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    First Circuit Affirms Conversion of Reorganization Case to Liquidation
    2016-07-13

    An individual Chapter 11 debtor’s “estate was diminishing” with no “reasonable likelihood of rehabilitation,” held the U.S. Court of Appeals for the First Circuit on July 5, 2016. In re Hoover, 2016 WL 3606918, *2 (1st Cir. July 5, 2016), affirming the bankruptcy court’s conversion of the case to a Chapter 7 liquidation. In a rare appellate decision on the conversion issue, the First Circuit affirmed the finding that the debtor had sold “inventory without replacing it with new inventory or retaining cash sufficient to offset the diminution.” Id. at *3.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Liquidation, United States bankruptcy court, First Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Court Finds that Absolute Priority Rule Applies in Individual Chapter 11 Cases
    2016-07-13

    While the majority of the cases covered by the Weil Bankruptcy Blog address issues arising in corporate restructurings, cases concerning individual debtors often offer interesting insights into the history and meaning of various provisions of the Bankruptcy Code.

    Filed under:
    USA, Georgia, Insolvency & Restructuring, Litigation, Real Estate, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Unsecured debt, Discovery, Holding company, Pro rata, Small Business Administration (USA), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    The Second Circuit’s General Motors Decision Defines Limits To “Free And Clear” Sales
    2016-07-14

    Last week, the Second Circuit Court of Appeals reversed a bankruptcy court order barring tort claims for product defects against the purchaser of General Motors’ (“Old GM”) assets.  The purchaser (“New GM”) had purchased Old GM’s assets “free and clear” in Old GM’s 2009 bankruptcy case under section 363 of the Bankruptcy Code.  The Second Circuit’s ruling is certainly a victory for the plaintiffs who are seeking damages for personal injuries arising o

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, General Motors
    Authors:
    Aaron A. Boschee
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Supreme Court Enhances Creditor’s Right to Bar Debtor’s Discharge of Debts-Expanding Reach of Actual Fraud and Shareholder’s Liability
    2016-07-14

    Until the recent U. S. Supreme Court’s decision in Husky International Electronics, Inc. v. Ritz, __ U.S. __, 136 S.Ct. 1581, 194 L.Ed.2d 655, 84 U.S. L.W. 4270 (2016), there was disagreement in the circuit courts regarding whether a debtor in bankruptcy could be denied a discharge under 11 U.S.C. § 523(a)(2)(A) where the evidence of wrongdoing proved the debtor committed actual fraud, but there was no evidence that the debtor made a misrepresentation to the creditor seeking to bar the discharge.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Porter Wright Morris & Arthur LLP, Bankruptcy, Shareholder, Credit (finance), Debtor, Fraud, Federal Reporter, Consideration, Debt, Misrepresentation, Conveyancing, Bankruptcy discharge, US Code, Supreme Court of the United States, Fifth Circuit, Seventh Circuit, First Circuit
    Authors:
    Walter Reynolds
    Location:
    USA
    Firm:
    Porter Wright Morris & Arthur LLP
    Supreme Court Construes “Actual Fraud” Broadly, Resolving Circuit Split
    2016-07-14

    A decision from the United States Supreme Court penned by Justice Sonia Sotomayor adopted a broad reading of “actual fraud” in section 523(a)(2)(A) of the Bankruptcy Code, which excepts from discharge debts “obtained by . . .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Statutory interpretation, Fraud, Debt, Dissenting opinion, Common law, Bankruptcy discharge, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, US District Court for Southern District of Texas, Circuit court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Court Declines to Convert a Chapter 12 Case to a Chapter 11 Case
    2016-07-15

    Recently, a bankruptcy court in the First Circuit, confronted with whether the debtors’ chapter 12 case could be converted to a chapter 11 case – an issue over which there is split in the case law – determined that the Debtors’ chapter 12 case could not be converted to a chapter 11 case.

    Relevant Statutes and Statutory Provisions:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Limited liability company, Debt, Liquidation, Good faith, Secured creditor, US Congress, Title 11 of the US Code, United States bankruptcy court, US District Court for Eastern District of Virginia, First Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Ohio Supreme Court Holds Foreclosure Standing Requires Rights to Note and Mortgage, Including Post-Bankruptcy Discharge
    2016-07-18

    The Supreme Court of Ohio recently held that, when debt on promissory note secured by mortgage has been discharged in bankruptcy, the holder of the note may not pursue collection against the maker of note, but the mortgagee has standing to foreclose on the collateral property, and can use the amounts due on the note as evidence to establish that it may collect from the forced sale of the property.

    Filed under:
    USA, Ohio, Banking, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bankruptcy, Collateral (finance), Debt, Mortgage loan, Foreclosure, Standing (law), Refinancing, Bankruptcy discharge, Ohio Supreme Court
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Delaware Bankruptcy Court Reaffirms the Viability of Class Proofs of Claim in PacSun Bankruptcy
    2016-07-18

    On June 22, 2016, the Bankruptcy Court for the District of Delaware allowed a putative creditor class to file a class proof of claim in the In re Pacific Sunwear of California, Inc., et al., bankruptcy proceedings.[1]  In granting

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Class action, ING Group, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Todd E. Phillips , Kevin C. Maclay , Sally J. Sullivan
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Internet Service a Utility in Bankruptcy? It Might Be Now
    2016-07-11

    Editor’s Note:  One of the many fascinating things about restructuring work is its willingness to evolve by borrowing from other areas of the law.  Just as business practices change, new financing techniques evolve, and transactions become more complex, the bankruptcy world must adapt as well, to allow for a well functioning insolvency system and not a stilted, out of date process.  To that end, we at The Bankruptcy Cave love finding curious decisions in tangential fields of the law, and thinking about how they may change bankruptcy practice, or how bankruptcy pract

    Filed under:
    USA, Insolvency & Restructuring, Internet & Social Media, Litigation, Telecoms, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Net neutrality, ISP, Broadband, Common carrier, Federal Communications Commission (USA), Telecommunications Act 1996 (USA)
    Authors:
    Gwendolyn Godfrey , Sarah M. Good
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Jevic Holding: The Case That Keeps On Giving
    2016-07-11

    The Jevic Holding Corp. bankruptcy case is proving to be precedent setting.  In a prior post, we examined how the court had greatly increased the evidentiary burden on a party seeking to hold one company liable for the debts of another company under a “single employer” theory.  That ruling was seen as a boon for private equity firms who were oftentimes the target of Chapter 11 creditor

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debt, Legal burden of proof
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs

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