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    Getting Paid: Retention and Compensation of Special Counsel in Bankruptcy
    2023-01-30

    Ignorance of the law is no excuse. We all learned that in law school. Still, you don’t know what you don’t know. And when it comes to bankruptcy law, too many of us just don’t know some basics, like how to protect your fee. Non-bankruptcy lawyers routinely represent debtors or their litigation opponents in non-bankruptcy disputes, such as personal injury claims. To comply with your duty to competently represent clients who are in bankruptcy or litigating against a debtor, and to protect your fee, know these fundamentals.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Phelps Dunbar LLP, Bankruptcy
    Authors:
    Danielle Mashburn-Myrick
    Location:
    USA
    Firm:
    Phelps Dunbar LLP
    Opinion Alert: Third Circuit Dismisses LTL Mass Tort Bankruptcy, Holding “Good Faith” Requires “Immediate” Financial Distress
    2023-01-30

    In a decision likely to have significant impact on certain types of bankruptcy filings going forward, this morning, the Third Circuit Court of Appeals ordered the dismissal of the Chapter 11 bankruptcy case filed by Johnson & Johnson affiliate LTL Management LLC.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, United States bankruptcy court, Third Circuit
    Authors:
    Sean T. Scott , Aaron Gavant , Joshua R. Gross
    Location:
    USA
    Firm:
    Mayer Brown
    Sanofi v. Mallinckrodt: Delaware Decision Highlights Importance of Asset Sale Structures in Later Bankruptcy Proceedings
    2023-01-23

    In Sanofi-Aventis U.S. LLC v. Mallinckrodt PLC,1 the United States District Court for the District of Delaware ruled that a debtor that purchased intellectual property under a prepetition asset purchase agreement could continue to retain and use the property post-confirmation while discharging its obligations to pay any future royalties otherwise owed. The decision highlights the importance of structuring transactions up-front to minimize the consequences of future bankruptcies.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    David S. Meyer , William L. Wallander , Steven M. Abramowitz , Katherine Drell Grissel , Lucian Wang
    Location:
    USA
    Firm:
    Vinson & Elkins LLP
    Recession or Not, 2023 Will See Elevated Restructuring Activity — but Maybe Not a Boom
    2023-01-23

    We can’t recall another new year beginning with such negative sentiment and low expectations for the domestic economy as 2023, with the lone exception of 2009 during the global financial crisis. A mild U.S. recession beginning later in 2023 is now the consensus expectation while inflation remains well above the Fed’s target despite seven rate hikes to date and the highest interest rates in 15 years.1

    Filed under:
    Global, USA, Banking, Insolvency & Restructuring, FTI Consulting Inc, Libor, Coronavirus
    Authors:
    Michael C. Eisenband
    Location:
    Global, USA
    Firm:
    FTI Consulting Inc
    DOJ Releases Guidance for Discharging Federal Student Loan Debt in Bankruptcy
    2023-01-23

    The U.S. Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Department of Justice, Supreme Court of the United States
    Authors:
    Deborah Kovsky-Apap
    Location:
    USA
    Firm:
    Troutman Pepper
    Highland Capital Asks Supreme Court to Review Fifth Circuit Exculpation Excision Ruling
    2023-01-25

    Last November we wrote about the Fifth Circuit Court of Appeals’ decision in Highland Capital Management, L.P., where the court reversed the bankruptcy court’s approval of a plan’s exculpation clause for non-debtors and limited the universe of parties covered by that provision. Relying on Bank of New York Trust Co., NA v. Official Unsecured Creditors’ Comm.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Supreme Court of the United States
    Authors:
    Mark A. Salzberg , Norman N. Kinel , Michelle Saney
    Location:
    USA
    Firm:
    Squire Patton Boggs
    7th Cir. Reverses Denial of Bankruptcy Trustee’s Action to Recover Money Paid to Debt Collector
    2023-01-25

    In a bankruptcy trustee’s adversary action to recover money paid to a collection agency within 90 days prior to the filing of the debtor’s bankruptcy petition, and pursuant to a previous garnishment order, the U.S. Court of Appeals for the Seventh Circuit recently reversed the ruling of a trial court denying the trustee’s application.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Supreme Court of the United States, Seventh Circuit, U.S. Court of Appeals
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Consumer Advocate Appointed New Director of Justice Department’s U.S. Trustee Program
    2023-01-25

    The Director of the Justice Department’s U.S. Trustee Program (USTP), which oversees the administration of bankruptcy cases, is about to change for the first time in nearly 20 years. Clifford White will be stepping down from the role and consumer advocate Tara Twomey will be taking up the mantle.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bradley Arant Boult Cummings LLP
    Authors:
    Christian W. Hancock , Alexandra Dugan
    Location:
    USA
    Firm:
    Bradley Arant Boult Cummings LLP
    “Grab What You Can Get, When You Can Get It”: A New Bankruptcy Law Of The Land (Siegel v. U.S. Trustee Program)
    2023-01-26

    Remember the old saying, “Grab what you can get, when you can get it”?

    Well . . . that old saying is now the federal law of the land, applying exclusively to bankruptcy laws in Alabama and North Carolina.

    Here’s how. Congress imposed bankruptcy fee increases on Chapter 11 debtors in every state and territory of these United States, other than Alabama and North Carolina. As to similar fees in Alabama and North Carolina, the U.S. Supreme Court recently observed:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, US Congress, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Supreme Court Grants Certiorari to Determine Whether the Bankruptcy Code Waives Sovereign Immunity of Native American Tribes
    2023-01-20

    On January 13, 2023, the Supreme Court granted the Lac du Flambeau Band of Lake Superior Chippewa Indians’ Petition for a Writ of Certiorari to resolve the split of circuits on whether Section 106 of the Bankruptcy Code evinces Congress’ unequivocal intent to abrogate Native American Tribes’ sovereign immunity.1

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Supreme Court of the United States
    Authors:
    Heidi McNeil Staudenmaier , Jacklyn M. Branby
    Location:
    USA
    Firm:
    Snell & Wilmer LLP

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