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Mt. Gox – bankruptcy hearings next week should be interesting

Tuesday evening, the Plaintiffs in the Illinois Class Action litigation filed motions with the U.S. Bankruptcy Court in Dallas asking that court to terminate the temporary stay it recently granted to Mt. Gox. They also asked that Robert Marie Mark Karpeles (the Foreign Representative for Mt. Gox) be ordered to provide testimony under oath in the United States regarding the Chapter 15 filing.

USA, Insolvency & Restructuring, Litigation, Perkins Coie LLP, Bankruptcy, Class action, United States bankruptcy court
Mt. Gox’s Japanese bankruptcy and U.S. Chapter 15 case – implications for creditors

Introduction

Japan, USA, Insolvency & Restructuring, Litigation, Perkins Coie LLP, Injunction, Liquidation, Title 11 of the US Code
The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
That makes two for the FDIC: 11th Circuit Court of Appeals issues another precedential decision interpreting tax sharing agreements in bankruptcy, awards ownership of tax refund to FDIC

The Bottom Line: 

USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Second Circuit in AMR Corp. – “no make-whole” based on plain meaning of indentures and discusses consequences of section 1110 payments

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Default (finance), Title 11 of the US Code, Second Circuit
Third Circuit confirms narrow construction of the doctrine of equitable mootness – burden on appellant and use of the doctrine should be “rare”

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Class action, Legal burden of proof, Third Circuit
It’s called "adequate" – not "automatic" – protection

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Collateral (finance), Legal burden of proof, Tax lien, Bankruptcy Appellate Panel
Tax sharing agreements in bankruptcy – a tale of two jurisdictions

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Tax, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Holding company, Federal Deposit Insurance Corporation (USA), Eleventh Circuit
Stay here – Second Circuit in Residential Capital holds automatic stay can be applied to non-debtors where action has an immediate adverse economic consequence for estate

The Bottom Line:

USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Mortgage-backed security, Federal Housing Finance Agency, Second Circuit, Fourth Circuit
Bad faith filing no obstacle for hotel reorganization

The Bottom Line

USA, Texas, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Injunction, Foreclosure, Bad faith, United States bankruptcy court, Fifth Circuit