The Supreme Court declines to review a circuit court decision in Oneida Ltd., which held that a debtor cannot discharge in bankruptcy, as a prepetition claim, premiums it owes to the Pension Benefit Guaranty Corporation in connection with the termination of a pension plan.

Introduction

In a recent decision from the United States Bankruptcy Court for the District of Delaware, Judge Mary Walrath has required that members of an informal committee of noteholders comply with expansive disclosure requirements beyond the standard established for official committees. In a written opinion issued on December 2, 2009 in the case of In re Washington Mutual, Inc., Case No. 08-12229 (MFW), Judge Walrath granted a motion to require an informal group of noteholders to comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure.

Intercreditor Agreement in ION Media requires Second Lien Lenders “Be Silent” — precludes challenge to validity of liens; deprives junior creditors of standing to object to plan of reorganization.

On December 18, 2008, in connection with the bankruptcy of the Steve & Barry’s retail chain, the United States Bankruptcy Court for the Southern District of New York held that under Section 365(d)(3) of the U.S. Bankruptcy Code (the “Code”), landlords are entitled to pro-rata postpetition rental payments for the monthly “stub” period following the filing of the debtor-tenant’s bankruptcy petition provided that the debtor-tenant continues to enjoy the right to use and occupy the leased property.

Clients who desire to participate in the International Swaps and Derivatives Association, Inc. (“ISDA”) 2008 Lehman Brothers Holdings Inc. (“Lehman”) Credit Default Swap (“CDS”) Settlement Protocol (the “Settlement Protocol”) must do so by Wednesday, October 8, 2008 at 5:00 p.m. (New York time). The period to join the Settlement Protocol opens on Monday, October 6, 2008; accordingly, there is a relatively narrow window for clients to elect to participate.

Debtors operating under Chapter 11 bankruptcy protection routinely sell some or all of their assets during the course of their bankruptcy case. As part of a bankruptcy court approved sale process, debtors often request that the court exempt such transfers from stamp taxes1 pursuant to Bankruptcy Code § 1146(a). The exemption generally reduces obligations encumbering a debtor’s property and allows for a greater portion of sale proceeds to be available for distribution to creditors.