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    The Life Settlement Industry - Bankruptcy Issues - Part 2
    2017-03-23

    This second installment of our series, “The Life Settlement Industry – Bankruptcy Issues”, will address two related issues:

    (1) What type of interest (if any) does an investor-creditor have in a “life settlement” (i.e., a life insurance policy sold by the original owner to a third party for a value in excess of the policy’s cash surrender value, but less than its death benefit), and (2) How is the interest of an investor-creditor in a life settlement generally determined in a bankruptcy case?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Berger Singerman LLP, Bankruptcy
    Authors:
    Deborah B. Talenfeld , Leslie Cloyd
    Location:
    USA
    Firm:
    Berger Singerman LLP
    Supreme Court Bars Use of Nonconsensual Priority-Violating Structured Dismissals
    2017-03-24

    On March 22, 2017, the United States Supreme Court held that bankruptcy courts cannot approve a “structured dismissal”—a dismissal with special conditions or that does something other than restoring the “prepetition financial status quo”—providing for distributions that deviate from the Bankruptcy Code’s priority scheme absent the consent of affected creditors. Czyzewski v.Jevic Holding Corp., No. 15-649, 580 U.S. ___ (2017), 2017 WL 1066259, at *3 (Mar. 22, 2017).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Supreme Court of the United States, United States bankruptcy court
    Authors:
    Jacob A Adlerstein , Kelley A. Cornish , Alice Belisle Eaton , Brian S. Hermann , Alan W Kornberg , Elizabeth R. McColm , Andrew N. Rosenberg , Jeffrey D. Saferstein , Stephen J. Shimshak , Erica G. Weinberger
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    For chapter 11 in shipping, cramdown is a bad play
    2017-03-24

    Securing support from principal creditors makes all the difference between a chapter 11 restructuring that saves a troubled shipping company and one that sinks it.

    When a shipping company's financial distress is extreme, it must work fast to preserve value and stem losses. The use of chapter 11 by shipping companies to coerce principal creditors to support an unfavorable restructuring where ownership refuses to share risk is costly, value destructive and generally fruitless.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Shipping & Transport, White & Case
    Authors:
    Scott Greissman
    Location:
    USA
    Firm:
    White & Case
    Brown v. Ellmann (In re Brown)
    2017-03-24

    (6th Cir. Mar. 20, 2017)

    The Sixth Circuit affirms the bankruptcy court’s order denying the debtor’s claim for an exemption under 11 U.S.C. § 522(d). The real property was fully encumbered by secured claims and thus the debtor had no equity in the property. The court applies its prior decision in In re Baldridge. The trustee also argued that the debtor’s appeal was moot under 11 U.S.C. § 363(m) and other authority but failed to meet the trustee’s burden on the issue. Opinion below.

    Judge: Merritt

    Attorney for Debtor: Gary Boren

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Jevic: The Supreme Court Gives Structure to Chapter 11 Structured Dismissals
    2017-03-24

    On March 22, 2017, the Supreme Court, in Czyzewski et al., v. Jevic Holding Corp., et al., confirmed that the Bankruptcy Code does not permit “priority skipping” in Chapter 11 structured dismissals. In doing so, the Court held that, although the Code does not explicitly provide what, if any, priority rules apply to the distribution of estate assets in a Chapter 11 structured dismissal, “[a] distribution scheme in connection with the dismissal of a Chapter 11 case cannot, without the consent of the affected parties, deviate from the basic priority rules that apply under the . . .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bracewell LLP, Bankruptcy, United States bankruptcy court
    Location:
    USA
    Firm:
    Bracewell LLP
    Supreme Court Rejects Structured Dismissals, Limits Chapter 11 Flexibility
    2017-03-24

    In a widely anticipated ruling, the Supreme Court in Czyzewski v. Jevic Holding Corp. ruled that bankruptcy courts “may not approve structured dismissals that provide for distributions that do not follow ordinary priority rules without the consent of affected creditors.” In doing so, the Court rejected the Third Circuit’s ruling that the circumstances were an unusual “rare case,” justifying deviation from the ordinary priority rules.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, O'Melveny & Myers LLP, Bankruptcy, Supreme Court of the United States, United States bankruptcy court
    Authors:
    Evan M. Jones , Peter Friedman , Daniel S. Shamah , George Davis , John J. Rapisardi , Suzzanne Uhland
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP
    U.S. Supreme Court Rules WARN Claimants/Workers Must Get Priority Over Other Unsecured Creditors In Bankruptcy
    2017-03-23

    Seyfarth Synopsis: A bankruptcy court overseeing an employer’s Chapter 11 bankruptcy proceeding allowed the employer to pay certain unsecured creditors before paying Worker Adjustment And Retraining Notification Act (“WARN”) creditors – workers who had sued the company – monies owed pursuant to a judgment, even though the bulk of the WARN monies owed were for back wages that hold priority over other unsecured claims under the Bankruptcy Code.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Worker Adjustment and Retraining Notification Act 1988 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Gerald L. Maatman, Jr.
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Supreme Court Gives WARN-ing To Companies In Bankruptcy: Don’t Ignore Wage Claims
    2017-03-22

    The U.S. Supreme Court held today in a 6 to 2 decision that “structured dismissals” resolving Chapter 11 bankruptcy proceedings cannot deviate from the Bankruptcy Code’s priority scheme without the consent of the affected parties – which means that businesses must ensure workers receive their unpaid wages as part of any such resolution. Specifically, the Court rejected a structured dismissal that left a group of WARN Act plaintiffs without any compensation, telling employers, essentially, that they must squeeze blood from a stone to compensate their workers.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Fisher Phillips, Bankruptcy, Worker Adjustment and Retraining Notification Act 1988 (USA)
    Authors:
    Katherine Sandberg , Megan E. Walker
    Location:
    USA
    Firm:
    Fisher Phillips
    Tenth Circuit Joins Missouri River to Divide Kansas City Over What Constitutes A Stay Violation
    2017-03-22

    On February 27, 2017, the United States Court of Appeals for the Tenth Circuit joined a minority approach followed by District of Columbia Circuit: failing to turn over property after demand is not a violation of the automatic stay imposed by 11 U.S.C. § 362. WD Equipment v. Cowen (In re Cowen), No. 15-1413, — F.3d —-, 2017 WL 745596 (10th Cir. Feb. 27, 2017), opinion here.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, United States bankruptcy court, Tenth Circuit
    Authors:
    Jay Krystinik
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Protecting Committee Members - Ninth Circuit Expands Protections Afforded to Individual Committee Members
    2017-03-22

    In a recent opinion, the United States Court of Appeals for the Ninth Circuit expanded the protections afforded to individual members of an official creditors’ committee against certain lawsuits. Specifically, in In re Yellowstone Mountain Club, LLC, 841 F.3d 1090 (9th Cir.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Ninth Circuit
    Authors:
    Travis A. McRoberts
    Location:
    USA
    Firm:
    Squire Patton Boggs

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