Arguments Both Ways, Power to De-Designate from Subchapter V Left Undecided
Although deposed as debtor in possession, the Subchapter V debtor retains the sole power to file a chapter 11 plan.
Court:
Third Circuit Importuned to Rule on Survival of the Solvent-Debtor Exception
Sticking to her guns, Bankruptcy Judge Mary Walrath rules that the solvent-debtor exception was abrogated by the adoption of the Bankruptcy Code, but certifies a direct appeal to the Court of Appeals.
Court:
A ‘Notwithstanding’ Clause May Not Control a Specific Provision, District Judge Says
An appeal to the Third Circuit may tell us whether a ‘notwithstanding any other provision’ clause really means what it says.
Court:
Delaware Judge Approves ‘Uptier’ Financing that Involuntarily Subordinated Debt
Bankruptcy Judge Craig T. Goldblatt declined to interpret an indenture’s ratable treatment clause as anti-subordination in disguise.
Court:
Delaware Supreme Court: No ‘Insolvency Exception’ for Asset Sales
Delaware corporations must have shareholder approval to sell all or substantially all assets outside of bankruptcy.
Court:
Judge Walrath Describes Due Diligence to Plead After the Amendment to Section 547(b)
The amendment to Section 547(b) does not require a preference complaint to explain why the defendant doesn’t have affirmative defenses, Judge Walrath says.
Court:
Delaware District Judge Says: Don’t Use ‘Nunc Pro Tunc’ When You Mean ‘Retroactive’
Submitting a retention order with the wrong word resulted in a pivotal issue on appeal.
Court:
To Be a Section 544(b)(1) Predicate Claim for a 10-Year Lookback, the Claim Must Be Filed
A claim of the IRS can provide a 10-year lookback for avoidance actions, but the claim must have been filed.
Court:
Special Counsel with an Actual Conflict Faces Disgorgement of Fees in Delaware
Judge Sontchi set aside a prior order preventing the trustee from controlling litigation brought in the trustee’s name.
Court:
Horizontal ‘Gifting’ Approved in Mallinckrodt’s Confirmed Chapter 11 Plan
Mallinckrodt’s nondebtor releases didn’t have the defects that infected Purdue and Patterson.
Court: