In a decision that could have far reaching implications on the manner and level of secured creditor participation in bankruptcy cases, the Court of Appeals for the Seventh Circuit recently held that the deadline for filing proofs of claim under Bankruptcy Rule 3002(c) applied to all creditors – both unsecured and secured. Previously, secured creditors had relied on conflicting cases that permitted secured creditors to f
“A boy’s best friend is his mother.” – Norman Bates
“Let’s have a family gathering for the remaining family members who still speak to each other” – Someecards, Inc.
Section 365(c)(1) of the Bankruptcy Code limits a debtor’s ability to assume or assign a contract where “applicable law” excuses a non-debtor counterparty from accepting performance from a third party. Circuits currently are split on whether this section prohibits a debtor from assuming an intellectual property license without the consent of the
“[W]hat I do have are a very particular set of skills, skills I have acquired over a very long career…” – Bryan Mills (Liam Neeson), Taken
The following article was written by Kenneth R. Epstein and Nelly Almeida and originally published in the December 8, 2014 edition of the New York Law Journal. Kenneth Epstein is the Managing Director of the Insured Portfolio Management Special Situations Group at MBIA Insurance Corporation. A link to the journal can be found here.”
Speed Read
Introduction
This article has been contributed to the blog by Caitlin Fell and Mary Angela Rowe. Caitlin Fell is an Associate in the Insolvency & Restructuring group of Osler, Hoskin & Harcourt LLP.
This article has been contributed to the blog by Dave Rosenblat and Mary Angela Rowe.
For a Throwback Thursday, we often go way back, to cases establishing first principles. This time, however, we travel not so far back, but still to a bygone era, the early 80’s. It was a time when the Bankruptcy Code was still new, and judges could interpret it without the weight of much practice and precedent. Often, these cases present the starting point for familiar interpretations that continued to develop in later years, but other times it’s surprising to see a new interpretive opening that, years later, is not thoroughly explored.