On Monday, October 6, 2014, the U.S. Supreme Court issued an order denying the petition for a writ of certiorari in the Jaffe v. Samsung case, also known as the Qimonda case.
Section 503(b)(9) of the Bankruptcy Code provides creditors with an administrative expense priority claim for value of goods that were received by the debtor in the ordinary course within the 20 days prior to the bankruptcy filing Because section 503(b)(9) affords administrative priority status to an otherwise unsecured prepetition claim, it is strictly construed by courts. Nowhere was this more apparent than in the bankruptcy court’s recent decision in
In a recent decision from the Delaware bankruptcy court, Judge Christopher S. Sontchi joined the debate over the interpretation of section 547(c)(4)(B) of the Bankruptcy Code, which sets forth the new value defense to a preference claim.
Last year, the 112-year old retailer J.C. Penney was regularly in the news – and it was rarely good. The stock was in a free-fall, in the process of dropping from about $20 per share in May 2013 to a low of a little more than $6 dollars per share in late October. Media reports were grim, focusing on the attempt and failure of the former Apple executive Ron Johnson to turn the business around. But now, as we approach the critical holiday season, J.C.
The recent unreported decision of the Bristol District Registry of the High Court in Blue Monkey Gaming Limited v Hudson & Others [2-14] All ER (D) 222 provides useful guidance for insolvency practitioners on the extent of their duties in respect of identification and preservation of ROT stock.
What was the case about?
The practice of energy companies in insolvency situations has long been a cause for frustration: in most cases the supplier will terminate the existing supply contract and a new - deemed - statutory contract at much higher rates will then apply.
In connection with a contentious restructuring, Judge Drain of the Bankruptcy Court for the Southern District of New York, ruled recently that certain lenders to Momentive Performance Materials Inc. (Case No. 14-22503) had no enforceable claim to a so-called “make-whole” premium.
After six years of legal action and investigations, the Pensions Regulator (TPR) has agreed a £184 million settlement with PwC, administrators for the Lehman Brothers Group, which has secured members' benefits under the UK pension scheme. It also means the scheme will not go into the Pension Protection Fund (PPF).
Following the insolvency of the Lehman group in 2008, TPR began regulatory action in 2010 seeking the issue of a Financial Support Direction (FSD) to certain UK group companies. An FSD requires recipients to provide extra financial support to a scheme.
For some time, there has been a split among the circuit courts as to whether the Bankruptcy Code permits non-consensual releases of non-debtor entities under a plan of reorganization.
Judge Glenn of the U.S. Bankruptcy Court for the Southern District of New York recently granted class claim certification to a group of former MF Global employees seeking payment on account of unpaid accrued vacation time.