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    "Straight" Dismissal of Chapter 11 Case Did Not Violate Jevic's Prohibition of "Structured Dismissals" that Do Not Conform with Bankruptcy Code's Priority Scheme
    2023-07-26

    In Czyzewski v. Jevic Holding Corp., 137 S. Ct. 973 (2017), the U.S. Supreme Court held that the Bankruptcy Code does not allow bankruptcy courts to approve distributions to creditors in a "structured dismissal" of a chapter 11 case that violate the Bankruptcy Code's ordinary priority rules without the consent of creditors. However, because the Court declined to express any "view about the legality of structured dismissals in general," many open questions remain regarding the structured dismissal mechanism.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States
    Authors:
    Oliver S. Zeltner , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Who Owns Crypto Assets? Know the Risks
    2023-07-26

    Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual depositors/customers, safely out of the reach of the bank’s creditors, reinforced by numerous federal and state regulations, and bankruptcy case law.

    But what happens if the asset that’s been deposited is cryptocurrency, held by a third-party, non-bank custodian?

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Levenfeld Pearlstein LLC, Cryptoassets, Chapter 11, US Bankruptcy Code
    Authors:
    Heidi M. Hockberger
    Location:
    USA
    Firm:
    Levenfeld Pearlstein LLC
    California Bankruptcy Court Examines Chapter 15 Discovery Rules
    2023-07-26

    In In re Golden Sphinx Ltd., 2023 WL 2823391 (Bankr. C.D. Cal. Mar. 31, 2023), the U.S. Bankruptcy Court for the Central District of California denied a motion filed by a creditor of a chapter 15 debtor seeking discovery from a bank that had provided financing to one of the debtor's affiliates.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Corinne Ball , Dan T. Moss , Isel M. Perez , Michael C. Schneidereit , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Second Circuit Green Lights Purdue Pharma Chapter 11 Plan Containing Nonconsensual Third-Party Releases
    2023-07-26

    There is longstanding controversy concerning the validity of third-party release provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various non-debtor parties involved in the process of negotiating, implementing and funding a plan. In the latest chapter of this debate, the U.S. Court of Appeals for the Second Circuit handed down a long-awaited ruling regarding the validity of nonconsensual third-party releases in the chapter 11 plan of pharmaceutical company Purdue Pharma, Inc. and its affiliated debtors (collectively, "Purdue").

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States
    Authors:
    Jane Rue Wittstein , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Budding Woes: Navigating the Weedy Waters of Cannabis Companies in Financial Distress
    2023-07-25

    As the cannabis industry matures, there will be winners and losers. Losers lack access to the U.S. Bankruptcy Code. Marijuana related assets cannot be sold free and clear of liens and encumbrances via the tried and true bankruptcy section 363 sale, which leaves the loser’s creditors without the best tool to maximize the value of the loser’s assets, and deprives acquirers of a federal court order conveying assets. What’s the state of play, and what’s the alternative for the losers, their creditors, and the companies that would acquire them?

    STATE OF PLAY

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Cannabis, Insolvency, Uniform Commercial Code (USA)
    Authors:
    William J. Hanlon
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Avoid the Surprise: Assessing and Addressing Preference Risk
    2023-07-25

    There are few things as daunting to a vendor or supplier as its counterparty’s bankruptcy. The likelihood of a significantly discounted recovery for goods and services provided and potential loss of a customer may have long-lasted impacts on profitability. Even worse, however, is the prospect that payments received in good faith prior to a debtor’s bankruptcy filing may be at risk of recoupment. In this alert, we address the risk that such payments are voidable as preferential transfers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Crowell & Moring LLP, Bankruptcy
    Authors:
    Frederick (Rick) Hyman , Monique Almy , Scott Lessne
    Location:
    USA
    Firm:
    Crowell & Moring LLP
    9th Circuit partially reverses FDCPA dismissal
    2023-07-21

    On July 14, the U.S. Court of Appeals for the Ninth Circuit partially affirmed and partially reversed a district court’s dismissal of an FDCPA suit. The district court reviewed plaintiff’s claims under the FDCPA, which alleged that defendants violated the bankruptcy court’s order discharging his debt and knowingly filed a baseless debt collection lawsuit.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Fair Debt Collection Practices Act 1977 (USA), Ninth Circuit
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Court of Appeal summaries (July 17 - July 21, 2023)
    2023-07-21

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

    Filed under:
    Canada, USA, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Due diligence, Court of Appeal for Ontario, British Columbia Supreme Court
    Authors:
    John Polyzogopoulos
    Location:
    Canada, USA
    Firm:
    Blaney McMurtry LLP
    Bankruptcy Court Provides Guidance on Social Media Account Ownership
    2023-07-21

    The U.S. Bankruptcy Court for the Southern District of Florida created a three-factor test to help determine the ownership interests of social media accounts. The court in In re Vital Pharm[1] found that (1) documented property interests, (2) control over access, and (3) use, each play a role in establishing ownership over social media accounts.

    Filed under:
    USA, Insolvency & Restructuring, Internet & Social Media, Litigation, Troutman Pepper, Social media
    Authors:
    Deborah J. Enea
    Location:
    USA
    Firm:
    Troutman Pepper
    The State of Student Loan Debt in Bankruptcy
    2023-07-21

    On June 30, the Supreme Court ruled that the Biden administration did not have authority to forgive student loans under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act). Despite this defeat, the Biden administration is still working to reduce the burden of student loans. Advocates for student loan relief argue that student loans can be a crushing form of debt in part because of their treatment in bankruptcy. It is the common belief that student loans, unlike other forms of unsecured debt, are not dischargeable in bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Internal Revenue Service (USA), Internal Revenue Code (USA), Supreme Court of the United States
    Authors:
    Daniel A. Lowenthal , Kimberly Black
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP

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