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District Court Bars Assignment by Sears, Provision in Lease Cannot Supersede §365(b)(3)(A)

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USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, US District Court for the Southern District of New York
Court Holds Filing of Proof of Claim Results in Waiver of Right to Jury Trial Despite Claimants’ Purported Reservation of Rights

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In an opinion dated Jan. 10, 2020, Bankruptcy Judge Craig A. Gargotta of the Western District of Texas (San Antonio Division) held that a creditor who submits a proof of claim in bankruptcy waives its right to a jury trial, regardless of whether the creditor has couched its claim in protective language purporting to reserve its right to a jury trial. See Schmidt v. AAF Players LLC (In re Legendary Field Exhibitions LLC), 19-05053 (Bankr. W.D. Tex. Jan. 10, 2020).

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USA, Texas, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States, United States bankruptcy court
Fifth Circuit Affirms Bar Orders in Receivership, Bars Creditors From Pursuing Claims Against Settling Defendants

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US Securities and Exchange Commission
Supreme Court to Hear Circuit Split Over Bankruptcy Safe Harbor Provision

The Supreme Court has granted certiorari in Merit Management Group L.P. v. FTI Consulting Inc. to resolve a circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that shields specified types of payments “made by or to (or for the benefit of)” a financial institution from avoidance on fraudulent transfer grounds.

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, Eighth Circuit, Supreme Court of the United States, Eleventh Circuit, Sixth Circuit, Seventh Circuit, Tenth Circuit