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Desperate Times Call for Desperate Measures: Delaware Bankruptcy Court Doesn’t Answer in Syntax-Brillian, Denying Motion to Remove Trustee

The Bankruptcy Code’s priority scheme provides that the shareholders generally cannot receive anything on account of their investment until all secured, priority and unsecured creditors are paid in full.

USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Backstage Rider Demands: 10 Bottles of Dom Perignon, M&Ms (Absolutely No Brown Ones!), Two Ice Cream Cakes, and a DIP Carve Out

While rockstars such as Iggy Pop and Nikki Sixx of Mötley Crüe were infamous for outlandish rider requests while on tour, perhaps nobody is more notorious for their demands of concert promoters than Van Halen.

USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP, Debtor
50 Cent: You Love Him in a Bentley, But Would You Love Him on a Bus? 50’s Creditors Have 21 Questions, and They’re All About U.S. Bankruptcy Law

♫ “Girl, it’s easy to love me now.

Would you love me if I was down and out?

Would you still have love for me?” ♫

-50 Cent, 21 Questions

USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP
Safe harbor update: continued uncertainty regarding applicability of safe harbors to leveraged buy-outs of privately held securities

A Western District of New York bankruptcy court has held that the safe harbor provisions of section 546(e) of the Bankruptcy Code apply to leveraged buy-outs of privately held securities. See Cyganowski v. Lapides (In re Batavia Nursing Home, LLC), No. 12-1145 (Bankr. W.D.N.Y. July 29, 2013).

USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Security (finance), Safe harbor (law), Privately held company, Leveraged buyout, United States bankruptcy court
Bankruptcy court finds some repo participants are not SIPA “customers”

On June 25, 2013, the Bankruptcy Court for the Southern District of New York (the “Court”) issued a memorandum decision in the Lehman Brothers SIPA proceeding1 holding that claims asserted by certain repurchase agreement (“repo”) counterparties (the “Representative Claimants”) did not qualify for treatment as customer claims under SIPA.

USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Unsecured debt, Security (finance), Broker-dealer, Lehman Brothers, Securities Investor Protection Corporation, United States bankruptcy court