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2nd Circ. Ruling Confirms Equitable Ownership Viability
2023-02-01

What does it mean to own something? When should the law acknowledge that somebody really owns something, even if they don't formally own it?

And when will courts recognize the economic reality that one person — say, a judgment debtor — in truth owns something, notwithstanding that person's painstaking efforts to keep formal legal title in the hands of others?

The law has long recognized doctrines to disregard the existence, or pierc the veil, of corporate entities to which a debtor has transferred assets.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Omni Bridgeway, Second Circuit, United States bankruptcy court, US District Court for SDNY, U.S. Court of Appeals
Location:
USA
Firm:
Omni Bridgeway
View Original Article
Third Circuit Dismisses Talc Bankruptcy
2023-01-31

On Monday, January 30, 2023, the Third Circuit in In re LTL Management, LLC1 ordered debtor LTL Management, LLC’s (“LTL”) chapter 11 petition dismissed for failure to demonstrate that the petition was filed in good faith pursuant to the Bankruptcy Code.2 The dismissal of LTL’s bankruptcy will also result in the termination of an injunction staying numerous lawsuits against third-parties—including lawsuits against certain third-party retailers being sued for allegedly having sold certain allegedly contaminated products.

Filed under:
USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, United States bankruptcy court, Third Circuit
Authors:
Gregory G. Hesse , Brandon Bell
Location:
USA
Firm:
Hunton Andrews Kurth LLP
View Original Article
Bankruptcy Court Issues Ruling on Ownership of Celsius Account Assets
2023-01-31

The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. Defined by section 541 of the Bankruptcy Code, “property of the estate” broadly encompasses the debtor’s interests in property, with certain additions and exceptions provided for in the Code. See 11 U.S.C. § 541. Difficult questions can arise in a contractual relationship between a debtor and a counterparty about whether an entity actually owns a particular asset or merely has some contractual right.

Filed under:
USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Cryptocurrency, United States bankruptcy court, US District Court for SDNY
Authors:
Jonah Wacholder , Daniel A. Lowenthal
Location:
USA
Firm:
Patterson Belknap Webb & Tyler LLP
View Original Article
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
View Original Article
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
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
Appellate Review of a Bankruptcy Court’s Preliminary Injunction
2023-01-20

Should a bankruptcy court’s preliminary injunction be subject to appellate review?Taking the negative position, the U.S. District Court for the Eastern District of New York recently held that it had the “discretion … to decline to hear” an appeal from a bankruptcy court’s preliminary injunction. Navient Solutions, LLC et al. v. Homaidan et al., 2022 WL 17252459, *4 (E.D.N.Y. Nov. 28, 2022), quoting In re Kassover, 343 F.3d 91, 95 (2d Cir.

Filed under:
USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Preliminary injunction, Supreme Court of the United States, United States bankruptcy court
Authors:
Michael L. Cook
Location:
USA
Firm:
Schulte Roth & Zabel LLP
View Original Article
Bankruptcy Court Allows Service of a Subpoena Via Twitter
2023-01-17

When a court-appointed trustee or liquidator is tasked with liquidating an entity, they need to gain possession of all of the entity’s assets. In crypto cases, this task can prove difficult when trying to identify and control all of the entity’s different digital assets and obtain cooperation from the entity’s former operators. Unfortunately, in the case of Three Arrows Capital (“3AC”), the two founders have refused to cooperate with recovery efforts and have absconded to unknown foreign countries.

Filed under:
British Virgin Islands, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Hedge funds, Liquidation, Cryptocurrency, United States bankruptcy court
Authors:
Kyle F. Arendsen
Location:
British Virgin Islands, USA
Firm:
Squire Patton Boggs
View Original Article
Cryptocurrency Update: Crypto in Celsius “Earn” Accounts Are Property of Bankruptcy Estate, Not Customer Assets
2023-01-12

Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York issued a ruling last week in the Celsius Network bankruptcy case addressing whether customer deposits on a cryptocurrency exchange or platform are property of the debtor or property of the customer. The answer, not surprisingly, depends on the Terms of Use governing the account in question. In this case, the Court found that the terms clearly and unambiguously provided that ownership of cryptocurrency assets deposited into “Earn Accounts” resides with Celsius.

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Schulte Roth & Zabel LLP, Cryptocurrency, United States bankruptcy court
Authors:
Douglas S. Mintz , Abbey Walsh , Peter J. Amend
Location:
USA
Firm:
Schulte Roth & Zabel LLP
View Original Article
My Cryptos Gone: Cryptocurrency in Earn Accounts Belong to Celsius Not Customers
2023-01-09

Cryptocurrency in Celsius’ Earn Accounts belongs to the bankruptcy estate, and not to the depositors who placed it there, according to a January 4 memorandum opinion from Judge Martin Glenn of the U.S. Bankruptcy Court in the Southern District of New York.

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Bracewell LLP, Bankruptcy, Cryptocurrency, United States bankruptcy court
Authors:
Robert Grattan , Mark E. Dendinger
Location:
USA
Firm:
Bracewell LLP
View Original Article
Cayman investment company obtains Chapter 15 protection in the United States
2010-02-19

The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

Filed under:
Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
Location:
Cayman Islands, USA
Firm:
Harneys
View Original Article

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