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    Debtor Is a Financial Institution for Purposes of Settlement Payment Safe Harbor, Rules Southern District of New York
    2019-05-08

    On April 23, 2019, the United States District Court for the Southern District of New York, in fraudulent transfer litigation arising out of the 2007 leveraged buyout of the Tribune Company,1 ruled on one of the significant issues left unresolved by the US Supreme Court in its Merit Management decision last year.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, SCOTUS, US District Court for SDNY
    Authors:
    Thomas S. Kiriakos , Sean T. Scott , Aaron Gavant , Tyler R. Ferguson
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Code—Safe-Harbor Transfers to Financial Institutions
    2017-05-01

    Merit Management Group, LP v. FTI Consulting, Inc., No. 16-784

    Section 546(e) of the Bankruptcy Code, 11 U.S.C. § 546(e), protects certain prepetition payouts by or to financial institutions from clawback by the trustee of the ensuing bankruptcy estate. In particular, the safe harbor protects transfers made by a debtor by or to a broker, financial institution, or similar intermediary in connection with a “securities contract,” unless the transfer was made with actual intent to hinder, delay, or defraud creditors.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Code—professional fees
    2015-06-15

    Baker Botts L.L.P. v. ASARCO LLC, No. 14-103 (previously described in the October 2, 2014, Docket Report)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown
    Authors:
    Brian Trust , Thomas S. Kiriakos , Carl J. Summers
    Location:
    USA
    Firm:
    Mayer Brown
    In re Tribune: defendants successfully challenge individual creditors standing but district court rules that Section 546(e) safe harbor does not bar individual creditors’ state law based constructive fraudulent conveyance claims
    2013-09-27

    Legal Update
    September 27, 2013
    In re Tribune: Defendants Successfully Challenge Individual
    Creditors Standing But District Court Rules that Section 546(e)
    Safe Harbor Does Not Bar Individual Creditors’ State Law Based
    Constructive Fraudulent Conveyance Claims
    On September 23, 2013, the US District Court
    for the Southern District of New York in In re
    Tribune1 held that the individual creditor suits at
    issue were stayed because the Creditors’
    Committee was in the process of prosecuting
    claims for intentional fraudulent conveyance

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Security (finance), Leveraged buyout, Title 11 of the US Code
    Location:
    USA
    Firm:
    Mayer Brown
    New York district courts differ regarding the scope of the Bankruptcy Code’s “safe harbors” for protected contracts
    2011-10-05

    The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC),1 which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather than constructive, fraud. The decision was issued by US District Judge Rakoff in the Trustee’s suit against the owners of the New York Mets (along with certain of their friends, family and associates).

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Security (finance), Fraud, Federal Reporter, Limited liability company, Liquidation, Good faith, Due diligence, Title 11 of the US Code, Second Circuit, Trustee
    Authors:
    Brian Trust , Frederick D. Hyman
    Location:
    USA
    Firm:
    Mayer Brown
    In re Philadelphia Newspapers, LLC – uprooting three decades of secured creditor’s expectations?
    2010-03-30

    Overview

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Statutory interpretation, Interest, Federal Reporter, Debt, Fair market value, Secured creditor, Majority opinion, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Authors:
    Brian Trust , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    SDNY Bankruptcy Court OKs Purdue Pharma’s Plan of Reorganization Featuring Third-Party Releases for Sacklers in Exchange for Contributing $4.325 Billion to Opioid Victim Settlement Fund
    2021-09-27

    On September 1, 2021, Judge Robert Drain issued a much-anticipated oral ruling approving Purdue Pharma L.P.’s plan of reorganization. The plan, which has garnered significant attention from the media, legislators, academics, and practitioners, releases current and future members of the Sackler family and many of their associates and affiliated companies – none of whom filed for bankruptcy themselves – from liability in connection with any possible harm caused by OxyContin and other opioids that Purdue Pharma manufactured and distributed.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Samuel R. Rabuck , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Belk Chapter 11 Plan Confirmed and Effective Within 24 Hours of Bankruptcy Filing
    2021-02-25

    Just after 5:00 p.m. Central Time on February 23, 2021, Belk, Inc. and its affiliates filed chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas, along with a proposed “prepackaged” plan of reorganization. Before midnight, the US Trustee objected to Belk’s plan, and, by 8:00 a.m. the next day, the parties were in court to decide plan confirmation. Two hours later, Bankruptcy Judge Marvin Isgur confirmed the plan, and it became effective that afternoon, just 20 hours after the Chapter 11 cases were filed.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, United States bankruptcy court
    Authors:
    Joshua R. Gross , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Regulator or Creditor: When is Enforcement of Consumer Protection Laws Exempt from the Automatic Stay, and Who Makes That Determination?
    2020-10-13

    Can state regulatory agencies move ahead with lawsuits against businesses who file for bankruptcy in order to enforce consumer protection and business laws, or does the automatic stay’s broad injunctive sweep capture those actions? The answer depends on whether the state is acting in its regulatory capacity or simply like another creditor – and the distinction is not always clear.

    Filed under:
    USA, Delaware, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Ninth Circuit, United States bankruptcy court
    Authors:
    Sean T. Scott , Aaron Gavant , Samuel R. Rabuck
    Location:
    USA
    Firm:
    Mayer Brown
    Summary of Modifications to US Bankruptcy Court Protocol & Procedures Due to COVID-19
    2020-03-26

    The below chart summarizes the modifications to certain protocol and procedures of major US Bankruptcy Courts in light of the recent COVID-19 outbreak. At the moment, the chart includes the US Bankruptcy Courts for the District of Delaware, the Southern District of New York, the Northern District of Illinois, the Eastern District of Virginia, and the Southern District of Texas. Mayer Brown will continue to monitor the situation in the days and weeks to come, and will update the chart accordingly.

    BANKRUPTCY COURT

    STATUS

    ACCESS & ENTRY RESTRICTIONS

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, United States bankruptcy court
    Location:
    USA
    Firm:
    Mayer Brown

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