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    Second Circuit moots appeal of 363 sale in WestPoint Stevens
    2010-08-13

    In a recent decision in the chapter 11 case of WestPoint Stevens, Inc.,1 the United States Court of Appeals for the Second Circuit interpreted section 363(m) of the Bankruptcy Code to render an appeal of sale under section 363 of the Bankruptcy Code statutorily moot. The Second Circuit held that because the Bankruptcy Court had not stayed the order authorizing the sale, a stay of only one aspect of the sale rendered moot of the sale in its entirety.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Interest, Debt, Good faith, Remand (court procedure), Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Breaking up is hard to do: Third Circuit affirms administrative expense standard for approval of break-up fees
    2010-06-15

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, Standard of review, Due diligence, Business judgement rule, Eighth Circuit, Second Circuit, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit Decision Potentially Broadens RICO Proximate Cause Element
    2022-02-14

    The Second Circuit Court of Appeals recently issued an opinion that potentially broadens the proximate cause element of claims brought under the Racketeer Influenced and Corrupt Organizations Act (RICO). RICO’s proximate cause element requires a plaintiff to allege facts plausibly establishing that there is a “direct relationship” between the claimed injury and the defendant’s conduct in violation of RICO.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, SCOTUS, Second Circuit
    Location:
    USA
    Firm:
    Troutman Pepper
    Rent as administrative expense: can a “terminated” lease also be “unexpired”?
    2012-12-18

    Super Nova 330 LLC v. Gazes, 693 F.3d 138 (2d Cir. 2012) –

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Bankruptcy, Landlord, Leasehold estate, Vacated judgment, Remand (court procedure), Second Circuit
    Location:
    USA
    Firm:
    Troutman Pepper
    Looking a gift horse in the mouth: Second Circuit finds class-skipping gift violates absolute priority rule
    2011-02-14

    The Bankruptcy Code sets forth the relative priority of claims against a debtor and the waterfall in which such claims are typically paid. In order for a court to confirm a plan over a dissenting class of creditors – what is commonly called a “cram-down” – the Bankruptcy Code demands thateither (i) the dissenting class receives the full value of its claim, or (ii) no classes junior to that class receive any property under the plan on account of their junior claims or interests. This is known as the “absolute priority rule.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Share (finance), Shareholder, Debtor, Unsecured debt, Interest, Debt, Consent, Secured creditor, Unsecured creditor, Warrant (finance), Secured loan, Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    Henry J. Jaffe , Deborah Kovsky-Apap
    Location:
    USA
    Firm:
    Troutman Pepper
    Second Circuit Refuses to Expand Scope of Chapter 15 of the Bankruptcy Code
    2017-01-25

    On January 18, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in the case of Trikona Advisers Limited v. Chugh, No. 14-975-cv, 2017 WL 191936 (2d Cir. Jan. 18, 2017), thwarting an attempt to expand the scope of Chapter 15 of Title 11 of the United States Code (the “Bankruptcy Code”). Specifically, the Second Circuit held, among other things, that Chapter 15 does not prevent a U.S. District Court from giving preclusive effect to the findings of a foreign court presiding over an insolvency proceeding where the action pending in the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Collateral estoppel, Second Circuit
    Authors:
    Jacob S. Frumkin
    Location:
    USA
    Firm:
    Cole Schotz PC
    Chapter 15: section 363 review trumps comity
    2014-12-18

    On September 26, 2014, in the Farnum case (Krys v. Farnum Place, LLC (In re Fairfield Sentry Ltd.), 768 F.3d 239 (2d Cir. 2014)) the Court of Appeals for the Second Circuit held that Bankruptcy Code section 363 review applied to a transfer of a Securities Investor Protection Act (“SIPA”) claim held by an off-shore entity in foreign liquidation proceedings recognized in the United States. The decision is significant for two reasons.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, DLA Piper, Federal Reporter, Comity, Second Circuit
    Location:
    USA
    Firm:
    DLA Piper
    Second Circuit Affirms Refusal to Approve Foreign Debtor’s Asset Sale
    2017-05-31

    “… [A]ny sale of [a foreign] debtor[’s] property [in the U.S.] outside of the ordinary course of business can be approved by the bankruptcy court only after notice, hearing, and a finding of good business reasons to permit the sale,” held the U.S. Court of Appeals for the Second Circuit on May 22, 2017. In re Fairfield Sentry Ltd. (“Sentry II”), 2017 U.S. App. LEXIS 8860, at *11 (2d Cir. May 22, 2017).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Security (finance), Liquidation, Investment funds, Liquidator (law), Second Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit affirms dismissal of debtor’s attempted subordination of former corporate parent’s claim
    2012-09-21

    The U.S. Court of Appeals for the Second Circuit recently dismissed a corporate debtor’s attempt to subordinate its former corporate parent’s contract damage claim on the ground that it was a securities fraud claim. CIT Group Inc. v. Tyco Int’l., Inc. (In re CIT Group Inc.), 2012 WL 3854887 (2d Cir. Sept. 6, 2012), affirming 460 B.R. 633 (Bankr. S.D.N.Y. 2011).

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Securities fraud, Second Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit vacates settlement between creditors’ committee and secured lenders, relying on absolute priority rule
    2007-03-07

    A court-approved pre-plan settlement that would have resolved a dispute between a Chapter 11 creditors’ committee and the debtor’s secured lenders over the lenders’ liens was vacated by the U.S. Court of Appeals for the Second Circuit on March 5. Motorola, Inc. v. Official Committee of Unsecured Creditors and J.P. Morgan Chase Bank, N.A. (In re Iridium Operating LLC). The settlement also would have funded massive litigation against the debtor’s former parent, Motorola Inc.

    Motorola’s Successful Argument

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Remand (court procedure), Second Circuit, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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