The Second Circuit in Krys v. Farnum Place (In re Fairfield Sentry Ltd.)1 denied a petition for rehearing or rehearing en banc by Appellee Farnum Place, LLC (Farnum), a hedge fund that sought to protect its purchase of a $230 million claim against the bankruptcy estate of Bernard L.
* This article was first published by INSOL International on March 16, 2015.
Upholds Extraterritorial Application of 11 U.S.C. § 362 Automatic Stay
The Supreme Court of the United States declined[1] to review the decision of the United States Court of Appeals for the Fourth Circuit in Jaffé v.
The Third Circuit Rules in Favor of the Bankruptcy Estate Creating a Further Circuit Split
Swiss Investigating Magistrate Entitled to U.S. Documents
Questions Standing of Indenture Trustees to Pursue Fraudulent Conveyance Claims
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.
The Bankruptcy Code definition of “intellectual property” does not explicitly include “trademarks.”1 This has led to trademark licensees losing their rights to use the trademark upon rejection of the license in bankruptcy.
Almost every significant bankruptcy case eventually involves preference demands and litigation. Around this abundance of litigation developed a significant body of jurisprudence, to which Judge Sean Lane of the Southern District of New York Bankruptcy Court recently added in clarifying the ordinary course of business preference defense.
In recent years, second lien financings have increased in popularity. Senior creditors rely on intercreditor agreements to protect their interests by limiting the rights that junior lien holders would otherwise enjoy as secured creditors through either lien subordination, payment subordination, or both. Lien subordination requires the turnover to first lien creditors of proceeds of shared collateral until the first lien holders are paid in full.