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
The interesting relationship between veil piercing and fraudulent transfer law

In American Federated Title Corp. v. GFI Management Services, Inc., the United States District Court for the Southern District of New York 

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Fraud
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 I]

“Render unto Caesar the things that are Caesar’s, and unto [CEC] the things that are [CEC’s] [?]” – Matthew 22:21 (as revised)

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Second Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Tenth Circuit declares “no recharacterization without justification”

Recharacterization: an overview

Filed under:
USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Tenth Circuit
Location:
USA
Firm:
Weil Gotshal & Manges LLP
In re Jevic Holding Corp. part I: Third Circuit authorizes structured dismissals in limited circumstances

The Third Circuit’s recent holding in In re Jevic Holding Corp., raised a number of intriguing topics for us bankruptcy nerds so we could not resist taking a closer look at one of the issues presented in the case – structured dismissals.  If you are not familiar with the concept, you are probably not alone, as the use of a structured dismissal as a means to exit bankruptcy is relatively uncommon.  Although the ma

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