As i mentioned in my blog from January, “11 Retailers to Watch for Possible Bankruptcy Filings in 2017,” it looks like Payless is on the verge of a bankruptcy filing.
Foreign financial institutions that trade dollar-denominated securities on the secondary market may not appreciate that they could be forced to defend an action arising from such a transaction in a U.S. court. That is what happened, however, to an Austrian bank that purchased a $10 million interest in a syndicated $1.5 billion term loan on the secondary market. In a recent decision, the bankruptcy court in Motors Liquidation Co. Avoidance Action Trust v. JPMorgan Chase Bank, N.A. (In re Motors Liquidation Co.), Adv. Pro. No. 09-00504 (MG), 2017 WL 632126 (Bankr. S.D.N.Y. Feb.
A Chapter 7 debtor’s failure to comply with a bankruptcy court order to preserve a $2 million dollar-plus collection of fine wines has led to the imposition of sanctions of over $1 million, most of which could be charged against the debtor’s otherwise exempt property.
HIGHLIGHTS:
Ten Cardinal Rules for a Proper Repossession Author: Franklin Drake Smith Debnam Narron Drake Saintsing & Myers LLP Raleigh, North Carolina WHITEPAPER TEN CARDINAL RULES FOR A PROPER REPOSSESSION by Franklin Drake Introduction: Creditors too often expose themselves needlessly to disgruntled debtors' claims for wrongful repossession. Avoiding the legal expense of defending such claims is just a matter of correct procedures and common sense. Here are 10 common sins and how to stay righteous. I. BE SURE YOU REALLY DO HAVE AN ENFORCEABLE LIEN ON THE GOODS! A.
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the long-running Nortel chapter 11 case. The dispute has been watched closely by financial institutions that serve as trustees on bond issuances. (Kelley Drye & Warren LLP represented a large creditor in the Nortel case but took no part in the issues discussed here).
On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed with the bankruptcy court that Sabine Oil & Gas Corp., an upstream oil and gas producer, could reject a number of its gathering contracts with midstream energy companies.
(7th Cir. Mar. 13, 2017)
The Seventh Circuit affirms the district court’s dismissal of the appeal. The debtor failed to appeal the bankruptcy court’s order within the 14-day period set forth in Bankruptcy Rule 8002(a)(1). The court discusses authority holding that courts do not have equitable powers to contradict bankruptcy statutes and rules. Opinion below.
Judge: Easterbrook
Attorney for Debtor: Randy Joseph Netzer
Attorney for Appellee: Sean Michael Murphy
Miller Act, you’re not in Kansas anymore. In a recent bankruptcy case, the court in Kansas addressed issues of jurisdiction and venue raised by claims asserted by the debtor, an electrical contractor on a federal government project.