Ninth Circuit joins majority, holds unstayed judgments not ‘bona fide dispute’

In re Georges Marciano, No. 11-60070 (9th Cir., Feb. 27, 2013)

CASE SNAPSHOT

Judgment creditors of Georges Marciano filed an involuntary chapter 11 petition against Marciano, who appealed the state judgments before the petition was filed. The Ninth Circuit ruled, in a case of first impression, that unstayed state court judgments on appeal were not "the subject of a bona fide dispute," and thus the Bankruptcy Court did not err when it entered an order for relief under chapter 11 against Marciano, notwithstanding the pending appeals.

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Good faith, Ninth Circuit, United States bankruptcy court, California superior courts
Authors:
Christopher O. Rivas
Location:
USA
Firm:
Reed Smith LLP
California Supreme Court resolves Court of Appeal split, holding that Section 2010 of the California Corporations Code -- California's "Survival Statute" -- does not apply to foreign corporations

In Greb v. Diamond Int’l Corp., 2013 WL 628328 (Cal. Feb. 21, 2013), the California Supreme Court unequivocally and unanimously laid to rest the assertion that dissolved foreign corporations may be sued in California after the time of the statute of limitations provided by the laws under which the foreign corporations were incorporated.

Filed under:
USA, California, Company & Commercial, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, California Supreme Court, California courts of appeal, California superior courts
Authors:
John P. Stigi III
Location:
USA
Firm:
Sheppard Mullin Richter & Hampton LLP