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Nevada District Court Holds that a Creditor Must Have a Fully Undisputed Claim to Petition for an Involuntary Bankruptcy

The Bottom Line

USA, Nevada, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Ninth Circuit, Seventh Circuit
Use of Accounting Term of Art in Arbitration Provision of Asset Purchase Agreement Narrows its Scope in Favor of Bankruptcy Court Jurisdiction Over Post-Closing Dispute

The Bottom Line

The Delaware District Court affirmed the bankruptcy court’s decision that the combination of a narrow arbitration provision and the bankruptcy court’s reservation of jurisdiction warranted denial of a motion to compel arbitration. The specific language of the arbitration provision, combined with the use of an accounting term of art, narrowed the scope of the arbitration provision sufficiently to rebut the presumption of arbitration under the Federal Arbitration Act.

What Happened?

USA, Delaware, Arbitration & ADR, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Federal Arbitration Act 1926 (USA)