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New Ruling on Remedy for Disparity in Bankruptcy Fees
2023-05-30

We have blogged a fewtimes about the Supreme Court’s decision in Siegel v. Fitzgerald and its implications.

Filed under:
USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Supreme Court of the United States, United States bankruptcy court
Authors:
Daniel A. Lowenthal , Jonah Wacholder
Location:
USA
Firm:
Patterson Belknap Webb & Tyler LLP
View Original Article
In re Boy Scouts of America and Delaware BSA, LLC: Delaware District Court Affirms Bankruptcy Court’s Approval of Third-Party Releases, in Conflict with Southern District of New York District Court in Purdue
2023-05-02

On March 28, 2023, the United States District Court for the District of Delaware (the “District Court”) rendered an opinion (the “Opinion”)1 affirming the confirmation order of Laurie S.

Filed under:
USA, Delaware, Company & Commercial, 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 , Paul E. Heath , George R. Howard , Lauren R. Kanzer , Jessica C. Peet , Bradley Foxman , Katherine Drell Grissel , Kristie Torkildsen Duchesne
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
In re Boy Scouts of America and Delaware BSA, LLC
2023-05-02

On March 28, 2023, the United States District Court for the District of Delaware (the “District Court”) rendered an opinion (the “Opinion”)1 affirming the confirmation order of Laurie S.

Filed under:
USA, Delaware, Company & Commercial, 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 , George R. Howard , Bradley Foxman , Katherine Drell Grissel , Kristie Torkildsen Duchesne
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
FERC v. Powhatan Energy Fund, LLC Saga Ends With Default Judgment Against Powhatan Energy Fund
2023-03-30

On March 22, 2023, the U.S. District Court for the Eastern District of Virginia (Court) granted the Federal Energy Regulatory Commission’s (FERC) Motion for Default Judgment and entered a default judgment against Powhatan Energy Fund, LLC (Powhatan Energy Fund). The Court awarded FERC $3,465,108 in disgorgement and $16,800,000 in civil penalties.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Sidley Austin LLP, FERC, United States bankruptcy court, Fourth Circuit, US District Court for Eastern District of Virginia
Authors:
Kenneth W. Irvin
Location:
USA
Firm:
Sidley Austin LLP
View Original Article
Which Kind of Foreign Debtors are Eligible for Relief under Chapter 15 of the Bankruptcy Code - Is a Circuit-Level Split in the Offing?
2023-03-29

Whether a foreign bankruptcy case can be recognized under chapter 15 if the foreign debtor does not satisfy the commands of both section 109 (of chapter 1) and section 1517 (of chapter 15) of the Bankruptcy Code has long been a contentious issue. As previewed at an oral argument held on March 10, 2023, the Eleventh Circuit has now waded into this thicket, setting up the possibility of a circuit-level counterweight to the Second Circuit’s seminal decision in In re Barnet.

Statutory Text

Filed under:
USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, United States bankruptcy court
Location:
USA
Firm:
Reed Smith LLP
View Original Article
Bankruptcy Court Sanctions Collections Firm for Attempting to Collect Discharged Debt
2023-02-16

On January 19, the United States Bankruptcy Court for the Western District of Virginia entered an order sanctioning a collections law firm for violating the bankruptcy discharge injunction. The court in Skaggs v. Gooch (In re Skaggs) awarded the debtor $25,000 in attorneys’ fees based on a letter he received concerning a discharged debt.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, United States bankruptcy court
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Eleventh Circuit Stops Plan Confirmation Stampede
2023-02-14

"When a modification to a Chapter 11 reorganization plan materially and adversely affects the treatment of a class of claim or interest holders, those claim or interest holders are entitled to a new disclosure statement and another opportunity to vote.” In re America-CV Station Group, Inc., 2023 WL 109967 (11th Cir. Jan. 5, 2023). In this case, the U.S. Court of Appeals for the Eleventh Circuit just upended a hastily confirmed reorganization plan.

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, United States bankruptcy court, Eleventh Circuit
Authors:
Michael L. Cook
Location:
USA
Firm:
Schulte Roth & Zabel LLP
View Original Article
No Double Dipping - Avianca Bankruptcy Court Demands that Foreign Creditors Drop Foreign Enforcement Proceedings at Risk of Having Bankruptcy Claims Disallowed
2023-02-13

In a January 2023 opinion,1 the Southern District of New York Bankruptcy Court overseeing the bankruptcy case of Latin American airline Avianca and certain of its affiliates sanctioned over 150 of the airline’s Brazilian and Columbian creditors who had filed proofs of claim in the bankruptcy case finding t

Filed under:
USA, Insolvency & Restructuring, Litigation, Trade & Customs, Mayer Brown, Sanctions, Coronavirus, United States bankruptcy court
Authors:
Matthew V. Wargin , Aaron Gavant
Location:
USA
Firm:
Mayer Brown
View Original Article
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

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