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    Champion Enterprises Bankruptcy Court dismisses equitable subordination and fraudulent transfer claims
    2011-02-10

    The United States Bankruptcy Court for the District of Delaware recently dismissed equitable subordination and fraudulent transfer claims filed by the Official Committee of Unsecured Creditors of Champion Enterprises, Inc. ("Champion") against more than 100 prepetition lenders to Champion (collectively, the "Defendants")1.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Consideration, Debt, Default (finance), Secured loan, Credit Suisse, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Kathryn M. Borgeson
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit holds that senior creditors’ “gifting” of value to existing shareholder under reorganization plan violates absolute priority rule
    2011-02-10

    The U.S. Court of Appeals for the Second Circuit, on Feb. 7, 2011, held that senior creditors could not “gift” part of their reorganization plan recovery to existing shareholders of the debtor.In re DBSD N. Am., Inc., __ F.3d __, 2011 WL 350480 (2d Cir. Feb. 7, 2011) (2-1) (Lynch, J.) (explainingIn re DBSD N. Am., Inc., 627 F.3d 496 (2d Cir. 2010) (summary opinion)). Its extensive 62-page opinion explained the court’s previous two-page summary ruling of Dec.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Bankruptcy, Shareholder, Debtor, Unsecured debt, Interest, Debt, Standing (law), Unsecured creditor, Sprint Corporation, Second Circuit, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Michael L. Cook , Joseph E. Bain
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Hospital's bankruptcy examiner identifies millions of dollars in unauthorized payments; cites law firm for breach of duty
    2011-02-15

    In a case illustrating the effective use of a bankruptcy examiner, the examiner appointed by the court in the North General Hospital bankruptcy case has concluded that the hospital made over $3 million in unauthorized post-bankruptcy filing payments to the detriment of unsecured creditors. Prior to its bankruptcy filing, North General Hospital and certain related corporate debtors operated a hospital in the Harlem section of Manhattan.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Fiduciary, Debt, Liquidation, Severance package, Title 11 of the US Code, Chief financial officer
    Authors:
    H. Jason Gold , Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Important warnings against “gifting plans” and hostile takeover attempts in Chapter 11
    2011-02-17

    The Second Circuit Court of Appeals' February 7, 2011 decision, which reversed the confirmation of a plan of reorganization for DBSD North America, Inc. ("DBSD")1 is likely to have an impact nationwide.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Good faith, Bright-line rule, Bad faith, Unsecured creditor, Sprint Corporation, Dish Network, Second Circuit, United States bankruptcy court
    Authors:
    Stephen Selbst , Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    Florida district court sends strong message regarding expansive interpretation of fraudulent conveyance law in bankruptcy
    2011-02-18

    In a 113-page decision (click here to read decision) that is sure to be applauded by lenders and bond traders alike, Judge Alan S. Gold of the United States District Court for the Southern District of Florida, in overturning a Bankruptcy Court opinion that has caused lenders much concern, has issued a stern ruling that provides a bulwark against efforts by creditors and trustees in bankruptcy to expand the scope of the fraudulent conveyance provisions under the Bankruptcy Code.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bond (finance), Bankruptcy, Surety, Unsecured debt, Debt, Joint venture, Default (finance), Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Sandra E. Mayerson , Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Second Circuit rejects gifting exception to absolute priority rule and affirms vote designation for claims acquired in bad faith
    2011-02-17

    The United States Court of Appeals for the Second Circuit (the “Second Circuit”) on February 7, 2011 issued an opinion rejecting the often used gifting doctrine in the context of a plan of reorganization on the one hand, while affirming vote designation for claims not purchased in good faith on the other.In re DBSD N. Am., Inc., __ F.3d __, 2011 WL 350480 (2d Cir. Feb. 7, 2011).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP, Share (finance), Bankruptcy, Shareholder, Unsecured debt, Interest, Federal Reporter, Debt, Good faith, Voting, Bad faith, Secured creditor, Warrant (finance), Sprint Corporation, Dish Network, Second Circuit, United States bankruptcy court, First Circuit
    Location:
    USA
    Firm:
    Dechert LLP
    District court quashes controversial TOUSA fraudulent transfer decision
    2011-02-22

    In a recent 113-page decision, Judge Alan S. Gold of the U.S. District Court for the Southern District of Florida quashed the TOUSA Bankruptcy Court’s previous controversial fraudulent conveyance decision that required secured lenders (the "Transeastern Lenders") to disgorge approximately $480 million received in settlement of their claims against TOUSA.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Pillsbury Winthrop Shaw Pittman LLP, Bond (finance), Bankruptcy, Unsecured debt, Interest, Debt, Joint venture, Conveyancing, Default (finance), Line of credit, Subsidiary, United States bankruptcy court
    Authors:
    Craig A. Barbarosh , Karen B. Dine , Erica Edman Carrig , Brandon R. Johnson
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    The largest marcher in the parade of reported PHI security breaches: NYC health and hospitals corporation's North Bronx Healthcare Network
    2011-02-22

    This blog series has been following the continuing flow of large security breaches of Protected Health Information (“PHI”) and how affected providers and insurers have been responding to their discovery. The New York City Health and Hospitals Corporation’s North Bronx Healthcare Network (“HHC”) has recently become perhaps the largest marcher in the parade of PHI security breaches with a reported 1,700,000 persons affected.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Fox Rothschild LLP, Information privacy, Unsecured debt, Electronic health record, Personally identifiable information, Liability insurance, Social Security number, Credit report monitoring, US HHS, Health Insurance Portability and Accountability Act 1996 (USA), HITECH Act 2009 (USA)
    Authors:
    Michael J. Kline
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Beware of creditors bearing gifts: the Second Circuit’s recent decision in In re: DBSD North America, Inc. casts significant doubt on “gift” plans
    2011-02-28

    On February 7, 2011 the United States Court of Appeals for the Second Circuit issued its eagerly awaited opinion in the consolidated appealIn re: DBSD North America, Inc., Docket Nos. 10-1175, 10-1201, 10-1352, 2010 U.S. App. LEXIS 27007.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Share (finance), Bankruptcy, Debtor, Unsecured debt, Dividends, Federal Reporter, Liquidation, Secured creditor, Second Circuit, United States bankruptcy court, First Circuit
    Authors:
    Mark A. Broude , Jason B. Sanjana
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    The dog that didn't bark - Second Circuit's opinion in DBSD North America disallows gifting, but is silent on cramdown of secured creditor
    2011-03-02

    As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Security (finance), Interest, Market liquidity, Debt, Bad faith, Secured creditor, Unsecured creditor, Secured loan, Dish Network, Second Circuit, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP

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