The New Jersey Appellate Court has recently ruled that a receiver can be sued for injuries sustained in a building under the receiver’s control.  The case involved a dilapidated apartment building in Passaic and injuries sustained thirteen months after the receiver was appointed by judge overseeing the foreclosure case of the first mortgage holder.  The receiver was charged with responsibility to collect rent; manage, insure and repair the premises; pay taxes and assessments; and “do all things necessary for the due care and proper management of the mortgaged premises.”  Acco

Introduction

Introduction

The United States Bankruptcy Court for the District of Nebraska has held that an insurer may make settlement payments for claims against a debtor’s directors and officers where any claims of the debtor are subordinate to those of the directors and officers under the terms of the policy.  The court stated that under these circumstances “the issue of whether the policies are property of the bankruptcy estate is irrelevant.”  In re TierOne Corp., 2012 WL 4513554 (Bankr. D. Neb. Oct. 2, 2012).

On October 17, 2012, Back Yard Burgers, Inc.

On October 17, 2012, Satcon Technology Corporation and various of its subsidiaries (collectively, "Satcon") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Satcon's subsidiaries include Satcon Power Systems, Inc., Satcon Electronics, Inc., Satcon Power Systems, LLC, Satcon International and Satcon Technology.  As stated in Satcon's Declaration filed with the Delaware Bankruptcy Court (the "Decl."), Satcon provides "utility-grade po

On October 16, 2012, battery maker A123 Systems, Inc., and various subsidiaries, filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  A123 started its business in 2001 seeking to capitalize on the growing use of lithium-ion batteries in transportation and energy systems.  According to papers filed with the Bankruptcy Court, the company first began producing commercial batteries in 2006.  See Declaration of David Prystash in Support of Chapter 11 Petitions and First Day Motions (hereinafter the "Decl.") at *4.  By

On October 10, 2012, Vertis Holdings, Inc. ("Vertis"), and various related entities, filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  This is Vertis' third time in bankruptcy in recent years.  As stated in the company's Declaration in Support of Chapter 11 Petitions (the "Decl."), Vertis filed a prepackaged bankruptcy in Delaware in July of 2008.  Vertis filed its first bankruptcy in order to merge with American Color Graphics and restructure some of the company's debt.   Decl.

On September 28, 2012, Southern Air Holdings ("Southern Air" or "Debtor"), along with various related entities, filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware.  As stated in its Declarations in Support of Chapter 11 Petitions and First Day Relief (the "Declaration" or "Decl."), Southern Air describes itself as a "long-haul, wide-body air cargo" provider for governments and commercial users.  Decl.

Explaining the Subsequent New Value and Contemporaneous Exchange Defenses to Avoidable Preferences

Avoidable Preferences

The bankruptcy code allows a debtor, trustee or other estate representative to recover certain payments or other transfers (such as judgment liens and attachments) to creditors made within 90 days of the date a bankruptcy case was filed.