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    State Marijuana Laws vs. Bankruptcy: The Tension Grows
    2019-01-04

    In prior posts, we examined whether state-licensed marijuana businesses, and those doing business with marijuana businesses, can seek relief under the Bankruptcy Code. As we noted, the Office of the United States Trustee (the “UST”) has taken the position that a marijuana business cannot seek bankruptcy relief because the business itself violates the Controlled Substances Act 21, U.S.C.

    Filed under:
    USA, Colorado, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Controlled substance, Secured creditor, Cannabis industry, Controlled Substances Act 1971 (USA), Ninth Circuit
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Creditors with Partially Disputed Claims Have Standing to File an Involuntary Bankruptcy
    2018-12-14

    Section 303 of the Bankruptcy Code provides a unique remedy to unsecured creditors seeking to collect their debts against an insolvent entity. A careful look at this remedy is contained in an earlier post, entitled Creditors’ Strategic Use of Involuntary Bankruptcy.

    Filed under:
    USA, Arbitration & ADR, Banking, Insolvency & Restructuring, Litigation, Real Estate, FisherBroyles LLP, Bankruptcy, Deferred compensation, IBM
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Houston-Based Parker Drilling Company Files Pre-Negotiated Bankruptcy
    2018-12-14

    On December 12, 2018, Parker Drilling Company and its subsidiaries (“Debtors”), oilfield service companies headquartered in Houston, filed pre-negotiated chapter 11 cases in the United Stated Bankruptcy Court for the Southern District of Texas. The Honorable Marvin Isgur is Presiding over the cases.

    The Companies operate in two lines of business: (a) drilling services (i.e., oil, natural gas, and geothermal wells); and (b) rental tools and well services to E&P companies, drilling contractors and service companies.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Bankruptcy, Shareholder
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Court Denies AMR Union’s Rejection Damages Claims After Abrogation of Collective Bargaining Agreements
    2018-12-19

    In November 2011, AMR Corporation, the parent of American Airlines, filed chapter 11 in the United States Bankruptcy Court for the Southern District of New York. Through the bankruptcy, which was hugely successful, AMR was able to shed billions of dollars in operating expenses and become the largest airline in the United States. Part of the substantial savings came from AMR's ability to restructure its collective bargaining agreements with its unions.

    Filed under:
    USA, Employee Benefits & Pensions, Employment & Labor, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Bankruptcy, American Airlines, United States bankruptcy court
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Single Asset Real Estate Case Dismissed for “Bad Faith” Under Fourth Circuit Precedent
    2018-12-10

    In In re Fairfield TIC, LLC, Case No. 18-73744-VJ (E.D. Va. Nov. 20, 2018), the Bankruptcy Court for the Eastern District of Virginia dismissed a single asset real estate case, pursuant to section 1112(b) of the Bankruptcy Code, on “bad faith” grounds, based on the holding in Carolin Corp. v. Miller, 886 F.2d 693 (4th Cir. 1989).    

    Facts

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, FisherBroyles LLP, Bankruptcy, Bad faith
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    USA Gymnastics Files Bankruptcy
    2018-12-10

    On Wednesday, December 5, 2018, USA Gymnastics (USGA) filed for chapter 11 relief in the United States Bankruptcy Court for the Southern District of Indiana (Case No. 18-09108). USGA is the national governing body for gymnastics in the United States. It receive this designation from the U.S.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Bankruptcy, European Securities and Markets Authority, United States bankruptcy court
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Recent Sixth Circuit Decision Clarifies Appealability of Bankruptcy Court Orders
    2018-12-12

    The United States Court of Appeals for the Sixth Circuit recently examined and then clarified and set forth the test for evaluating the appealability of bankruptcy orders in an opinion released in the case Ritzen Group v. Jackson Masonry. In doing so, the appellate court reaffirmed the “longstanding and textually-compelled rule of [a] looser finality” standard in bankruptcy as compared to general civil litigation, and concluded that a denial of a motion to lift stay was a final appealable order subject to the fourteen-day appeals period established in Bankruptcy Rule 8002(a).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Sixth Circuit
    Authors:
    Todd E. Phillips , Kevin C. Maclay , Sally J. Sullivan
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Intercreditor Agreements After Momentive: When a Hindrance Is Not a "Hindrance"
    2018-12-13

    Intercreditor agreements--contracts that lay out the respective rights, obligations and priorities of different classes of creditors--play an increasingly important role in corporate finance in light of the continued prevalence of complex capital structures involving various levels of debt. When a company encounters financial difficulties, intercreditor agreements become all the more important, as competing classes of creditors seek to maximize their share of the company's limited assets.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Secured creditor, Unsecured creditor, Uniform Commercial Code (USA), Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Brian Trust , Thomas S. Kiriakos , Aaron Gavant , Joshua R. Gross
    Location:
    USA
    Firm:
    Mayer Brown
    Creditors with Partially Disputed Claims Have Standing to File an Involuntary Petition
    2018-12-13

    Section 303 of the Bankruptcy Code provides a unique remedy to unsecured creditors seeking to collect their debts against an insolvent entity.  A careful look at this remedy is contained in an earlier post, entitled Creditors' Strategic Use of Involuntary Bankruptcy.  In summary, pursuant to section 303, three unsecured creditors, with claims in the aggregate of $15,775, can place an insolvent company in bankrup

    Filed under:
    USA, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Bankruptcy, Debtor, Executive compensation, Deferred compensation
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Rights of the Rejectee: High Court to Address Circuit Split over Trademark Licenses in Bankruptcy Rejections
    2018-12-13

    The Supreme Court has granted certiorari to resolve whether rejection of a trademark license in the licensor’s bankruptcy terminates the licensee’s rights to use the mark. Though Congress determined 30 years ago that holders of copyright and patent licenses would be protected from rejection, it left trademark licenses outside that safety. Circuit courts applying general rules of bankruptcy law have split on whether those rules protect the trademark licensee or leave the mark at risk, and the grant of certiorari invites a decision with important implications.

    Filed under:
    USA, Banking, Copyrights, Insolvency & Restructuring, Litigation, Trademarks, O'Melveny & Myers LLP, Bankruptcy
    Authors:
    Evan M. Jones , John J. Rapisardi
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP

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