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Administrative creditor had no claim to assets that were not estate property

IN RE: HOLLY MARINE TOWING, INC. (January 6, 2012)

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, United States bankruptcy court, Seventh Circuit
Bankruptcy court lacked authority to issue final order in "core" proceeding

IN RE: ORTIZ (December 30, 2011)

USA, Wisconsin, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Debtor, United States bankruptcy court
Court ruling establishing "common control" applied to earlier withdrawal liability

CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION FUND v. SCOFBP (December 27, 2011)

USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy
Potential creditor's claim appeal is moot once property is sold pursuant to approved liquidation plan

IN RE: RIVER WEST PLAZA - CHICAGO, LLC (December 22, 2011)

USA, Insolvency & Restructuring, Litigation, Real Estate, Kelley Drye & Warren LLP, Liquidation, United States bankruptcy court, Seventh Circuit
Madoff trustee seeks summary judgment with respect to fictitious profits, Mets' owners with respect to principal repayments -- "Jack Sprat" approach could resolve entire case

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), could be substantially resolved over the next few weeks. Although the trial is scheduled to begin on March 19, each side intends to ask Judge Jed S.

USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy
Can secured creditors credit bid in Chapter 11 plans? Supreme Court to decide

The Issue

The issue is whether a Chapter 11 plan can be crammed down over the secured lender’s objection where the plan provides for the sale or transfer of the secured lender’s collateral with the proceeds going to the secured lender without the secured lender having the right to credit bid for is collateral up to the full amount of its claim.  

USA, Banking, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Credit (finance), Debtor, Collateral (finance), Debt, Mortgage loan, Secured creditor, United States bankruptcy court
Post-receivership claims against receiver are barred by collateral estoppel

VIRNICH v. VORWALD (December 20, 2011)

USA, Wisconsin, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Collateral (finance), Collateral estoppel
Five weeks until pitchers and catchers report, eight weeks until lawyers report - Madoff judge confirms mid-March trial for trustee's claims against Mets' owners

Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L.

USA, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP
Petition signed by corporate officer was improper, but correctable

IN RE: IFC CREDIT CORP. (December 5, 2011)

USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP, United States bankruptcy court
McCaskill-Bond amendment applies to bankrupt air carrier

COMMITTEE OF CONCERNED MIDWEST FLIGHT ATTENDANTS FOR FAIR AND EQUITABLE SENIORITY INTEGRATION v. INTERNATIONAL BROTHERHOOD OF TEAMSTERS AIRLINE DIVISION (November 30, 2011)

USA, Aviation, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy