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2nd Circuit

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

Tuition Payments for Adult Children Squarely Held to Be Constructively Fraudulent

New York judge allows insolvent parents to pay for a minor child’s expensive education.

2nd Circuit
New York
New York Southern District

Foreign Main or Nonmain Status Doesn’t Necessarily Follow Foreign Citizenship

Judge Chapman delves into the murky realm of an individual’s ‘COMI’ and ‘establishment.’

2nd Circuit
New York
New York Southern District

Safe Harbor Given Extraterritorial Effect to Benefit Madoff Feeder Funds Customers

Will the avoiding powers and the safe harbor both have extraterritorial effect? Stay tuned!

2nd Circuit
New York
New York Southern District

Loss of Voting Rights Must Be Expressly Stated to Be Enforceable, District Judge Says

MPM Silicones makes law again, this time on subordination of junior secured lenders.

2nd Circuit
New York
New York Southern District

Tuition Payments by Insolvent Parents (Likely) Constitute Fraudulent Transfers

District judge in Brooklyn overturns the bankruptcy court and again exposes colleges and universities to the receipt of fraudulent transfers when insolvent parents pay their childrens’ tuition.

2nd Circuit
New York
New York Eastern District

Second Circuit Seems Primed to Give Extraterritorial Effect to Avoiding Powers

A reversal in the Second Circuit would mean that trustees can recover from subsequent recipients of fraudulent transfers, even if the subsequent transfers were made abroad.

2nd Circuit

New York Judge Dismisses an Involuntary Petition Against a CDO

Judge Vyskocil denounces an involuntary petition as an attempt by senior, fully secured noteholders to profit at the expense of subordinate noteholders.

2nd Circuit
New York
New York Southern District
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