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SDNY Bankruptcy Court Finds Bar Date Applies to Pension Fund’s Withdrawal Liability Claim Before Withdrawal Occurs

The Bottom Line

The U.S. Bankruptcy Court for the Southern District of New York entered a decision confirming the applicability of the Court’s bar date order as it relates to a pension fund’s claim for withdrawal liability filed after the bar date, despite the fact that the withdrawal occurred after the deadline for filing proofs of claim.

What Happened?

USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Mutual fund, Investment funds, US District Court for the Southern District of New York
Fifth Circuit Disallows Make-Whole Payment in Bankruptcy

On Jan. 19, 2019, the U.S. Court of Appeals for the Fifth Circuit vacated a bankruptcy court decision awarding Ultra Petroleum Corp. noteholders $201 million in make-whole payments and $186 million in post-petition interest. Under the note agreement, upon a bankruptcy filing, the issuer is obligated for a make-whole amount equal to the discounted value of the remaining scheduled payments (including principal and interest that would be due after prepayment) less the principal amount of the notes.

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Fifth Circuit
SDNY District Court Holds That Bankruptcy Courts Have Core Jurisdiction and Constitutional Adjudicatory Authority over Involuntary Third-Party Releases

The Bottom Line

USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Res judicata and issue estoppel, US District Court for the Southern District of New York
Second Circuit Overturns Southern District in Marblegate

On Jan. 17, the U.S. Court of Appeals for the Second Circuit vacated the decision of the District Court for the Southern District of New York in Marblegate Asset Management, LLC v.

USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit