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    Supreme Court Bankruptcy Thoughts: Scope of Safe Harbor and Appellate Review
    2018-05-03

    The Supreme Court recently addressed two bankruptcy issues. In its opinion, the Court resolved a circuit split regarding the breadth of the safe harbor provision which protects certain transfers by financial institutions in connection with a securities contract. In Village at Lakeridge, the Court weighed in on the scope of appellate review and whether a bankruptcy court’s factual determination should be reviewed for clear error or de novo. These decisions are notable because they provide guidance on previously murky issues of bankruptcy law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Safe harbor (law), SCOTUS
    Location:
    USA
    Firm:
    Mintz
    Supreme Court to Resolve Circuit Split on Scope of 546(e)’s Safe Harbor Provision
    2017-05-15

    Earlier this month, the Supreme Court announced that it will review the scope of Bankruptcy Code section 546(e)’s safe harbor provision. Section 546(e) protects from avoidance those transfers that are made “by or to (or for the benefit of)” a financial institution, except where there is actual fraud. The safe harbor is intended to ensure the stability of the securities market in the event of corporate restructurings.

    Filed under:
    USA, Aviation, Insolvency & Restructuring, Litigation, Mintz, SCOTUS, Seventh Circuit
    Authors:
    Kaitlin R. Walsh
    Location:
    USA
    Firm:
    Mintz
    Bankruptcy Settlements Post-Jevic: Potential New Requirements for Priority-Altering Settlements
    2017-05-09

    As noted in a recent Distressing Matters post, the United States Supreme Court in In re Jevic Holding Corp. held that debtors cannot use structured dismissals to make payments to creditors in violation of ordinary bankruptcy distribution priority rules.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mintz, SCOTUS, United States bankruptcy court
    Location:
    USA
    Firm:
    Mintz
    Keep On Truckin’: Priority Rules Still Rule in Structured Dismissals
    2017-04-11

    In 2015, Distressing Matters reported on the Third Circuit’s decision in In re Jevic Holding Corp., wherein that panel ruled that, in rare circumstances, bankruptcy courts may approve the distribution of settlement proceeds in a manner that violates the Bankruptcy Code’s statutory priority scheme.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mintz, SCOTUS, Third Circuit
    Authors:
    Aaron M. Williams
    Location:
    USA
    Firm:
    Mintz
    Bankruptcy Settlements may not have to Comply with the Absolute Priority Rule? Not so fast…
    2016-06-29

    In an earlier blog piece we reported on the Third Circuit’s 2015 decision in In re Jevic Holding Corp. where the Court approved a settlement, implemented through a structured dismissal, which allowed junior creditors to receive a distribution prior to senior creditors being paid in full.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bond (finance), Bankruptcy, Debtor, Commercial law, American Recovery and Reinvestment Act 2009 (USA), SCOTUS, Trustee
    Authors:
    Eric R. Blythe
    Location:
    USA
    Firm:
    Mintz
    You Can Lead a Horse to Water, But You Can’t Call it an Airplane: Supreme Court Oral Arguments Suggest Puerto Rico’s Recovery Act May Recover
    2016-03-23

    A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government instrumentalities, is void, as the lower federal courts held, under Section 903 of the U.S. Bankruptcy Code:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Title 11 of the US Code, American Recovery and Reinvestment Act 2009 (USA), SCOTUS
    Authors:
    Leonard Weiser-Varon , William W. Kannel
    Location:
    USA
    Firm:
    Mintz
    Que Certa, Certa: Supreme Court’s Review of Puerto Rico Recovery Act May Hinder Creditor Negotiations
    2015-12-08

    It is said that muddy water is best cleared by leaving it be.  The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit Court of Appeals opinion affirming the U.S. District Court in San Juan’s decision voiding the Recovery Act on the grounds that it conflicts with Section 903 of the U.S. Bankruptcy Code, suggests, at a minimum, that at least four of the Justices deemed the questions raised too interesting to let the First Circuit have the last word.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Mintz, American Recovery and Reinvestment Act 2009 (USA), SCOTUS
    Authors:
    Leonard Weiser-Varon , William W. Kannel , Eric R. Blythe
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    Supreme Court declines to review equitable mootness standard
    2013-05-03

    On April 29, 2013, the Supreme Court of the United States declined to hear an appeal of the Second Circuit's decision dismissing, as equitably moot, appeals arising out of the bankruptcy of Charter Communications and let stand the opinion in In re Charter Communications, Inc., 691 F.3d 476 (2d Cir. 2012). As a result, the application of the equitable mootness doctrine, as it applies to bankruptcy appeals, will continue to vary among jurisdictions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bond (finance), Debtor, Federal Reporter, SCOTUS, Second Circuit
    Authors:
    Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court holds oral argument in Schwab v. Reilly: analyzing a trustee’s duty to object to a facially valid exemption to avoid the risk that an undervalued asset be deemed “fully exempt”?
    2009-11-03

    United States Supreme Court

    Washington, D.C.

    November 3, 2009

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Statutory interpretation, Interest, Consideration, SCOTUS, United States bankruptcy court, Third Circuit, Trustee
    Authors:
    Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court upholds individual states’ rights to tax certain bankruptcy sales
    2008-06-20

    On June 16, 2008, Justice Clarence Thomas delivered the opinion of the court in Florida Department of Revenue v. Piccadilly Cafeterias, Inc. In a 7-2 decision, the Supreme Court reversed the decision of the U.S. Court of Appeals for the Eleventh Circuit and held that § 1146(a) provides an exemption to state stamp taxes only where a sale occurs pursuant to a plan that has been confirmed, and did not properly apply to a case where the plan was confirmed several months after the bankruptcy court approved the sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Dissenting opinion, Stamp duty, Majority opinion, Title 11 of the US Code, SCOTUS, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP

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