Education & Information About Restructuring & Insolvency


January 22, 2018

NOTICE OF BANKRUPTCY CODE §363 SALE OF VISA/MASTERCARD INTERCHANGE FEE LITIGATION CLAIM BY ARO LIQUIDATION, INC., et al. f/k/a AEROPOSTALE, INC.   Background: ARO Liquidation, Inc. (“Company”) filed a voluntary petition under...

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Second Circuit Endorses Market Interest Rate for Cramdown Plan in Momentive

January 22, 2018

The United States Court of Appeals for the Second Circuit recently issued its long-awaited opinion stemming from the confirmed Chapter 11 plan of Momentive Performance Materials Inc1. The court reversed the lower courts’ controversial holding...

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To Tell The Truth; The Importance Of Full And Frank Disclosure To Preserving The Attorney-Client Privilege

January 8, 2018

  By Patrick Fitzmauricei Imagine yourself as the owner of a small company, or the CEO of a large corporation. The company is not doing well, but you are convinced the distress can be overcome. While sales are down, competition is fierce and...

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December 21, 2017

NOTICE OF Deadlines FOR the FILING of (i) PROOFS OF CLAIM, including Requests for Payment pursuant to section 503(b)(9) of the Bankruptcy Code, (ii) administrative claims, and (iii) rejection damages claims THE CLAIMS BAR DATE IS January...

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Third-Party Litigation Funding and Issues It Creates In Bankruptcy Cases – This Ain’t Your Father’s Contingency Fee Arrangement!

December 4, 2017

Third party litigation funding (“TPLF“) is, beyond a doubt, here to stay. In bankruptcy cases, TPLF arises in a number of contexts. First is the TPLF as a pre-petition secured or unsecured creditor—i.e. the TPLF source funded...

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PUBLIC NOTICE OF ARTICLE 9 SALE: Stock in Nelbud Services Group, Inc.

November 30, 2017

DISPOSITION OF COLLATERAL UNDER UCC ARTICLE 9 – STOCK IN NELBUD SERVICES GROUP, INC. 1. Background: Pursuant to (i) the Credit Agreement dated December 2, 2015 (as amended or otherwise modified from time to time, “Credit...

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FDIC Administrative Law Judges Likely Unconstitutional

September 11, 2017

An appeals court holding, and pending U.S. Supreme Court case, could up-end FDIC enforcement procedures.  One of the interesting recent themes in Game of Thrones is the basis for power.  In these United States, the power of judges originally comes from the United States Constitution.  And, it turns out; if you don’t follow the rules of the Constitution your Court might not actually have any power. Credit: Game of Thrones....

Only the Financially Distressed May File for Bankruptcy

February 16, 2018

On February 13, 2018, Judge Silverstein of the Delaware Bankruptcy Court granted a motion to dismiss the Rent-A-Wreck of America bankruptcy case (Bankr. D. Del. case 17-11592). Judge Silverstein’s opinion is available here (the “Opinion”). In summarizing her holding, Judge Silverstein provides: These privately-owned debtors are not in financial distress (or at least they have not proven they are), and they seek to...

Second Circuit Decision in Momentive: Half a Loaf is Better Than None, But Even the American HomePatient Approach Does Not Conform to the Fair and Equitable Standard

October 21, 2017

On Friday, the Second Circuit panel that heard the senior secured lenders’ appeal in MPM Silicones issued its opinion affirming the lower courts’ holdings in all but one respect, that being the interest rate applicable to a cramdown / cram-up of the senior secured claims under 11 U.S.C. § 1129(b)(2)(A)(I).  The court held that the lower courts’ application of the Till formula had been incorrect as a matter of...

Recent Developments in Practice: New York, Delaware and Singapore

June 2, 2017

This piece was originally published by the International Committee of the American Bankruptcy Institute (ABI).  For more information about the ABI, see Developments in Practice: New York, Delaware and SingaporeTally M. WienerLaw Offices of Tally M. Wiener, Esq.; New YorkDate Created: Fri, 05/26/2017 - 11:17 2 Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call:...

London Restructuring Bulletin: What will 2018 hold?

January 8, 2018

Weil’s London Business Finance and Restructuring team is excited to bring you our “What will 2018 hold?” bulletin, an overview of the legal and market outlook for the restructuring and insolvency market this year. You can view our other recent articles on European Restructuring Watch, a site dedicated to presenting our views on developments in European restructuring. We wish you and your family every success in 2018.

A Patent Law Dispute Before the Supreme Court This Term Could Have a Major Impact on U.S. Bankruptcy Courts

January 9, 2018

The Supreme Court recently heard arguments in a patent dispute case, Oil States Energy Services, LLC v. Greene’s Energy Group, LLC.  Although the case has nothing to do with bankruptcy law, its outcome could have a substantial impact on bankruptcy practice and litigation. Oil States Energy concerns the limits of Congress’s ability to create courts pursuant to Article I of the Constitution rather than under Article III, and...

The Rule in Gibbs: Safeguarding Creditors’ Rights or Aiding and Abetting “Hold Out” in Foreign Insolvencies?

February 12, 2018

There is an English common law rule that a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding. This rule is derived from a Court of Appeal case: Antony Gibbs and sons v La Société Industrielle et Commerciale des Métaux (1890) 25 QBD 399. The rule has been heavily criticised. Many do not consider it to be relevant in modern day cross-border insolvency proceedings following the...

Other (Non-Religious) Non-Profit Organizations Also File Bankruptcy

February 16, 2018

Yesterday I posted about the number of religious organizations that filed chapter 11 between 2006 and 2017, and how their filings track fluctuations in consumer bankruptcy filings during those years. Non-religious non-profit organizations also file chapter 11, but in fewer numbers than religious organizations. As shown in this graph, between 2006 and 2017, a mean of 44 other non-profits filed chapter 11 per year (note: I count...

New Delaware Chapter 11 – Carbondale Glen Lot L-2, LLC

February 9, 2018

Carbondale Glen Lot L-2, LLC, along with thirteen affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware.  All of the filers are affiliates of the Woodbridge Group of Companies, LLC, whose cases are currently being jointly administered under Lead Case No. 17-12560.  According to the Corporate Organizational Chart attached to the Petition, all of the new debtors...