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    Southern District of New York judge holds that bankruptcy courts cannot decide fraudulent transfer actions
    2012-05-17

    Nearly a year has passed since the Supreme Court held, in Stern v. Marshall,1 that bankruptcy courts may not determine a potentially broad range of “private rights” disputes arising in bankruptcy proceedings. Lower courts have grappled with the practical implications of Stern, but it is not yet clear whether the decision will ultimately result in a significant curtailment of bankruptcy court power or prove narrower in application.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Debevoise & Plimpton, Bankruptcy, Breach of contract, United States bankruptcy court
    Location:
    USA
    Firm:
    Debevoise & Plimpton
    Bankruptcy sale orders may not always prevent successor liability claims against asset purchasers
    2012-05-18

    A purchaser of assets from a debtor in bankruptcy may not be able to rely entirely on bankruptcy court approval of the sale to bar a claim arising long after the sale and based on a claimed defect in a product sold by the debtor years prior to its bankruptcy.

    Although bankruptcy court sale orders routinely shield asset purchasers from successor liability claims, that protection is not unlimited, particularly where a claimant did not and could not have received notice of the sale.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Hogan Lovells, Bankruptcy, Debtor, United States bankruptcy court
    Authors:
    Edward C. Dolan , Robin E. Keller , Stephen J. Zempolich , Khang V. Tran
    Location:
    USA
    Firm:
    Hogan Lovells
    Tactical delay of bankruptcy filing backfires on debtor's principal
    2012-04-30

    A recent opinion from the United States Bankruptcy Court for the Western District of New York shows that even the best laid strategies can return to haunt the insiders of a debtor.  In Wallach v.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Trustee, United States bankruptcy court
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    Executive Life Insurance Company of New York (ELNY): now what?
    2012-05-01

    On April 16, 2012, the Supreme Court of the State of New York, Nassau County, entered an Order of Liquidation and Approval of the ELNY Restructuring Agreement (Order) and accompanying memorandum decision. The Order was entered over the objections of a number of ELNY payees, and followed an 11 day hearing that took place in March 2012.

    Filed under:
    USA, New York, Insolvency & Restructuring, Insurance, Litigation, Faegre Drinker Biddle & Reath LLP
    Authors:
    Timothy J. O'Driscoll
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    SDNY Bankruptcy Court interprets section 546(e)’s safe harbors in Lehman-JPMorgan dispute
    2012-05-03

    On April 19, 2012, the U.S. Bankruptcy Court for the Southern District of New York granted in part and denied in part JPMorgan Chase, N.A.’s motion to dismiss an adversary complaint filed by Lehman Brothers Holdings Inc. (“LBHI”) and its Official Committee of Unsecured Creditors. The Complaint seeks to recover approximately $8.6 billion in prepetition transfers made by LBHI to JPMorgan in the days leading up to LBHI’s bankruptcy.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Collateral (finance), Fraud, JPMorgan Chase, Lehman Brothers, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Mark C. Ellenberg , Kathryn M. Borgeson
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    District court upholds extraterritorial enforcement of the automatic stay and injunction barring foreign creditor's lawsuit
    2012-05-10

    Section 541(a) of the Bankruptcy Code creates a worldwide estate comprising all of the legal or equitable interests of the debtor, “wherever located,” held by the debtor as of the filing date.1 The Bankruptcy Code’s automatic stay, in turn, applies “to all entities” and protects the debtor’s property and the bankruptcy court’s jurisdiction by barring “any act to obtain possession of property of the estate . . .

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Debtor, Injunction, Extraterritoriality, Liquidation, United States bankruptcy court
    Authors:
    Alan W Kornberg , Claudia R Tobler , Stephen J. Shimshak
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Bankruptcy Court lifts automatic stay to allow insurers to pay defense costs
    2012-04-26

    The United States Bankruptcy Court for the Southern District of New York has lifted the automatic stay in bankruptcy to permit D&O and E&O insurers to advance or reimburse insured directors,’ officers’ and employees’ reasonable defense costs incurred in underlying litigation arising out of the insured company’s collapse.  In re MF Global Holdings Ltd., et al., No. 11-15059 (MG) (Bankr. S.D.N.Y. Apr. 10, 2012)

    Filed under:
    USA, New York, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Debtor, Security (finance), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Asset sales in bankruptcy: an important decision
    2012-04-30

    U.S. bankruptcy law permits debtors-in-possession and trustees to sell assets free and clear of claims, liens and other interests. But a federal judge in New York ruled recently that a purchaser does not necessarily buy free and clear when a product manufactured pre-bankruptcy causes injury after a sale closes. Morgan Olson L.L.C. v. Frederico (In re Grumman Olson Indus., Inc.), No. 11 Civ. 2291, 2012 U.S. Dist. LEXIS 44314 (S.D.N.Y. Mar. 29, 2012) (JPO). In this situation, the purchaser can remain liable for injuries caused by the asset purchased from the debtor.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Debtor
    Authors:
    David W. Dykhouse , Daniel A. Lowenthal , Craig W. Dent
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    In brief: rising to the Stern challenge
    2012-04-13

    Putting it mildly, the U.S. Supreme Court’s ruling last year in Stern v. Marshall, 132 S. Ct. 56 (2011), cast a wrench into the day-to-day operation of U.S. bankruptcy courts scrambling to deal with a deluge of challenges—strategic or otherwise—to the scope of their “core” jurisdiction to issue final orders and judgments on a wide range of disputes. In Stern, the Court ruled that, to the extent that 28 U.S.C.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Jones Day, US Constitution, Article III US Constitution, United States bankruptcy court
    Location:
    USA
    Firm:
    Jones Day
    State legislature to Alabama's Jefferson County: drop dead?
    2012-04-16

    Opposing lawyers for Jefferson County, the debtor in the largest Chapter 9 municipal bankruptcy case ever filed, and the holders of its sewer warrants squared off last week in the ongoing fight over control of the County’s sewer system and the right to its revenues. (Expert witness

    Filed under:
    USA, New York, Insolvency & Restructuring, Public, Tax, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP

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