The United States Second Circuit has issued its ruling in the Momentive Performance Materials casesresolving three separate appeals by different groups of creditors of Judge Bricetti’s judgment in the United States District Court of the Southern District of New York, which affirmed
In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.
Recently, in GSE Environmental, Inc. v. Sorrentino (In re GSE Environmental, Inc.), on a motion for judgment on the pleadings, the Bankruptcy Court for the District of Delaware held that the Chief Executive Officer’s claim for unpaid compensation payable in stock constituted an equity security rather than a general unsecured claim.
An involuntary petition under chapter 7 of the Bankruptcy Code filed against a Mississippi casino developer was dismissed for bad faith, even though the petitioning creditors met the statutory requirements for filing the involuntary case. In In re Diamondhead Casino Corporation, the U.S.
One of the more appealing aspects of the U.S. bankruptcy process is the relative ease in which parties in interest may file proofs of claim. In years passed all it took was to mail in a simple form to the bankruptcy court or claims agent and now it is even easier with the advent of email and electronic claims uploading. This relatively easy process, however, often comes with a plethora of invalid or unenforceable proofs of claim.
Venue has long been a contentious topic highlighted by cases such as Enron and WorldCom to the more recent venue battle in Caesars. Recently, the United States Bankruptcy Court for the District of Kansas addressed this issue, and declined to transfer a pending bankruptcy case to the District of Delaware where cases involving the debtor’s indirect parent company and other affiliates were pending.
The recent decision from the United States District Court for the Eastern District of Michigan, ECP Commercial II LLC v. Town Center Flats, LLC (In re Town Center Flats, LLC), gives us at the Weil Bankruptcy Blog a reason to revisit the issue of “absolute” assignments of rent.
As avid blog readers know, we’ve posted extensively on make whole issues, including several articles covering the ongoing make whole litigations in the chapter 11 cases of Energy Future Holdings and its affiliated debtors, which can be found here,
♫ “Girl, it’s easy to love me now.
Would you love me if I was down and out?
Would you still have love for me?” ♫
-50 Cent, 21 Questions