To nonbankruptcy lawyers, Rule 2004 seems too good to be true. It appears to allow virtually anyone to obtain documents or testimony from any other person on any subject tangentially related to a bankruptcy. Not surprisingly, then, clever lawyers will attempt to push its boundaries. A recent opinion in the Cambridge Analytica bankruptcy examines and quashes one such attempt.
As a receiver or counsel to a receiver, it is important to be aware of your potential courses of action should you be required to locate/secure assets or seek the disclosure of documentation from a party in a foreign jurisdiction such as the Cayman Islands.
The current landscape for cannabis companies is confusing due to the divergence between federal and state law. Under federal law, particularly under the Controlled Substances Act (CSA),[1] cannabis is a Schedule 1 controlled substance, and cannabis activities from cultivation to sale are illegal.
A vehicle can be a debtor’s most important asset.
A chapter 11 debtor’s executives might find little motivation to remain employed at a company as annual bonus plans become compromised and long-term incentive vehicles (e.g., stock options, restricted stock) become virtually worthless.
On January 17, the Fifth Circuit released a highly anticipated decision, weighing in on the expanding circuit split concerning the enforceability of contractual make-whole provisions in loan indentures.
There is a pending Ninth Circuit case to decide whether a wholly unsecured claim should count toward a debtor’s chapter 13 eligibility following a chapter 7. On April 26, 2010, Aleli A. Hernandez (the debtor) filed a chapter 7 bankruptcy case in the U.S.
The Unsecured Trade Creditors Committee's May Tips of the Trade call featured Neil Steinkamp of Stout Risius Ross, LLC, who discussed the ordinary course of business defense in the context of preference analysis.
This May edition of the ABI Bankruptcy Litigation Committee Newsletter focused on bankruptcy litigation issues in energy sector restructurings. The newsletter featured an article exploring assumption and rejection of oil and gas conveyances, and an article discussing CERCLA liabilities in energy-related cases. Following publication of this newsletter, both authors hosted a call to discuss the issues explored in their articles. Click here to review the articles.
This session hosted by the Bankruptcy Litigation and Young and New Member Committees will focus on the limits of avoidance actions by bankruptcy trustees in Ponzi scheme cases, including arguments about the expansion of the look-back period to 10 years, trustee standing, clawbacks from noninvestor sources, in pari delicto and how trustees decide whom to sue.
The topic of the most recent Commercial Fraud Committee call, discussed the Uniform Voidable Transactions Act (UVTA), formerly named the Uniform Fraudulent Transfer Act (UFTA), which was amended (and retitled) in 2014 for the first time since its creation in 1984. According to the Uniform Law Commission, the amended Act, which strengthens creditor protections by providing remedies for certain transactions by a debtor that are unfair to the debtor’s creditors, addresses a small number of narrowly-defined issues and is not a comprehensive revision of the Act.
Crossing the Digital Divide: How to Use Social Media to Augment Your Practice
The Unsecured Trade Creditors' Committee's call discussed “gifting” and other recent developments regarding application of the absolute priority rule.
The ABI Bankruptcy Litigation Committee recently published a newsletter with articles focusing on IP matters in bankruptcy litigation. Following publication of the newsletter, authors invited members to dial in for further discussion of the topic and articles.
The Asset Sales Committee will host John Hutton and Henry Jaffe as they discuss the GM successor liability decision, now on appeal in the Second Circuit, describing the arguments and positions taken by different parties on key issues in the case and discussing the potential impact of the ruling on appeal.
The ABI Commission Report proposes some significant changes to the Bankruptcy Code, and the preferential transfer statute in Section 547 is no exception.This webinar explores the rationale behind the recommendations, such as the good faith belief for filing a demand letter or preference complaint, the increase in the statutory minimum to bring a preference action, and more.
Tax-Sharing Agreements in Bankruptcy that Have Been the Subject of Recent Appeals Courts Decisions
