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    In brief: claims-trading hobgoblins redux?
    2012-12-01

    In the July/August 2012 edition of the Business Restructuring Review, we reported on a Delaware bankruptcy-court ruling that reignited the debate concerning whether sold or assigned claims can be subject to disallowance under section 502(d) of the Bankruptcy Code on the basis of the seller’s receipt of a voidable transfer. In In re KB Toys, Inc., 470 B.R. 331 (Bankr. D. Del. 2012), the court rejected as unworkable the distinction between a sale and an assignment of a claim for purposes of disallowance that was drawn by the district court in Enron Corp. v. Springfield Associates, L.L.C.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Enron
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    KB Toys: hobgoblins return to haunt bankruptcy claims traders
    2012-08-01

    Participants in the multibillion-dollar market for distressed claims and securities have had ample reason to keep a watchful eye on developments in the bankruptcy courts during the last decade. That vigil appeared to have been over five years ago, after a federal district court ruled in the Enron chapter 11 cases that sold claims are generally not subject to equitable subordination or disallowance on the basis of the seller's misconduct or receipt of a voidable transfer. A ruling recently handed down by a Delaware bankruptcy court, however, has reignited the debate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Enron, United States bankruptcy court
    Authors:
    Charles M. Oellermann , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Seller beware: yet another cautionary tale for distressed-debt traders
    2008-08-01

    Participants in the multibillion-dollar market for distressed claims and securities had ample reason to keep a watchful eye on developments in the bankruptcy courts during each of the last three years. Controversial rulings handed down in 2005 and 2006 by the bankruptcy court overseeing the chapter 11 cases of failed energy broker Enron Corporation and its affiliates had traders scrambling for cover due to the potential that acquired claims/debt could be equitably subordinated or even disallowed, based upon the seller’s misconduct.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Costs in English law, Conflict of laws, Collateral (finance), Security (finance), Debt, Writ, Subsidiary, Malpractice, Enron, United States bankruptcy court
    Location:
    USA
    Firm:
    Jones Day
    Enron redux: round two goes to claims purchasers/traders
    2007-10-01

    In previous editions of the Business Restructuring Review, we reported on a pair of highly controversial rulings handed down in late 2005 and early 2006 by the New York bankruptcy court overseeing the chapter 11 cases of embattled energy broker Enron Corporation and its affiliates. In the first, Bankruptcy Judge Arthur J. Gonzalez held that a claim is subject to equitable subordination under section 510(c) of the Bankruptcy Code even if it is assigned to a third-party transferee who was not involved in any misconduct committed by the original holder of the debt.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Shareholder, Security (finance), Fraud, Fiduciary, Common law, Asset forfeiture, Title 11 of the US Code, Citibank, Enron, United States bankruptcy court
    Location:
    USA
    Firm:
    Jones Day
    Five common 409A design errors: #4 No six-month delay for public company terminations
    2012-03-20

    Code Section 409A is, in part, a response to perceived deferred compensation abuses at companies like Enron and WorldCom. The story of Code Section 409A’s six month delay provision is inextricably tied to the Enron and WorldCom bankruptcies.

    Filed under:
    USA, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Bryan Cave Leighton Paisner (Bryan Cave), Public company, Bankruptcy, Deferred compensation, Internal Revenue Service (USA), Enron
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    The effective bankruptcy examiner
    2010-12-10

    Pursuant to § 1104 of the United States Bankruptcy Code, the court may appoint a bankruptcy examiner to investigate the debtor with respect to allegations of fraud, dishonesty, incompetence, misconduct or mismanagement. A qualified examiner, with a clearly defined mission, can drastically affect the outcome of the bankruptcy case and directly impact the return to creditors. The difference between a successful financial restructure or liquidation and an investigation yielding little value to the creditors often depends on the approach taken by the examiner and his professionals.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Conflict of interest, Bankruptcy, Debtor, Unsecured debt, Fraud, Debt, Liquidation, Bankruptcy of Lehman Brothers, Lehman Brothers, Enron, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    A skilled examiner can make all the difference
    2010-11-29

    The U.S. Bankruptcy Code provides for the appointment of a bankruptcy examiner to investigate the debtor with respect to allegations of fraud, dishonesty, incompetence, misconduct or mismanagement. The right examiner, with a clearly defined mission, will have a major influence on the bankruptcy process. The difference between a successful financial restructuring or liquidation-resulting in substantial recoveries for the key constituencies-and a time-consuming (and asset-consuming) meltdown, can depend on the approach of the examiner and the examiner's support team.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, White Collar Crime, Wiley Rein LLP, Bankruptcy, Debtor, Unsecured debt, Fraud, Debt, Liquidation, Leveraged buyout, US Department of Justice, Lehman Brothers, Enron, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY, Trustee
    Authors:
    H. Jason Gold , Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Second Circuit to weigh in on trading of bankruptcy claims
    2012-09-05

    The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Enron, Second Circuit
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Quebecor decision: capital markets transactions protected in bankruptcy safe harbor
    2013-07-18

    Second Circuit’s Quebecor bankruptcy decision offers comfort to capital markets participants that certain transactions will qualify for the Section 546(e) safe harbor.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Debtor, Security (finance), Commercial paper, Enron, Second Circuit
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Second Circuit extends reach of section 546(e) to redemption of commercial paper
    2011-07-07

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP, Bankruptcy, Debtor, Security (finance), Fraud, Safe harbor (law), Maturity (finance), Involuntary dismissal, Broker-dealer, Commercial paper, Enron, Second Circuit, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Dechert LLP

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