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Results: 1-10 of 2,503

Second Circuit affirms dismissal of insureds' constructive trust counterclaim over reinsurance bankruptcy settlement proceeds

  • Jorden Burt LLP
  • -
  • USA
  • -
  • January 13 2009

The “Ades” and “Berg” groups of investors (the “Ades Berg Group”), were parties who joined in the bankruptcy proceedings of the Bennett Funding Group, Inc. and related companies (the “Bennett Group”), based on claims that, among other things, the Bennett Group had defrauded them in an investment scheme

The Second Circuit confirms that bankruptcy principles trump common law equity

  • White & Case LLP
  • -
  • USA
  • -
  • January 15 2009

When a creditor seeks equitable relief in a bankruptcy court, must the court always follow common law principles of equity?

Bankruptcy Court: parties may not contract around mutuality requirement to circumvent prohibition against triangular setoffs

  • McDermott Will & Emery
  • -
  • USA
  • -
  • January 14 2009

The decision in In re SemCrude, L.P., et al. prohibiting parties from contracting around Bankruptcy Code section 553’s mutuality requirement may disrupt customary business practices, including those widely used in the energy, natural gas and crude oil markets, because it rules that contracting for cross affiliate netting does not “create” the mutuality required for setoff

Weathering the storm: recent decision creates additional cash requirements to reorganize

  • Haynes and Boone LLP
  • -
  • USA
  • -
  • April 30 2009

On April 8, 2009, the Second Circuit Court of Appeals issued a ruling that creates an additional hurdle for companies providing single-employer pension funds when seeking to reorganize through a bankruptcy

T&E litigation update: Greene v. Mullarkey

  • Day Pitney LLP
  • -
  • USA
  • -
  • August 28 2009

In Greene v. Mullarkey, Case No. 07-30561-HJB, Adversary Proceeding No. 08-03009, 2009 Bankr. LEXIS 2191 (Bankr. D. Mass. Aug. 13, 2009), Christine Greene, her brother Matthew Mullarkey, and his wife Nicole Mullarkey were entangled in what the Bankruptcy Court described as an intra-family feud

GGP opinion leaves unanswered questions

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • August 28 2009

On August 11, the Honorable Allan L. Gropper issued an opinion of the U.S. Bankruptcy Court for the Southern District of New York denying five motions to dismiss certain Chapter 11 bankruptcy cases of several property-specific special purpose subsidiaries (SPE Debtors), including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc. (GGP

Holding debt and equity investments in a financially distressed company may survive recharacterization claims

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • December 8 2006

Investors who hold both debt and equity in a financially distressed company may be confronted with efforts to have their debt investments recharacterized as equity

Misrepresentation In re Nosek

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 19 2009

A federal bankruptcy court imposed sanctions against two mortgage companies and their attorneys for making misrepresentations as to which party was the true holder of the mortgage and note

Delaware Bankruptcy Court decision in SemCrude poses setback to triangular set-off

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 16 2009

The United States Bankruptcy Court for the District of Delaware has ruled that a creditor cannot effect a “triangular” set-off of the amounts owed between it and three affiliated debtors, despite pre-petition contracts that expressly contemplated multiparty set-off

‘Hell or high water’ provisions Wells Fargo v Mountain Rentals of Gatlinburg, Inc

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 19 2009

The Court of Appeals of Tennessee confirmed that an equipment lessor is entitled to enforce the “hell or high water” provision of an equipment lease

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