Judge Hoffman’s analysis comports with the ABI Commission’s recommendations for improvements in lease assumptions by chapter 7 debtors under Section 365(p).
Conflicting standards among the circuits warrant a grant of certiorari to define ‘undue hardship’ required for discharging a student loan.
Dissenter in the First Circuit recommends that the Supreme Court hear and reverse an opinion allowing Puerto Rico to withhold payments from bondholders.
Like physics, bankruptcy searches for a unified theory to explain claims by and against the estate.
The logical court to challenge the constitutionality of PROMESA isn’t the PROMESA court itself.
Even if a debtor has committed fraud, at least three creditors still must join an involuntary petition if the debtor has 12 or more creditors.
First Circuit interprets chapter 9 and PROMESA to permit but not compel payments to special revenue bondholders during debt arrangement proceedings.
First Circuit bars use of declaratory judgments restricting Puerto Rico’s use of tax revenues.
First Circuit finds no exceptions to the automatic stay under PROMESA subjecting Puerto Rico to ‘ordinary course’ litigation.
The appeals court is attempting to avoid chaos despite ruling that the appointment of Puerto Rico Oversight Board members violated the Appointments Clause of the Constitution.