWCapital Asset Management LLC v.

USA, Banking, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Ninth Circuit, United States bankruptcy court
Supreme Tax Court Abolishes German Restructuring Privilege

Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.

Germany, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP
Products Liability Plaintiffs Prevented From Seeking Recovery Against New GM Because the Bankruptcy Court Found Their Claims Were Not Assumed by New GM

On April 15, 2016, the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) halted the attempt of plaintiffs who were injured in an accident involving a General Motors vehicle to seek recourse against General Motors LLC (“New GM”) in state court, finding that New GM did not assume liability for the plaintiffs’ claims.  This decision provides yet another reminder to t

USA, New York, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, General Motors, United States bankruptcy court
Second Circuit determines that Argentine central bank is not alter ego of Argentina

Introduction

USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Central bank, Foreign Sovereign Immunities Act 1976 (USA), Second Circuit