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1st Circuit

First Circuit Issues a Landmark Opinion on Valuation of Disputed Claims

The value of a disputed claim is proven by showing the likely validity of the claim and the likelihood of recovery, not just by establishing the possible damages.

1st Circuit

Taggart Didn’t Let Corporate Employees Off the Hook for a Stay Violation

Tortious or fraudulent conduct needn’t be shown to hold a corporate employee liable for violating the automatic stay.

1st Circuit
Rhode Island

Puerto Rico Bondholders Lose Another Appeal in the First Circuit

The First Circuit shows no inclination to allow creditors to bust out of the PROMESA restructuring of Puerto Rico’s debt.

1st Circuit

First Circuit Reverses the BAP for Fact-Finding on Appeal

First Circuit requires detailed fact-finding by the bankruptcy court on the credibility of witnesses and the elements of nondischargeability for false representations.

1st Circuit

Stay Violation Order Is Final Even Before Attorneys’ Fees Are Awarded, Circuit Says

First Circuit rules that an order finding a stay violation must be appealed before the bankruptcy court grants an award of attorneys’ fees.

1st Circuit

First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens

Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.

1st Circuit

A Prior BAP Opinion Is Virtually Binding on a Later BAP Panel

A later First Circuit BAP panel should follow BAP authority unless the prior opinion seems “dead wrong.”

1st Circuit

An Inherited IRA Can Be Exempt Under State Law When It’s Not in Section 522(b)(3)(C)

A divided Rhode Island Supreme Court ruled that an inherited IRA, not exempt under federal law, is exempt under state law.

1st Circuit
Rhode Island

District Court Upholds Constitutionality of San Juan Debt Adjustment Under PROMESA

The city of San Juan unsuccessfully argued that the PROMESA Oversight Board has no fiscal control over municipalities in Puerto Rico.

1st Circuit
Puerto Rico

First Circuit Explains How to Avoid Liability for an Underfunded Pension Plan

To avoid liability for an underfunded pension plan, the First Circuit describes a structure for investors to employ when buying a sick company

1st Circuit
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