A gaming license in Pennsylvania is a revocable ‘privilege.’

An obligation can be penal in nature, and thus nondischargeable, even though it’s measured by pecuniary loss.

Delaware district judge holds that the final bid at auction, not the lender’s last credit bid, fixes the value of the lender’s collateral.

The government lost a winnable appeal by failing to present evidence in bankruptcy court.

Since they weren’t bankruptcy lawyers, the firm wasn’t disqualified for the first nondisclosure offense. The second time, Delaware’s Judge Dorsey ordered disqualification and disgorgement

Pragmatic opinion by Circuit Judge Ambro allows cramdown to achieve ‘rough justice.’

Even when after a finding of bad faith, the court retains discretion to deny punitive damages, Third Circuit says. Compensatory damages are not available if the debtor was failing anyway.

Third Circuit’s Judge Bibas says that courts use the wrong nomenclature when they say that creditors lack standing to pursue claims belonging to the estate. It’s a question of statutory authority, he said, not standing.

On an issue with no appellate authority, a Delaware district judge rules that federal income taxes are administrative claims if filing occurs before the year’s end.

Delaware district judge permits remand when the suit was subject to mandatory abstention.