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Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Circuit, US District Court for the Southern District of New York
Spradlin v. Wrigley’s 7-711, Inc. (In re Licking River Mining, LLC)

(Bankr. E.D. Ky. June 21, 2017)

The bankruptcy court grants the defendant’s motion to dismiss the trustee’s complaint, which sought to avoid transfers from debtors to the defendant. The complaint failed to state a claim, in part because the defendant could not be deemed an “insider” of the debtor. The court additionally finds that the complaint contains insufficient facts to support various other claims. Opinion below.

Judge: Wise

Attorneys for Trustee: Bingham Greenbaum Doll LLP, Claude R. Bowles, Jr., Daniel J. Donnellon, James R. Irving, April A. Wimberg

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
In re Pace

(B.A.P. 6th Cir. June 20, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against Non-Debtor Officers and Directors

The Bottom Line

Puerto Rico, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA), Eighth Circuit, Third Circuit, First Circuit
Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes between Non-Debtors

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, First Circuit
Levin v. Paige (In re Stein)

(S.D. Ind. June 2, 2017)

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Ninth Circuit Applies Replacement Value in Cramdown Even If Lower Than Liquidation Value

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US HUD, Ninth Circuit
Funds Talk: June 2017

Funds Talk: June 2017

 

Topics covered in this issue include:

USA, New York, Capital Markets, Derivatives, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Securitization & Structured Finance, Tax, Kramer Levin Naftalis & Frankel LLP, Computer security, FINRA, Seventh Circuit
Lyondell Chemical Company: Litigation Trust’s Fraudulent Conveyance Claims Fail

Just one year after Lyondell Chemical Company (Lyondell) and Basell AF (Basell) consummated a nearly $20 billion merger of their businesses, the merged business of LyondellBasell Industries (LBI) “failed in a colossal manner.”1 As part of the bankruptcy process that followed, a court-appointed litigation trust (the Trust) filed suit for the benefit of unsecured creditors against numerous parties involved in the merger, bringing actual a

USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Supreme Court to Hear Circuit Split Over Bankruptcy Safe Harbor Provision

The Supreme Court has granted certiorari in Merit Management Group L.P. v. FTI Consulting Inc. to resolve a circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that shields specified types of payments “made by or to (or for the benefit of)” a financial institution from avoidance on fraudulent transfer grounds.

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, Eighth Circuit, Supreme Court of the United States, Eleventh Circuit, Sixth Circuit, Seventh Circuit, Tenth Circuit