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ABI Journal

2nd Circuit

The GM Creditors’ Trust Opens a Can of Worms by Nixing a Settlement

Bankruptcy judge finds bad faith for walking out on a fully documented but unsigned settlement.

2nd Circuit
New York
New York Southern District

Bankruptcy Courts Cannot Impose Punitive Contempt Sanctions, District Judge Says

Circuits split on power of bankruptcy courts to impose punitive or criminal contempt sanctions.

2nd Circuit
Vermont

Extraterritoriality of Avoiding Powers Goes to the Second Circuit

A split of circuits will result if the Second Circuit does not reverse a Madoff decision.

2nd Circuit

The Proper Role of an Expert on Willful Blindness in a Fraudulent Transfer Suit

Madoff spawns more law, this time on expert testimony about the good faith defense to a fraudulent transfer with ‘actual intent.’

2nd Circuit
New York
New York Southern District

French ‘Safeguard’ Plan Held to Qualify for Enforcement in the U.S.

New York judge enforces a French reorganization similar to a U.S. prepack.

2nd Circuit
New York
New York Southern District

Manhattan Judge Refuses to Rubber-Stamp a Sealing Motion

Protecting negotiating leverage isn’t grounds for sealing the terms of a lease.

2nd Circuit
New York
New York Southern District

New York Judge Bars Use of Chapter 15 to Disrupt a Foreign Bankruptcy

‘Bankruptcy tourism’ seems unaffected by an unusual cross-border insolvency.

2nd Circuit
New York
New York Southern District

Trustee’s Stated Intent to Abandon by Itself Won’t Allow a Debtor to Sell

Estate property must be formally abandoned before the power of sale reverts to the debtor.

2nd Circuit
New York
New York Southern District

Owning a Home Through an LLC Can Preclude a Homestead Exemption

State laws vary on allowing homestead status for a house owned through an LLC.

2nd Circuit
Vermont

New GM Ignition Switch Suits Can Proceed in State Court, District Judge Says

The circuit court’s resolution of the bankruptcy law question prevents New GM from removing new suits to federal court.

2nd Circuit
New York
New York Southern District
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