BAP Didn’t See Barnhill as Prescribing the Date of Transfer from a Retirement Account
The First Circuit BAP evidently believes that a transfer occurred, even though an ordinary check wasn’t cashed.
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‘Chevron’ Deference Applied to Decisions by the Puerto Rico Oversight Board
District court invalidates expenditures adopted by the Puerto Rico legislature that were not approved by the PROMESA Oversight Board.
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First Circuit Issues a Landmark Opinion on Valuation of Disputed Claims
The value of a disputed claim is proven by showing the likely validity of the claim and the likelihood of recovery, not just by establishing the possible damages.
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Taggart Didn’t Let Corporate Employees Off the Hook for a Stay Violation
Tortious or fraudulent conduct needn’t be shown to hold a corporate employee liable for violating the automatic stay.
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Puerto Rico Bondholders Lose Another Appeal in the First Circuit
The First Circuit shows no inclination to allow creditors to bust out of the PROMESA restructuring of Puerto Rico’s debt.
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First Circuit Reverses the BAP for Fact-Finding on Appeal
First Circuit requires detailed fact-finding by the bankruptcy court on the credibility of witnesses and the elements of nondischargeability for false representations.
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Stay Violation Order Is Final Even Before Attorneys’ Fees Are Awarded, Circuit Says
First Circuit rules that an order finding a stay violation must be appealed before the bankruptcy court grants an award of attorneys’ fees.
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First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens
Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.
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A Prior BAP Opinion Is Virtually Binding on a Later BAP Panel
A later First Circuit BAP panel should follow BAP authority unless the prior opinion seems “dead wrong.”
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An Inherited IRA Can Be Exempt Under State Law When It’s Not in Section 522(b)(3)(C)
A divided Rhode Island Supreme Court ruled that an inherited IRA, not exempt under federal law, is exempt under state law.
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