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In Decision With Important Tax and Bankruptcy Implications, Supreme Court Rejects Application of So-Called 'Bob Richards Rule'

In its recent decision in Rodriguez v. Federal Deposit Insurance Corp., No. 18–1269 (Sup. Ct. Feb. 25, 2020), the Supreme Court held that federal courts may not apply the federal common law “Bob Richards Rule” to determine who owns a tax refund when a parent holding company files a tax return but a subsidiary generated the losses giving rise to the refund. Instead, the court should look to applicable state law.

General Legal Background

USA, Insolvency & Restructuring, Insurance, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Federal Deposit Insurance Corporation (USA), Supreme Court of the United States
Forget about buying your way out of “cramdown” in the Ninth Circuit

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USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
Court quashes the myth of partial plan confirmation revocation

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USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fraud, United States bankruptcy court
Stern may have taken a smaller bite out of core jurisdiction than previously thought

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USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, US Constitution, Second Circuit, United States bankruptcy court
Courts look closer at bankruptcy remote financing deals and find they may be lacking

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USA, Illinois, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Accounts receivable, United States bankruptcy court, Seventh Circuit, US District Court for Northern District of Illinois