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Freezing a Chapter 7 Debtor’s Bank Account Doesn’t Violate the Automatic Stay

SDNY opinion seems to mean that a bank may freeze a debtor’s entire bank account at filing, without violating the automatic stay.

New York Judge Gives Reasons for Nixing Nonconsensual, Third-Party Releases

Bankruptcy Judge Wiles explains the jurisdictional, statutory and constitutional reasons why nonconsensual releases are improper in the Second Circuit except in exceptional circumstances.

After 12 Losses, Will Madoff Customers Stop Pursuing Claims Belonging to the Estate?

New York district judge is the most recent court to uphold an injunction implementing a $7.2 billion Madoff settlement.

An Adroitly Drafted Makewhole Is Allowable in Bankruptcy, New York Judge Says

Judge Bernstein distinguishes a Second Circuit opinion to rule that a makewhole premium is allowable in bankruptcy.

A Pension Withdrawal Claim Arises Before Withdrawal Occurs, Manhattan Judge Says

Bankruptcy Judge Wiles politely says that the Sixth Circuit reached the correct result for the wrong reason.

Chapter 15 Recognition Not Required to Enforce a Foreign Reorganization in the U.S.

Non-debtor, third-party release enforced along with granting international comity.

Solvent Debtor Required to Pay Default Interest 9% Above Prime

Equity didn’t favor chopping down the default rate when the debtor emerged from bankruptcy with substantial equity and all creditors were paid in full.

Huge Liquidated Damages Held Unenforceable in an Aircraft Lease

Although the parties were sophisticated, New York judge finds that a liquidated damages clause was actually an unenforceable penalty.

Judge Declines to Apply ‘Earmarking’ Defense to a GM Lien Avoidance

‘Old’ GM lenders lose again while attempting to avoid the consequences of a $1.5 billion mistake.

The Emily Litella Principle Governs the Withdrawal of Proofs of Claim

Withdrawing a proof of claim will not divest the bankruptcy court of jurisdiction to try an avoidance action without a jury, Judge Bernstein says.

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