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.
When is an agreement a true lease entitling the nondebtor lessee to possessory protections under section 365(h) of the Bankruptcy Code? The United States Bankruptcy Court for the District of New Jersey addressed this issue in the
Two important and very different decisions regarding public pensions were recently issued by the Supreme Court of Illinois and the Supreme Court of New Jersey. These decisions are significant not only for the workers and taxpayers in these States, but also for the owners and insurers of municipal bonds issued in these States.
ILLINOIS
On June 11, 2015, the United States Bankruptcy Court for the District of New Jersey recognized that a condominium association’s lien is entitled to a limited six-month priority over a first mortgage.
The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing. Thabault v. Chait, No. 06-2209 (3d Cir., Sept. 9, 2008).
In Thabalt v Chait (Nov. 2008), the U.S. Court of Appeals for the Third Circuit upheld an award of damages against PriceWaterhouseCoopers LLP (PWC) based on PWC’s alleged negligent audit of the Ambassador Insurance Company. Plaintiff, the Vermont Insurance
The United States Bankruptcy Court for the District of New Jersey denied fourteen plans of reorganization filed by Congoleum Corporation before the court finally dismissed the case on February 27, 2009. While the Congoleum bankruptcy proceedings involve numerous issues, this article focuses generally on insurer standing and specifically, on whether Congoleum’s insurers had standing to object to Congoleum’s twelfth plan of reorganization.
On September 9, 2016, Hanjin Shipping Co. won a ruling protecting its assets in the U.S. against creditors, while the shipping line proceeds with its reorganization in South Korea. Hanjin filed for relief under Chapter 15 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (U.S. Bankruptcy Court Judge John K. Sherwood in Newark, N.J.).
A recent decision out of a New Jersey Bankruptcy Court highlights a loophole in the Bankruptcy Code which may allow Chapter 7 debtors to keep significant assets out of the hands of trustees and creditors.