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The Seventh Circuit expands scope of absolute priority rule to protect creditors
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • March 22 2013

In a recent decision, In re Castleton Plaza, LP, 2013 WL 537269 1 (Feb. 14, 2013), the Seventh Circuit held that the absolute priority rule - which


Court orders case transferred from New York to California
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • February 1 2008

By Order, dated January 14, 2008, United States Bankruptcy Judge Martin Glenn for the United States Bankruptcy Court for the Southern District of New York, granted the motion (the "Motion") filed by a group of creditors seeking transfer of venue of the Dunmore Homes, Inc. (the "Debtor") bankruptcy case from the United States Bankruptcy Court for the Southern District of New York (the "Court") to the Eastern District of California, Sacramento Division


Court to lenders: strict compliance with local recording requirements necessary
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • February 10 2011

A decision out of the District Court for the Middle District of North Carolina (the "District Court"), now being appealed to the Fourth Circuit Court of Appeals, highlights just how critical it is for lenders to strictly comply with local recording requirements when recording their liens


A shock to the core: the Supreme Court pries jurisdiction away from the bankruptcy courts on counterclaims to proofs of claim, and possibly more
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • June 28 2011

On Thursday, the Supreme Court in a 5-4 decision ruled in Stern v. Marshall that the congressional grant of jurisdiction to bankruptcy courts to issue final judgments on counterclaims to proofs of claim was unconstitutional


Reversal of decision in Bayou Group bankruptcy offers little guidance for the institutional investor wishing to redeem from a fraudulent ponzi scheme
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • October 26 2010

In a partial reversal of a decision from Bayou Group LLC's bankruptcy case, the US District Court for the Southern District of New York reconsidered a controversial ruling that sent shivers down the spines of institutional investors in 2008


Ninth Circuit rules that D&O policies' "insured versus insured" exclusion applies to debtors-in-possession and assignee creditors during bankruptcy proceedings
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • July 22 2009

In Biltmore Assocs., LLC v. Twin City Fire Insurance Co., 2009 WL 1976071 (9th Cir. July 10, 2009), the United States Court of Appeals for the Ninth Circuit applied the “insured versus insured” exclusion, common in directors’ and officers’ insurance policies (“D&O insurance”), to prevent a creditors’ trust from collecting on a D&O insurance policy under a claim assigned to it from a debtor-in-possession


Ninth Circuit Court of Appeals finds that individual managers of a bankrupt corporation can be held liable for employees' unpaid wages
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • July 29 2009

The Ninth Circuit Court of Appeals held on July 27, 2009 in Boucher v. Shaw that individual managers of a bankrupt corporation can be held liable to the corporation's former employees for unpaid wages under the federal Fair Labor Standards Act ("FLSA"


Second Circuit holds that most important factor in assessing pre-plan settlement distribution under Rule 9019 is whether it complies with the absolute priority rule
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • March 27 2007

On March 7, 2007, the Second Circuit Court of Appeals held that "in the Chapter 11 context, whether a pre-plan settlement's distribution plan complies with the Bankruptcy Code's priority scheme will be the most important factor for a Bankruptcy Court to Consider in approving a settlement under Bankruptcy Rule 9019."


Fobian overruled
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • April 10 2007

In Travelers Cas. and Sur. Co. of America v. Pacific Gas & Electric Co., 127 S. Ct. 199 (2007) ("Travelers"), the United States Supreme Court overturned a Ninth Circuit Court of Appeals opinion that had made pre-petition contractual provisions awarding attorneys' fees to the prevailing party unenforceable in bankruptcy to the extent the parties litigated issues peculiar to bankruptcy law


The Ninth Circuit rules on plan feasibility
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • April 26 2007

In the case of Sherman v. Harbin (In re Harbin), the Ninth Circuit decided that in determining the feasibility of a plan under Bankruptcy Code Section 1129(a)(11), a court must evaluate the possible impact of pending litigation, whether at the trial level or on appeal