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The Third Circuit Court of Appeals’ recent ruling in the FTX bankruptcy case severely limits a bankruptcy court’s discretion to deny the appointment of an examiner in a bankruptcy case.[1] In FTX, the U.S. Trustee filed a motion to appoint an examiner. The bankruptcy court denied the motion. After a direct appeal to the Third Circuit Court of Appeals, the Third Circuit ruled that the appointment of an examiner is mandatory if requested by a party in interest or the UST, where the debtor’s unsecured debts exceed $5 million.
Our committee’s leadership has been hard at work, organizing educational programming and social events to keep our members engaged. Here are some highlights of recent events.
Happy Hour, Educational Session at ABI’s Annual Spring Meeting
The Commercial and Regulatory Law Committee hosted an informal happy hour at The Lobby Bar in the Marriott Marquis Washington, DC during ABI’s Annual Spring Meeting on Thursday, April 18. A great time was had by all, and we thank everyone who came out and attended our gathering!
The Commercial and Regulatory Committee produced a variety of programs, articles and materials throughout 2023. Set forth below is a short summary of highlights from the past year; full details of committee activity (including links to program materials and newsletter articles) are available on the committee’s website at https://www.abi.org/membership/committees/commercial-and-regulatory-law.
This panel of experts will discuss the latest trends in the wind, coal, and oil and gas industries that have dominated the headlines, with special emphasis on new regulatory issues and changes in the energy market.
In today’s bankruptcy world, most major cases involve at least one pre-petition class action. This panel will focus on the distinction between mass tort claims and other types of class actions, recent case law addressing the proper procedures for asserting class claims, the allowance of class claims and compensation of class counsel, and the final resolutions of class claims, either by way of settlement or pursuant to plans. Other cutting-edge issues surrounding class claims also will be discussed.
This panel focuses on material tax issues that every bankruptcy attorney should know that can impact both estate administration and bankruptcy plans. The panelists highlight issues that should be considered when a company is considering filing for bankruptcy or is in bankruptcy, such as tax attribute planning and preservation, management of COD income in connection with liability management transactions, “significant modification” of debt and how to minimize consequences, the considerations if the debtor is a partnership or a corporation, associated state tax issues, and key tax return compliance implications.
