On January 31, 2017, the Fifth Circuit Court of Appeals authorized a court-appointed Receiver to avoid arbitration clauses contained in employment and employment-related agreements.[1] While, at first glance, the Court’s decision not to compel a non-signatory to arbitration appears unremarkable, in fact the decision reflects how far the Court was willing to go in order to protect a Receiver’s choice of a judicial forum.
Third Circuit holds that State-specific protections in favor of oil and gas producers did not apply under Article 9 of the UCC
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Summary
On October 14, 2016, U.S. Customs and Border Protection (CBP) published in the Federal Register a notice of proposed rulemaking [USCBP–2016–0065] that, if adopted, would amend the CBP regulations to reflect that official notice of liquidation, suspension of liquidation, and extension of liquidation will be posted electronically on the CBP Web site.
On June 6, 2017, Australian-based mining equipment supplier Emeco Holdings emerged from chapter 15 proceedings in the Southern District of New York following an Australian court’s sanctioning of the company’s scheme of arrangement.
The scheme of arrangement was a component of an innovative, comprehensive restructuring that provided for a three-way merger of three large Australian mining service companies and a restructuring of A$680 million of debt through a debt-for-equity swap, rights offering, and full refinancing.
In In re Lehman Brothers Holdings Inc., the U.S. Court of Appeals for the Second Circuit recently affirmed that claims filed by Lehman employees on account of restricted stock units (“RSUs”) are subject to subordination under section 510(b) of the Bankruptcy Code.
The United States Court of Appeals for the Ninth Circuit recently held in Mastan v. Salamon (In re Salamon) that an undersecured creditor with a nonrecourse claim lost the right to assert a deficiency claim under section 1111(b) of the Bankruptcy Code when a senior secured creditor foreclosed on and sold its collateral during the bankruptcy case.
Anderson v. Credit One Bank, N.A. (In re Anderson), 884 F.3d 382 (2d Cir. 2018) [click for opinion]
Third party releases in a chapter 11 plan have become fairly common in the United States. A recent decision by the Delaware District Court in Opt-Out Lenders v. Millennium Lab Holdings II, LLC (In re Millennium Lab Holdings II, LLC), however, questions whether the bankruptcy court has the authority to approve nonconsensual third party releases as part of confirmation of a chapter 11 plan.