Treasury Offset Program Can’t Be Used After Bankruptcy, District Judge Says
Now on the district court bench, then-Bankruptcy Judge Frank Volk was upheld in a tricky case involving the government’s right of setoff.
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Supreme Court Grants ‘Cert’ to Decide Whether Inaction Violates the Automatic Stay
Virginia case highlights the damage that will be done to debtor protections if affirmative action is required for a stay violation.
Sixth Circuit Gives Primacy to the Bankruptcy Court in Rejecting Power Contracts
Over a dissent, the Sixth Circuit holds that FERC may offer its opinion but may not bar a bankruptcy court from rejecting a power purchase agreement after considering the public interest.
Destination Maternity to Be Acquired by Marquee Brands
Destination Maternity will be acquired by Marquee Brands, just weeks after the Moorestown, N.J.-based maternity wear retailer filed for chapter 11 protection, NJ.com reported. Marquee Brands was a stalking-horse bidder whose baseline bid last week was about $50 million. The deal is set to be finalized today, according to court papers. It is not yet known whether any or all Destination Maternity brick-and-mortar stores will close, but Marquee Brands is "evaluating all aspects of the current business, including its network of retail stores,” the company said in a statement. Destination Maternity had $260 million in assets and $244 million of debt, according to its bankruptcy filling. The brand was also delisted from the Nasdaq Stock Market on Nov. 18. The company operated 446 stores in the United States, Canada and Puerto Rico under the brands Motherhood Maternity, A Pea in the Pod and Destination Maternity.
Fifth Circuit Creates a Circuit Split on Stay Termination for Repeat Filers
Disagreeing with a decision by the First Circuit last December, the Fifth Circuit rules that the ‘plain language’ in Section 362(c)(3)(A) does not terminate the automatic stay as to estate property 30 days after the second filing within one year.
Journal Issue
Bankruptcy Code
Bankruptcy Rule
A Fugitive’s Civil Bankruptcy Appeal Can Be Dismissed, Sometimes
The ‘fugitive disentitlement doctrine’ does not allow a federal court to dismiss an appeal because of a fugitive’s contempt of a state court order, the First Circuit rules.
Supreme Court Grapples with ‘Finality’ in Ritzen v. Jackson Masonry
Justices may narrow Bullard by drawing back from the requirement that finality requires a change in the status quo.