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    Tarnishing the debtor’s Halo – police power exemption applied to private actions
    2012-06-26

    The Bottom Line: 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Kramer Levin Naftalis & Frankel LLP, Fifth Circuit
    Authors:
    Benjamin C. Wolf
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Keogh plan with qualification defects found to be exempt from bankruptcy estate
    2012-06-27

    Generally, retirement plan benefits are excluded from a bankruptcy estate. However, if the retirement plan is not covered by Title I of the Employee Retirement Income Security Act of 1974 (ERISA), a separate exemption from the bankruptcy estate must be found. Some retirement plans are not covered by Title I of ERISA because they do not cover employees, which, for this purpose, excludes the sole owner of a business and the owner’s spouse. These types of plans are commonly referred to as “Keogh” plans.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Hodgson Russ LLP, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Tenth Circuit
    Authors:
    Peter K. Bradley , Anita Costello Greer , Michael J. Flanagan , Richard W. Kaiser , Arthur A. Marrapese III , Ryan M. Murphy
    Location:
    USA
    Firm:
    Hodgson Russ LLP
    ABA interim report on ESI in bankruptcy cases
    2012-06-28

    On March 15, 2012, the American Bar Association’s Electronic Discovery (ESI) in Bankruptcy Working Group (the “Working Group”) published an interim report addressing certain principles and suggested best practices for electronic discovery in bankruptcy cases (the “Interim Report”). The Working Group was formed to study and prepare guidelines or a “best practices” report on the scope and timing of a party’s obligation to preserve ESI in bankruptcy cases.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Liquidation, eDiscovery, American Bar Association
    Authors:
    Melinda Lackey , Anna Lamut , Martin Geagan
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    SDNY Bankruptcy Court opens door for rule 2004 use in Chapter 15
    2012-06-28

    On May 25, 2012, Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York approved a motion to compel the production of certain documents under section 1521 of the Bankruptcy Code.  In his decision, Judge Gropper also suggested that the broad discovery provisions of Bankruptcy Rule 2004 may apply to chapter 15 discovery requests, but stopped short of making such a ruling.  In re Millennium Global Emerging Credit Master Fund Limited, Case No. 11-13171 (ALG), (Bankr. S.D.N.Y May 25, 2012).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Motion to compel, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Andrew M. Greenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Supreme Court declines to hear appeal on Madoff trustee’s net equity formula
    2012-06-28

    The Supreme Court has cleared the way for Irving Picard, the Trustee overseeing the Madoff liquidation proceeding, to distribute billions of dollars to victims of Madoff’s Ponzi scheme.  On Monday, the Court declined to hear appeals in two cases from the Second Circuit challenging Picard’s formula for repaying victims.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP, Liquidation, Supreme Court of the United States
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    U.S. Supreme Court rules the individual mandate is constitutional and limits Medicaid expansion laws
    2012-06-28

    The decision we've all been waiting for is in -- the U.S.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Litigation, Tax, Squire Patton Boggs, Medicaid, Affordable Care Act 2010 (USA), Supreme Court of the United States
    Authors:
    Emily E. Root
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Madoff trustee targets European private banks with new lawsuits
    2012-06-29

    On June 6, 2012, the trustee liquidating Bernard L. Madoff Investment Securities Inc., Irving Picard, filed new lawsuits in the U.S. Bankruptcy Court in Manhattan against several European private banks. Included in the many new lawsuits he has filed are a complaint seeking $122.2 million against ABN Amro Fund Services Nominees Ltd.; a complaint seeking $108.1 million against Belgian private lender Banque Degroof SA; and two complaints filed against Swiss private banks EFG Bank SA and Lombard Odier Darier Hentsch & Cie, respectively seeking amounts of $354.9 million and $179.4 million.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Sedgwick LLP, United States bankruptcy court
    Authors:
    Jennifer Q. Broda , Matthew M. Ferguson , Jennifer Hamilton , Thomas R. Orofino , Eric C. Scheiner
    Location:
    USA
    Firm:
    Sedgwick LLP
    Texas bankruptcy court denies recognition to Mexican financial restructuring plan; decision to be appealed to the Fifth Circuit
    2012-06-20

    On June 13, 2012, the bankruptcy court for the Northern District of Texas in In re Vitro, S.A.B. de C.V. (“Vitro SAB”) declined to recognize and enforce an order issued by the Federal District Court for Civil and Labor Matters for the State of León, Mexico, which approved Vitro SAB’s reorganization plan in its Mexican insolvency proceeding (known as a concurso mercantil proceeding). Vitro S.A.B. v. ACP Master Fund, Ltd., et al. (In re Vitro S.A.B.), Case No. 11–33335 (HDH), 2012 WL 2138112 (Bankr. N.D. Tex. June 13, 2012).

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Greenberg Traurig LLP, Debtor, Debt, Comity, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Revisions to Minnesota statutes addressing receiverships and assignments for the benefit of creditors
    2012-06-20

    Receiverships and assignments for the benefit of creditors (ABCs) can be important tools for banks and other lenders when a borrower is suffering financial distress. Because they are often cost-effective and efficient, receiverships are being used increasingly throughout the country, and ABCs are commonly utilized in many states. In Minnesota, however, the statutes regarding receiverships and ABCs were outdated or largely ignored; as a result, receivership practices and procedures are not uniform, and ABCs are almost never used.

    Filed under:
    USA, Minnesota, Insolvency & Restructuring, Fredrikson & Byron PA, Debtor
    Location:
    USA
    Firm:
    Fredrikson & Byron PA
    Madoff trustee successfully stops two class actions from proceeding
    2012-06-22

    Baker Hostetler serves as court-appointed counsel to Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Securities LLC (“BLMIS”). In January of 2011, the SIPA Trustee obtained approval from the United States Bankruptcy Court for a $5 billion settlement for BLMIS customers with allowed claims. At the same time, the Bankruptcy Court also issued a permanent injunction with respect to claims that were duplicative or derivative of the SIPA Trustee’s claims. After an appeal, the District Court affirmed the settlement and the injunction in March of 2012.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, BakerHostetler, Injunction, Class action, Liquidation
    Authors:
    Deborah H. Renner
    Location:
    USA
    Firm:
    BakerHostetler

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