♫ “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
Is insurance just a business or does it serve a greater public good? If it weren’t for insurance, a fire or earthquake could leave you homeless; a visit to the emergency room could wipe out your bank account; a workplace accident could leave you salary-less. But, on the other hand, picture that wily Geico lizard, and insurance seems more like any other business trying to make a buck.
A recent decision by the United States Bankruptcy Court for the Southern District of New York may make it easier for debtors to obtain some relief from preferential payments to a foreign entity, even if the recipient of the transfer has no address in the United States.
Earlier this month, we lost Judge Joseph E. Irenas, Senior United States District Judge for the District of New Jersey. He is remembered as a thoughtful jurist, a dedicated teacher, and a valued mentor. This blogger had the pleasure of meeting Judge Irenas only briefly, but his dignity and charm were immediately apparent.
Although the Weil Bankruptcy Blog generally focuses on developments in the chapter 11 context, from time to time we cover cases outside of the bankruptcy world that may interest our readers. Among the challenges restructuring professionals frequently face are analyzing bond indentures, identifying parties’ respective rights to determine whether potential transactions are permissible, and invoking their clients’ rights to payment and other protections. As we have seen in the recent decisions in
On July 13, 2015, the Bankruptcy Court for the Southern District of New York issued its decision in In re OAS S.A. et al.
Overview
Executive Summary
On March 15, 2021, the Third Circuit Court of Appeals (the “Third Circuit”) held that a stalking horse bidder may assert an administrative expense claim pursuant to section 503(b)(1)(A) of the Bankruptcy Code for costs incurred in attempting to close on an unsuccessful transaction, even when the stalking horse bidder is not entitled to a breakup or termination fee.
In an important decision issued at the end of August, the United States Court of Appeals for the Third Circuit, in In re Tribune Co., Case No. 18-2909 (3d Cir. Aug. 26, 2020), held that subordination agreements need not be strictly enforced when confirming a chapter 11 plan pursuant to the Bankruptcy Code’s cramdown provision in section 1129(b)(1). In its decision, the Third Circuit also encouraged bankruptcy courts to apply “a more flexible unfair-discrimination standard” and set forth eight guiding principles to aid in that effort.