Recent Bankruptcy Articles

Review of the NAFER 2018 Annual Conference in ChicagoBy Christopher M. Cahill • 11/12/2018
NAFER (the National Association of Federal Equity Receivers) held another wisdom-rich conference in October, this time at the Drake Hotel in Chicago.  It was the seventh annual event and attracted 200 attendees. The conference included the Training Camp as well as panel discussions on snares and pitfalls for receivers, cryptocurrency,[...]
Absolute Priority Rule in Bankruptcy – Are You Atop the List?By Patrick Maxcy • 11/07/2018
Editor’s Note: This is an updated version of an article published in May of 2013. If you are a vendor, service provider or another unsecured creditor to a chapter 11 debtor, you cannot be blamed for feeling like a duped lover after learning about the bankruptcy of your once devoted[...]
What Constitutes the “Legal Rate” in a Solvent Debtor Bankruptcy Case?By Melanie L. Cyganowski • 10/31/2018
Chapter 11 bankruptcies find the debtor generally to be insolvent, but not always. Occasionally, a debtor will emerge from the bankruptcy process as a solvent entity, and in those situations, Bankruptcy Code §726(a)(5) may entitle creditors of the debtor’s estate to post-petition “interest at the legal rate from the date[...]
From Penthouse to Ground Floor – The Penthouse Magazine BankruptcyBy Michele Schechter • 10/26/2018
The Life, Death and Many Reincarnations of Penthouse Magazine Penthouse International, publisher of Penthouse Magazine, sold for $11.2 million in June. The company was worth about $700 million (adjusted for inflation) at its height. The latest Penthouse Magazine bankruptcy highlights just how far Penthouse has fallen. The New Owner The buyer[...]
Lender Liability Is Alive and Well: A Case StudyBy Gary W. Marsh • 10/20/2018
The relationship between a lender and borrower can be complex. The borrower wants capital to run and grow its business and the lenders want to earn a return and eventually get its principal back. If the borrower complies with the terms of the loan, all is good. If the borrower[...]
Dealing with Distress for Fun & Profit— Installment #18—How to Confirm a Chapter 11 PlanBy Jonathan Friedland • 10/18/2018
A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like.  In this bat-installment, we turn to what is, theoretically, one of the most important parts of any[...]
Law Firm Bankruptcies: The “Unfinished Business” Doctrine and the Jewel WaiverBy Phillip D. Anker • 08/09/2018
One of the interesting aspects of business bankruptcy cases is that both the businesses and the issues their bankruptcy proceedings present can differ so much. In recent years, for example, we have seen department stores (Macy’s, Federated), toy retailers (Toys R Us), bookstore chains (Borders), automobile manufacturers (GM, Chrysler), supermarkets[...]
The Supreme Court Narrows the Bankruptcy Code Safe Harbor for Securities Transaction PaymentsBy Anna Kordas • 06/07/2018
In our last article, we discussed the U.S. Supreme Court’s acceptance for review of the Seventh Circuit’s decision in FTI Consulting, Inc. v. Merit Management Group, LP, 830 F.3d 690 (7th Cir. 2016), cert. granted, No. 16-784, 197 L. Ed. 2d 894 (U.S. May 1, 2017). The Seventh Circuit had[...]
Timing Is Everything: How to Make a Rough Assessment of Potential Preference Action Defenses (PART 2)By Robert C. Maddox • 04/26/2018
Editor’s Note: Part 1 of this article laid out the prima facie case a plaintiff needs to have in order to sue for a preference, outlined the major defenses and explained the importance and use of certain key documents in assessing and maintaining a defense. Part 2 now delves into[...]
Timing Is Everything: How to Make a Rough Assessment of Potential Preference Action Defenses (PART 1)By Robert C. Maddox • 04/23/2018
Your company has just been served with a preference complaint. The complaint seeks to recover tens or hundreds of thousands of dollars even though your company already has taken a loss on the debtor’s accounts. Your initial response is anger at the unfairness of being sued. Fortunately, Congress included defenses[...]
Long-Term Disruptive Trends: Installment #2 – Transportation Industry TrendsBy Todd A. Zoha • 03/10/2018
This article is the second in a series of articles discussing long-term disruptive trends and their impact on restructuring activity. Read Bankruptcy Venue Reform, the first installment of this series. Introduction to Disruptive Trends The English Oxford dictionary defines “disruption” as a disturbance or problems which interrupt an event, activity,[...]
Long-Term Disruptive Trends: Installment #1 – Bankruptcy Venue ReformBy Todd A. Zoha • 02/21/2018
This article is the first in a series of articles discussing long-term disruptive trends and their impact on restructuring activity. Introduction to Disruptive Trends The English Oxford dictionary defines “disruption” as a disturbance or problems which interrupt an event, activity, or process. Disruption is ubiquitous in business. A few examples[...]
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