Foreign Main or Nonmain Status Doesn’t Necessarily Follow Foreign Citizenship
Judge Chapman delves into the murky realm of an individual’s ‘COMI’ and ‘establishment.’
Safe Harbor Given Extraterritorial Effect to Benefit Madoff Feeder Funds Customers
Will the avoiding powers and the safe harbor both have extraterritorial effect? Stay tuned!
Loss of Voting Rights Must Be Expressly Stated to Be Enforceable, District Judge Says
MPM Silicones makes law again, this time on subordination of junior secured lenders.
New York Judge Dismisses an Involuntary Petition Against a CDO
Judge Vyskocil denounces an involuntary petition as an attempt by senior, fully secured noteholders to profit at the expense of subordinate noteholders.
Chrysler Wrongful Death Suits Barred in Alabama While Permitted Elsewhere
An Alabama statute designed to aid wrongful death claimants ends up hurting them in Chrysler’s bankruptcy.
U.S. Judge Willing to Split with the U.K. over Chapter 15 Foreign Recognition
Judge Glenn criticizes an 1890 English decision refusing to enforce a foreign discharge of debt.
New York and Delaware Agree: Releases Are Constitutionally Ok in Confirmation Orders
Chief District Judge in New York rules that ‘core’ jurisdiction includes non-consensual, third-party releases in confirmation orders.
District Judge Rules Section 562 Does Not Apply to Terminations by Agreement
Section 562 applies to fix the date for calculating damages only if the debtor rejects or the creditor terminates, New York district judge says.
Section 363(m) Won’t Protect a Buyer with Detailed Knowledge of an Adverse Claim
A bankruptcy judge’s finding regarding status as a good faith purchaser is not the final word on appeal.
Class Settlements After Confirmation Require Rule 23 Class Certification
Judge Glenn in Manhattan straightens up some of the mess created when GM didn’t disclose ignition switch defects before confirmation.