Indenture trustees and agents participate in the administration of chapter 11 cases in a number of ways, including by protecting holders’ rights, ensuring compliance with the applicable indenture and other agreements, and fulfilling their duties and responsibilities under applicable law.

In a recent contested matter in the case Home Valley Bancorp., Inc., Case No.

Reclamation claimants have long enjoyed special protections under Bankruptcy Code section 546(c), which recognizes that “the rights and powers of a trustee... are subject to the right of a seller of goods,” including reclamation rights under Section 2-702 of the Uniform Commercial Code. At a minimum, Section 2-702 clearly requires that a reclamation claimant must make demand upon its buyer in order to reclaim its goods and protect its rights. However, Paramount Home Entertainment Inc. v. Circuit City Stores, Inc., 2010 WL 3522089 (ED Va., Sept.

With the August 4, 2010 auction of the division leading Texas Rangers looming and the memory of last year's bankruptcy sale of the Phoenix Coyotes fresh in our minds, there has been a lot of discussion among bankruptcy professionals about the unique issues that arise when a sports club files for bankruptcy. Generally, sports clubs file bankruptcy for the same reasons as other businesses — as a last resort to save going concern value and/or to avail themselves of some strategic advantage under the Bankruptcy Code.

On April 27, 2009, the United States Supreme Court granted certiorari on two of three questions presented for review from the decision by the United States Court of Appeals for the Third Circuit in Schwab v. Reilly. Below, the Third Circuit affirmed the district court's decision, which held that when the values on a debtor’s list of assets and on her claim of exemptions are equal, a Chapter 7 Trustee must object to a debtor’s claim of exempt property within 30 days in order to retain his statutory authority to later sell property for the benefit of creditors.

In Geygan v. World Savings Bank, FSB, 2008 FED App. 0005P (6th Cir. B.A.P. Mar. 12, 2008), the Sixth Circuit BAP affirmed the bankruptcy court, holding that the mortgage’s certificate of acknowledgment, which included the phrase “witness my hand” next to the notary’s signature, did not comply with Ohio law, and that the Trustee was a bona fide purchaser pursuant to the U.S. Bankruptcy Code. 

In Kendrick v. Deutsche National Trust Company (In re Saint Clair), 380 B.R. 478 (B.A.P. 6th Cir. Jan. 16, 2008), the Chapter 7 Trustee appealed the decision of the United States Bankruptcy Court for the Eastern District of Kentucky to the Sixth Circuit Bankruptcy Appellate Panel (“BAP”). The issue on appeal was whether summary judgment was warranted against the Appellee-Mortgagor (“Mortgagor”) on the Appellant- Trustee’s (“Trustee”) complaint seeking to avoid a mortgage on the Debtors’ real property.