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    Supreme Court holds oral argument in Schwab v. Reilly: analyzing a trustee’s duty to object to a facially valid exemption to avoid the risk that an undervalued asset be deemed “fully exempt”?
    2009-11-03

    United States Supreme Court

    Washington, D.C.

    November 3, 2009

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Statutory interpretation, Interest, Consideration, SCOTUS, United States bankruptcy court, Third Circuit, Trustee
    Authors:
    Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Code preempts policies’ anti-assignment clauses such that transfer to Section 524(g) trust is allowed
    2008-03-25

    Bankruptcy Judge Judith Fitzgerald ruled last week that a debtor's insurance policies are assets of the estate and, therefore, can be properly transferred to a § 524(g) trust notwithstanding any applicable anti-assignment clauses. In re Federal-Mogul Global Inc., 01-10578 (Bankr. D. Del. March 19, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Federal preemption, Bankruptcy, Conflict of laws, Debtor, Federal Reporter, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Court denies approval of Adelphia policy buyback settlement
    2007-04-16

    The United States Bankruptcy Court for the Southern District of New York has denied approval of a settlement between Adelphia and its D&O insurers pursuant to which the insurers would have bought back their interests in the relevant policies issued to Adelphia for $32.5 million "with claims of others to policy proceeds...attaching to the proceeds of the sale."

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Conflict of laws, Debtor, Injunction, Warranty, Prejudice, Second Circuit, United States bankruptcy court, US District Court for Eastern District of Pennsylvania
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Burned by guaranty of incinerator bond debt, the city of Harrisburg, Pennsylvania files Chapter 9 bankruptcy petition
    2011-10-13

    The City of Harrisburg, Pennsylvania—the state's capital—filed for bankruptcy under Chapter 9 of the United States Bankruptcy Code on Wednesday October 12, 2011, indicating that it owed fewer than 50 creditors more than $545 million.

    Filed under:
    USA, Pennsylvania, Energy & Natural Resources, Insolvency & Restructuring, Wiley Rein LLP, Bond (finance), Bankruptcy, Debtor, Recycling, Debt, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Alexander M. Laughlin
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Employee incentive plans - navigating the restrictions of § 503(c)
    2009-10-01

    The Bankruptcy Abuse and Consumer Protection Act of 2005 (BAPCPA) purported to eliminate the ability of chapter 11 debtors in possession to pay bonuses to management through Key Employee Retention Plans. However, in recognition of the fact that a real need often exists to incentivize key employees to remain with a reorganizing or liquidating business, bankruptcy courts have approved incentive plans providing for payments to insiders and other employees. Such plans must be carefully crafted to avoid the restrictions on retention bonuses post-BAPCPA.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Consumer protection, General counsel, Liquidation, Business judgement rule, Severance package, US Senate, United States bankruptcy court, Chief executive officer, Chief financial officer
    Authors:
    Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Business debt restructuring still available through Chapter 11
    2008-03-21

    Recent news reports have focused on the problems of the financial markets on the one hand and consumer mortgage problems on the other. While Congress may yet grant authority to bankruptcy judges to modify home loans, modification of business loan facilities of all sizes remains available as a powerful and fundamental tool to be used in a business financial restructuring.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Discrimination, Interest, Mortgage loan, Good faith, Secured creditor, Debt restructuring, Secured loan, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Unwinding the deal when bankruptcy looms
    2007-02-22

    Coping with the Insolvent Business Partner

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Punitive damages, Bankruptcy, Debtor, Injunction, Breach of contract, Joint venture, Liquidation, Due diligence, Default (finance), Leverage (finance), Distressed securities, Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    New York district court denies proof of claim based on equity interests in non-debtor entities
    2014-05-16

    Finds Bankruptcy Court to be Proper Forum for Claim Objection Despite Forum Selection Clauses in Investor Agreements

    The Southern District of New York recently reiterated the critical difference between creditor claims and equity interests in the bankruptcy context.  In a recent opinion arising out of the Arcapita Bank bankruptcy case, the Court was faced with an objection to a proof of claim filed by an investor, Captain Hani Alsohaibi, who characterized his right to recovery against the debtors as being based on a “corporate investment.”

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Bankruptcy, Debtor, United States bankruptcy court
    Location:
    USA
    Actions based on same course of conduct are related claims; application of I v. I exclusion unclear where claims brought by trustee on behalf of debtor and subsidiaries
    2011-09-19

    The United States Bankruptcy Court for the District of Delaware, applying federal law, has held that certain lawsuits brought by a bankruptcy trustee were related claims, even though they alleged unique causes of action, because they were based upon the same course of conduct.  The court also found that the trustee was pursuing claims both on behalf of the policyholder-debtor and its subsidiaries, and therefore the application of the insured versus insured exclusion was “unclear.”  Nonetheless, the court found that the individual insureds were entitled to 100% of their defense cos

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Debtor, Board of directors, Liquidation, Subsidiary, Causality, Racketeer Influenced and Corrupt Organizations Act 1970 (RICO) (USA), Westlaw, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Financial restructuring of mass media properties
    2009-08-01

    In the last several months, a number of major mass media companies have filed for chapter 11 relief, including Ion Media Networks, Sun-Times Media Group, Tribune Company, Young Broadcasting and NV Broadcasting. With the economy still struggling to recover, and asset values continuing to decline, commentators speculate that even more mass media related bankruptcies are on the horizon. Certain aspects of a mass media bankruptcy present unique challenges for the various stakeholders due to the special regulatory requirements involved.

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, Wiley Rein LLP, Bankruptcy, Letter of credit, Surety, Debtor, Collateral (finance), Discrimination, Interest, Broadcasting, Secured creditor, Title 11 of the US Code, Federal Communications Commission (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP

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