Setoff provisions are commonly found in a variety of trading related agreements between hedge funds and their dealer counterparties. Last November, Judge Christopher Sontchi of the United States Bankruptcy Court for the District of Delaware held that “triangular setoff” is not enforceable in the context of a bankruptcy case.[1] “Triangular setoff” is a contractual right of setoff that permits one party (“Party One”) to net and set off contractual claims of Party One and its affiliated entities against another party (“Party Two”).
USA, Delaware, Derivatives, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Hedge funds, Barclays
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets
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USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
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Introduction
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code
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USA, Delaware, Insolvency & Restructuring, Litigation, Shipping & Transport, Fox Rothschild LLP, Bankruptcy, Liquefied natural gas, United States bankruptcy court
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USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Holding company, Office of the Comptroller of the Currency (USA), United States bankruptcy court
Introduction
On October 17, 2012, Back Yard Burgers, Inc.
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, United States bankruptcy court