On August 28, 2014, the Court of Appeals for the Third Circuit^[1] delivered a stern admonition about the risk of failing to appeal when it ruled that a union that had not filed a notice of appeal could not benefit from a successful appeal by another union in the same matter.

Dealing a major blow to the trustee’s efforts to recover fraudulent transfers on behalf of the bankruptcy estate of the company run by Bernard Madoff, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York held in SIPC v. Bernard L. Madoff Investment Securities LLC¹ that the Bankruptcy Code cannot be used to recover fraudulent transfers of funds that occur entirely outside the United States.

Facing the imminent bankruptcy of the federal Highway Trust Fund (the “HTF”) and the specter of delays and reductions in payments from the HTF to the States, the US Congress last week passed the Highway and Transportation Funding Act of 2014, which extended federal surface transportation programs and funding through May 2015. We summarize below the key elements of the Act.

SHAREHOLDERS ARBITRATION
In a historic USD 50 billion award rendered on July 18, 
2014, an Arbitral Tribunal constituted pursuant to the 
Energy Charter Treaty held unanimously that the Russian 
Federation breached its international obligations under the 
Energy Charter Treaty by destroying Yukos Oil Company 
and appropriating its assets. 
The Tribunal, applying the UNCITRAL Arbitration Rules and sitting in The 
ague under the auspices of the Permanent Court of Arbitration ordered the 

On June 17, 2014, a three-judge panel of the Third Circuit Court of Appeals¹ vacated a District Court’s dismissal order and resuscitated a bankruptcy appeal brought by a group of litigation creditors seeking recourse against the debtors post-confirmation.² The Third Circuit opinion is an important reminder to both debtors and creditors that the doctrine of “equitable mootness” has limits and that confirmation of a plan does not preclude review of post-confirmation actions inconsistent with obligations in the plan.

Introduction
Procedural background
Facts
Statute of limitations
Actual fraudulent conveyance
Settlement
Comment

Introduction
Background
Third Circuit's majority opinion
Dissent
Analysis
Successor claims as property of the estate

Introduction
Background
Release of non-debtors in US bankruptcy proceedings
Recognition and enforcement of foreign non-debtor releases
Limits on bankruptcy jurisdiction

Introduction
Shifting balance between international arbitration and bankruptcy
Arbitration clauses in US bankruptcy courts
Implications of Stern v Marshall

Introduction

Introduction
Federal pre-emption
Section 546(e) safe harbour
Tribunecase and decision
Lyondell: background