Professional compensation is often a contentious issue in bankruptcy, as we have previously discussed.
This morning, the Supreme Court issued its hotly anticipated decision in Executive Benefits Insurance Agency v.
Where a document filed under seal in a bankruptcy case has nothing to do with the bankruptcy itself, is the public entitled to access the document? The United States District Court for the Eastern District of Virginia considered this unique question in Robbins v.
Secured creditors naturally want to be repaid. Sometimes secured creditors go as far as asking a debtor to waive its right to seek bankruptcy protection. Although such clauses are frequently held to be unenforceable, we previously have discussed exceptions for LLCs.
As one bankruptcy court has said, “[b]ecause deals are the heart and soul of the [c]hapter 11 process, bankruptcy courts enforce them as cut by the parties.” Unfortunately, however, deals do not always turn out as the parties expected and there is sometimes litigation to determine what exactly was bargained for in a chapter 11 plan.
Earlier this week, the Third Circuit affirmed a federal bankruptcy court’s dismissal of a mesothelioma claim against a bankrupt oil company that arose as an adversary proceeding fifteen years after the bankruptcy plan was confirmed and discharged all outstanding claims. The Circuit held that because the parties conceded the claim arose at the time of the victim’s asbestos exposure, which pre-dated the defendant’s bankruptcy, a
As we’ve noted on several occasions, parties in interest in a bankruptcy case generally hope for “big money – no whammies” (“
Under section 365(d)(4) of the Bankruptcy Code, an unexpired lease of nonresidential real property is automatically deemed rejected if a debtor-lessee does not assume such lease within 120 days of its bankruptcy filing, or within 210 days with court permission.