The U.S. Supreme Court will hear oral argument today inU.S. Bank National Association v. Village at Lakeridge (15-1509). At issue in the case is whether the appropriate standard of review for determining non-statutory insider status is the de novo standard of review applied by the U.S. Courts of Appeals for the 3rd, 7th and 10th Circuits, or the clearly erroneous standard of review adopted for the first time by the U.S. Court of Appeals for the 9th Circuit in Village at Lake Ridge.
Back in July of 2015, Curtis James Jackson, III, more commonly known as 50 Cent, filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Connecticut, a little over two months after he was ranked fourth in the list of wealthiest hip-hop artists by Forbes. Jackson’s filing came on the heels of a New York state court ruling against him for $5 million in favor of Lastonia Leviston (plus $2 million in punitive damages that were later awarded post-petition) for impermissibly posting a sex tape online.
In LVNV Funding, LLC v. Harling, 852 F.3d 367 (4th Cir. 2017), as amended (Apr. 6, 2017), the Fourth Circuit addressed whether claim objections filed after a Chapter 13 plan had been confirmed are barred by the res judicata effect of the confirmed plan. Here, LVNV Funding filed unsecured proofs of claim that it conceded were barred by the statute of limitations.
Actualidad Normativa Coordinadora: Rosana Hallett Of counsel de GA_P N .º 212017 2 © Gómez-Acebo & Pombo Abogados, 2017. Todos los derechos reservados. Advertencia legal: Este boletín sólo contiene información general y no se refiere a un supuesto en particular. Su contenido no se puede considerar en ningún caso recomendación o asesoramiento legal sobre cuestión alguna. N.
Current Legislation Coordinator: Rosana Hallett Of counsel of GA_P No . 212017 Current Legislation No . 21 | 2017 2 © Gómez-Acebo & Pombo Abogados, 2017. All rights reserved Disclaimer: This digest is provided for general information purposes only and nothing expressed herein should be construed as legal advice or recommendation. Design and layout: José Á. Rodríguez and Ángela Brea • Translation and adaptation: John Woodger Contents I. Environment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
An Official Committee of Unsecured Creditors (“UCC”) often plays an active role in larger, more complex business bankruptcy cases. But what right, if any, does a UCC have to intervene in a bankruptcy adversary proceeding? The First Circuit Court of Appeals recently addressed this very issue in Assured Guaranty Corp., et al. v. The Financial Oversight and Management Board of Puerto Rico, et. al., 17-1831 (1st Cir. Sept. 22, 2017) (“Financial Oversight”) and ultimately held that a UCC does have such a right.
The Bankruptcy Protector
Chapter 11 debtors operate under various levels of uncertainty. Often a company is dependent upon others to provide financing or close transactions necessary for the company’s survival. Such was the case of Eclipse Aviation, which filed for Chapter 11 bankruptcy in November 2008, with an (apparent) agreement to sell itself to its largest shareholder.
