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First Circuit Holds that Fifth Amendment Takings Claims Must be Paid in Full

The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.

In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)

USA, Insolvency & Restructuring, Litigation, Dechert LLP, US Congress, Supreme Court of the United States, Ninth Circuit
No mere rubber-stamp: Ontario court challenges the admissibility of fairness opinion in arrangement transaction

A recent decision at the Ontario Superior Court of Justice (Commercial List) brought to the fore the role of fairness opinions in solvent arrangement transactions. In Re ChampionIron Mines Limited (Champion) the court approved the arrangement but deemed the fairness opinion inadmissible on the basis that it failed to disclose the reasons underlying its conclusion.

Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Admissible evidence, Bell Canada