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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
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
"Success fee" upheld regardless of actual success

In a recent decision from the United States Bankruptcy Court of the Southern District of New York by Judge Martin Glenn in theIn re Borders Group, Inc. case, Jefferies was awarded a "Liquidation Fee" even though it was not involved in the actual liquidation of Borders Group, Inc. (the "Debtors" or "Borders"), and was unsuccessful in procuring a going-concern sale for the Borders business. As a result, approximately 400 stores were sold in September of 2011.

USA, New York, Insolvency & Restructuring, Litigation, BakerHostetler, Liquidation, United States bankruptcy court
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