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ABI Journal

2nd Circuit

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

Setoff Doesn’t Apply to Mutual Debts and Credits in Agricultural Commodities

Second Circuit interprets PACA to preclude setting off debts and credits from the sale of perishable agricultural commodities.

2nd Circuit

A Pending Sale Contract Doesn’t Obliterate a Homestead Exemption in Chapter 7

New York court delves into issues covered by the Fifth Circuit in Hawk and DeBerry.

2nd Circuit
New York
New York Eastern District

Insurance Rehabilitation in Curaçao Given ‘Foreign Main’ Recognition in New York

Court supervision and participation by creditors aren’t required for recognition under chapter 15.

2nd Circuit
New York
New York Southern District
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