What Are You Doing in This Court? SDNY Bankruptcy Court Transfers Post-Confirmation, State Law Dispute with Non-Debtors Back to the “Home” Bankruptcy Court

On April 25, 2016, Judge Glenn of the Bankruptcy Court for the Southern District of New York issued a memorandum in an adversary proceeding in which neither of the two non-debtor parties apparently wanted to be in the Southern District of New York.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Subject-matter jurisdiction, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Second Circuit Slams the Door Shut on a Loophole in Section 546(e) of the Bankruptcy Code

In a unanimous decision arising out of the Tribune Media Company bankruptcy cases, a panel of the Second Circuit held that the safe harbor under section 546(e) of the Bankruptcy Code, which precludes avoidance of certain transfers by a

Filed under:
USA, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Federal preemption, Bankruptcy, Debtor, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Second Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Pro Se Creditor Out of Luck (and Time) When He Did Not File Timely Appeal - Because He Never Received Notice of Entry of the Order!

“Sometimes, you can make no mistakes, do everything right, and still lose.”

Captain Jean-Luc Picard, Star Trek: The Next Generation (TNG)

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Location:
USA
Firm:
Weil Gotshal & Manges LLP
50 Cent: You Love Him in a Bentley, But Would You Love Him on a Bus? 50’s Creditors Have 21 Questions, and They’re All About U.S. Bankruptcy Law

♫ “Girl, it’s easy to love me now.

Would you love me if I was down and out?

Would you still have love for me?” ♫

-50 Cent, 21 Questions

Filed under:
USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP
Authors:
David J. Cohen
Location:
USA
Firm:
Weil Gotshal & Manges LLP
McCarran-Fer-get About It: Insurance Rehabilitation Proceeding Does Not Reverse-Preempt Bankruptcy Court Jurisdiction, Says S.D.N.Y. Bankruptcy Court

Is insurance just a business or does it serve a greater public good?  If it weren’t for insurance, a fire or earthquake could leave you homeless; a visit to the emergency room could wipe out your bank account; a workplace accident could leave you salary-less.  But, on the other hand, picture that wily Geico lizard, and insurance seems more like any other business trying to make a buck. 

Filed under:
USA, New York, Insolvency & Restructuring, Insurance, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Another case involving a truck, but not to worry - this one is not about interest rates!

The Supreme Court’s decision in Till v.

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Don’t count your escrows before they hatch

At the most basic level, bankruptcy is all about property.  Going out on a limb here, we’d say that it’s a good idea to have a sense of what is and what is not your property before filing for bankruptcy.  Of course, this is easier said than done in some cases and can be subject to dispute, as demonstrated by 

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Third Circuit rules that if it’s not estate property, there’s no need to respect priority

Section 363 of the Bankruptcy Code provides debtors an efficient and flexible mechanism to dispose of substantially all estate assets outside of the confines of the Bankruptcy Code’s provisions concerning plan confirmation.  The Third Circuit’s recent decision in 

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Third Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Judge Scheindlin rules in Caesars that Trust Indenture Act bars “core” impairments; certifies the issue to the Second Circuit or what’s the deal with the caesars parent guarantee litigation? [part II]

How many ages hence / Shall this our lofty scene be acted o’er, / In states unborn, and accents yet unknown!
– William Shakespeare, Julius Caesar

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Bittersweet bankruptcy beach reading: a eulogy for the show place and the surflight theatre

“Dream the impossible dream; eat the impossible sundae…”  So the song goes – or rather, went – at The Show Place Ice Cream Parlour in Beach Haven, New Jersey.  Sadly, The Show Place and the adjoining Surflight Theatre have closed their doors and will be liquidating their assets in chapter 7.  The authors have fond memories of shows at the Surflight and family outings to The Show Place, and we are now in the unenviable position of wishing the institution a melancholy happy trails.  So for this installment of Bankruptcy Beach Reading, we take you to Long Beach Island, New

Filed under:
USA, Insolvency & Restructuring, Weil Gotshal & Manges LLP
Location:
USA
Firm:
Weil Gotshal & Manges LLP