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    Divided Third Circuit partially stays sale of casino pending commercial tenant’s appeal
    2015-10-13

    A divided panel of the U.S. Court of Appeals for the Third Circuit stayed the part of a bankruptcy court’s sale order that would have “stripped” a commercial tenant’s lease from the casino property being sold to a third party. In re Revel AC, Inc., 2015 WL 5711358 (3d Cir. Sept. 30, 2015) (2-1).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Debtor, Casino, United States bankruptcy court, Third Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit examines make-whole premium: plain language controls
    2013-09-20

    On Sept. 12, 2013, the United States Court of Appeals for the Second Circuit affirmed the bankruptcy court’s decision to deny payment of a make-whole premium (the “Make-Whole Amount”) to bondholders under three separate indentures (the “Indentures”) based on the plain language of those agreements. U.S. Bank Trust Nat’l Ass’n v. AMR Corp. et al. (In re AMR Corp.), __ F.3d __, 2013 WL 4840474 (2d Cir. Sept. 12, 2013) (“In re AMR Corp. II”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Second Circuit, United States bankruptcy court
    Authors:
    David M. Hillman , Karen S. Park
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Lehman Brothers disclosure statement approved
    2011-08-31

    On Aug. 30, 2011, the United States Bankruptcy Court for the Southern District of New York approved the disclosure statement with respect to the revised second amended joint Chapter 11 plan of Lehman Brothers Holdings Inc. and its affiliated debtors (the “Debtors”). The order approving the Debtors’ disclosure statement and establishing certain procedures related to the hearing to consider confirmation of the plan (the “order”) can be accessed here.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Discovery, Voting, Solicitation, Lehman Brothers, United States bankruptcy court
    Authors:
    Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fifth Circuit treats severance payments to insider as fraudulent transfers under 2005 Bankruptcy Code amendment
    2010-03-05

    The U.S. Court of Appeals for the Fifth Circuit held on Feb. 10, 2010, that a corporate debtor’s pre-bankruptcy severance payments to its former chief executive officer (“CEO”) were fraudulent transfers. In re Transtexas Gas Corp., ____ F.3d _____, 2010 BL 28145 (5th Cir. 2/10/10). Because of its holding “that the payments were fraudulent under the Bankruptcy Code,” the court did “not consider other possible violations, including [the Texas Uniform Fraudulent Transfer Act] or [Bankruptcy Code] Section 547(b) [preferences].” Id. at *5.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Fraud, Board of directors, Federal Reporter, Employment contract, Liquidation, Severance package, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Chief executive officer, Trustee
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court sets deadlines for filing claims against Lehman Brothers Inc
    2008-11-14

    The United States Bankruptcy Court for the Southern District of New York overseeing the Lehman Brothers (“LBI“) case under the Securities Investor Protection Act (“SIPA“) entered an order on Nov. 7, 2008 (the “Claims Bar Date Order“) establishing the following deadlines for the filing of claims against LBI:

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liability (financial accounting), Brokerage firm, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Court denies hedge funds' motion to seal confidential trading information
    2007-03-12

    Members of the ad hoc shareholders’ committee in the Northwest Airlines reorganization case lost their attempt on March 9 to seal “the amounts of claims or interest [they] owned …, the times when acquired, the amounts paid therefor, and any sales or other disposition thereof.” So held Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York in In re Northwest Airlines Corp., following his earlier ordering of the disclosure of trading details.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Confidentiality, Bankruptcy, Shareholder, Interest, Discovery, Hedge funds, Motion to compel, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    District Court Affirms Disallowance of Lender’s Legal Fee Claim
    2017-12-06

    “[T]he Bankruptcy Code does not permit [an undersecured] creditor . . . to advance an unsecured claim for post-[bankruptcy] attorneys’ fees,” held the U.S. District Court for the Eastern District of North Carolina on Nov. 27, 2017. Summitbridge Nat’l Invs. Iii v. Faison, 2017 U.S. Dist. LEXIS 195267, *8 (E.D. N. C. Nov. 27, 2017). Affirming the bankruptcy court, the district court agreed that “the Code is most properly interpreted to allow only oversecured creditors to add post-[bankruptcy] attorneys’ fees.” Id., at *10.

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Schulte Roth & Zabel LLP, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit affirms voiding of secured creditor’s lien
    2015-08-10

    A Chapter 11 reorganization plan may extinguish a secured creditor’s lien if: (1) the plan “does not preserve the lien”; (2) the court confirms the plan; (3) the plan “dealt with” the lender’s collateral; and (4) the lender “participated in the bankruptcy” case, held the U.S. Court of Appeals for the Second Circuit on Aug. 4, 2015. In re Northern New England Tel. Operations, LLC, 2015 WL 4619576 (2d Cir. Aug. 4, 2015).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Secured creditor, Second Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Third Circuit permits reopening of reorganization case to enforce debtor’s purchase option in real estate lease
    2013-08-19

    The U.S. Court of Appeals for the Third Circuit held on July 30, 2013, that a reorganized Chapter 11 debtor could reopen its closed case, enabling the debtor assignee to enforce a purchase option in a real property lease despite the lease’s “anti-assignment provisions.” In re Lazy Days’ RV Center Inc., 2013 WL 3886735, *5 (3d Cir. July 30, 2013).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Schulte Roth & Zabel LLP, Fifth Amendment, United States bankruptcy court, Third Circuit
    Authors:
    Michael L. Cook , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit rules against net winners in Madoff “net equity” dispute
    2011-08-18

    In a decision likely to affect thousands of Madoff investors, the Second Circuit Court of Appeals on Aug. 16, 2011 unanimously upheld the method used by the liquidating trustee for Bernard L.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, Security (finance), Fraud, Standard of review, Liquidation, Broker-dealer, Investment funds, Market value, Pro rata, Securities Investor Protection Corporation, Second Circuit, United States bankruptcy court, Trustee
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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