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Bankruptcy Court Finds Cannabis Employee Not Entitled to Chapter 13 Protection
2023-02-03

A bankruptcy court’s recent denial of a debtor’s petition for bankruptcy relief on narrow grounds casts a long shadow on the viability of bankruptcy relief for those employed in the cannabis industry. Though confining the court’s holding to this debtor’s case, the court concluded that because the debtor engaged, and intended to continue engaging, in activities that violate the Federal Controlled Substances Act, the debtor could not objectively have filed for bankruptcy or proposed a plan of reorganization in good faith, as required by Federal bankruptcy law.

Filed under:
USA, Insolvency & Restructuring, Litigation, Mintz
Location:
USA
Firm:
Mintz
View Original Article
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
View Original Article
Smoked Out: How Those In The Cannabis Industry May Finally Gain Bankruptcy Protection
2022-11-10

Could bankruptcy protection be on the horizon for individuals and companies actively involved in the cannabis industry? Potentially yes, following President Biden’s October 6, 2022 request for the Secretary of Health and Human Services to begin the administrative process to review marijuana’s classification as a Schedule I substance under the Controlled Substance Act (“CSA”).

Filed under:
USA, Insolvency & Restructuring, Litigation, Mintz, Ninth Circuit
Location:
USA
Firm:
Mintz
View Original Article
Director Fiduciary Duties May Extend Post-Closing in Multi-Stage Transactions
2021-04-16

A recent decision by the United States District Court for the Southern District of New York highlights directors’ fiduciary duty to evaluate all aspects of multi-stage transactions, including those portions to be effectuated post-closing by successor directors.

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, Small Business Administration (USA)
Location:
USA
Firm:
Mintz
View Original Article
First Circuit Issues Important Ruling on Valuing Secured Claims in Settled Causes of Action
2020-04-22

In a recent decision addressing valuation issues, the First Circuit has issued an important reminder – and warning – to creditors seeking to establish a secured claim in settlement proceeds based on a security interest in the settled claim. In short, the key lesson for would-be secured creditors is this – the value of a claim is not equal to the value of damages!

Filed under:
USA, Insolvency & Restructuring, Litigation, Mintz, Title 11 of the US Code
Authors:
Timothy J. McKeon
Location:
USA
Firm:
Mintz
View Original Article
Non-Debtor Substantive Consolidation: Do Recent Cases Signal a Judicial Preference for State Law Claims?
2018-07-11

It is not unusual for a creditor of a debtor to cry foul that a non-debtor affiliate has substantial assets, but has not joined the bankruptcy. In some cases, the creditor may assert that even though its claim, on its face, is solely against the debtor, the debtor and the non-debtor conducted business as a single unit, or that the debtor indicated that the assets of the non-debtor were available to satisfy claims. In these circumstances, the creditor would like nothing more than to drag that asset-rich non-debtor into the bankruptcy to satisfy its claims. Is that possible?

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, United States bankruptcy court, Seventh Circuit, US District Court for Northern District of Illinois
Location:
USA
Firm:
Mintz
View Original Article
Massachusetts Bankruptcy Court Sends a Reminder on Avoiding the Substantive Consolidation Trap
2017-02-13

There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities must be followed or a court could effectively collapse the separate entities into one. A recent opinion by the United States Bankruptcy Court for the District of Massachusetts, Lassman v.

Filed under:
USA, Insolvency & Restructuring, Litigation, Real Estate, Tax, Mintz, United States bankruptcy court
Authors:
Charles W. Azano
Location:
USA
Firm:
Mintz
View Original Article
Third Circuit Permits Chapter 11 Debtor to Reject Expired CBA
2016-01-26

It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement.  However, this time, an analysis of this distressed scenario prompted a new question: does it matter if the CBA is already expired, i.e., does the Bankruptcy Code distinguish between a CBA that expires pre-petition versus one that has not lapsed?

Filed under:
USA, Employment & Labor, Insolvency & Restructuring, Litigation, Mintz, Debtor, Third Circuit
Authors:
Natalie C. Groot , Eric R. Blythe
Location:
USA
Firm:
Mintz
View Original Article
Be prepared: PREPA bondholders greet Puerto Rico’s bankruptcy legislation with federal lawsuit
2014-06-30

On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers.  Within 24 hours of the statute’s enactment, two mutual fund complexes owning approximately $1.7 billion in bonds of the Puerto Rico Electric Power Authority (PREPA) filed a complaint in the federal district court for Puerto Rico, seeking a declaratory judgment invalidating the fledgling legislation.

Filed under:
Puerto Rico, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Public, Mintz
Authors:
Leonard Weiser-Varon , William W. Kannel
Location:
Puerto Rico
Firm:
Mintz
View Original Article
To release or not to release – if that is the question, what is the answer?
2013-04-05

In a recent decision by the Bankruptcy Court for the District of Delaware, the court adopted a flexible approach to consensual third party releases in a plan of reorganization. In In re Indianapolis Downs, LLC, 2013 Bankr. LEXIS 384 (Bankr. D. Del. Jan. 31, 2013), the court permitted third party releases where creditors failed to opt out of the release provisions of the plan either by not submitting their vote on the plan, or by voting against the plan but failing to check the “opt out” box on the ballot.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Mintz, United States bankruptcy court
Location:
USA
Firm:
Mintz
View Original Article

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