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Continued recession not “extraordinary circumstance” justifying modification of confirmed chapter 11 plan

  • Jones Day
  • -
  • USA
  • -
  • January 31 2013

Affirming the bankruptcy court below in a case of first impression, in In re Caviata Attached Homes, LLC, 481 B.R. 34 (B.A.P. 9th Cir. 2012), a Ninth

First impressions: prepetition severance pay entitled to priority under section 507(a)(4)

  • Jones Day
  • -
  • USA
  • -
  • December 1 2011

In the first circuit-level opinion on the issue, the Fourth Circuit Court of Appeals in Matson v. Alarcon, 651 F.3d 404 (4th Cir. 2011), held that, for purposes of establishing priority under section 507(a)(4) of the Bankruptcy Code, an employee's severance pay was "earned" entirely upon termination of employment, even though the severance amount was determined by the employee's length of service with the employer

Insider’s compensation claim capped at zero under section 502(b)(4)

  • Jones Day
  • -
  • USA
  • -
  • August 11 2010

The Bankruptcy Code treats insiders with increased scrutiny, from longer preference periods to rigorous equitable subordination principles, denial of chapter 7 trustee voting rights, disqualification in some cases of votes on a cram-down chapter 11 plan, and restrictions on postpetition key-employee compensation packages

The First Circuit fires a shot across the bow of private equity funds: too much control of portfolio companies may lead to pension plan withdrawal liability

  • Jones Day
  • -
  • USA
  • -
  • November 21 2013

Few areas of law are as confusingor as important to understandas the growing intersection of employment and bankruptcy law. In recent