On April 30th, the FDIC issued a final rule that treats a mutual insurance holding company as an insurance company for purposes of Section 203(e) of the Dodd-Frank Act. The new rule clarifies that the liquidation and rehabilitation of a covered financial company that is a mutual insurance holding company will be conducted in the same manner as an insurance company.
On April 5th, the Certified Financial Planner Board of Standards announced the approval of new rules regarding the disclosure of information concerning a CFP who has declared bankruptcy. CFP Board Announcement.
On March 28th, the House Oversight and Investigations Subcommittee held hearings on MF Global, whose October 2011 collapse has raised questions concerning the protection of customer money. In her prepared remarks MF Global's general counsel Laurie Ferber described the days and hours preceding the firm's bankruptcy filing, including the two wire transfers that some have seen as evidence that the firm improperly used customer money, and about which JP Morgan (the ultimate recipient of the funds), had questions.
On March 13, 2012 the Queen of Hearts in the Fifth Circuit Court of Appeals showed no sympathy for the White Rabbit’s plight and denied a creditor’s appeal of an order disallowing its late filed proof of claim in the DHL Master Land Holding LLC bankruptcy case.1
Bankruptcy Courts may be courts of equity, but a recent decision by the United States District Court for the Southern District of New York holds that even equity can’t trump the plain words of a settlement agreement.
The game is tied with three seconds to play in regulation: an inbounds pass, one dribble—and a long shot at the buzzer. It’s the drama we love and expect this month, but whether the result is the thrill of victory or the agony of defeat depends not only on whether the shot goes in but also whether it leaves the shooter’s hands before the buzzer sounds.1 Analogous madness arose this March in a recent complaint filed against an ad hoc group of hedge fund noteholders (the “Noteholders”) in Motors Liquidation Company GUC Trust v.
Defanging Stern v. Marshall1: The United States District Court for the Southern District of New York Modifies the Reference of Bankruptcy Matters to Address Issues Resulting from the Supreme Court’s Ruling
On February 10, 2012, Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York issued a ruling in a Chapter 15 bankruptcy proceeding where The Containership Company (TCC) is the debtor. Numerous shippers in the proceeding requested that the Bankruptcy Court defer to the Federal Maritime Commission with respect to the shippers' claims that TCC violated the Shipping Act of 1984.
On February 1st, the Tenth Circuit held that Deutsche Bank failed to establish it was a "party of interest" entitled to relief from a bankruptcy petition's automatic stay. After Deutsche Bank's foreclosure of the Millers' home was stayed by the latter's bankruptcy petition, the bank obtained relief from the stay. On appeal, the Tenth Circuit reversed and remanded. The bank failed to provide the original note to the bankruptcy court and did not provide the original or a copy to the bankruptcy appellate panel.
Tronox Incorporated and certain affiliates (the “Debtors”) emerged from Chapter 11 in February 2011 armed with a new capital structure and operational game plan, but that’s yesterday’s news. The flavor of the month is last Friday’s decision by Justice Allan L.