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Second Circuit's significant decision could impact liquidating trustees

In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have far-reaching effects on how liquidating chapter 11 bankruptcy cases will be handled in the future.

USA, Insolvency & Restructuring, Litigation, Tax, Duane Morris LLP, Liquidation, Internal Revenue Service (USA), Second Circuit, United States bankruptcy court
Chapter 11 plan provision allowing individual members of official committee to be reimbursed for professional fees and expenses held invalid, but committee members may be awarded reimbursement for professional fees and expenses incurred in making a

Substantial Contribution to the Case

USA, New York, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP
Eighth Circuit holds that trademark license included in substantially performed integrated asset purchase transaction is not an executory contract subject to rejection

On June 6, 2014, in Lewis Brothers Bakeries Incorporated and Chicago Baking Company v.

USA, Insolvency & Restructuring, Litigation, Trademarks, Fried Frank Harris Shriver & Jacobson LLP, Eighth Circuit
The Supreme Court clarifies the role of bankruptcy courts in Stern v. Marshall-type proceedings, but leaves consent issue for another day

Background

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Tortious interference, United States bankruptcy court
Debt fund enjoined from voting on chapter 11 plan because it is not a “financial institution” under assignment eligibility clause of loan agreement

Assignees of Loan Only Entitled to One Collective Vote on Plan

USA, Washington, Banking, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Injunction, Debt, Default (finance), Distressed securities, United States bankruptcy court
Bitcoin exchange Mt. Gox files for bankruptcy protection; may have broader implications for digital currency industry

In its bankruptcy filing under Japan's Civil Rehabilitation Law, Mt. Gox claims 6.5 billion yen, or around $64 million, in liabilities and 3.84 billion yen, or around $38 million, in assets.

Japan, USA, Banking, Insolvency & Restructuring, Internet & Social Media, Duane Morris LLP, Bankruptcy, Bitcoin
Bankruptcy appellate panel for Eighth Circuit reaffirms it is not the forum for debtors in pending bankruptcy cases to take second bite at the apple

Last week, the 8th Circuit B.A.P. affirmed, first noting that criminal judgments, including restitution awards and liens, are afforded special protection from bankruptcy discharge.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy, Debtor, Bankruptcy discharge, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
Second Circuit ruling appears to limit ability of U.S. Bankruptcy Courts to assist foreign debtors

 

 

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Discovery, US Code, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Whose tax refund is it? Eleventh Circuit holds that chapter 11 debtor parent company must distribute tax refunds to members of a consolidated group under a tax sharing areement

On August 15, 2013, in Zucker v.

USA, Insolvency & Restructuring, Litigation, Tax, Fried Frank Harris Shriver & Jacobson LLP, Bankruptcy, Debtor, Holding company, Tax return (USA), Federal Deposit Insurance Corporation (USA), United States bankruptcy court, Eleventh Circuit
Second Circuit establishes relevant time period for center of main interests determination under chapter 15 of the Bankruptcy Code

 

In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir.

British Virgin Islands, USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Liquidation, Title 11 of the US Code, Second Circuit, United States bankruptcy court, Fifth Circuit