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ABI Journal

Sandra L. Lynch

Contingent Indemnification Brings an Automatic Stay in Chapter 9, First Circuit Says

First Circuit won’t allow artful pleading to avoid the automatic stay in municipal bankruptcies.

1st Circuit

Circuits More Deeply Split on Waiver of Sovereign Immunity for Native American Tribes

Over a vigorous dissent, the First Circuit Joins the Ninth Circuit by holding that Section 106(a) waives tribes’ sovereign immunity.

1st Circuit

A Trustee Can’t Always Avoid and Preserve an Unrecorded Mortgage for the Estate

Here’s an example of how state law prevents bankruptcy law from being uniform throughout the U.S.

1st Circuit

First Circuit’s Traditional Approach to Section 552 Cuts Off Bondholders’ Liens

Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.

1st Circuit

First Circuit Explains How to Avoid Liability for an Underfunded Pension Plan

To avoid liability for an underfunded pension plan, the First Circuit describes a structure for investors to employ when buying a sick company

1st Circuit

First and Second Circuits Agree: Trustees Alone May Sue Ponzi Scheme Net Winners

Rulings by the First and Second Circuits ensure that recoveries by a Ponzi scheme trustee will be distributed to all victims, not just those who sue on their own.

1st Circuit

Puerto Rico Retirement System Bondholders Win Their Security Interest Back

First Circuit reverses, upholding the validity of bondholders’ security interests in $2.9 billion of collateral.

1st Circuit

First Circuit Terminates the Stay Entirely as to Repeat Filers

In the first opinion at the circuit level, the First Circuit latches onto the lousy drafting of Section 362(c)(3)(A) to end the automatic stay entirely, 30 days after the second filing within a year.

1st Circuit

First Circuit Splits with the Ninth over Good Faith Defense to Discharge Violation

Seven weeks apart, two circuits reach diametrically different conclusions about good faith as a defense to an intentional act that violates the discharge injunction.

1st Circuit

First Circuit Narrowly Defines Fiduciaries Who Are Prohibited Buyers of Estate Assets

First Circuit narrowly applies equitable mootness in a receivership sale.

1st Circuit
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