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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.

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.

Former shareholders in leveraged buyouts may be sued by the estate representative or by creditors to recover funds paid to them for their shares as fraudulent transfers under federal or state law if the debtor subsequently files for bankruptcy.

The credit default swap (“CDS”) has never been tested in bankruptcy proceedings on any significant scale, particularly under recent amendments to the Bankruptcy Code. In part, this is because the CDS market is a very recent phenomenon. CDS market participants also make considerable efforts to avoid holding a credit default swap where the counterparty has gone into bankruptcy.