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    Products Liability Plaintiffs Prevented From Seeking Recovery Against New GM Because the Bankruptcy Court Found Their Claims Were Not Assumed by New GM
    2016-04-26

    On April 15, 2016, the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) halted the attempt of plaintiffs who were injured in an accident involving a General Motors vehicle to seek recourse against General Motors LLC (“New GM”) in state court, finding that New GM did not assume liability for the plaintiffs’ claims.  This decision provides yet another reminder to t

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, General Motors, United States bankruptcy court
    Authors:
    Todd E. Phillips , Jeanna Rickards Koski
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Bankruptcy Court Rejects Use of Blocking Director to Prevent Bankruptcy Filing
    2016-04-27

    Does the bankruptcy filing of a limited liability company without the approval of its “Special Member,” the secured lender serving as “blocking director,” render that filing infirm as unauthorized and subject to dismissal?  Not necessarily, held the United States Bankruptcy Court for the Northern District of Illinois in a 

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Fiduciary, Limited liability company, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Any Port in a Storm - the Safe Harbor of Section 546(e)
    2016-04-28

    A bankruptcy court wrote that filing for bankruptcy is “powerful magic.”  By finding federal preemption of state law fraudulent transfer claims, the Second Circuit Court of Appeals’ decision in the long-running Tribune case showed just how powerful this magic can be.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Federal preemption, Bankruptcy, Balance sheet, Leveraged buyout, Tender offer, United States bankruptcy court
    Authors:
    Kate Thomas
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Confirmation of chapter 13 plan that favors debtor's attorney over homestead mortgage reversed on appeal
    2016-04-20

    Bankruptcy is all about the debtor’s assets, specifically how many and who gets them. The reason that many bankruptcy cases are contentious is that the parties often disagree about the amount of assets available for distribution to creditors, as well as how the assets should be divvied up.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Foster Swift Collins & Smith PC, Bankruptcy, Debtor, Mortgage loan, United States bankruptcy court
    Authors:
    Patricia J. Scott
    Location:
    USA
    Firm:
    Foster Swift Collins & Smith PC
    Defalcation and the Hazards of Board Membership - Lessons from the Fifth Circuit
    2016-04-20

    Do you serve on your condominium’s board as a fun way to meet your neighbors and test out your governance skills? What seems like a low-commitment diversion can balloon into a stressful time suck – or worse.  You may be held personally liable for breaching fiduciary duties to your condo.  And if you fall into really bad luck and end up in bankruptcy, you may not even be able to discharge debts for such liability, as a recent Fifth Circuit decision reminds us.  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Weil Gotshal & Manges LLP, Fiduciary, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Too Little, Too Late: Ninth Circuit Holds Confirmation Objection Insufficient to Revive Untimely Complaint Objecting to Dischargeability of Debt
    2016-04-21

    We’ve previously written on various cases in which parties have sought to save or revive late filed pleadings by arguing those pleadings “relate back” to previously filed documents with varying degrees of success.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Statute of limitations, Debt, Ninth Circuit, United States bankruptcy court
    Authors:
    Matthew Goren
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Sanctions? In Delaware Bankruptcy Court? Yes
    2016-04-25

    – But they weren’t as oppressive as my subject line may imply.

    In a 13 page decision, released April 22, 2016, Judge Gross of the Delaware Bankruptcy Court granted a motion to dismiss an adversary proceeding and sanctioned the Plaintiff – disallowing any further litigation against the defendants in the Bankruptcy Court. Judge Gross’ opinion is available here (the “Opinion”).

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Giese v. Community Trust Bank (In re HNRC Dissolution Co.)
    2016-04-18

    (Bankr. E.D. Ky. Apr. 15, 2016)

    The bankruptcy court dismisses the plaintiff’s complaint because it failed to state a claim. The complaint was based on a factual assertion that the plaintiff’s predecessor had an interest in certain bank account funds. However, the prior 11 U.S.C. § 363 sale order and confirmation order adjudicated otherwise. Thus, the claims were barred by the doctrine of res judicata. Opinion below.

    Judge: Wise

    Attorneys for Plaintiff: Philip G. Fairbanks, M. Austin Mehr, John M. Simms

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, United States bankruptcy court
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC
    WARNing: You Could be Personally Liable
    2016-04-19

    “Can I be personally liable?” Directors, officers, and managers of business entities frequently ask that question of their attorneys. A recent Delaware decision reveals an important area of potentially huge personally liability involving a sudden shutdown caused by insolvency.

    Filed under:
    USA, Delaware, Wisconsin, Employment & Labor, Insolvency & Restructuring, Litigation, Verrill Dana LLP, Legal personality, Fiduciary, Worker Adjustment and Retraining Notification Act 1988 (USA), United States bankruptcy court
    Authors:
    Roger A. Clement, Jr.
    Location:
    USA
    Firm:
    Verrill Dana LLP
    Direct Capital Corporation v. Steele (In re Steele)
    2016-04-13

    (Bankr. S.D. Ind. April 11, 2016)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, United States bankruptcy court
    Authors:
    Matt Lindblom
    Location:
    USA
    Firm:
    Stoll Keenon Ogden PLLC

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