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    Compounding Pharmacy reaches $100-million settlement over meningitis outbreak
    2014-05-22

    A trustee has filed a motion requesting court approval of a bankruptcy plan that would require New England Compounding Pharmacy owners and executives to establish a $100-million settlement fund for the benefit of creditors and individuals allegedly harmed by a 2012 fungal meningitis outbreak linked to the company’s steroid injections. In re New Eng. Compounding Pharm., Inc., No. 12-19882 (Bankr. D. Mass., motion filed May 6, 2014).

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Shook Hardy & Bacon LLP, Bankruptcy
    Authors:
    Debra S. Dunne , John D. Garretson , Chris A. Johnson , Madeleine M. McDonough , John Simpson
    Location:
    USA
    Firm:
    Shook Hardy & Bacon LLP
    None too appealing – district court turns aside Free Lance-Star Publishing credit bid lender
    2014-05-22

    A recent ruling in the Chapter 11 case of Free Lance-Star Publishing limited the credit bidding rights of a secured creditor.  The ruling has called into question the ability of the holder of secured debt to utilize such debt to acquire companies on a going concern basis in bankruptcy cases, particularly in instances where the debt was acquired at a discount for such expr

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Secured creditor, United States bankruptcy court, US District Court for Eastern District of Virginia
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Patent reform bill, and its revisions to Bankruptcy Code Section 365(n), stalls in the Senate
    2014-05-22

    In December 2013 I wrote about the Innovation Act, H.R. 3309, a bill focused on patent infringement litigation and other patent law reforms that passed the House of Representatives on a bipartisan basis.

    Filed under:
    USA, Insolvency & Restructuring, Patents, Trademarks, Cooley LLP, Bankruptcy, Patent infringement, US Senate Committee on the Judiciary
    Authors:
    Robert Eisenbach
    Location:
    USA
    Firm:
    Cooley LLP
    Seventh Circuit upholds pre-petition and post-petition transfers in sentinel matter
    2014-05-22

    The Seventh Circuit has reversed the district  court’s decision in the Sentinel matter and ruled that the Bankruptcy Court’s allowance of a pre-petition transfer and authorization of a post-petition transfer of assets by Sentinel to its FCM customers was permitted under the Bankruptcy Code.  The District Court had previously avoided the $22.5 million pre-petition transfer of funds to FCM customers and the $297 million post-petition transfer of funds authorized by the Bankruptcy Court.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, United States bankruptcy court, Seventh Circuit
    Authors:
    Matthew Kluchenek , Michael Sefton
    Location:
    USA
    Firm:
    Baker McKenzie
    Bankruptcy authorization to transfer property to secured creditor
    2014-05-23

    A brewing hot topic in bankruptcy law is how a Debtor deals with property that is collateral for a secured creditor which is surrendered but has not yet been legally foreclosed or repossessed by the creditor. The Debtor’s interest is obvious: to avoid accruing post petition obligations, such as taxes, insurance, and homeowner’s association dues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Rogers Townsend & Thomas PC, Bankruptcy, Debtor, Collateral (finance), Injunction, Secured creditor
    Authors:
    Neil D. Jonas
    Location:
    USA
    Firm:
    Rogers Townsend & Thomas PC
    Court rejects effort to transfer venue of Energy Future Holdings Bankruptcy from Delaware to Texas
    2014-05-23

    In a ruling yesterday, Judge Christopher Sontchi of the United State Bankruptcy Court for the District of Delaware denied a motion by a bond trustee to transfer venue of the Dallas-based Energy Future Holdings from Wilmington, Delaware to the Northern District of Texas, citing broad support from many creditors for keeping the case before the Delaware court.

    Filed under:
    USA, Delaware, Texas, Insolvency & Restructuring, Litigation, Cooley LLP, United States bankruptcy court, US District Court for District of Delaware, US District Court for Northern District of Texas
    Location:
    USA
    Firm:
    Cooley LLP
    Virginia bankruptcy court applies Fisker to limit lender’s credit bid
    2014-05-16

    Three months ago, the U.S. District Court in Delaware upheld the bankruptcy court’s decision in In re Fisker Auto. Holdings, Inc., which limited, for “cause,” the amount that the purchaser of a secured lender’s claim could credit bid in connection with an asset sale under section 363 of the Bankruptcy Code.

    Filed under:
    USA, Delaware, Virginia, Insolvency & Restructuring, Litigation, Cooley LLP, Bankruptcy, Debtor, United States bankruptcy court
    Location:
    USA
    Firm:
    Cooley LLP
    New York district court denies proof of claim based on equity interests in non-debtor entities
    2014-05-16

    Finds Bankruptcy Court to be Proper Forum for Claim Objection Despite Forum Selection Clauses in Investor Agreements

    The Southern District of New York recently reiterated the critical difference between creditor claims and equity interests in the bankruptcy context.  In a recent opinion arising out of the Arcapita Bank bankruptcy case, the Court was faced with an objection to a proof of claim filed by an investor, Captain Hani Alsohaibi, who characterized his right to recovery against the debtors as being based on a “corporate investment.”

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, United States bankruptcy court
    Authors:
    Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Here comes the judge: Supreme Court to rule on creditor protection in bankruptcy for inherited IRAs
    2014-05-19

    In 2012, the Fifth Circuit ruled in In re Chilton that inherited IRAs constituted retirement funds within the “plain meaning” of §522 of the Bankruptcy Code and were thus exempt from the bankruptcy estate, under § 522(d)(12) (the federal exemptions). See our prior discussion of this case here.

    After Chilton, many thought the issue was settled.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Interest, Title 11 of the US Code, Supreme Court of the United States, Fifth Circuit, Seventh Circuit
    Authors:
    Kathleen R. Sherby , Stephanie L. Moll
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Debtor's estate set to expand or contract based on Supreme Court ruling in Clark v. Rameker
    2014-05-20

    Before the Supreme Court this term is the question of whether a beneficiary individual retirement account (an “Inherited IRA”) is exempt from a debtor’s bankruptcy estate under 11 U.S.C. § 522(b)(3)(C) and (d)(12)2 of the Bankruptcy Code. The issue turns on 1) whether the funds in an Inherited IRA are “retirement funds,” and 2) whether an Inherited IRA is considered tax exempt under the Internal Revenue Code (the “Tax Code”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Burr & Forman LLP, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Marc P. Solomon , Hanna Lahr
    Location:
    USA
    Firm:
    Burr & Forman LLP

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