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Debt or Equity? SDNY Bankruptcy Court Says “Debt” in a Recent Case Involving Recharacterization of a Party’s Debt Claim as Equity

USA - July 2 2021 In a recent decision, In re Live Primary, LLC, 626 B.R. 171, 178 (Bankr. S.D.N.Y. 2021), the Bankruptcy Court for the Southern District of New York…

No Time Runs against the King (IRS): The Golden Creditor Rule and its Discontents

USA - June 11 2021 A bankruptcy court in North Carolina recently joined a growing number of courts allowing debtors and trustees to avoid prepetition…

Adjust Your Focus When Due Process Requirements Are Blurry: Third Circuit Finds Kodak’s Notice of Publication Sufficient for Unknown Tort Claimant

USA - May 24 2021 A fundamental tenet of bankruptcy law is that a debtor will have the ability to get a fresh start once it emerges. A company’s ability to discharge…

The Aftermath of a Complicated Breakup: Third Circuit Holds Stalking Horse Bidder in Terminated Transaction May Assert Potential Administrative Expense Claim Notwithstanding Disallowance of Its Termination Fee

USA - April 9 2021 On March 15, 2021, the Third Circuit Court of Appeals (the “Third Circuit”) held that a stalking horse bidder may assert an…

No Setoff Here: Third Circuit Resolves Triangular Setoff Debate Once and for All

USA - April 3 2021 In a recent decision, In re Orexigen Therapeutics, Inc., No. 20-1136, 2021 U.S. App. LEXIS 8075 (3d Cir. Mar. 19, 2021), the Third…

What’s Done is Done: Third Circuit Upholds Equitable Mootness and Rules Out Possibility of Individualized Relief for Timely Objecting Party

USA - March 29 2021 Bankruptcy courts often dismiss appeals of chapter 11 plans when granting the relief requested in the appeal would undermine the finality and…

Manville Channeling Order Still Effective After More Than 30 Years

USA - March 5 2021 In a recent decision, the United States District Court for the Southern District of New York upheld a bankruptcy court order that enjoined a plaintiff…

Delaware Bankruptcy Court Weighs in: Debtors Are Not Excluded From Bankruptcy Code’s Definition of “Financial Participant” and Safe Harbor

USA - February 23 2021 In a recent decision, the U.S. Bankruptcy Court for the District of Delaware (Shannon, J.) rejected an argument that the safe harbor…

Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

USA - January 20 2021 In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an…

In re Buffets: A Fees-t for the United States Trustee

USA - January 5 2021 The holidays came early for the United States Trustee (the “U.S. Trustee”) on November, 3, 2020, when a three-judge panel of the United States Circuit…