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ABI Journal

January 07, 2020

Second Circuit Again Applies the ‘Safe Harbor’ to Protect Selling Shareholders in an LBO

The Supreme Court’s Merit Management opinion fails to persuade the Second Circuit to change the result in Tribune.

2nd Circuit

December 30, 2019

Third Circuit Issues an Important Decision on Liquidation of Repo ‘Credit Enhancements’

Appeals court upholds finding that the mortgage securities market in 2007 was declining, not dysfunctional.

3rd Circuit

November 21, 2019

Receivership Court May (Sometimes) Bar the Filing of an Involuntary Bankruptcy

Court weighs the relative advantages of receivership versus bankruptcy in deciding whether to bar the filing of an involuntary bankruptcy.

7th Circuit, Illinois, Illinois Northern District

September 27, 2019

Proceeds of Exempt Property Retain Exempt Status in Chapter 7, District Judge Says

District judge in Maine follows the Fifth Circuit by ruling that the post-petition sale of exempt property does not destroy the exempt status of the proceeds.

1st Circuit, Maine

September 23, 2019

Circuit Finds No Successor Liability from Buying Assets and Continuing the Business

Continuing the business after buying the assets from the lender at a foreclosure sale doesn’t bring successor liability.

8th Circuit

September 03, 2019

Section 363 Doesn’t Apply to Asset Sales in a Chapter 11 Plan, Judge Garrity Rules

Section 363(o) claims nonetheless must be counted in deciding whether a chapter 11 plan passes the best interests test.

August 12, 2019

In a Bankruptcy Sale, ‘Takings’ Claims Kick in Early

Federal Circuit upholds dismissal of regulatory ‘takings’ claims against New GM.

Federal Circuit

August 05, 2019

Shareholders Lack Standing to Appeal in Fifth Circuit, District Judge Holds

Reasonableness of breakup fee is measured by the total contract price, not the amount retained by the debtor.

July 03, 2019

Supreme Court Denied ‘Cert.’ on Termination of Retiree Benefits

The Eleventh Circuit had held that coal producers can sell assets and insulate the buyer from liability for paying retirees’ health benefits.

Supreme Court

June 25, 2019

Intercreditor Agreement Didn’t Apply to Plan Distributions, Third Circuit Holds

The Third Circuit wrote an important decision on distributing collateral under an intercreditor agreement, but it wasn’t precedential.

3rd Circuit