Jackie Ford, partner in the Vorys Houston and Columbus offices, authored an article for Law360 onwhether traditional definitions of property and ownership include social media accounts. The full text of the article is included below.
WHO OWNS LIKES, POSTS, PAGES AND TWEETS IN BANKRUPTCY?
In a little-noticed November opinion, the Seventh Circuit greatly expanded the ability of a bankruptcy trustee to avoid a security interest for documentation errors under section 544(a)(1) of the Bankruptcy Code. See State Bank of Toulon v. Covey (In re Duckworth), 776 F.3d 453 (7th Cir. 2014).
An Analysis of Ohio’s Amended Receivership Law Vorys, Sater, Seymour and Pease LLP January 2015 © Copyright 2015, Vorys, Sater, Seymour and Pease LLP. All Rights Reserved. vorys.com Table of Contents Introduction..................................................................................1 Affected Statutes..........................................................................2 Grounds for Appointment............................................................2 Scope of Receiver’s Authority – “Property Receivers” vs.
Last week’s Supreme Court arguments on bankruptcy jurisdiction in Wellness Int’l Network Ltd. v. Sharif, No. 13-935 (S.Ct.), are enough to strike fear into the heart of any bankruptcy buff. What emerges from the transcript of the oral arguments is, in a word, confusion. This bodes ill for an early resolution of the upheaval created by the Supreme Court’s decision in Stern v. Marshall, ___ U.S. ___, 131 S.Ct. 2594 (2011), limiting the power of bankruptcy judges to decide certain matters that arise in bankruptcy proceedings.
More than seven years is a long time to wait for a loaned painting to be returned. But after such a long wait, Sandro Botticelli’s Madonna and Child (1485) is being returned to its owner, Kraken Investments Limited (Kraken). Kraken had consigned the painting to a gallery for sale, but the gallery’s bankruptcy intervened.
Introduction: the New Guidelines in the Context of the State Aid Modernization Program
Plans of Adjustment were confirmed recently in each of the landmark Detroit, MI and Stockton, CA bankruptcy cases. Although both cases shared many common legal issues, they took different paths to reach confirmation. Detroit, which resolved its cases by entering into settlements with its major constituents, provides a potential roadmap for future cases but only limited judicial guidance. Stockton provides more judicial precedent. For municipalities and their creditors, however, the lessons learned from the two cases will surely influence future Chapter 9 proceedings.
It’s always risky when the Supreme Court grants certiorari in a bankruptcy case. While the Court’s opinion may bring clarity to the narrow question upon which certiorari was granted, it often creates a host of unintended problems in other areas.
Judge Drain’s recent decision confirming the Momentive Performance Materials Inc. plan is just the latest in a series of recent cases involving “make whole” premiums. As in several of the recent cases, the lenders lost because the contract did not clearly enough provide for the make whole premium in the event of an acceleration rather than prepayment.
A bankruptcy court lacks subject matter jurisdiction to determine a tax refund claim under Section 505(a)(2)(B) of the Bankruptcy Code where the refund was requested by a liquidating trustee appointed pursuant to a plan, as opposed to a pre-confirmation bankruptcy trustee or debtor-in-possession, the Second Circuit held in United States v. Bond, Docket No. 12-4803 (2nd Cir. Aug. 13, 2014).