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2nd Circuit

After 12 Losses, Will Madoff Customers Stop Pursuing Claims Belonging to the Estate?

New York district judge is the most recent court to uphold an injunction implementing a $7.2 billion Madoff settlement.

2nd Circuit
New York
New York Southern District

An Adroitly Drafted Makewhole Is Allowable in Bankruptcy, New York Judge Says

Judge Bernstein distinguishes a Second Circuit opinion to rule that a makewhole premium is allowable in bankruptcy.

2nd Circuit
New York
New York Southern District

A Pension Withdrawal Claim Arises Before Withdrawal Occurs, Manhattan Judge Says

Bankruptcy Judge Wiles politely says that the Sixth Circuit reached the correct result for the wrong reason.

2nd Circuit
New York
New York Southern District

Chapter 15 Recognition Not Required to Enforce a Foreign Reorganization in the U.S.

Non-debtor, third-party release enforced along with granting international comity.

2nd Circuit
New York
New York Southern District

Second Circuit Allows Extraterritorial Application of Sections 548 and 550

Neither comity nor the presumption against extraterritorial application of U.S. statutes bars trustees from suing to recover subsequent transfers made abroad.

2nd Circuit

Solvent Debtor Required to Pay Default Interest 9% Above Prime

Equity didn’t favor chopping down the default rate when the debtor emerged from bankruptcy with substantial equity and all creditors were paid in full.

2nd Circuit
New York
New York Southern District

Huge Liquidated Damages Held Unenforceable in an Aircraft Lease

Although the parties were sophisticated, New York judge finds that a liquidated damages clause was actually an unenforceable penalty.

2nd Circuit
New York
New York Southern District

Connecticut Joins New York on Fraudulent Transfers for Children’s Tuition

Student’s entitlement to a refund determines whether a parent’s tuition payments are constructively fraudulent transfers.

2nd Circuit
Connecticut

Judge Declines to Apply ‘Earmarking’ Defense to a GM Lien Avoidance

‘Old’ GM lenders lose again while attempting to avoid the consequences of a $1.5 billion mistake.

2nd Circuit
New York
New York Southern District

The Emily Litella Principle Governs the Withdrawal of Proofs of Claim

Withdrawing a proof of claim will not divest the bankruptcy court of jurisdiction to try an avoidance action without a jury, Judge Bernstein says.

2nd Circuit
New York
New York Southern District
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