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Fifth Circuit Holds Executory Contract Not Listed on Bankruptcy Schedules Is Automatically Rejected Upon Expiration of 60-Day Period in Chapter 7 and Not Capable of Being Sold

The Bottom Line

The Fifth Circuit recently held in RPD Holdings, L.L.C. v. Tech Pharmacy Services (In re Provider Meds, L.L.C.), No. 17-1113 (5th Cir. Oct. 29, 2018), that a patent license that was not specifically listed on the debtors’ bankruptcy schedules was automatically deemed rejected where it was not assumed within 60 days of the cases’ conversion from Chapter 11 to Chapter 7.

What Happened?

USA, Texas, Insolvency & Restructuring, Litigation, Patents, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Fifth Circuit
Third Circuit Remands W.R. Grace Decision Concerning Plan Channeling Injunction and Insurance Providers, Providing Additional Insights for Third Parties and Claimants

The Bottom Line

USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Third Circuit
Horizontal Gifting Upheld in Chapter 11 Plan in the Third Circuit

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Fourth Circuit Upholds Requirement That Appellant Have an Economic Stake in Outcome of Appeal to Be a ‘Person Aggrieved’ and Boots Moot Appeal Too

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Circuit
Eleventh Circuit Narrows Circuit Split Holding New Value Not Required to Remain Unpaid

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Eleventh Circuit
Delaware District Court Holds That a $30 Million Haircut Is Not Unfair Discrimination in a Cramdown Plan

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Third Circuit
Third Circuit Affirms Bankruptcy Court Retention of Jurisdiction to Resolve Dispute Despite Arbitration Provision

The Bottom Line

The Third Circuit, in a nonprecedential opinion in FBI Wind Down, Inc. Liquidating Trust v. Heritage Home Group, LLC (In re FBI Wind Down Inc.), Case No. 17-2315 (3d Cir. July 27, 2018), recently held that the bankruptcy court retained jurisdiction over the parties’ dispute that centered on the definition of terms in a court-approved asset purchase agreement because the claims fell outside the scope of an arbitration provision in the agreement.

What Happened?

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
You’ve Got Contract: An Email Establishes Binding Settlement in the Second Circuit

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
Delaware Bankruptcy Court Dismisses Committee’s Complaint Challenging Portion of Credit Bid

The Bottom Line

USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Amendment, US District Court for District of Delaware
Understanding Consignments in Retail Bankruptcies

In retail bankruptcies, it is important for suppliers consigning goods to merchants to be aware of the commercial law rules governing consignments. Disputes among consignors, inventory lenders, and bankruptcy debtors have been arising frequently in retail bankruptcy cases. Disputes like these can be avoided if consignors consider the basics of commercial law rules governing consignments, particularly under the Uniform Commercial Code, and take steps to protect their rights and interests.

USA, Insolvency & Restructuring, Morgan, Lewis & Bockius LLP