Committee’s Attack upon Lender’s Make-Whole Premium Denied
The United States Bankruptcy Court for the District of Delaware (the “Court”) recently upheld a $23.7 million make-whole payment (the “Make-Whole Payment”) in In re School Specialty (Case No....
View ArticleShowdown in the Richmond: The City of Richmond Threatens Eminent Domain on...
BREAKING NEWS: In a contentious 4-3 decision and amid more than 300 community members on both sides of the issue, the City Council for the City of Richmond voted to continue pursuing its eminent domain...
View ArticleAttacking LBO Payouts as State Law Fraudulent Transfers
The United States Bankruptcy Court for the Southern District of New York (the “Court”) in Weisfelner v. Fund 1 (In Re Lyondell Chemical Co.), 2014 WL 118036 (Bankr. S.D.N.Y. Jan. 14, 2014) recently...
View ArticleDodd-Frank’s Intersection with the Bankruptcy Code Could Have Significant...
On February 11th, the three private plaintiff-appellants and eleven State plaintiff-appellants in State National Bank of Big Spring, et al. v. Jacob J. Lew, et al. filed briefs with the U.S. Court of...
View ArticleContinuity of Enterprise is Enough for Successor Parties to be Liable
Successor liability is often a concern for the acquirer when purchasing substantially all of a seller’s assets. While this risk is well known, the circumstances under which an acquirer will be found...
View ArticleSupreme Court Holds that Bankruptcy Courts can Adjudicate Stern Claims
In a 6-3 ruling, the U.S. Supreme Court held that bankruptcy courts have the authority to adjudicate Stern claims so long as the litigant parties provide “knowing and voluntary consent.” This decision...
View ArticleNinth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope...
The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and...
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Fed Provides Further Updates to Main Street Lending Program, Expanding...
On June 8, 2020, the Federal Reserve Bank of Boston, the administrator of the Federal Reserve’s Main Street Lending Program, released updated term sheets for the three types of loans, “New,” “Priority”...
View ArticleCherry Picking Contract Provisions in Bankruptcy: Not so Taboo After All?
One of the quintessential principles of the Bankruptcy Code is that when a debtor assumes an executory contract, it must assume the contract as a whole – a debtor cannot cherry pick the contract...
View ArticleSeven Commandments for the Financially Distressed Company
Most restructuring professionals will tell you that there is no “typical” restructuring. That is absolutely true. Every financially distressed business is different and the character and direction of...
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