Features
Case Study: Delaware Bankruptcy Court Denies Trustee's Breach of Fiduciary Duty Suit
In January, a bench trial occurred in <i>In re Covenant Partners, L.P.</i>, in which the Trustee of Debtor, Covenant Partners, L.P., sued for breach of fiduciary duty.
Features
How Bankruptcy Courts Will Treat Cases Involving Cryptocurrency Exchanges
This article looks at some of the issues that may arise if a cryptocurrency exchange becomes a debtor in a case under the Bankruptcy Code.
Features
The How, What and Why of a Potential PG&E Bankruptcy
PG&E Corporation and its subsidiary, Pacific Gas & Electric Company announced that it expects to file for Chapter 11 bankruptcy protection on or around Jan. 29, 2019, right around the conclusion of a mandatory 15-day notice requirement under California law. Such a filing would represent the second time PG&E resorted to protection under the U.S. Bankruptcy Code.
Features
Junior Noteholders Successfully Petition for Dismissal of Involuntary Filing
The bankruptcy court's ruling is a seminal decision that meaningfully circumscribes the ability of a secured noteholder under an indenture, particularly for structured debt, to force the debtor (i.e., issuer of the debt) into an involuntary bankruptcy.
Features
Reports of the Demise of 'Gifting' Chapter 11 Plans Are An Exaggeration
In Nuverra Environmental Solutions,, the U.S. District Court for the District of Delaware affirmed a bankruptcy court order confirming a non-consensual Chapter 11 plan that included "gifted" consideration from a senior secured creditor to fund unequal distributions to two separate classes of unsecured creditors.
Features
The Bankruptcy Code's Inherent Limitations for Struggling Golf Courses
<b><i>Part One of a Two-Part Article</b></i><p>This article describes conflicts with zoning boards and neighbors as it relates to distressed golf course properties and the methods sometimes available in the bankruptcy realm for working around the problem of restrictive covenants that run with the land.
Features
Eighth Circuit Rejects Ponzi Scheme Presumption to Protect Legitimate Loan Repayments
The Eighth Circuit affirmed the lower courts' dismissal of a bankruptcy trustee's $250 million fraudulent transfer suit against two banks (the Banks), rejecting the so called “Ponzi scheme presumption” that “allows a creditor to by-pass the proof requirements of a fraudulent-transfer claim by showing that the debtor operated a Ponzi scheme and transferred assets 'in furtherance of the scheme.'”
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Fifth Circuit Holds Asset Purchaser Unable to Acquire Rejected License Agreement
A license agreement "deemed rejected by operation of law" could not be acquired under a court-approved asset purchase agreement, held the U.S. Court of Appeals for the Fifth Circuit
Features
Secured Creditors Beware of Your Descriptions, Nomenclature and Terminations
Secured creditors can learn a great deal from a few recent bankruptcy cases involving the Uniform Commercial Code that remind us that the “devil is in the details.” These cases show that it is unrealistic to expect forgiveness by a court after a misstep involving Article 9 of the UCC.
Features
Strawberry Fields For Sale
On Oct. 3, 2018, the Chapter 11 Liquidating Plan of Eclipse Berry Farms, LLC was confirmed, concluding a two-year journey from one of the largest strawberry growers in the country to the cessation of operations and eventual liquidation.
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