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ABI Journal

New York

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

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

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

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
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