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    Citing plain language of Bankruptcy Code and split with other Circuits, Fifth Circuit overturns pro-snax decision
    2015-04-22

    Prior to the enactment of the Bankruptcy Code in 1978, the Fifth Circuit took a stringent approach to the payment of attorney’s fees – holding that public policy supported restricting attorney compensation in bankruptcy cases and that attorneys should not expect to receive the same compensation as if working for a non-bankrupt concern.  Congress enacted 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Fifth Circuit
    Authors:
    Brenda L. Funk
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    NY AG settles with Ernst & Young over alleged financial statement fraud prior to Lehman collapse
    2015-04-19

    The New York State Attorney General settled a lawsuit against Ernst & Young related to its involvement in the financial statement preparation of Lehman Brothers Holding, Inc. The NY AG had alleged that the auditing firm had countenanced Lehman’s inclusion of certain repurchase transactions as sales and not as financings, which permitted the firm to remove “tens of billions of dollars” of securities from its balance sheet. According to the NY AG, the repo transactions—known as “Repo 105”—“served no legitimate purpose.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Fraud, Lehman Brothers cases, Ernst & Young
    Authors:
    Gary DeWaal
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Frederick’s of Hollywood, Inc. is now a debtor in Delaware Bankruptcy Court
    2015-04-20

    On April 19, 2015, Frederick’s of Hollywood, Inc., a well-known retailer of women’s lingerie, filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.  In addition to the petition filed by Frederick’s, petitions were filed by five other related entities.  The cases have been assigned to The Honorable Kevin Gross, and are docketed as case no. 15-10836.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Morris James LLP, United States bankruptcy court
    Authors:
    Carl "Chuck" N. Kunz III
    Location:
    USA
    Firm:
    Morris James LLP
    Rent-stabilized leases: exempt or not?
    2015-04-20

    Is a rent-stabilized lease in New York a “local public assistance benefit” that is exempt from property of a debtor’s bankruptcy estate, or is it merely “a quirk of the regulatory scheme in the New York housing market[?]”  That was the question recently decided by the Second Circuit in In re Monteverde.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Welfare, Second Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Judge protects GM against most, but not all, ignition switch claims
    2015-04-20

    Judge Robert Gerber ruled last week that General Motors LLC (“New GM”), the entity formed in 2009 to acquire the assets of General Motors Corporation (“Old GM”), is shielded from a substantial portion of the lawsuits based on ignition switch defects in cars manufactured prior to New GM’s acquisition of the assets of Old GM in 2009.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, General Motors
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Bankruptcy Court “right-swipes” debtor’s property interest in its social media accounts
    2015-04-21

    It’s nothing new in 2015 to say that social media has become a valuable part of any company’s marketing and public relations strategy.  Companies now rely on sites like Facebook and Twitter to communicate with customers, advertise products, build brands, and shape public opinion.   Despite the obvious value such accounts provide, however, it is not always clear what rights, if any, a company may have in a social media accounts associated with its businesses or brands. 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Media & Entertainment, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    PACA claims in bankruptcy
    2015-04-21

    The Perishable Agricultural Commodities Act of 1930 (“PACA”), as amended, 7 U.S.C. §§ 499(a)et seq. provides federal statutory protection to certain qualifying sellers of perishable agricultural products. Congress amended PACA in 1984 to establish a statutory trust for the benefit of all unpaid suppliers or sellers of perishable agricultural commodities or products.  PACA defines perishable agricultural commodities as “fresh fruit and fresh vegetables of every kind and character,” whether or not frozen or packed in ice, and cherries in brine. 7 USC § 499(b).

    Filed under:
    USA, Insolvency & Restructuring, DelCotto Law Group PLLC, Bankruptcy, Commodity
    Authors:
    Jamie L. Harris
    Location:
    USA
    Firm:
    DelCotto Law Group PLLC
    Supreme Court denies petition for Writ of Certiorari in bankruptcy proof of claim case
    2015-04-21

    Yesterday, the United States Supreme Court denied the Petition for Writ of Certiorari in LVNV Funding, LLC v. Crawford.  The Court's refusal to hearCrawford leaves a split in the circuits as to whether proofs of claim are subject to the FDCPA.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Smith Debnam Narron Drake Saintsing & Myers LLP, Supreme Court of the United States
    Authors:
    Caren Enloe
    Location:
    USA
    Firm:
    Smith Debnam Narron Drake Saintsing & Myers LLP
    Bankruptcy Judge rules ignition switch plaintiffs cannot un-bake GM’s cake
    2015-04-21

    As we previewed last week, the U.S. Bankruptcy Court for the Southern District of New York recently handed General Motors (“New GM”) an enormous victory that may end up shielding the company from up to $10 billion in successor liability claims.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Due process, General Motors, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Mark A. Salzberg , Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    US SDNY Bankruptcy Court finds bank violated automatic stay by placing administrative freeze on debtor’s bank account
    2015-04-21

    Chief Judge Cecelia G. Morris of the Bankruptcy Court for the Southern District of New York decided that banks may not place an administrative freeze, even a temporary one, on the bank account of an individual who files for bankruptcy.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, ArentFox Schiff, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    George P. Angelich , Manuel G. Arreaza
    Location:
    USA
    Firm:
    ArentFox Schiff

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