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    New U.S. Supreme Court rulings
    2010-08-11

    When a bankruptcy court calculates the "projected disposable income" in a repayment plan proposed by an above-median-income chapter 13 debtor, the court may "account for changes in the debtor's income or expenses that are known or virtually certain at the time of confirmation," the U.S. Supreme Court held in Hamilton v. Lanning on June 7. Writing for the 8-1 majority, Justice Samuel A.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Tax exemption, Bankruptcy, Debtor, Interest, Personal property, Dissenting opinion, Majority opinion, Title 11 of the US Code, Trustee, Supreme Court of the United States, Ninth Circuit, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Insider’s compensation claim capped at zero under section 502(b)(4)
    2010-08-11

    The Bankruptcy Code treats insiders with increased scrutiny, from longer preference periods to rigorous equitable subordination principles, denial of chapter 7 trustee voting rights, disqualification in some cases of votes on a cram-down chapter 11 plan, and restrictions on postpetition key-employee compensation packages. The treatment of claims by insiders for prebankruptcy services is no exception to this general policy: section 502(b)(4) disallows insider claims for services to the extent the claim exceeds the "reasonable value" of such services.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Legal burden of proof, Good faith, Subsidiary, Chief financial officer, United States bankruptcy court
    Authors:
    David G. Marks
    Location:
    USA
    Firm:
    Jones Day
    No safe harbor in a bankruptcy storm: mutuality “baked into the very definition of setoff”
    2010-08-10

    "Safe harbors" in the Bankruptcy Code designed to insulate nondebtor parties to financial contracts from the consequences that normally ensue when a counterparty files for bankruptcy have been the focus of a considerable amount of scrutiny as part of evolving developments in the Great Recession. One of the most recent developments concerning this issue in the courts was the subject of a ruling handed down by the New York bankruptcy court presiding over the Lehman Brothers chapter 11 cases. In In re Lehman Bros. Holdings, Inc., Judge James M.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Conflict of laws, Debtor, Security (finance), Fraud, Division of property, Swap (finance), Commodity, Debt, Concession (contract), Liquidation, Debtor in possession, US Congress, Lehman Brothers, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Bankruptcy taxation
    2010-08-10

    Creation of the Bankruptcy Estate  

    Filed under:
    USA, Insolvency & Restructuring, Tax, Saul Ewing LLP, Bankruptcy, Debtor, Accounting, Tax deduction, Tax return (USA), Debtor in possession, Employer Identification Number, US Code, Title 11 of the US Code, Internal Revenue Code (USA), Trustee, United States bankruptcy court
    Authors:
    Robert E. McKenzie
    Location:
    USA
    Firm:
    Saul Ewing LLP
    Advisory Committee on Bankruptcy rules recommends sweeping revisions to Bankruptcy Rule 2019
    2010-08-10

    Bankruptcy headlines in 2007 were awash with tidings of controversial developments in the chapter 11 cases of Northwest Airlines and its affiliates that sent shock waves through the "distressed" investment community. A New York bankruptcy court ruled that an unofficial, or "ad hoc," committee consisting of hedge funds and other distressed investment entities holding Northwest stock and claims was obligated under a formerly obscure provision in the Federal Rules of Bankruptcy Procedure—Rule 2019—to disclose the details of its members' trading positions, including the acquisition prices.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Lobbying, Bankruptcy, Security (finance), Interest, Hedge funds, Stakeholder (corporate), Leverage (finance), Distressed securities, Securities Industry and Financial Markets Association, US House Committee on Rules, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    In the courts
    2010-08-09
    • On August 4, 2010, the US Court of Appeals for the Seventh Circuit affirmed in part and reversed in part a Wisconsin federal district court’s ruling on the Wisconsin bankruptcy court’s disposition of three of Telephone and Data Systems’ (TDS) claims, and the FCC’s objections thereto, filed in Airadigm’s Chapter 11 reorganization plan. The principal assets at issue were a series of C- and F-block spectrum licenses for mobile phone service in certain areas of Wisconsin, Iowa, and Michigan that Airadigm had won at auction in the late 1990s.
    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, ArentFox Schiff, Bankruptcy, Debtor, Federal Communications Commission (USA), Administrative Procedure Act, Supreme Court of the United States, United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Authors:
    Ross A. Buntrock , Jonathan E. Canis , Alan G. Fishel , Michael B. Hazzard , Stephanie A. Joyce , Jeffrey E. Rummel
    Location:
    USA
    Firm:
    ArentFox Schiff
    American Safety Razor files for bankruptcy, citing slow growth and increased competition
    2010-08-12

    Introduction

    American Safety Razor Company ("ASR"), one of the largest manufacturers of shaving razors and blades, filed for bankruptcy protection in Delaware on July 28, 2010. According to the Declaration of ASR's Chief Financial Officer, Andrew Bolt (the "Bolt Declaration"), the company's net sales for 2009 totaled $330 million, down from the $351 million in sales achieved in 2008. See Bolt Declaration, pgh. 11.

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Limited liability partnership, Debt, Default (finance), Title 11 of the US Code, Chief financial officer, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Caribbean Petroleum files for bankruptcy following explosion at petroleum tank farm
    2010-08-16

    On August 12, 2010, Caribbean Petroleum Corporation filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. Caribbean Petroleum imports and distributes petroleum products in Puerto Rico through a network of 184 service stations. This post will look at the events leading up to the company's filing for bankruptcy, as well as what the company hopes to accomplish while in bankruptcy.

    Filed under:
    USA, Delaware, Energy & Natural Resources, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Debtor, Title 11 of the US Code, Chief financial officer, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in Qimonda bankruptcy looks at whether a conversion claim is entitled to administrative priority
    2010-08-15

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Contractual term, Bankruptcy, Debtor, Testimony, Google, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Liquidating Trustee of Intermet corporation files preference actions in Delaware
    2010-08-15

    Introduction

    Earlier this month, the Liquidating Trustee in the Intermet bankruptcy filed preference actions against various defendants. This post will look at the nature of Intermet's business, why the company filed for bankruptcy and the circumstances behind the formation of the Liquidating Trust that is pursuing the preference actions.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, Honda, Title 11 of the US Code, Trustee, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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