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This Week At The Ninth: Inaudible Texts and Bankruptcy Fees
2023-08-11

This week, the Ninth Circuit addresses whether text messages can violate the Telephone Consumer Protection Act’s prohibition on “prerecorded voice” messages, and it considers whether debtors who paid statutory fees under an unconstitutionally nonuniform bankruptcy provision are entitled to a refund.

TRIM v. REWARD ZONE USA LLC

Filed under:
USA, Insolvency & Restructuring, Litigation, Telecoms, Morrison & Foerster LLP, Telephone Consumer Protection Act 1991 (USA)
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
Caveat Lendor: Serta Confirmation Opinion Permits Uptier with Finding of “Good Faith” and Provides Indemnity for Participating Lenders
2023-06-13

Summary

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP
Authors:
Seth J. Kleinman
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
This Week At The Ninth: Easements And Bankruptcy Standing
2023-05-12

This week, the Court considers a property owner’s claim to an easement over a maintenance road on federal land, and casts doubt on the longstanding “person aggrieved” standing requirement in bankruptcy appeals.

KIMBALL-GRIFFITH, L.P. v. BRENDA BURMAN, ET AL

The Court rejects a property owner’s claim to an easement over a maintenance road on federal land.

Filed under:
USA, Insolvency & Restructuring, Litigation, Real Estate, Morrison & Foerster LLP, Supreme Court of the United States
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
Recent SDNY Bankruptcy Court Opinion Lowers Cap on Commercial Real Estate Lease Rejection Damages
2023-04-18

In a departure from prior precedent in the United States Bankruptcy Court for the Southern District of New York (SDNY), a recent opinion by Judge Michael E. Wiles in In re Cortlandt Liquidating LLC,[1] effectively lowered the Bankruptcy Code section 502(b)(6) cap on rejection damages that a commercial real estate landlord may claim, by holding that the cap should be calculated using the “Time Approach,” rather than the “Rent Approach.”

Calculation of Lease Rejection Damages

Filed under:
USA, Insolvency & Restructuring, Litigation, Real Estate, Morrison & Foerster LLP, US Congress
Authors:
Theresa A. Foudy , Mark S. Edelstein
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
Liquidity Crises and Fiduciary Duties of Directors of Early-Stage Companies
2023-03-15

The FDIC receiverships of Silicon Valley Bank and Signature Bank have caused certain early-stage companies to face potentially crippling near-term liquidity issues. These liquidity issues may result in a company becoming insolvent. Therefore, boards of directors of such companies need to consider their fiduciary duties as well as steps that can be taken to mitigate risks.

Fiduciary duties are typically owed to the company for the benefit of its owners.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Venture capital, Insolvency, Federal Deposit Insurance Corporation (USA), Silicon Valley Bank
Authors:
Seth J. Kleinman , Jennifer L. Marines , Lorenzo Marinuzzi , James Michael Peck , Benjamin Butterfield
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
10 Tips for Navigating a Liquidity Crunch as a Startup or Emerging Company
2023-03-13

The March 2023 banking crisis has been an unexpected “stress test” for dealing with liquidity issues.

When state regulators closed Silicon Valley Bank this past Friday, many startups understandably faced severe liquidity issues triggered by the sudden and unexpected loss of access to their deposits.

Filed under:
Global, USA, Capital Markets, Insolvency & Restructuring, Morrison & Foerster LLP
Authors:
Theresa A. Foudy
Location:
Global, USA
Firm:
Morrison & Foerster LLP
View Original Article
Celsius Bankruptcy Court Holds Customer Deposits in “Earn Accounts” Are Estate Property
2023-01-09

On January 4, 2023, Judge Glenn of the United States Bankruptcy Court for the Southern District of New York issued a much-awaited decision in the Celsius Network LLC (along with its affiliated debtors, “Celsius” or the “Debtors”) chapter 11 cases relating to the ownership of crypto assets deposited by customers in the Celsius “Earn” rewards program accounts.

Filed under:
USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Morrison & Foerster LLP, Cryptocurrency
Authors:
Theresa A. Foudy , Andrew Kissner
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article
Crypto Exchange Bankruptcies: Are Prepetition Crypto Withdrawals and DeFi Loan Repayments Avoidable Preferences?
2022-11-18

Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection.

Filed under:
Global, USA, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Blockchain, Bitcoin, Cryptocurrency, Uniform Commercial Code (USA)
Authors:
Theresa A. Foudy
Location:
Global, USA
Firm:
Morrison & Foerster LLP
View Original Article
Recent Second Circuit decision holds that conducting a foreclosure sale upon a property after a tenant files for Bankruptcy violated the automatic stay
2022-09-21

In New York, it is a standard practice to name all tenants residing in a building when foreclosing upon the property.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Morrison & Foerster LLP
Location:
USA
Firm:
Morrison & Foerster LLP
View Original Article

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