Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits challenging non-pro rata uptier transactions are making their way through the courts, two important decisions were recently issued by the Court of Appeals for the Fifth Circuit and the New York Appellate Division.

On average, the Supreme Court hears a single bankruptcy case each term. But during the October 2022 term, the Supreme Court issued a remarkable four decisions in bankruptcy cases. These decisions, which are summarized below, address appellate issues relating to sale orders, the discharge of claims obtained by fraud, and sovereign immunity issues in two different contexts.

I. Section 363(m) of the Bankruptcy Code is not a jurisdictional provision that precludes appellate review of asset sale orders.

前记

执行是实现生效裁判文书债权的“最后关键一环”，是维护当事人合法权益的“最后一公里”。囿于执行领域纷繁复杂的法律规定以及各地司法实践的尺度不一，执行往往成为争议解决的重点及难点。我们长期专注于执行领域，代理了大量金融资管公司、上市公司的公证债权文书、诉讼/仲裁的执行案件。为此，基于执行实务经验，我们着眼于当前执行领域的热点难点问题，推出执行干货系列专题文章，敬请关注。

专题二

目前，法院通过网络拍卖平台处置财产已成为处置执行财产的主要方式，相比传统拍卖模式而言网络拍卖的效率可能更高，也更有利于保护债权的实现以及债务人的合法权益。近年来，越来越多的破产财产也同样通过网络拍卖平台高效处置。实践中，竞买人经常因为种种原因事后意图“悔拍”并寻求救济。对此，破产网络拍卖相关纠纷究竟属于何种性质？竞买人应选择什么程序进行救济？拍卖公告是否一律不得修改？本文结合司法实践对前述疑问进行单刀直入地解析。

破产网络拍卖的性质

Businesses in a wide range of industries may now be forced to consider bankruptcy given the unprecedented economic challenges caused by the COVID-19 pandemic. This advisory is designed to provide a high-level view of issues to be considered by human resources when considering filing for Chapter 11 bankruptcy. Please note that this advisory focuses specifically on a Chapter 11 bankruptcy (pursuant to which a business will be reorganized) rather than Chapter 7 bankruptcy (pursuant to which a business will be liquidated).

Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).

Angel Medical Systems, Inc., a developer of medical devices based in Eatontown, NJ, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12903).

Alcor Energy, LLC filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12839).

White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808).

Checkout Holding Corp. (dba Catalina Marketing), along with ten affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12794).

interTouch Holdings LLC and its affiliate, interTouch TopCo LLC, have both filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12772).