Detroit has seen signs of revival in its urban core following the near-death experiences of GM and Chrysler. Unfortunately, its municipal finances remain beaten down by the city’s long and precipitous decline over the past several decades. Labor and legacy costs, incurred when the auto industry thrived and the popul

Large law firm failures typically produce lengthy and litigious bankruptcy cases. A frustrated lawyer in one such case succinctly described the essential problem: “the assets walk, talk and, worst of all, have their own counsel.” To the inherent tensions and creditor demands of any large chapter 11 case are added  the raw pain, similar to divorce, that many partners feel at the downfall of an institutio

In In re Interstate Bakeries Corporation, ___ F.3d ___ (8th Cir. 2012) (IBC), the Eighth Circuit Court of Appeals ruled that a perpetual, royalty-free trademark license was an executory contract and therefore subject to assumption or rejection by a bankruptcy debtor. This decision is at odds with a recent decision from the Third Circuit Court of Appeals, In re Exide Technologies, 607 F.3d 957 (3d Cir. 2010), which found that such a license under similar circumstances was not an executory contract and could thus not be assumed or rejected by the bankruptcy debtor.

The Delaware District Court recently affirmed an appeal of an order denying millions of dollars in compensation to bankruptcy professionals due to certain provisions in a final debtor-in-possession (DIP) financing order. In re Barnes Bay Development Ltd. (“Barnes Bay”) was filed under Chapter 11 on March 17, 2011, case no 11-10792. On September 23, 2011, the bankruptcy court denied confirmation of the Chapter 11 plan.

Judge Brendan Shannon of the U.S.

The Second Circuit Court of Appeals, acting with unusual alacrity (oral argument was heard only one month ago), summarily reversed the district court decision in Longacre Master Fund v.

The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v.

The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California. Municipal bond insurer National Public Finance Guarantee Corporation (“National”) has challenged Stockton’s eligibility to be a debtor under Chapter 9 of the Bankruptcy Code, and is focusing expressly on the c

In a recent contested matter in the case Home Valley Bancorp., Inc., Case No.

Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way. The wave, however, has yet to materialize, and the bankruptcy filing of Stockton, California will likely not change th