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Fradulent transfers

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USA, Insolvency & Restructuring, Litigation, White Collar Crime, Nexsen Pruet, Debtor, Unsecured debt, Fraud, Division of property, Consideration, Debt, Legal burden of proof, Good faith, Conveyancing, Circumstantial evidence, US Code
Preference actions

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USA, Insolvency & Restructuring, Litigation, Nexsen Pruet, Surety, Debtor, Interest, Federal Reporter, Debt, Subcontractor, Prima facie, Title 11 of the US Code, United States bankruptcy court, Third Circuit
State court receiverships and assignments for benefit of creditors

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State Court Receiverships

USA, Insolvency & Restructuring, Nexsen Pruet, Debtor, Limited liability company, Foreclosure, Liquidation, Investment company, Right to property, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA), Federal Rules of Civil Procedure (USA)
In a major change to bankruptcy practice, Ninth Circuit holds that creditors of a bankrupt corporation may sue its shareholders on alter ego theories

The US Court of Appeals for the Ninth Circuit recently held that a creditor of a bankrupt corporation may assert alter ego claims against the corporation’s sole shareholders. The California Court of Appeals for the Second Appellate District not only supports the Ninth Circuit’s decision but has recently taken it one step further, holding that alter ego allegations are not even subject to the automatic bankruptcy stay.

USA, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bankruptcy, Shareholder, Debtor, Arbitration award, Standing (law), Corporate bond, Ninth Circuit, California courts of appeal
Reclamation procedure orders: a trap for unwary vendors?

Reclamation claimants have long enjoyed special protections under Bankruptcy Code section 546(c), which recognizes that “the rights and powers of a trustee... are subject to the right of a seller of goods,” including reclamation rights under Section 2-702 of the Uniform Commercial Code. At a minimum, Section 2-702 clearly requires that a reclamation claimant must make demand upon its buyer in order to reclaim its goods and protect its rights. However, Paramount Home Entertainment Inc. v. Circuit City Stores, Inc., 2010 WL 3522089 (ED Va., Sept.

USA, Virginia, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bankruptcy, Debtor, Westlaw, Title 11 of the US Code, Uniform Commercial Code (USA), Trustee, United States bankruptcy court, US District Court for Eastern District of Virginia
In the courts
  • On August 4, 2010, the US Court of Appeals for the Seventh Circuit affirmed in part and reversed in part a Wisconsin federal district court’s ruling on the Wisconsin bankruptcy court’s disposition of three of Telephone and Data Systems’ (TDS) claims, and the FCC’s objections thereto, filed in Airadigm’s Chapter 11 reorganization plan. The principal assets at issue were a series of C- and F-block spectrum licenses for mobile phone service in certain areas of Wisconsin, Iowa, and Michigan that Airadigm had won at auction in the late 1990s.
USA, Insolvency & Restructuring, Litigation, Telecoms, ArentFox Schiff, Bankruptcy, Debtor, Federal Communications Commission (USA), Administrative Procedure Act, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, Seventh Circuit
Sports clubs vs. sports leagues: battleground bankruptcy court

With the August 4, 2010 auction of the division leading Texas Rangers looming and the memory of last year's bankruptcy sale of the Phoenix Coyotes fresh in our minds, there has been a lot of discussion among bankruptcy professionals about the unique issues that arise when a sports club files for bankruptcy. Generally, sports clubs file bankruptcy for the same reasons as other businesses — as a last resort to save going concern value and/or to avail themselves of some strategic advantage under the Bankruptcy Code.

USA, Insolvency & Restructuring, Media & Entertainment, ArentFox Schiff, Bankruptcy, Debtor, Debt, Franchise agreement, Distressed securities, Trustee, United States bankruptcy court