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    Media: One more big case to go for Madoff bankruptcy trustee and success story of Lehman Bros Europe administration
    2019-12-11

    Bloomberg reported last month that the Madoff bankruptcy has one more big case to go, chasing USD3.2b held by foreign banks (see our related story above). Mr Picard, the bankruptcy trustee, has reportedly recovered over USD14b of the USD17.5b in losses arising from Madoff's Ponzi scheme.

    Filed under:
    European Union, USA, Insolvency & Restructuring, Buddle Findlay
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne
    Location:
    European Union, USA
    Firm:
    Buddle Findlay
    Bankruptcy no barrier to disclosure of trust information
    2017-03-20

    The Supreme Court has recently dismissed an appeal against a Court of Appeal decision on the disclosure of trust documents to discretionary beneficiaries.

    Filed under:
    New Zealand, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Buddle Findlay, Bankruptcy, Vesting
    Authors:
    Susan Rowe , Scott Abel , Bridie McKinnon , Myles O'Brien , David Perry , Willie Palmer , Matthew Triggs , Jan Etwell , Kelly Paterson , Peter Niven , David Broadmore , Scott Barker
    Location:
    New Zealand, USA
    Firm:
    Buddle Findlay
    Court finds city of Detroit eligible for bankruptcy in US history's largest municipal bankruptcy
    2013-12-13

    A recent ruling by US Federal Judge Rhodes has held that the city of Detroit is eligible to file for bankruptcy under US federal bankruptcy laws and can now attempt to re-organise its US$18.5b debt.

    Filed under:
    USA, Michigan, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    USA
    Firm:
    Buddle Findlay
    SDNY: Murabaha Agreements Do Not Qualify for Safe-Harbor Treatment in Bankruptcy
    2022-08-11

    In a recent opinion arising from the Chapter 11 proceedings of Arcapita Bank, Judge Alvin Hellerstein of the US District Court for the Southern District of New York affirmed a bankruptcy court decision denying safe-harbor protection to Shari’a-compliant Murabaha investment agreements.1 Specifically, the district court held that the Murabaha agreemen

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bankruptcy, US District Court for SDNY
    Location:
    USA
    Opinion of Interest - In re Dura Automotive Systems, LLC: Delaware Bankruptcy Court Affirms Inability to “Impliedly” Assume Executory Contracts
    2021-07-30

    In a recent opinion from the Delaware Bankruptcy Court in the Dura Automotive Systems bankruptcy case,[1] Judge Karen Owens held that executory contracts cannot be impliedly assumed through course of conduct by the parties, under binding Third Circuit precedent, notwithstanding that a minority of courts outside of the Third Circuit have allowed it

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Opinion of Interest - In re United Refining Company: Destruction of Records and the Accrual of Tort Claims
    2021-02-19

    In a January 2021 decision issued in the re-opened United Refining Company1 bankruptcy case, Judge Lopez of the Southern District of Texas Bankruptcy Court addressed when a tort claim is deemed to arise for purposes

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Youmi Kim , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Financing Your Way Out of a Pandemic: How Two Airport Companies Restructured Their Debt to Withstand an Economic Crisis
    2020-09-29

    In a pair of private exchange offers consummated in May 2020, airport operating companies owned by Corporacin Amrica Airports S.A. (NYSE: CAAP) in Argentina and Uruguay were able to restructure their existing debt securities in order to withstand the substantial revenue declines associated with the drop-off in air travel as a result of the coronavirus pandemic ("COVID-19").

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus
    Authors:
    Douglas A. Doetsch
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy trustee appeals Seventh Circuit’s ruling on sufficiency of UCC collateral description to US Supreme Court
    2020-01-27

    Last October we highlighted an important ruling issued in September 2019 by the Seventh Circuit in the bankruptcy proceeding of In re I80 Equipment, LLC.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, SCOTUS, Illinois Supreme Court
    Location:
    USA
    Firm:
    Mayer Brown
    Are Power Purchase and Similar Agreements Excluded from the Automatic Stay under the Safe Harbor for Forward Contracts? Recent US Utility Bankruptcies Raise This and Other Important Questions
    2019-02-27

    Both the First Energy Solutions and PG&E bankruptcies have seen proceedings regarding power purchase and similar agreements (PPAs) that raise this question.

    Background

    Contracts often contain provisions that enable a party to terminate or modify the contract based on the other party's bankruptcy filing, insolvency or deteriorating financial condition. In general, the Bankruptcy Code renders these types of provisions (sometimes referred to as "ipso facto" clauses) ineffective. Specifically, under section 365(e)(1) of the Bankruptcy Code (emphasis added):

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, United States bankruptcy court
    Authors:
    J. Paul Forrester , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Code—Insider Status
    2017-03-27

    U.S. Bank N.A. v. Village at Lakeridge, LLC, No. 15-1509

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown
    Location:
    USA
    Firm:
    Mayer Brown

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