The Supreme Court on March 22 reversed (6-2) the Third Circuit in Czyzewski v. Jevic Holding Corp., No. 15-649, ruling that distributions pursuant to structured dismissals cannot violate the rules of priority.
Prof. Jonathan Lipson is a Professor of Law at Temple University Beasley School of Law (Philadelphia). He is an author of many bankruptcy titles and has written numerous articles on corporate reorganization, constitutional issues in bankruptcy and other topics.
He is the counsel of record on an amicus brief with other law professors in the Supreme Court case in support of the petitioners.
David R. Kuney, Senior Counsel at Whiteford Taylor Preston LLP (Washington, D.C.). A member of ABI’s Board of Directors, Kuney is a nationally prominent and highly regarded attorney in commercial real estate bankruptcies, bankruptcy litigation and civil litigation.
Kuney is the counsel of record for an amicus brief by law professors in support of the respondents.
Prof. Andrew B. Dawson of the University of Miami School of Law (Miami) is the Robert M. Zinman ABI Resident Scholar for the spring 2017 semester. Prof. Dawson teaches contracts, commercial law, secured transactions, bankruptcy and advanced topics in bankruptcy. His research has focused on the intersection of federal bankruptcy and labor laws, both in the corporate and municipal bankruptcy context.
ABI Editor-at-Large Bill Rochelle provides his authoritative take on legal developments affecting bankruptcy practice in ABI's Rochelle’s Daily Wire. Rochelle published for Bloomberg every day from 2007-15, and prior to his second career in journalism, he practiced bankruptcy law for 35 years.
Reversing the Third Circuit in Czyzewski v. Jevic Holding Corp., the Supreme Court ruled (6-2) on March 22 in an opinion by Justice Stephen G. Breyer that the bankruptcy court, without consent from affected parties, cannot approve so-called structured dismissals that “deviate from the basic priority rules,” not even in rare cases. Joined by Justice Samuel A. Alito, Jr., Justice Clarence Thomas dissented, saying that the writ of certiorari should have been dismissed as improvidently granted.
How will the Court’s decision affect the corporate reorganizations going forward? ABI’s media webinar presents experts to discuss the effects of the Court’s ruling and take questions from the media.