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    District Court Opinion Shows Collateral Impact of Crawford Decision
    2016-08-01

    A recent decision out of the Southern District of Georgia shows the collateral impact of the Crawfordv. LVNV Funding proof of claim decision issued by the Eleventh Circuit.

    Filed under:
    USA, Georgia, Company & Commercial, Insolvency & Restructuring, Litigation, Smith Debnam Narron Drake Saintsing & Myers LLP, Bankruptcy, Debtor, Collateral (finance), Federal Reporter, Debt, Good faith, Fair Debt Collection Practices Act 1977 (USA), Trustee, Eleventh Circuit
    Authors:
    Caren Enloe
    Location:
    USA
    Firm:
    Smith Debnam Narron Drake Saintsing & Myers LLP
    In Conflict With Other Circuits, Seventh Circuit Rules That Certain Transfers Involving Financial Institution Intermediaries Not Immune From Recovery By Bankruptcy Trustee
    2016-08-02

    Section 546(e) of the bankruptcy code prohibits a bankruptcy trustee from avoiding “settlement payment[s]”, or payments “made in connection with a securities contract,” that are “made by or to (or for the benefit of)” qualifying financial entities, including financial institutions, stockbrokers, commodities brokers and others.

    Filed under:
    USA, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Share (finance), Bankruptcy, Debtor, Security (finance), Safe harbor (law), Trustee, Eighth Circuit, Eleventh Circuit, Sixth Circuit, Seventh Circuit, Tenth Circuit
    Authors:
    James Anderson
    Location:
    USA
    Firm:
    Proskauer Rose LLP
    Losing Both Ways: Debtor Diligence in the Identification of Claims
    2016-08-03

    Two recent cases serve as reminders the devil is truly in the details.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Fiduciary, Liability (financial accounting), Liquidation, Subject-matter jurisdiction, General Motors, Second Circuit, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    James Maloney
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Same As It Ever Was: Seventh Circuit Reaffirms Narrow Construction of Informal Proof of Claim Doctrine
    2016-08-05

    We’ve previously commented on this blog on a number of decisions (see: (i) Too Little, Too Late: Ninth Circuit Holds Confirmation Objection Insufficient to Revive Untimely Complaint Objecting to Dischargeability of Debt, (ii)

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Seventh Circuit
    Authors:
    Matthew Goren
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    "Winding Up" A Law FirmPartnership Doessn't Necessarily Mean Liquidation
    2016-07-27

    You can "wind up" a partnership without having to liquidate all of its assets and terminating its existence. So ruled Judge McGuire last week in Hardin v. Lewis, 2016 NCBC 55. But that may not be true for all partnerships. This case involved a law firm partnership which was continuing to operate its practice after one of its partners left to start her own law firm.

    Filed under:
    USA, North Carolina, Company & Commercial, Insolvency & Restructuring, Litigation, Brooks Pierce McLendon Humphrey & Leonard LLP, Liquidation
    Authors:
    Mack Sperling
    Location:
    USA
    Firm:
    Brooks Pierce McLendon Humphrey & Leonard LLP
    Freedom of Contract in LLC Structure Is Not Absolute Where Parties Seek Bankruptcy Relief
    2016-07-21

    In re Intervention Energy Holdings, LLC, Case No. 16-11247 (D. Del. June 3, 2016), the Bankruptcy Court for the District of Delaware dealt with the issue of whether a Delaware LLC lacked authority to file a Chapter 11 petition under the Bankruptcy Code because the limited liability company agreement of the LLC in question required the consent of all members and one member did not consent to the filing.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, McCarter & English LLP, Bankruptcy, Debtor, Limited liability company, Delaware Supreme Court, United States bankruptcy court
    Authors:
    Philip D. Amoa , Benjamin A. Smyth , Daniel M. Silver , Jameson A.L. Tweedie , Daniel J. Brown
    Location:
    USA
    Firm:
    McCarter & English LLP
    Anatomy of a Term Sheet: Series A Financing (Q2 2016)
    2016-07-14

    Benjamin M. Hron, Esq. ANATOMY OF A TERM SHEET: SERIES A FINANCING A key milestone in the lifecycle of many successful companies (and, admittedly, many unsuccessful companies) is obtaining financing from angel or venture capital investors, but in negotiating with experienced investors entrepreneurs are usually at a distinct disadvantage because they are unfamiliar with standard terms. While we strongly suggest entrepreneurs consult their lawyers rather than negotiate a term sheet mano-amano, we know this often doesn’t happen.

    Filed under:
    USA, Capital Markets, Company & Commercial, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarter & English LLP
    Location:
    USA
    Firm:
    McCarter & English LLP
    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
    Shareholders can pursue derivative suits against insolvent corporations in Illinois
    2016-07-07

    Illinois courts have long recognized that an insolvent corporation’s creditors have standing to bring a derivative action on behalf of the corporation against its officers and directors. On June 24, 2016, in a case of first impression in Illinois, the Illinois Appellate Court, First District, in Caulfield v. The Packer Group, Inc. held that shareholders have standing to pursue a shareholder derivative suit against an insolvent corporation.

    Filed under:
    USA, Illinois, Company & Commercial, Insolvency & Restructuring, Litigation, Greensfelder Hemker & Gale PC, Shareholder, Fiduciary, Board of directors, Debt, Standing (law), Joint-stock company, Misappropriation, Subsidiary, Derivative suit, Illinois Appellate Court
    Authors:
    Thadford A. Felton
    Location:
    USA
    Firm:
    Greensfelder Hemker & Gale PC
    Supreme Court Holds That “Actual Fraud” Under Section 523(a)(2)(A) of the Bankruptcy Code May Include Fraudulent Transfers That Occur Without False Representations
    2016-06-20

    On May 16, 2016, the United States Supreme Court in Husky International Electronics v. Ritz held that the phrase “actual fraud” under section 523(a)(2)(A) of the Bankruptcy Code may include fraudulent transfer schemes that were effectuated without a false representation. Section 523(a)(2)(A) provides that an individual debtor will not be discharged from certain debts to the extent that those debts were obtained by false pretenses, false representations or actual fraud.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Fraud, Debt, Majority opinion, Supreme Court of the United States, Fifth Circuit
    Authors:
    Michael T. Driscoll
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP

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