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    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complex, the bankruptcy world must adapt as well, to allow for a well functioning insolvency system and not a stilted, out of date process.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
    New York Bankruptcy Court Dismisses Lehman Bros. Special Financing Inc.'s Lawsuit to Recover Over $1 Billion of Swap Agreement Distributions
    2016-07-11

    In a highly anticipated decision, the Bankruptcy Court for the Southern District of New York (the "Court") on June 28, 2016, dismissed Counts I through XIX of Lehman Brothers Special Financing Inc.'s ("LBSF") fourth amended complaint (the "Complaint") in Lehman Bros. Special Fin. Inc. v. Bank of America, N.A., et al.1 In doing so, the Court removed the majority of the approximately 250 noteholder, issuer and indenture trustee defendants from the LBSF lawsuit to recover over $1 billion distributed in connection with 44 swap transactions.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Condition precedent, Safe harbor (law), Swap (finance), Liquidation, Default (finance), Collateralized debt obligation, Bank of America, Lehman Brothers, US Code, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Know When to Fold ‘Em - Texas Bankruptcy Court Enjoins Losing Bidder’s “Sour Grapes” Attempt to Bring Derivative Claims Under the Guise of Direct Claims
    2016-07-12

    Today’s post covers a recent decision by the United States Bankruptcy Court for the Southern District of Texas in the Chiron Equities, LLCcase. In that case, the court ordered a preliminary injunction to stop non-bankruptcy court litigation in a dispute between a majority shareholder, a minority shareholder, and his wife.

    Filed under:
    USA, Texas, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Shareholder, Debtor, Injunction, Breach of contract, Fiduciary, Limited liability company, Preliminary injunction, Majority opinion, Derivative suit, United States bankruptcy court, US District Court for Southern District of Texas
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Supreme Court Reverses Fifth Circuit's Interpretation of "Actual Fraud"
    2016-07-05

    HIGHLIGHTS:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Holland & Knight LLP, Bankruptcy, Shareholder, Debtor, Fraud, Debt, Misrepresentation, Remand (court procedure), Corporate bond, US Congress, Title 11 of the US Code, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, California courts of appeal, US District Court for Southern District of Texas
    Authors:
    Richard E. Lear
    Location:
    USA
    Firm:
    Holland & Knight LLP
    Lesson Learned: Sometimes Paying Zero Is Still Too Much for Student Debtors
    2016-07-05

    As we have discussed in prior blog posts, The Battle of the Student Loan Discharge, The Eternal Pursuit to Collect: Due Process Rights and Actions to Collect on a Debtor’s Defaulted Student Loans

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Public, Weil Gotshal & Manges LLP, Bankruptcy, Credit (finance), Debtor, Interest, Debt, Due process, Balance sheet, Undue hardship, Student loan, Bankruptcy discharge, US Department of Education, Eighth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Stern and the Challenges of Armchair Originalism
    2016-07-06

    Plenty of ink has been spilled about how to apply the U.S. Supreme Court’s decision in Stern v. Marshall and the line of cases in which it sits. It is a challenging body of law for many reasons, but perhaps the most difficult reason is that the Court indicated that the scope of power that bankruptcy courts may be given today must be defined by reference to beliefs about the scope of judicial and other governmental powers at the time of the country’s founding, when divisions of governmental power were embedded in the U.S. Constitution.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Bankruptcy, Consideration, Common law, Admiralty law, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    A Flip on the Flip Clause: Lehman Court Changes Course on Flip Provisions and Financial Safe Harbors
    2016-07-06

    New York bankruptcy judge dismisses claims to recover approximately $1 billion that had been distributed to noteholders following commencement of the Lehman Brothers chapter 11 proceedings in September 2008.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Swap (finance), Collateralized debt obligation, Lehman Brothers, United States bankruptcy court
    Authors:
    Michael J. Venditto , David M. Schlecker , Sarah K. Kam
    Location:
    USA
    Firm:
    Reed Smith LLP
    Excess Policies at Issue Deemed Not to Attach Absent Actual Payment of the Amount of Underlying Limits by Either the Insured or its Underlying Insurers
    2016-07-06

    Policyholders contemplating insurance coverage settlements with low-level insurers should use caution to preserve their ability to access higher-level excess policies. Excess insurers are increasingly disputing that underlying policies are properly exhausted where policyholders elect to settle with underlying insurers for less than full limits. The issue can be further complicated if the policyholder seeks protection under the bankruptcy laws against long-tail liabilities, as a recent case illustrates.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, K&L Gates LLP, Bankruptcy, Federal Reporter, Liability (financial accounting), Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Kay M. Brady
    Location:
    USA
    Firm:
    K&L Gates LLP
    50 Cent bankruptcy success story
    2016-07-07

    The results are in!

    As I mentioned in my May 25th blog post, Curtis James Jackson III, better known as rapper 50 Cent (“Jackson”) was scheduled for his bankruptcy confirmation hearing yesterday (July 6th).

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy
    Authors:
    Heather L. Ries
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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