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Golfsmith Bankruptcy Sale Approved After Clearing Consumer Privacy Hurdles

The proposed bankruptcy sale of Golfsmith International Holdings to Dick’s Sporting Goods was recently approved, after the privacy ombudsman recommended that almost 10,000,000 consumer records (i.e., the personal information of consumers) of Golfsmith International Holdings can be transferred to Dick’s Sporting Goods.

USA, Insolvency & Restructuring, IT & Data Protection, Winston & Strawn LLP
Third Circuit Permits Debtor to Reject Expired Collective Bargaining Agreement

On January 15, 2016, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) held in In re Trump Entertainment Resorts that section 1113 of the Bankruptcy Code permits a debtor to reject an expired collective bargaining agreement (“CBA”).

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, UNITE HERE
Rights of creditors will be determined by contract terms and fraudulent conveyance statutes; creditors’ derivative fiduciary duty claims will succeed only in the rarest of circumstances—Quadrant v. Vertin

In Quadrant Structured Products Company, Ltd. v. Vertin (Oct. 20, 2015), the Delaware Court of Chancery, in a post-trial decision, rejected Quadrant’s challenges to transactions by Athilon Capital Corp., with Athilon’s sole stockholder (private equity firm Merced), after Athilon had returned to solvency following a long period of insolvency. Merced held all of Athilon’s equity and all of its junior notes; and both Quadrant and Merced held the company’s publicly traded senior notes.

USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP
Third Circuit permits the use of structured dismissals that deviate from the Bankruptcy Code’s priority scheme

On May 21, 2015, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed the order of the United States District Court for the District of Delaware in Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.) approving a settlement and dismissal of a chapter 11 case by way of a “structured dismissal.” A structured dismissal is, simply, the dismissal of the bankruptcy case preceded by other orders, such as an order approving a settlement or granting releases, which survive dismissal of the case.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, United States bankruptcy court, Third Circuit
The Supreme Court rules that bankruptcy judges may adjudicate Stern claims with the parties’ knowing and voluntary consent

To Our Clients and Friends Memorandum friedfrank.com Copyright © 2015 Fried, Frank, Harris, Shriver & Jacobson LLP 06/04/15 A Delaware Limited Liability Partnership 1 The Supreme Court Rules That Bankruptcy Judges May Adjudicate Stern Claims with the Parties’ Knowing and Voluntary Consent On May 26, 2015, the Supreme Court in Wellness International Network v.

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Consent, Article III US Constitution, United States bankruptcy court
Supreme Court holds that bankruptcy courts may issue final orders based on consent

Nearly four years after its decision in Stern v. Marshall raised new doubts about the place of bankruptcy courts in our legal system, the Supreme Court has finally put those doubts to rest. This week, in Wellness International Network, Ltd. v. Sharif, No. 13-935, the Court held that even for claims that must otherwise be resolved by an Article III court, a bankruptcy court may still adjudicate the matter based on consent.

USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, United States bankruptcy court
Supreme Court rules that an order denying confirmation of a chapter 13 plan is not a final appealable order

On May 4, 2015, the Supreme Court of the United States affirmed the order of the United States Court of Appeals for the First Circuit dismissing the appeal of chapter 13 debtor Luis Bullard for lack of jurisdiction.1 The Court held that the order of the Bankruptcy Court denying confirmation of Bullard’s proposed chapter 13 plan was not a final order from which Bullard could immediately appeal as of right.2 The Court reasoned that, while confirmation of a plan can be said to fix the rights and obligations of the parties in a way that alters the status quo, d

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, United States bankruptcy court, First Circuit
Bankruptcy Court in Delaware rules Caesars’ bankruptcy cases belong in Chicago despite involuntary petition in Delaware

In a battle over proper venue for the chapter 11 cases of In re Caesars Entertainment Operating Company, Inc.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Bankruptcy, United States bankruptcy court
Financial services update December 15 2014 judicial developments

Swiss Investigating Magistrate Entitled to U.S. Documents

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Winston & Strawn LLP, Insider trading, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Second Circuit
Financial services update December 8 2014 insights

The International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA 2014 Resolution StayProtocol (the “Protocol”) on November 12, 2014 in response to continued efforts by regulators to build additional flexibility into the statutory regimes that would apply in the event of the insolvency of a major financial institution.

USA, Derivatives, Insolvency & Restructuring, Winston & Strawn LLP, Financial regulation, International Swaps and Derivatives Association