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    Sigma Finance Corporation: substituting a commercial bargain through the guise of interpretation?
    2009-11-06

    The first appeal ruling from the newly formed UK Supreme Court concerned the construction of a clause setting out the distribution of assets in a collapsed structured investment vehicle (“SIV”). For the creditors attempting to salvage the remains of the SIV, and onlookers in similar situations, the judicial process has been a rollercoaster ride which has left them reeling.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, White & Case LLP, Security (finance), Market liquidity, Margin (finance), Subprime lending, Deed, Liability (financial accounting), Majority opinion, SCOTUS, Court of Appeal of England & Wales, High Court of Justice, UK Supreme Court, Trustee
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    The Second Circuit confirms that bankruptcy principles trump common law equity
    2009-01-15

    When a creditor seeks equitable relief in a bankruptcy court, must the court always follow common law principles of equity? Not according to several courts, including the Second Circuit. Concluding that the granting of equitable remedies may circumvent the Bankruptcy Code's equitable distribution system, courts have limited the application of equitable remedies in the bankruptcy context.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Surety, Debtor, Fraud, Interest, Division of property, Reinsurance, Unjust enrichment, Common law, Constructive trust, Title 11 of the US Code, SCOTUS, Second Circuit, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    White & Case LLP
    Supreme Court Declines to Revisit Overly Rigid Standard for Discharge of Student Loans in Bankruptcy
    2021-06-23

    On Monday, the United States Supreme Court denied Thelma McCoy’s petition for a writ of certiorari to the United States Court of Appeals for the Fifth Circuit, passing up a golden opportunity to bring uniformity to the “important and recurring question” of how to determine the sort of “undue hardship” that qualifies a debtor for a discharge of student loans under 11 U.S.C. § 523(a)(8).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, SCOTUS
    Authors:
    Brian P. Guiney
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Supreme Court Denies Petition for Certiorari in Tribune Creditors’ Case
    2021-04-19

    In March, we reported on a brief filed by the Solicitor General recommending denial of a petition for certiorari filed by Tribune creditors seeking Supreme Court review of the Second Circuit ruling dismissing their state-law fraudulent transfer claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, SCOTUS, Second Circuit
    Authors:
    Jonah Wacholder
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    The Katz Principle Resurgent: State Sovereign Immunity Remains Abrogated in Bankruptcy
    2020-04-03

    State governments can be creditors of individuals, businesses and institutions that are debtors in bankruptcy in a variety of ways, most notably as tax and fine collectors but also as lenders. They can also be debtors of debtors, in their role, for example, as the purchasers of vast quantities of goods and services on credit. And they can also be transferees of a debtor’s property in (at least) every role in which they can be creditors.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Title 11 of the US Code, SCOTUS
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Bankruptcy Jurisdiction: The Time-of-Filing Rule Applies to “Related-To” Jurisdiction
    2019-09-10

    Consider these facts. A debtor in bankruptcy sued two parties for breach of contract. The debtor assigned its rights and interests in the cause of action to another entity. The defendants moved to dismiss the lawsuit, arguing that the court now lacked jurisdiction over the case. They asserted that the debtor’s assignment of the cause of action destroyed the bankruptcy court’s “related to” jurisdiction. Who wins?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Debtor, SCOTUS
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Trademark Licenses . . . Again (Update No. 6)
    2019-01-11

    Our January 22, May 23, June 28,

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Patterson Belknap Webb & Tyler LLP, US Department of Justice, SCOTUS
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Another Gotcha for the Calendar: Section 365(d)(1)
    2018-11-19

    Although it may be difficult to define precisely what an “executory contract” is (with the Bankruptcy Code providing no definition), I think most bankruptcy lawyers feel how the late Supreme Court Justice Potter Stewart famously felt about obscenity--we know one when we see it. Determining that a patent license was executory in the first place was an issue in the Fifth Circuit’s recent decision in RPD Holdings, L.L.C. v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patents, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Debtor, Debtor in possession, SCOTUS, Fifth Circuit, Trustee
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Trademark Licenses . . . Again (Update No. 5)
    2018-10-29

    Our May 23, June 28, July 13, August 3 and

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Patterson Belknap Webb & Tyler LLP, SCOTUS, First Circuit
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Stern Challenge to Third-Party Plan Releases Fails in Delaware
    2018-10-05

    In hindsight, it seems inevitable that constitutional and other jurisdictional problems would arise when Congress, in enacting the Bankruptcy Reform Act of 1978, created impressive new powers and responsibilities for the bankruptcy courts (along with a considerable degree of independence) but denied them the status of Article III courts under the Constitution (by denying its judges lifetime tenure, as Article III requires). And it didn’t take long for the problems to arise.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Article III US Constitution, US Congress, SCOTUS, United States bankruptcy court, Third Circuit
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP

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