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    9th Cir. Holds Chapter 13 Trustee Not Entitled to Compensation When Case Dismissed Prior to Confirmation
    2023-06-21

    The U.S. Court of Appeals for the Ninth Circuit recently reversed a contrary trial court ruling and joined with the U.S. Court of Appeals for the Tenth Circuit in holding that a Chapter 13 trustee is not entitled to a percentage fee of plan payments as compensation for her work in a Chapter 13 case when the case is dismissed prior to confirmation.

    A copy of the opinion in Evans v. McCallister (In re Evans) is available at: Link to Opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Ninth Circuit
    Authors:
    Daniel Miller
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    9th Cir. Affirms Bankruptcy Court Ruling Avoiding Judgment Lien on Calif. Homestead Property
    2022-12-26

    The U.S. Court of Appeals for the Ninth Circuit recently affirmed a bankruptcy court’s judgment in favor of a debtor who sought to avoid a judgment lien under California’s homestead exemption law.

    In so ruling, the Ninth Circuit held that, when a judgment lien impairs a debtor’s state-law homestead exemption, the Bankruptcy Code requires courts to determine the exemption to which the debtor would have been entitled in the absence of the lien.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bankruptcy, SCOTUS, Ninth Circuit, U.S. Court of Appeals
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Unimpaired Unsecured Creditors in Solvent-Debtor Chapter 11 Case Entitled to Postpetition Interest, Presumably at Contract or Default Rate
    2022-12-06

    Perhaps given the relative rarity of solvent-debtor cases during the nearly 45 years since the Bankruptcy Code was enacted, a handful of recent high-profile court rulings have addressed whether a solvent chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims "unimpaired" under a chapter 11 plan, and if so, at what rate. This question was recently addressed by two federal circuit courts of appeals. In In re PG&E Corp., 46 F.4th 1047 (9th Cir.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, SCOTUS, Ninth Circuit
    Authors:
    Daniel J. Merrett (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    The “Vanishing” Homestead Exemption—Before The U.S. Supreme Court (Wells v. McCallister)
    2022-11-10

    The case is Wells v. McCallister, Case No. 21-1448 in the United States Supreme Court.

    The question presented is:

    • whether a debtor’s homestead exemption, existing on the date of bankruptcy filing, can vanish if the debtor sells the homestead during the bankruptcy and does not promptly reinvest the proceeds in another homestead.

    The Petition for writ of certiorari explains:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, SCOTUS, Ninth Circuit
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    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
    Make-Whole Payments and Solvent Debtors: A Potentially Widening Circuit Split
    2022-10-24

    The United States Court of Appeals for the Fifth Circuit entered its (second) opinion in the case of In re Ultra Petroleum Corporation, Case No. 21-20008, on October 14, 2022, potentially widening a circuit split on the issue of “make-whole” payments. With the circuit split potentially growing, this issue could be ripe for a grant of certiorari.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Ninth Circuit
    Authors:
    John T. Baxter
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Solvent-debtor exception carries the day in Fifth Circuit ultra petroleum ruling on make-wholes and post-petition interest
    2022-10-19

    On October 14, 2022, the Fifth Circuit issued its decision in Ultra Petroleum, granting favorable outcomes to “unimpaired” creditors that challenged the company’s plan of reorganization and argued for payment (i) of a ~$200 million make-whole and (ii) post-petition interest at the contractual rate, not the Federal Judgment Rate. At issue on appeal was the Chapter 11 plan proposed by the “massively solvent” debtors—Ultra Petroleum Corp. (HoldCo) and its affiliates, including subsidiary Ultra Resources, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Shearman & Sterling LLP, Bankruptcy, US Congress, Ninth Circuit, United States bankruptcy court, Fifth Circuit
    Authors:
    Joel Moss
    Location:
    USA
    Firm:
    Shearman & Sterling LLP
    Fifth Circuit: Solvent-Debtor Exception Is Alive and Well
    2022-10-19

    A panel of the US Court of Appeals for the Fifth Circuit issued its long-anticipated decision in the Ultra Petroleum make-whole and post-petition interest dispute, with the majority holding that the solvent-debtor exception survived the enactment of the US Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Ninth Circuit
    Location:
    USA
    When it Comes to Assuming Executory Contracts, a Default is a Default But the Equities Still Matter
    2022-10-10

    The recent decision of the Ninth Circuit in In re Hawkeye Entertainment, LLC contains a few important takeaways with respect to the treatment of executory contracts and unexpired leases under section 365 of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Greenberg Glusker Fields Claman & Machtinger LLP, Ninth Circuit
    Authors:
    Jeffrey A. Krieger
    Location:
    USA
    Firm:
    Greenberg Glusker Fields Claman & Machtinger LLP
    Actions speak as loud as words in Deprizio waivers
    2015-05-27

    On May 6, 2015, the Court of Appeals for the Ninth Circuit considered whether so-called“Deprizio waivers,”1 where an insider guarantor waives indemnification rights against a debtor, can insulate the guarantor from preference liability arising from payments made by the obligor to the lender. The Ninth Circuit held that if such a waiver is made legitimately—not merely to avoid preference liability—then the guarantor is not a “creditor” and cannot be subject to preference liability.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Surety, Debtor, Ninth Circuit
    Location:
    USA
    Firm:
    Alston & Bird LLP

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