David Rubin and Henry Lan; administrators of Capitol Films v Cobalt Pictures and 24 others [2010] EWHC 3223 (Ch).
Today, the Supreme Court of the United States issued its much awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 566 U.S. ______ (2012). The noteworthy decision resolves any uncertainty surrounding a secured creditor’s right to credit bid in a sale under a chapter 11 plan which arose after cases like Philadelphia Newspapers 599 F.3d 298 (3d Cir. 2010) curtailed the right.
On May 29, 2012, the U.S. Supreme Court decided RadLAX Gateway Hotel LLC v. Amalgamated Bank, No. 11-166, holding that a Chapter 11 debtor may not obtain confirmation of a "cramdown" plan under 11 U.S.C. § 1129(b)(2)(a) that provides for the sale of collateral free and clear of a secured creditor's lien but that does not permit the creditor to credit-bid at the asset sale (that is, offset the purchase price by the amount of the debt owed).
TOUSA involved one of the largest fraudulent transfer litigations in bankruptcy history. The Bankruptcy Court agreed with the Unsecured Creditors’ Committee that both the so-called “New Lenders” and the “Transeastern Lenders” received fraudulent transfers as part of a July 31, 2007 financing transaction. The District Court reversed in a scathing opinion, but today the 11th Circuit Court of Appeals has reversed the District Court and reinstated the Bankruptcy Court’s opinion in its entirety. The opinion can be found
On May 14, 2012, the Supreme Court decided Hall v. United States, No. 10-875, holding that a federal income tax liability resulting from the postpetition sale of an individual debtor's farm during the pendency of a Chapter 12 bankruptcy is not "incurred by the estate" within the meaning of 11 U.S.C. § 503(b)(B)(i) and therefore is not dischargeable in the bankruptcy.
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.
For employers to understand the big picture, our earlier posts described the government subsidies, individual
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.