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    IRS and Treasury Department Clarify COD Income Exclusions
    2016-06-16

    Internal Revenue Code (the “Code”) § 108 excludes cancellation of indebtedness income (“COD income”, i.e.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Berger Singerman LLP, Debt, Internal Revenue Service (USA), US Department of the Treasury, US Code, Internal Revenue Code (USA), United States bankruptcy court
    Authors:
    Mitchell W. Goldberg
    Location:
    USA
    Firm:
    Berger Singerman LLP
    Delaware Bankruptcy Court Invalidates on Public Policy Grounds a “Golden Share” Provision in LLC Agreement Designed to Limit LLC’s Ability to File for Bankruptcy
    2016-06-17

    In a June 3, 2016 decision1 , the United States Bankruptcy Court for the District of Delaware (“the Bankruptcy Court”) invalidated, on federal public policy grounds, a provision in the debtorLLC’s operating agreement that it viewed as hindering the LLC’s right to file for bankruptcy. Such provision provided that the consent of all members of the LLC, including a creditor holding a so-called “golden share” received pursuant to a forbearance agreement, was required for the debtor to commence a voluntary bankruptcy case.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, A&O Shearman, Bankruptcy, Limited liability company, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Fredric Sosnick , Douglas P. Bartner , Bjorn Bjerke , Stuart K. Fleischmann , Joel Moss , Solomon J. Noh
    Location:
    USA
    Firm:
    A&O Shearman
    Grossman v. Wehrle (In re Royal Manor Management, Inc.)
    2016-06-17

    (6th Cir. June 15, 2016)

    The Sixth Circuit affirms the decision finding sanctions were appropriate against the attorney because he unreasonably and vexatiously multiplied the proceedings with repeated filings. The bankruptcy court did not abuse its discretion in entering the sanctions order. Opinion below.

    Judge: White

    Appellant: Dennis Allan Grossman

    Attorney for Appellee: Louise M. Mazur, Marc Bryan Merklin, Brouse McDowell, Caroline Louisa Marks

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Sabine - A New York Bankruptcy Judge’s Interpretation of Texas Property Law Encourages Compromise and Leaves an Industry in Limbo
    2016-06-17

    On March 9, 2016, Bankruptcy Judge Shelley Chapman of the Southern District of New York issued her decision on the Debtor’s motion to reject certain contracts in Sabine Oil & Gas Corporation’s Chapter 11 case.[i] The decision, which allowed Sabine to reject “gathering agreements”

    Filed under:
    USA, New York, Texas, Company & Commercial, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy
    Authors:
    Craig K. Schuenemann
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    McKinstry v. Richard Holmes Enterprises, LLC (In re Black Diamond Mining Company, LLC)
    2016-06-17

    (E.D. Ky. June 16, 2016)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    Supreme Court Strikes Down Puerto Rico’s Local Restructuring Law
    2016-06-17

    In a 5-2 decision, the Supreme Court of the United States in Commonwealth of Puerto Rico et al. v. Franklin California Tax-Free Trust et al., 579 U.S. ___ (2016), rejected the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) as preempted by the Bankruptcy Code on June 13, 2016. The practical implication of the decision is that Puerto Rico is currently without options to restructure its billions of dollars in municipal debt, and the only feasible path forward will most likely have to come from Congress.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP
    Location:
    USA
    Firm:
    Dechert LLP
    Do Bankruptcy Code clawback provisions reach transactions occurring in other countries?
    2016-06-17

    In a world of free-ranging capital and cross-border transactions, the question of whether US courts will apply US law to transactions taking place in other countries is important. It is therefore a matter of both interest and concern that judges in the Southern District of New York have reached opposite conclusions when asked to give extraterritorial effect to the avoidance or 'clawback' provisions of the Bankruptcy Code.

    Canon of statutory construction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Debtor, Statutory interpretation, Extraterritoriality, In rem jurisdiction, US Congress
    Authors:
    Trevor W. Swett III
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Pension Benefit Guaranty Corporation Issues Proposed Rule for Multiemployer Plan Mergers and Transfers
    2016-06-19

    On June 6, 2016, the Pension Benefit Guaranty Corporation (“PBGC”) issued a new proposed rule clarifying the agency’s authority to facilitate the merger of multiemployer pension plans. The rule would implement some of the statutory changes made by the Multiemployer Pension Reform Act of 2014 (“MPRA”).

    Background

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Trucker Huss APC, Employee Retirement Income Security Act 1974 (USA), Government agency, Retirement, Mediation, Fair market value, Valuation (finance), Actuary, Development aid, Pension Benefit Guaranty Corporation, Title IV of the US Code
    Authors:
    Robert Frank Schwartz
    Location:
    USA
    Firm:
    Trucker Huss APC
    Wholesale assignment of claims to post-confirmation trust does not satisfy “related to” jurisdiction standard
    2016-06-20

    In the recent decision of Gavin Salmonese, LLC v. Shyamsundar, et al. (In re AmCad Holdings, LLC, et al.) (Bankr. D. Del.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Proposed U.S. Federal Reserve Board Rule’s Impact on Buy-Side Remedies in QFCs with Global Systemically Important Banking Organizations and their Affiliates
    2016-06-15

    The Board of Governors of the U.S. Federal Reserve System (Board) recently proposed a rule (Proposed Rule) that will impact parties to any "qualified financial contract" (QFC), as described below, with a global systemically important banking organization (GSIB) or a GSIB affiliate (together, a covered entity). The Proposed Rule will eliminate certain contractual rights with respect to the QFC when:

    the covered entity counterparty is placed in a Federal Deposit Insurance Corporation (FDIC) receivership; or

    Filed under:
    USA, Banking, Insolvency & Restructuring, Dechert LLP, Federal Reserve Board, Bank holding company, Investment company, Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Dechert LLP

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