City Hall
City Council Passes Dozens of Bills, Resolutions During Last Meeting of 2023 Session
On June 6, 2024, the United States Supreme Court issued its long-awaited ruling in Truck Insurance Exchange v. Kaiser Gypsum Co., Inc., et al.,1 nullifying the insurance neutrality test for insurer standing in bankruptcy proceedings and holding that insurance companies that may face liability for bankruptcy claims filed against a debtor are parties in interest under section 1109(b) of the Bankruptcy Code that are entitled to “be heard on any issue” in such debtor’s bankruptcy case.
In August 1992, the largest indoor shopping mall in the continental United States opened to great fanfare in suburban Minneapolis, Minnesota. Dubbed the Mall of America (MOA), this sprawling retail center enjoyed 330 stores, anchored by retail tenants at the height of their reputations: Macy’s, Bloomingdale’s, Nordstrom, and Sears Roebuck and Co. (Sears).
Canada’s insolvency regime provides a “fresh start” policy for honest but unfortunate debtors. The policy relieves Canadians from excessive debts through bankruptcy, except in certain instances such as where a debt arises from the bankrupt’s deceitful or dishonest conduct.
- Texas AG Ken Paxton reached a settlement with bankrupt energy company Griddy Energy, LLC and its parent company (collectively “Griddy”) to resolve allegations stemming from spiking energy prices that Griddy passed on to its consumers during the February 2021 winter storm in Texas, including allegations of false, misleading, and deceptive advertising in violation of the Texas Deceptive Trade Practices Act.
The Consolidated Appropriations Act of 2021 (the Appropriations Act) is a $2.3 trillion spending bill that combines stimulus relief for the COVID-19 pandemic and an omnibus spending bill for the federal fiscal year. While the Appropriations Act is intended to enhance stimulus relief under the CARES Act and does so in many profound ways, it also includes provisions narrowly targeted to assist companies that have filed for protection under the U.S. Bankruptcy Code (Bankruptcy Code) by temporarily modifying the rules governing a tenant’s performance under its leases.
You just heard a rumor that your largest retail customer is in financial distress and may file for bankruptcy. After a moment of panic, you review your consignment agreement with the retailer (this assumes that you have a written agreement) and you are relieved to see that it clearly provides that you still own the goods that you delivered to your customer and you are entitled to pick them up at any time. All good, right? Not necessarily.
Introduction
The financial distress caused by the COVID-19 pandemic has left many companies reeling. With no clear end in sight, the bad news is that some businesses will be forced to pursue options for winding down or reorganizing. The good news is, there are options.