One month ago, Judge Christopher Klein ruled in the city of Stockton, CA bankruptcy case that public employee pension obligations can be impaired in municipal bankruptcy cases under Chapter 9 of the Bankruptcy Code. Last week, however, Judge Klein approved the plan of adjustment for Stockton that left public pension obligations intact over the vociferous objection of Franklin Investments, a major city bondholder whose claim was substantially reduced. The confirmation of the Stockton plan underscores that even as there now appears to be a sound legal foundatio
The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case, and has now been fatally wounded by
General Motors LLC (“New GM”) came into being in the summer of 2009, when it acquired substantially all of the assets of General Motors Corporation (“Old GM”) in a sale undertaken pursuant to section 363 of the Bankruptcy Code. The July 2009 Sale Order approved by U.S.
Three years ago, in Stern v.
Judge Jed S. Rakoff of the Southern District of New York last week ruled that the U.S. Bankruptcy Code does not permit a bankruptcy trustee to recover foreign transfers. Specifically, Judge Rakoff refused to allow Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), to recoup monies initially transferred from BLMIS to non-U.S.
In Re Citywest Hire Ltd (In Liquidation)
Myles Kirby was appointed as Official Liquidator of Citywest Hire Limited (In Liquidation) (“Citywest”). Citywest had operated Il Segreto Restaurant on Merrion Row, Dublin 2 until late June 2013.
In January 2014, the Malta Financial Services Authority (“MFSA”) announced that Setanta Insurance Company Limited (“Setanta Insurance”) had ceased carrying on insurance business. As a result, no new business or renewals would be issued by the company, although existing policies would remain in force.
The U.S. Supreme Court yesterday, in Executive Benefits Insurance Agency v. Arkinson, limited somewhat the ramifications of its landmark opinion two years ago in Stern v.
Flanagan & Anor -v- Crosby & Ors [2014] IEHC59
In Re Home Payments Limited (In Liquidation) [2013] IEHC 507, an application for directions was made by the Joint Liquidators of Home Payments Limited for the liquidators’ remuneration, costs and expenses to be discharged from customer accounts. Prior to its liquidation the company had operated as a nationwide household budgeting and bill paying company.