The latest in a line of fraudulent transfer decisions in the Madoff case has added to the case-law regarding what level of knowledge is needed to plead actual fraud in securities Ponzi scheme cases.
At issue in In re Legacy Corp.was the right to allowance and payment as an administrative expense of the professional fees and expenses of the Movant, a holder of a prepetition gift card claim against the Debtors, for his involvement in the resolution and settlement of prepetition gift card holder claims.
Addressing latent claims in bankruptcy cases has always been a challenge, and debtors are often left with uncertainty as to whether such claims have been discharged. Although the legal standard for what constitutes a “claim” under the Bankruptcy Code in the Third Circuit has evolved to give debtors and potential claimants more clarity with respect to the treatment of latent claims, the uncertainty remains for plans confirmed prior to 2011. A recent decision from the District of New Jersey,
Generally when parties to a dispute work out a settlement they can breathe a sigh of relief and put their differences behind them. OK – it’s a little more complicated than that when one of the parties is a chapter 11 debtor that must seek relief from the bankruptcy court to approve the settlement. But what if a party objects? Things get a bit more complicated. And what if the objecting party has no apparent pecuniary interest at stake? In that scenario, the settling parties can rest a little easier as the bankruptcy court in
After a busy term last Spring that saw the United States Supreme Court issue decisions in Bank of America, N.A. v. Caulkett and Baker Botts v.
(Although it is not typically our practice to analyze personal bankruptcy cases if the issues do not also arise in corporate bankruptcy practice, we report on the decision discussed below because it involves the intersection of bankruptcy law and a particularly topical issue – same-sex marriages and domestic partnerships.)
For many parents with school-age kids, the month of August marks the end of summer vacation and the start of the new school year, and in this spirit, a post on practice fundamentals seems appropriate. Specifically, attorneys are responsible for (i) maintaining an accurate address of record to ensure proper service and (ii) monitoring their case docket to avoid missing a deadline. While this may seem elementary, the recent decision from Judge Teel of the United States Bankruptcy Court for the District of Columbia nonetheless reinforces a point that is particularly applicable to a
While commencing a bankruptcy case is most commonly undertaken voluntarily by the debtor itself, the Bankruptcy Code gives certain creditors authority to force certain entities into chapter 11 or 7 bankruptcy. Unfortunately for the unwilling chapter 11 or 7 debtor, so long as petitioning creditors meet the statutory requirements to commence an involuntary case, the would be debtor will have no choice but to resolve itself under the Bankruptcy Code. This was the fate of the debtor in