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    Enforcing Arbitration Provisions In Bankruptcy Cases - Another Court Weighs In
    2017-09-05

    Are arbitration clauses enforceable in a bankruptcy case? Last month, the U.S. District Court for the Eastern District of Arkansas said “yes” and held that state law causes of action that arose out of alleged breaches of contract and other state law theories of liability should be arbitrated as agreed to by the parties in their pre-petition contracts rather than litigated in the bankruptcy court. Gavilon Grain LLC v. M.

    Filed under:
    USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Breach of contract
    Authors:
    Travis A. McRoberts
    Location:
    USA
    Firm:
    Squire Patton Boggs
    New Delaware Chapter 11 Filing-Model Reorg Acquisition, LLC
    2017-08-28

    Model Reorg Acquisition, LLC, along with eighteen of its subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-11794).

    Filed under:
    USA, Insolvency & Restructuring, Cole Schotz PC, Bankruptcy, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Norman L. Pernick , Nicholas J. Brannick
    Location:
    USA
    Firm:
    Cole Schotz PC
    Big Changes for Illinois Unclaimed Property Law - Holders Beware!
    2017-08-28

    Holders of unclaimed property should take note that Illinois’ state budget bill, SB 9, enacted July 7, 2017, includes significant changes to Illinois’ unclaimed property law. Just days before it was enacted, the Illinois General Assembly amended SB 9 to include a modified version of the Uniform Law Commission’s 2016 Revised Uniform Unclaimed Property Act. Illinois’ new unclaimed property law will become effective January 1, 2018 and will repeal the state’s current unclaimed property law, the Uniform Disposition of Unclaimed Property Act.

    Filed under:
    USA, Illinois, Company & Commercial, Insolvency & Restructuring, Baker McKenzie, Illinois General Assembly
    Authors:
    Matthew S. Mock , Laura Grace Mezher
    Location:
    USA
    Firm:
    Baker McKenzie
    Without WARN-ing: Third Circuit Clarifies WARN Act's Unforeseen Business Circumstances Exception
    2017-08-30

    What Happened: The Third Circuit Court of Appeals joined five other circuits in holding that the unforeseen business circumstances exception excused WARN notice where an event outside the employer's control that would trigger layoffs was possible but not probable to occur.

    The Larger Landscape: While the Fifth, Sixth, Seventh, Eighth, and Tenth Circuits have also adopted a probability standard for determining when the unforeseen business circumstances exception applies, the other circuits have not yet ruled on the issue.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Liquidation, United States bankruptcy court, Third Circuit
    Authors:
    David S. Birnbaum , Kristina A. Yost
    Location:
    USA
    Firm:
    Jones Day
    The IRS Withdraws Proposed ‘Net Value’ Regulations
    2017-08-31

    The IRS announced in July that it has withdrawn proposed regulations (the net value regulations) that provided guidance regarding corporate formations, reorganizations and liquidations of insolvent corporations. Those regulations, which were proposed in 2005, required the exchange (or, in the case of the liquidation of a subsidiary into its parent, the distribution) of “net value” in order for the transaction to qualify for nonrecognition treatment under the Internal Revenue Code (the Code).

    The Net Value Regulations

    Net Value in 332 Liquidations

    Filed under:
    USA, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA)
    Authors:
    Helayne O. Stoopack
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Setoff and Recoupment in Bankruptcy: A Brief Overview
    2017-08-31

    This article provides a brief overview of the somewhat related doctrines of setoff and recoupment in the Chapter 11 context. Setoff is recognized in the Bankruptcy Code to offset the claims of creditors and the debtor in a bankruptcy proceeding. Recoupment is a common law doctrine of similar effect. Sometimes overlooked by debtors and creditors alike, these doctrines can be of critical consequence in the settling of accounts between a creditor and the bankrupt debtor.

    Setoff

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
    Authors:
    Joseph A. Shifer
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Sunshine Heifers, LLC v. Citizens First Bank (In re Purdy)
    2017-08-31

    (6th Cir. Aug. 31, 2017)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Court Order Sending Coverage Dispute To Arbitration Overseas Demonstrates The Potential Consequences Of Purchasing “Bermuda Form” And Other International Coverages
    2017-09-01

    In MF Global Holdings Ltd. et al. v. Allied World Assurance Co. Ltd. et al., No. 1:16-ap-01251 (Bankr. S.D.N.Y. Aug. 24, 2017), the United States Bankruptcy Court for the Southern District of New York ordered MF Global Holdings Ltd. and Allied World Assurance Co. Ltd. to arbitrate their $15 million errors-and-omissions coverage dispute in Hamilton, Bermuda.

    Filed under:
    USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Deposit insurance, Federal Arbitration Act 1926 (USA), United States bankruptcy court
    Authors:
    Paul T. Moura , Lorelie S. Masters
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Lehman Brothers Announces Settlement to Resolve Massive RMBS Claims; Estimation Hearing Slated for Later This Year
    2017-09-01

    For over eight years, In re Lehman Bros., No. 08-13555-scc (Bankr. S.D.N.Y.), has been one of the most active, complex bankruptcy dockets in the country. A large portion of the remaining contested matters in that case are claims by trustees for residential mortgage backed securities (RMBS), who continue to pursue claims against the Lehman estate for losses caused by toxic mortgages.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Lehman Brothers
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    The Jevic Files Continue: Pioneer-ing the Post-Jevic Era, and Wondering if Jevic Altered Critical Vendor Theory After All?
    2017-08-23

    Editors’ Note: The Supreme Court’s Jevic ruling last spring remains a treasure trove of bankruptcy theory, suitable for the novice bankruptcy student and highly instructional for those of us who have practiced in chapter 11 for years. We at The Bankruptcy Cave like it so much that we will be offering a few more posts in upcoming weeks on the lower courts’ interpretation of Jevic since the spring, the continued efforts in Delaware to sidestep Jevic, and other important learning from the case.

    Filed under:
    USA, Mississippi, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Supreme Court of the United States, United States bankruptcy court
    Authors:
    Justin A. Morgan
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)

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