This installment of the Weil Bankruptcy Blog’s series on the ABI Commission Report is the first of two posts that address the Commission’s recommendations relating to postpetition financing. This post covers the Commission’s recomm
In this installment of the Bankruptcy Blog’s series on the ABI Commission to Study the Reform of Chapter 11, we turn our attention to the recommendations and findings on the trustee’s avoiding powers (section V.C.), the standard for reviewing settlements and compromises (section V.G.), and the in pari delicto doctrine (section V.H.).
Avoiding Powers
The following article was written by Kenneth R. Epstein and Nelly Almeida and originally published in the December 8, 2014 edition of the New York Law Journal. Kenneth Epstein is the Managing Director of the Insured Portfolio Management Special Situations Group at MBIA Insurance Corporation. A link to the journal can be found here.”
This article has been contributed to the blog by Patrick Riesterer and Waleed Malik.
The question “Where’s the Beef?” is typically associated with the famous Wendy’s television commercial from 1984 and its lovable actress, Clara Peller. But the recent decision in the chapter 7 case of a national meat processor had an avoidance action defendant asking, “Where’s the Beef … (with me)?” after the debtor’s chapter 7 trustee attempted to avoid over $5 million in transfers made by the debtor to the defendant prepetition.
Generally, the priority scheme in section 507 of the Bankruptcy Code dictates the order in which a creditor is paid.
On August 26, 2014, Judge Drain concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders.
“If ye continue in the faith grounded and settled, and be not moved away from the hope of [EBIA v. Arkison]. . .”
– Colossians 1:23, King James version (as revised)
It’s a beautiful day for the beach. Even though some of us may be at the beach today (and if you are at the beach, why didn’t you invite us?), bankruptcy, like time, waits for no one. Wherever we happen to be, ‘tis the season for a little something light – or at least lighthearted. In the spirit of summer Fridays, we wanted to take the opportunity to bring you some of the colorful quotes that we’ve come across in bankruptcy decisions over the past few months. And for those of you who crave more: worry not – we’ll keep combing our records in efforts to bring you furth