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    Keep your eyes on the clock! Second and Tenth Circuits nix bankrupt company's contribution claims for environmental cleanup costs
    2014-09-26

    In two recent decisions, ASARCO LLC v. Goodwin, 756 F.3d 191 (2d Cir. 2014) and ASARCO LLC v. Union Pacific Railroad Co., 755 F.3d 1183 (10th Cir. 2014), the Second Circuit and the Tenth Circuit each held that a reorganized bankruptcy debtor's direct contribution claims against other potentially responsible parties under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), 42 U.S.C.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Vedder Price PC, Environmental remediation, Federal Reporter, Second Circuit, Tenth Circuit
    Authors:
    Brett D. Heinrich
    Location:
    USA
    Firm:
    Vedder Price PC
    Second Circuit's significant decision could impact liquidating trustees
    2014-08-28

    In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have far-reaching effects on how liquidating chapter 11 bankruptcy cases will be handled in the future.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Duane Morris LLP, Liquidation, Internal Revenue Service (USA), Second Circuit, United States bankruptcy court
    Authors:
    Lawrence J. Kotler , William C. Heuer , Rudolph J. Di Massa, Jr. , Rosanne Ciambrone , Ron Oliner
    Location:
    USA
    Firm:
    Duane Morris LLP
    Bankruptcy court lacks subject matter jurisdiction to determine tax refund claim requested by post-confirmation liquidating trustee
    2014-08-18

    A bankruptcy court lacks subject matter jurisdiction to determine a tax refund claim under Section 505(a)(2)(B) of the Bankruptcy Code where the refund was requested by a liquidating trustee appointed pursuant to a plan, as opposed to a pre-confirmation bankruptcy trustee or debtor-in-possession, the Second Circuit held in United States v. Bond, Docket No. 12-4803 (2nd Cir. Aug. 13, 2014).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Greenberg Traurig LLP, Debtor, Liquidation, Subject-matter jurisdiction, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Practice pointers from the Second Circuit: a prohibited power grab can be “taxing”
    2014-08-22

    INTRODUCTION

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Debtor, Sovereign immunity, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Thelen update: 2nd Circuit says former partners can keep hourly fees
    2014-08-07

    On Wednesday, the Second Circuit Court of Appeals put a nail in the coffin of the attempt by Thelen LLP’s bankruptcy trustee to claw back fees on work that the firm’s former partners took with them to their new firm, Seyfarth Shaw LLP.  Here’s the opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Thompson Hine LLP, Second Circuit
    Authors:
    Tom Feher
    Location:
    USA
    Firm:
    Thompson Hine LLP
    NY Court of Appeals to bankruptcy trustees: partner matters are not law firm property
    2014-07-03

    The New York Court of Appeals, on July 1, 2014, in response to questions certified by the U.S. Court of Appeals for the Second Circuit, held that “pending hourly fee matters are not [a dissolved law firm’s] ‘property’ or ‘unfinished business’” under New York’s Partnership Law. In re Thelen LLP, __ N.Y.3d __, slip op. at 2 (July 1, 2014); see In re Thelen LLP, 213 F.3d 213, 216 (2d Cir. 2013).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Second Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Heirs of John D. Rockefeller avoid CERCLA liability
    2014-06-26

    In a decision released on June 25, 2014, the US Court of Appeals for the Second Circuit held that ASARCO LLC could not maintain CERCLA cost recovery actions against the trustees of residuary trusts created by the will of John D. Rockefeller, Sr. ASARCO, as part of its emergence from Chapter 11 bankruptcy, paid the US, the State of Washington, and the Port of Everett, Washington $50.2 million to settle pending CERCLA claims at two Superfund sites in Washington State.

    Filed under:
    USA, Construction, Insolvency & Restructuring, Litigation, Projects & Procurement, Pillsbury Winthrop Shaw Pittman LLP, Second Circuit
    Authors:
    Anthony B. Cavender
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    How safe is the section 546(e) safe harbor? Part III: risk to the financial markets
    2014-06-11

    In Part II of this three-part entry, we mentioned that the District Court for

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Enron, Second Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    N.Y. Court of Appeals set to decide whether bankrupt law firms can claw back “unfinished business” profits from their former partners
    2014-05-09

    On June 4, 2014, the New York Court of Appeals will hear arguments arising from the bankruptcies of two law firms—Thelen and Coudert Brothers—as to whether the former partners of the bankrupt law firms must turn over profits earned on billable-hour client matters they brought to their new firms.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Amicus curiae, Second Circuit, US District Court for the Southern District of New York
    Authors:
    Lauren Friend McKelvey
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Judge criticizes Bankruptcy Code section 546(e)
    2014-04-30

    The House Judiciary Subcommittee on Regulatory Reform, Commercial, and Antitrust Law recently held hearings regarding certain provisions of the Bankruptcy Code, including the safe harbor from preference and fraudulent conveyance claims for “settlement payments.”

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cooley LLP, Bankruptcy, Security (finance), US House Committee on the Judiciary, Second Circuit, Third Circuit
    Location:
    USA
    Firm:
    Cooley LLP

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