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    Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'
    2021-09-08

    In the recent decision of Paragon Offshore, No. 16-10386 (CSS), 2021 (Bankr. D. Del. June 28, 2021), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed the issue of whether the Office of the United States Trustee (OUST) could collect its quarterly fees against assets that were previously transferred to a litigation trust (the litigation trust) free and clear of any and all claims, liens and other encumbrances pursuant to a confirmed plan of liquidation.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy
    Authors:
    Lawrence J. Kotler
    Location:
    USA
    Firm:
    Duane Morris LLP
    Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'
    2021-09-08

    In the recent decision of Paragon Offshore, No. 16-10386 (CSS), 2021 (Bankr. D. Del. June 28, 2021), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed the issue of whether the Office of the United States Trustee (OUST) could collect its quarterly fees against assets that were previously transferred to a litigation trust (the litigation trust) free and clear of any and all claims, liens and other encumbrances pursuant to a confirmed plan of liquidation.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy
    Authors:
    Lawrence J. Kotler
    Location:
    USA
    Firm:
    Duane Morris LLP
    Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'
    2021-09-08

    In the recent decision of Paragon Offshore, No. 16-10386 (CSS), 2021 (Bankr. D. Del. June 28, 2021), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed the issue of whether the Office of the United States Trustee (OUST) could collect its quarterly fees against assets that were previously transferred to a litigation trust (the litigation trust) free and clear of any and all claims, liens and other encumbrances pursuant to a confirmed plan of liquidation.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy
    Authors:
    Lawrence J. Kotler
    Location:
    USA
    Firm:
    Duane Morris LLP
    Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'
    2021-09-08

    In the recent decision of Paragon Offshore, No. 16-10386 (CSS), 2021 (Bankr. D. Del. June 28, 2021), the U.S. Bankruptcy Court for the District of Delaware (the court) addressed the issue of whether the Office of the United States Trustee (OUST) could collect its quarterly fees against assets that were previously transferred to a litigation trust (the litigation trust) free and clear of any and all claims, liens and other encumbrances pursuant to a confirmed plan of liquidation.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy
    Authors:
    Lawrence J. Kotler
    Location:
    USA
    Firm:
    Duane Morris LLP
    Cayman investment company obtains Chapter 15 protection in the United States
    2010-02-19

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

    Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

    Filed under:
    Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
    Location:
    Cayman Islands, USA
    Firm:
    Harneys
    Delaware District Court: Using Contract Rights to Strategic Advantage Not Grounds for Equitable Subordination in Bankruptcy
    2022-12-05

    When lenders use an aggressive strategy to deal with a financially troubled borrower that ultimately files for bankruptcy protection, stakeholders in the case, including chapter 11 debtors, trustees, committees, and even individual creditors or shareholders, frequently pursue causes of action against the lenders in an effort to augment or create recoveries.

    Filed under:
    USA, Delaware, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, US Securities and Exchange Commission, US District Court for District of Delaware
    Authors:
    Oliver S. Zeltner , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    FTX: An opportunity to embrace regulation?
    2022-11-22

    Cryptoassets are traded on a global basis. Indeed, the markets are even more global and constant than markets in more conventional financial instruments, rivalled only perhaps by the FX markets in their reach.

    Filed under:
    Global, USA, Delaware, Banking, Compliance Management, Insolvency & Restructuring, IT & Data Protection, Corporate governance, Blockchain, Due diligence, Cryptocurrency
    Authors:
    David Vaughan
    Location:
    Global, USA
    Crypto Company FTX Files Massive Bankruptcy in Delaware
    2022-11-21

    Another domino has fallen. Earlier this year, we wrote about the challenges facing the crypto industry that resulted in the bankruptcy filings of Three Arrows Capital, Celsius Network, and Voyager Digital. We noted that other crypto entities could also end up in chapter 11, and that prediction has proven correct.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Patterson Belknap Webb & Tyler LLP, Due diligence, Cryptocurrency, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA)
    Authors:
    Kimberly Black , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Stream TV Networks v. SeeCubic: Delaware court rejects “board only” insolvency exception
    2022-08-24

    In Stream TV Networks, Inc. v. SeeCubic, Inc., the Delaware Supreme Court reversed the Delaware Court of Chancery’s finding that the board of Stream TV Networks, Inc. (Stream) could sell all of Stream’s assets without a stockholder vote due to Stream’s insolvency. The Delaware Supreme Court found that the sale agreement – in essence, a privately structured foreclosure transaction – constituted an “asset transfer” under Stream’s charter, triggering a class vote provision that required the approval of Stream’s Class B stockholders.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Hogan Lovells, Insolvency, Delaware Court of Chancery, Delaware Supreme Court
    Authors:
    Allison Wuertz
    Location:
    USA
    Firm:
    Hogan Lovells
    Rehabilitation of Scottish Re: No per se liquidation standard for insurance rehabilitation plans
    2022-08-23

    In In re Rehabilitation of Scottish Re (U.S.), Inc., C.A. No. 2019-0175-JTL (Del. Ch. Apr.18, 2022), the Delaware Court of Chancery ruled, as a matter of first impression, that in a delinquency proceeding for an insurance company under Delaware law, there is no per se requirement that a rehabilitation plan meet a “liquidation standard” to obtain court approval. Under the “liquidation standard,” a rehabilitation plan must provide claimants at least “liquidation value,” or the value they would have received in a liquidation proceeding.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Insurance, Litigation, Hogan Lovells, SCOTUS, Delaware Court of Chancery
    Authors:
    Ryan M. Philp , Allison Wuertz
    Location:
    USA
    Firm:
    Hogan Lovells

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