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    Looks like Fred Wilpon picked the wrong week to quit drinking
    2011-05-27

    The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars when Bernard Madoff’s long running Ponzi scheme finally unraveled at the height of the financial crisis in 2008.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, White Collar Crime, Kelley Drye & Warren LLP, Bankruptcy, Fraud, Hedge funds, Liquidation, Good faith, Cashflow, Unsecured creditor, Lehman Brothers, Trustee
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Credit bidding after Philadelphia Newspapers: dissent 1, majority 0
    2010-10-29

    Bankruptcy lawyers who are regularly involved in distressed m&a deals have been wondering for the past few months about the potential fallout from Philadelphia Newspapers.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Credit (finance), Debtor, Dissenting opinion, Majority opinion, Secured loan, United States bankruptcy court, Third Circuit, Seventh Circuit, US District Court for Northern District of Illinois
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    COVID-19: Small Business Bankruptcy Relief
    2020-04-01

    Last week, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, implementing broad relief for individuals and businesses affected by COVID-19. One of the sections of the CARES Act receiving less attention is a temporary amendment to the Bankruptcy Code to provide streamlined reorganization procedures for businesses with debt of less than $7.5 million.

    Filed under:
    USA, Insolvency & Restructuring, Kelley Drye & Warren LLP, Donald Trump, Coronavirus, CARES Act 2020 (USA)
    Authors:
    KRISTIN S. ELLIOTT
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees
    2017-03-15

    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).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, United States bankruptcy court, Trustee
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Supreme Court decides to maintain the viability of the U.S. bankruptcy courts, but a key question remains unresolved
    2015-05-28

    Four years ago, in Stern v. Marshall, the Supreme Court stunned many observers by re-visiting separation of powers issues regarding the jurisdiction of the United States bankruptcy courts that most legal scholars had viewed as long settled. Stern significantly reduced the authority of bankruptcy courts, and bankruptcy judges and practitioners both have since been grappling with the ramifications of that decision.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Debtor, Article III US Constitution, Article I US Constitution, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Fisker Automotive chapter 11 case: a two-headed stalking horse and a new credit bidding controversy
    2014-01-31

    Fisker Automotive’s chapter 11 case began in what has become a depressingly familiar fashion – a fast-tracked sale to a secured lender.  However, two rulings by Judge Kevin Gross of the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Secured creditor
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Bip . . . Bip . . . Bip . . . "Pong" creator Atari files for Chapter 11
    2013-01-22

    Atari, Inc., the creator of the primordial video game “Pong”, filed for Chapter 11 yesterday in the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    NY Mets owners settle case by Madoff trustee
    2012-03-19

    We have been following the saga of the case brought by Irving Picard, the trustee overseeing the Bernard Madoff bankruptcy liquidation proceeding, against the owners of the NY Mets, Saul Katz and Fred Wilpon.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Does a single "or" excommunicate congressional intent from the Bankruptcy Code? Supreme Court to resolve Circuit split on credit bidding
    2011-12-13

    The U.S. Supreme Court will rule this term in RadLAX Gateway Hotel Inc. v. Amalgamated Bank on whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell encumbered assets without providing the secured lender an opportunity to credit bid its debt. Determination of this question will require the Court essentially to choose between two opposing approaches to statutory interpretation, and decide whether the so-called “plain meaning” of a highly formalistic reading of the Bankruptcy Code should trump decades of established commercial practice.   

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Debtor, Debt, US Congress
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    U.S. has no authority to issue writ of garnishment against assets of company in which judgment debtor invested
    2011-05-27

    UNITED STATES OF AMERICA v. ROGAN (May 12, 2011)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Medicare, Medicaid, Fraud, Interest, Limited liability company, Vacated judgment, Liquidation, Remand (court procedure), Writ
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP

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