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    $188 million insider preference judgment affirmed by Third Circuit
    2009-02-11

    The U.S. Court of Appeals for the Third Circuit held on Feb. 3, 2009, that a debtor’s “strategic partnership” vendor was liable as a non-statutory insider for preferential payments it received approximately four months prior to the debtor’s bankruptcy. In re Winstar Communications, Inc., ___F.3d ___, 2009 U.S. App. LEXIS 1953, at *1 (3d Cir. 2/3/09). The court affirmed the bankruptcy court’s judgment (an 88-page decision with detailed fact findings), rendered after a 21-day bench trial that included 1,400 exhibits and 39 witnesses.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Conflict of interest, Bankruptcy, Debtor, Breach of contract, Board of directors, Interest, Federal Reporter, Bench trial, United States bankruptcy court, Third Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Court insulates lender's collateral from professional fee surcharge
    2007-07-23

    SRZ's reorganization group recently helped a lender avoid a surcharge against its collateral for legal fees. U.S. Bankruptcy Judge Arthur N. Votolato of the District of Rhode Island handed the lender the important victory on July 5, 2007, after an earlier trial. In re California Webbing Industries, Inc., 2007 WL 1953018 (Bankr. D. R. I., 7/5/07). In a detailed 22-page opinion, Judge Votolato held that the lender never consented to the use of its collateral to pay the fees of counsel for a Chapter 11 debtor and the creditors' committee in its failed reorganization case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Federal Reporter, Secured creditor, US Code, Second Circuit, United States bankruptcy court, Fifth Circuit, Trustee
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    First Circuit Affirms Dismissal of Fraudulent Transfer and Fiduciary Duty Claims
    2018-03-28

    THE BANKING LAW JOURNAL

    First Circuit Affirms Dismissal of Fraudulent Transfer and Fiduciary Duty Claims

    Michael L. Cook* This article discusses a recent U.S. Court of Appeals for the First Circuit decision holding that the debt-financed purchase of a business was not a fraudulent transfer and did not violate the fiduciary duty of the company's directors.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, United States bankruptcy court, First Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit holds transferee liable for decline in value of fraudulently transferred stock
    2015-11-05

    A “bankruptcy court has discretion to award the [bankruptcy] trustee the actual [fraudulently transferred] property or its pre-transfer value,” held the U.S. Court of Appeals for the Seventh Circuit on Oct. 23, 2015. Hebenstreit v. Kaur, 2015 WL 6445461, at *2 (7th Cir. Oct. 23, 2015).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, United States bankruptcy court, Seventh Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    New York bankruptcy court awards billions in damages arising from corporate spin-off avoided as fraudulent transfer
    2013-12-20

    A New York bankruptcy court, on Dec. 12, 2013, issued a 166-page decision after a 34-day trial, concluding that the spin-off of a highly profitable energy business constituted a fraudulent transfer intended to shield the business from massive environmental liabilities, and awarding damages of up to approximately $14.5 billion.[1]Tronox Inc. et al. v. Kerr McGee et al. (In re Tronox et al.) (Bankruptcy S.D.N.Y. Dec. 12, 2013) (J.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, Public company, United States bankruptcy court
    Authors:
    David M. Hillman , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fifth Circuit shows reorganization investors how to get and keep an expense reimbursement order
    2011-09-09

    The U.S. Court of Appeals for the Fifth Circuit, on Aug. 16, 2011, affirmed the lower court’s decision authorizing reimbursement of expenses to qualified bidders for a reorganization debtor’s assets. In re Asarco, LLC, 2011 BL 213002 (5th Cir. Aug. 16, 2011). In the court’s view, the debtor provided “a compelling and sound business justification for the reimbursement authority.” Id. at *12.

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Debt, Due diligence, Judicial review, Business judgement rule, Second Circuit, United States bankruptcy court, Fifth Circuit, Third Circuit, Trustee
    Authors:
    Michael L. Cook , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Lehman Brothers seeks approval of claims resolution procedures
    2010-03-17

    On March 15, 2010 Lehman Brothers Holdings, Inc. and its affiliated debtors (the “Debtors”) filed a motion (the “Motion”) with the Bankruptcy Court overseeing the Debtors’ Chapter 11 cases (the “Court”) seeking authorization to establish certain claims and alternative dispute resolution procedures designed to expedite the process of reconciling claims filed against the Debtors’ estates.

    The procedures, set forth in detail in an exhibit to the proposed order filed with the Motion, are summarized as follows:

    Filed under:
    USA, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Bankruptcy, Injunction, Mediation, Liquidation, Lehman Brothers, United States bankruptcy court
    Authors:
    Michael L. Cook , Lawrence V. Gelber , Adam C. Harris , David M. Hillman
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Professional’s pre-approved fixed fee award upheld by 2d Cir.
    2009-01-16

    Financial advisors, investment bankers, lawyers and other professionals in reorganization cases should pay close attention to a decision of the U.S. Court of Appeals for the Second Circuit handed down on Jan. 6, 2009. In re Smart World Technologies, LLC, ___ F.3d ___ (2d Cir. 1/6/2009).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Contractual term, Debtor, Federal Reporter, Investment banking, Standing (law), Liquidation, Judicial review, Contingent fee, Precondition, Second Circuit, United States bankruptcy court, Sixth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fourth Circuit affirms dismissal of reorganization case due to commercial tenant’s bad faith litigation tactics
    2007-06-20

    The Fourth Circuit, on June 15, 2007, affirmed the dismissal of a Chapter 11 reorganization petition filed by a tenant debtor in a commercial lease dispute. Maryland Port Administration v. Premier Automotive Services, Incorporated (In re Premier Automotive Services, Incorporated), ___ F.3d ___, 2007 WL 1721951 (4th Cir. 6/15/07).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Injunction, Landlord, Leasehold estate, Interest, Federal Reporter, Good faith, Bad faith, Title 11 of the US Code, Westlaw, United States bankruptcy court, Fifth Circuit, Fourth Circuit, Sixth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    First Circuit Affirms Dismissal of Fraudulent Transfer and Fiduciary Duty Claims
    2017-12-12

    “[T]he largely debt-financed purchase of a family-owned [business] was not a fraudulent [transfer] and did not amount to a violation of the fiduciary duty of the company’s directors,” held the U.S. Court of Appeals for the First Circuit on Dec. 4, 2017. In re Irving Tanning Co., 2017 W.L. 5988834, *1 (1st Cir. Dec. 4, 2017).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, Debtor, Fiduciary, United States bankruptcy court, First Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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