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In the recent decision of Tew v. ED&F Man Capital Markets, the U.S. Bankruptcy Court for the Eastern District of Kentucky (the bankruptcy court) addressed a thorny decision for all bankruptcy courts, namely to what extent a bankruptcy court has jurisdiction over a post-confirmation lawsuit. In this case, Bernard Tew, along with his wife, Stephanie, filed a voluntary Chapter 11 petition on July 23, 2020. During the course of their bankruptcy case, the debtors filed a second plan of reorganization (the plan), in which they referenced a potential and unliquidated claim against an entity known as “ED&F Man.” Although this “claim” was also listed on the debtors’ schedules, no version of the plan or disclosure statement specifically identified the defendant by name or explained the nature of the claim the debtors intended to assert against this entity.
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Delaware District Court Could Guide Supreme Court Purdue Pharma Decision
By Michael L. Cook
A bankruptcy court properly held that derivative claims based on “piercing the corporate veil theory of liability [were] released under” a confirmed reorganization plan, but that direct “claims for negligent undertaking” were not released and “could be asserted” in state court against the debtors’ equity sponsors.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
A big issue in real estate and retail bankruptcies, among others, involves the disposition of commercial real estate leases, given the potential magnitude of landlord damage claims under state law resulting from a tenant’s default under a long-term lease.
Delaware Bankruptcy Court Rejects Equity Holder's Challenge to Revoke Confirmation Order
By Lawrence J. Kotler
The equity owner asserted that the confirmation order previously entered by the court should be revoked based on the equity owner’s claim that value was lost due to improper sale and marketing efforts by the debtors and its professionals both pre- and post-bankruptcy and, as such, they should have been “in the money” and entitled to a distribution under the confirmed plan.
By George Williams
One of the major catalysts of the “Crypto Winter” that began in 2022 was the collapse of Terraform Labs’s native token LUNA in May 2022. Now two years and a dozen crypto-related bankruptcies later, Terraform Labs has filed for Chapter 11 protection.