Weathering the storm: Vitro’s Concurso plan is theoretically enforceable in the United States . . . but not this time . . . under these circumstances *

USA - November 28 2012
On November 28, 2012, the United States Court of Appeals for the Fifth Circuit published an opinion affirming the bankruptcy court’s ruling that the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B.

Co-authors: Jordan Bailey , Robin Phelan, Judith Elkin.

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Weathering the storm: vitro’s concurso plan is manifestly contrary to public policy . . . at least for now *

USA - June 20 2012
On June 13, 2012, the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) published an opinion ruling on whether the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B. de C.V., approved by the Federal District Court in Mexico, should be enforced under Chapter 15 of United States Bankruptcy Code.

Co-authors: Autumn D. Highsmith, Jordan Bailey , Robin Phelan.

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Weathering the storm: TOUSA lives: Eleventh Circuit reinstates bankruptcy court fraudulent transfer decision in TOUSA case *

USA - May 17 2012
The pendulum has swung again in the TOUSA, Inc. case, as the Eleventh Circuit recently overturned the decision of the United States District Court for the Southern District of Florida and affirmed the 2009 bankruptcy court opinion ordering the disgorgement of $403 million plus interest from lenders to the TOUSA parent, on the theory that such transfers were fraudulent as to certain TOUSA subsidiaries (the “Conveying Subsidiaries”).

Co-authors: John Middleton .

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The Supreme Court holds unconstitutional a key provision of the Bankruptcy Code *

USA - July 5 2011
On June 23, 2011, the Supreme Court handed down a 5-4 decision in the Stern v. Marshall case, holding that a bankruptcy court’s exercise of statutory jurisdiction was unconstitutional when it adjudicated a counterclaim relating to a purely state law cause of action.

Co-authors: Robin Phelan, John D. Penn, Stephen Manz .

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Weathering the storm: recent decision affects setoff under netting agreements *

USA - April 23 2009
Companies that engage in multiple transactions with different entities of related groups often enter into contractual netting agreements that allow the setoff of obligations between entities within the groups.

Co-authors: Robin Phelan, Kenric Kattner, Sarah Foster, Lenard Parkins.

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