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    Understanding Post-Bankruptcy Liquidation Trusts
    2024-09-10

    A main goal in bankruptcy is to get in and out as quickly as possible to minimize costs. It is often the case that even though a substantial portion of a debtor’s assets have been liquidated in bankruptcy, some valuable assets will remain that can provide additional sources of recovery to creditors. These assets may include smaller pieces of real estate, accounts receivable, joint venture ownership interests, and claims and causes of action, among others.

    Filed under:
    USA, Insolvency & Restructuring, Mintz, Liquidation
    Authors:
    Megan M. Preusker
    Location:
    USA
    Firm:
    Mintz
    Recent Bankruptcy Court Decision Leaves the Door Open to Bankruptcy Relief for Those in the Cannabis Industry
    2024-03-26

    A Massachusetts Bankruptcy Court’s recent appellate decision in Blumsack v. Harrington (In re Blumsack) leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Cannabis
    Authors:
    Jane T. Haviland , Kathryn Droumbakis
    Location:
    USA
    Firm:
    Mintz
    Delaware Bankruptcy Court Grants Derivative Standing to Creditors’ Committee to Sue Members and Officers of Delaware LLC
    2024-03-28

    In early February, a Delaware bankruptcy judge set new precedent by granting a creditors’ committee derivative standing to pursue breach of fiduciary duty claims against a Delaware LLC’s members and officers. At least three prior Delaware Bankruptcy Court decisions had held that creditors were barred from pursuing such derivative claims by operation of Delaware state law, specifically under the Delaware Limited Liability Company Act (the “DLLCA”).

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Mintz, Delaware Supreme Court
    Authors:
    Jacklyn M. Branby
    Location:
    USA
    Firm:
    Mintz
    FTX: Forcing The Examiner Mandate in the Third Circuit
    2024-02-21

    It is a rare occasion that one can be assured with certainty that, if they file a motion with a bankruptcy court, it will be granted. But, in the Third Circuit, that is exactly what will happen if a creditor or other party in interest moves for an examiner to be appointed under Section 1104(c) of the Bankruptcy Code. Once considered to be within the discretion of a bankruptcy court “as is appropriate,” the appointment of an examiner is now guaranteed if the statutory predicates are fulfilled according to the Third Circuit Court of Appeals.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Cryptocurrency, US Securities and Exchange Commission, FTX, Third Circuit
    Authors:
    Dallas G. Taylor
    Location:
    USA
    Firm:
    Mintz
    In re Weinstein and Mallinckrodt: Implications for Royalty Financings, M&A Earn-Outs, and Other Transactions Involving Future Payment Obligations
    2024-06-26

    Deal structure matters, particularly in bankruptcy. The Third Circuit recently ruled that a creditor’s right to future royalty payments in a non-executory contract could be discharged in the counterparty-debtor’s bankruptcy. The decision highlights the importance of properly structuring M&A, earn-out, and royalty-based transactions to ensure creditors receive the benefit of their bargain — even (or especially) if their counterparty later encounters financial distress.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Creditors' rights, Asset purchase agreement , United States bankruptcy court, Third Circuit
    Authors:
    Richard G. Gervase, Jr. , Eric R. Blythe , William W. Kannel
    Location:
    USA
    Firm:
    Mintz
    An Overview of Shotgun Pleadings in the Federal Courts
    2023-08-07

    Advice that may have served House of Pain in their 1992 hit song, “Jump Around,” to “bring a shotgun” to battle likely does not translate well to plaintiffs in federal litigation contemplating bringing a “shotgun” pleading to court. In this article we explore types of shotgun pleadings identified by courts and outline potential responses to a shotgun pleading.

    Shotgun Pleadings and Relationship to the Federal Rules of Civil Procedure

    Filed under:
    USA, Designs and trade secrets, Insolvency & Restructuring, Litigation, Mintz, Fraud, Fiduciary, Federal Rules of Civil Procedure (USA), Defend Trade Secrets Act 2016 (USA), Eleventh Circuit
    Authors:
    Joseph D. Rutkowski , Peter J. Cuomo
    Location:
    USA
    Firm:
    Mintz
    3M tried to resolve its PFAS liability to water suppliers for $12.5 BILLION and almost 1/2 the States (including MA) are objecting. What's next?
    2023-07-27

    In May I wrote about a manufacturer of Aqueous Film Forming Foam (AFFF) excused from the PFAS Multi-District Litigation in South Carolina because its PFAS-related liabilities might exceed its assets which is something for a Federal Bankruptcy Court to sort out.  At the time I worried that this was only one of many PFAS-related bankruptcies we would be seeing

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Mintz, US Environmental Protection Agency, US Congress
    Authors:
    Jeffrey R. Porter
    Location:
    USA
    Firm:
    Mintz
    SCOTUS Bankruptcy Decision Roundup
    2023-07-07

    On average, the Supreme Court hears a single bankruptcy case each term. But during the October 2022 term, the Supreme Court issued a remarkable four decisions in bankruptcy cases. These decisions, which are summarized below, address appellate issues relating to sale orders, the discharge of claims obtained by fraud, and sovereign immunity issues in two different contexts.

    I. Section 363(m) of the Bankruptcy Code is not a jurisdictional provision that precludes appellate review of asset sale orders.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Fraud, US Congress, Chapter 11, US Bankruptcy Code, Supreme Court of the United States, United States bankruptcy court
    Authors:
    Kaitlin R. Walsh
    Location:
    USA
    Firm:
    Mintz
    Surprising no one, those pursued to pay for PFAS contamination are buckling under the weight of those claims. What's next?
    2023-05-17

    Hundreds and hundreds of claims for personal injury and property damage associated with PFAS contamination have been accumulating in the courtroom of a Federal Judge in South Carolina. A little over four years ago the Federal Judicial Panel on Multidistrict Litigation determined that Federal claims that Aqueous Film-Forming Foams (AFFF) containing PFAS used to fight fires had contaminated drinking water had enough in common that they should all be sent to Federal Judge Gergel in South Carolina for disposition.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, US Environmental Protection Agency, US Congress
    Authors:
    Jeffrey R. Porter
    Location:
    USA
    Firm:
    Mintz
    2022 Amendments to the Bankruptcy Rules
    2022-12-21

    The latest amendments to the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) took effect on December 1, 2022. This collection of modifications may be broadly divided into two categories: (i) amendments and a new rule promulgated to account for the Small Business Reorganization Act of 2019 (the “SBRA”), and (ii) amendments clarifying or consolidating non-SBRA specific Bankruptcy Rules.

    SBRA-Related Amendments

    Filed under:
    USA, Insolvency & Restructuring, Mintz, US Congress
    Location:
    USA
    Firm:
    Mintz

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