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ABI Journal

New York Southern District

Dispute over Part of a Claim Disqualifies an Involuntary Petitioner

The 2005 amendment to Section 303(b)(1) disqualifies an involuntary petitioner if there is a dispute as to even part of the creditor’s claim.

2nd Circuit
New York
New York Southern District

Setoff Can’t Be Raised as a Defense to Receipt of a Fraudulent Transfer

The Madoff case makes more law: A claim against a bankrupt estate can’t be set off against liability for receipt of a fraudulent transfer because one arose before bankruptcy and the other arose after.

2nd Circuit
New York
New York Southern District

A ‘Litigation Tactic’ Isn’t Fatal in Chapter 15

A bankruptcy judge in New York was deferential to foreign liquidators using chapter 15 to extinguish a lawsuit in the U.S. that they saw as a nuisance.

2nd Circuit
New York
New York Southern District

Foreign Sovereign Immunity Bars the Madoff Trustee from Recovering $20 Million

A district judge in New York reversed the bankruptcy court, which had held that a Kuwaiti public pension fund was not entitled to sovereign immunity for having engaged in commercial activity.

2nd Circuit
New York
New York Southern District

A RICO Case Shows that Final Fee Allowances Don’t Confer Immunity

The RICO suit by Jay Alix Against McKinsey mostly survived a motion to dismiss.

2nd Circuit
New York
New York Southern District

Unlike Yesterday’s Story, a Two-Nondebtor Lawsuit Didn’t Have ‘Related To’ Jurisdiction

Unlike the case we reported on yesterday, there was no ‘related to’ jurisdiction because the outcome of a suit between two nondebtors wouldn’t have a direct effect on the bankrupt estate.

2nd Circuit
New York
New York Southern District

A Suit Between Two Nondebtors Might Have ‘Related To’ Jurisdiction

There could be ‘related to’ jurisdiction if a lawsuit between nondebtors might reduce claims against the bankrupt estate.

2nd Circuit
New York
New York Southern District

Default Rates Imposed Before Filing Must Be Cured to Assume a Loan Agreement

Monetary defaults, including default rates and fees, must be cured before a debtor may assume a loan agreement, New York’s Judge Bentley rules.

2nd Circuit
New York
New York Southern District

A Contract to Produce a TV Series Wasn’t a Personal Services Contract

Contracts with corporations aren’t likely to be personal services contracts.

2nd Circuit
New York
New York Southern District

Lack of a Common Plan or Scheme Means It Isn’t Single Asset Real Estate

A two-story commercial condominium wasn’t ‘single asset real estate,’ Judge Mastando holds.

2nd Circuit
New York
New York Southern District
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