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No, You’re a Customer: Recent Second Circuit Decision Circumscribes Merit and Preempts State Law Impairment of Safe Harbor Protections in the Wake of a Failed LBO

On December 19, 2019, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirmed a ruling of the United States District Court for the Southern District of New York (the “District Court”) dismissing constructive fraudulent conveyance claims brought by representatives of certain unsecured creditors of Chapter 11 debtor Tribune Company (“Tribune”)

USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Title 11 of the US Code
The District Court in Tribune Circumscribes Merit and Maintains Section 546(e) Safe Harbor Protection for Shareholders in the Wake of a Failed LBO

Last year, the Supreme Court issued its decision in Merit, unanimously ruling that a buyout transaction between private parties did not qualify for “safe harbor” protection under Bankruptcy Code section 546(e), on the basis that a “financial institution” acted as an intermediary in the overarching transaction.

USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Leveraged buyout
What to Do Now if You Want to Sell Your Company

The global M&A market has remained strong from the end of 2017 into 2018, with the total deals announced in the first half of 2018 making it the best period for global M&A yet. With stockholders pressuring larger companies to grow their revenues and the strong liquidity position of many companies, it is a sellers’ market.

Global, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Mintz
Third Circuit holds that debt collectors must generally comply with the Bankruptcy Code and the Fair Debt Collection Practices Act

In Simon v. FIA Card Services, N.A.,[1] the U.S.

USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debt, Subpoena, Debt collection, Collection agency, Fair Debt Collection Practices Act 1977 (USA), United States bankruptcy court, Third Circuit
Lehman Bankruptcy Court issues safe harbor decision

 

USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Amicus curiae, Liquidation, Lehman Brothers cases, International Swaps and Derivatives Association, Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets

Introduction

USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor
Furniture retailer, Carl's Patio, files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail
Penson Worldwide files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
Preference complaints filed in RG Steel bankruptcy

Introduction

USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, United States bankruptcy court
Bankruptcy trustee in ultimate electronics files more preference actions

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code