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Digging for Help: Key Issues in Metals Exploration Bankruptcies
2016-02-22

The past several years have not been kind to commodities exploration companies.  The price of gold dropped to $1,051/oz. in November 2015, a level that had not been seen since 2009.  Although the price of gold rebounded somewhat in January and February 2016 to just over $1,200/oz., the price has steadily decreased after peaking at $1,921/oz. in August 2011.  The price of silver has also decreased dramatically, with its price off 60% from the 2011 highs.  Copper has not escaped this trend, and was recently selling for just over half of its 2011 price.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Commodity
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
No safe harbor in a bankruptcy storm: mutuality “baked into the very definition of setoff”
2010-08-10

"Safe harbors" in the Bankruptcy Code designed to insulate nondebtor parties to financial contracts from the consequences that normally ensue when a counterparty files for bankruptcy have been the focus of a considerable amount of scrutiny as part of evolving developments in the Great Recession. One of the most recent developments concerning this issue in the courts was the subject of a ruling handed down by the New York bankruptcy court presiding over the Lehman Brothers chapter 11 cases. In In re Lehman Bros. Holdings, Inc., Judge James M.

Filed under:
USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Conflict of laws, Debtor, Security (finance), Fraud, Division of property, Swap (finance), Commodity, Debt, Concession (contract), Liquidation, Debtor in possession, US Congress, Lehman Brothers, United States bankruptcy court
Authors:
Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
Fifth Circuit Rules for PACA Claimants, and Weakens PACA, All in One Curious Ruling
2017-02-15

The Perishable Agricultural Commodities Act regulates transactions in fresh and frozen fruits and vegetables. It does this in part by creating a general trust for the benefit of produce sellers.

Filed under:
USA, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Product Regulation & Liability, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Commodity, Liquidation, Fifth Circuit
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Account transfer in the event of an FCM liquidation
2011-11-04

This Client Alert addresses the impact on a customer of a futures commission merchant (FCM) with respect to his or her accounts held by that FCM prior to a filing for bankruptcy under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the Bankruptcy Code) by the FCM.

Summary

Filed under:
USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bankruptcy, Debtor, Commodity, Futures contract, Commodity broker, Liquidation, Pro rata, US Code, Title 11 of the US Code, Commodity Futures Trading Commission (USA), Trustee
Authors:
Mark A. Broude
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article
Fourth Circuit reverses and remands Bankruptcy Court’s narrow definition of “swap agreements”
2009-03-19

On February 11, 2009, the United States Court of Appeals for the Fourth Circuit, addressing an apparent issue of first impression, ruled that a series of gas supply contracts might constitute “commodity forward agreements” and, in turn, “swap agreements,” exempt from the court-appointed trustee’s avoidance actions.1 The Court reversed and remanded the decision from the United States Bankruptcy Court for the Eastern District of North Carolina, which had held that the commodity supply contracts at issue were insufficiently tied to financial markets to be considered protected “commodity forwar

Filed under:
USA, Derivatives, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Fraud, Natural gas, Swap (finance), Commodity, Remand (court procedure), Conveyancing, Title 11 of the US Code, United States bankruptcy court, Fourth Circuit, Trustee
Location:
USA
Firm:
White & Case LLP
View Original Article
Court finds investment advisor’s payments to customers are not exempt from avoidance under section 546(e) of the Bankruptcy Code
2013-03-07

FCStone, a New York-based commodities brokerage firm, was recently ordered to return a transfer of $15.6 million to the bankruptcy estate of Sentinel Management Group. Approximately $1.1 million of this amount constituted a prepetition transfer of proceeds the debtor obtained from the sale of securities, which proceeds the debtor distributed to a certain segment of its customers, including FCStone.

Filed under:
USA, Illinois, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Collateral (finance), Security (finance), Commodity
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Fourth Circuit examines swap agreements subject to Bankruptcy Code safe harbors
2009-06-24

In Hutson v. E.I. du Pont de Nemours & Co.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Fraud, Natural gas, Safe harbor (law), Swap (finance), Commodity, Maturity (finance), Systemic risk, Title 11 of the US Code, DuPont, United States bankruptcy court, Fourth Circuit, Trustee
Authors:
Mark C. Ellenberg , Leslie W. Chervokas
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Lehman court orders outline rights of counterparties to safe harbored financial contracts
2008-09-21

September 21, 2008 Following a week of unprecedented market upheaval, players in financial contracts got some reassurance from the bankruptcy judge presiding over the liquidation of broker/dealer Lehman Brothers Inc. (“LBI”) and the sale of a portion of its assets to Barclays Capital Inc. (“BCI”).

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Collateral (finance), Security (finance), Swap (finance), Commodity, Foreclosure, Liquidation, Broker-dealer, Lehman Brothers, Securities Investor Protection Corporation, United States bankruptcy court
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Protecting utilities: would you believe a bill payment is a settlement payment under a forward contract?
2012-12-20

Lightfoot v. MX Energy Electric, Inc. (In re MBS Management Services, Inc.), 690 F.3d 352 (5th Cir. 2012) –

The bankruptcy trustee of a property management company sought to recover money paid to a power company prior to bankruptcy as an avoidable preference.  The Fifth Circuit agreed with both the bankruptcy court and the district court that the payments were settlement payments under a forward contract exempt from avoidance.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Commodity, United States bankruptcy court, Fifth Circuit
Location:
USA
Firm:
Troutman Pepper
View Original Article
Wolverine Tube files bankruptcy, hoping to confirm prearranged plan
2010-11-20

On October 31, 2010, Wolverine Tube, Inc. ("Wolverine") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Wolverine's President in Support of Debtors' Petitions (the "Declaration"), the company's bankruptcy filing resulted from several factors, most notably a drop in cash due to volatility in commodity prices and high debt obligations. See Declaration at pp. 2-3.

Filed under:
USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Commodity, Debt, Balance sheet, Delaware General Corporation Law, United States bankruptcy court, US District Court for District of Delaware
Authors:
L. Jason Cornell
Location:
USA
Firm:
Fox Rothschild LLP
View Original Article

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