On April 15, 2016, the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) halted the attempt of plaintiffs who were injured in an accident involving a General Motors vehicle to seek recourse against General Motors LLC (“New GM”) in state court, finding that New GM did not assume liability for the plaintiffs’ claims. This decision provides yet another reminder to t
In In re Caesars Entertainment Operating Co v BOKF, NA(1) the US Court of Appeals for the Seventh Circuit reviewed a bankruptcy court's denial of a trustee's motion for a temporary injunction staying litigation between non-debtors.
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Introduction
In March 2015 in Bank of America NA v Caulkett the Supreme Court considered whether debtors in a Chapter 7 bankruptcy liquidation could invoke Section 506(d) of the Bankruptcy Code to void or 'strip off' the junior mortgage liens on their homes when the senior mortgage debt exceeded their homes' current value (for further details please see "Supreme Court considers junior liens on 'underwater' property").
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Introduction