The ‘probate exception’ to federal subject matter jurisdiction does not prevent bankruptcy courts from basing decisions on state trusts and estates law, except in limited circumstances.
In transferring venue of a related case under Rule 1014(b), the bankruptcy court can move sua sponte and need not await a venue motion by a creditor or party in interest.
Fancy drafting by ‘brilliant financiers and lawyers,’ the judge said, didn’t validate an uptier transaction when the ‘effect’ was to release collateral without a two-thirds vote.
This session will review the issues associated with the restructuring of cross-border cannabis entities through state-level remedies such as receiverships and assignments for the benefit of creditors. Relying on recent case studies, the panel will explore the impact of state-level regulatory regimes and other factors on the selection of remedy.
Participants will leave the session with an understanding of (a) state-level remedies available to assist distressed cannabis companies and (b) how to evaluate the utility of each given the regulatory regimes in the jurisdictions where the company operates.
Debtor
Richard
Williams
rwilliams@brileyfin.com
B. Riley Advisory Services
