Filing Chapter 15 as a ‘Litigation Tactic’ Didn’t Bar ‘Foreign Main Recognition’
Bankruptcy Judge Garrity didn’t impose a good faith filing requirement onto foreign main recognition of a chapter 15 case.
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Judge Glenn Explains When Structured Dismissals and Comfort Orders Are Ok
Jevic didn’t ban structured dismissals when there is no violation of the rules of priority and the alternatives would create greater administrative insolvency.
U.S. Suit Dismissed After German Defendant Files Insolvency in Germany
Filing a chapter 15 petition wasn’t required for a U.S. district court to dismiss a civil action against a German company undergoing insolvency in Germany.
New York Judge Declines (for Now) to Enforce an Indonesian Plan in the U.S.
Manhattan’s Bankruptcy Judge Sean Lane requires a record in the foreign proceeding showing that third-party releases are in accord with foreign law.
Bankruptcy Settlement Didn’t Discharge All Environmental Claims, New York Judge Says
Due process considerations persuaded District Judge Oetken to conclude that a creditor’s claims, unknown at the time, were not barred by a settlement.
Safe Harbor Bars Foreign Liquidators from Recovering Money Stolen in the U.S.
Another opinion shows that Congress wrote Section 546(e) in a manner that goes far beyond protecting the securities markets in the U.S.
Madoff Trustee Wins Prejudgment Interest from ‘Net Winner’ Who Didn’t Settle
By continuing to litigate for 10 years on a lost cause, prejudgment interest will ‘up’ a fraudulent transfer defendant’s liability by 40%.
Fraudulent Transfer Law Doesn’t Victimize Innocent Parties, Judge Wiles Says
Ownership of a bank account isn’t enough by itself to make the account holder the initial transferee of a fraudulent transfer.
New York Judge Nixes $2.45 Billion in DIP Financing as a Sub Rosa Plan
Even though the price and terms were ‘entirely fair,’ Bankruptcy Judge Garrity disapproved DIP financing that would have locked in the right of controlling shareholders to purchase new stock at a 20% discount.
Rejection Didn’t Rescind Sale of Future Credit Card Receivables, New York Judge Says
Bankruptcy Judge Glenn hints that the lenders and the debtor should mediate tough questions about the enforceability of a $150 million ‘sale’ of future credit card receivables.