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Beyond Bordeaux’s Bankruptcy: A Lesson In Adapting to the Evolving Sports Media Landscape Image

Beyond Bordeaux’s Bankruptcy: A Lesson In Adapting to the Evolving Sports Media Landscape

Jeffrey Schlerf

Word that the historic French franchise Girondins de Bordeaux filed for bankruptcy recently rocked European football. But one force in particular poses an even broader threat to the sustainability of the elite level of French soccer than relegation: media rights.

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Court Rules Mere Conduit Defense Not Suitable for a Motion to Dismiss Image

Court Rules Mere Conduit Defense Not Suitable for a Motion to Dismiss

Daniel A. Lowenthal

At the motion to dismiss stage, courts usually won't consider affirmative defenses. This issue arose recently in a preferential transfer case, where a defendant sought to dismiss a complaint by arguing it was a mere conduit, not an initial transferee.

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Credible Fraudulent Transfer Advocacy Image

Credible Fraudulent Transfer Advocacy

Michael L. Cook

Appellate courts continue to use common sense when disposing of constructively fraudulent transfer appeals, as recent decisions show.

Features

Avoiding Double-Dipping: U.S. Trustee Fees and Creditor Trusts Image

Avoiding Double-Dipping: U.S. Trustee Fees and Creditor Trusts

Nicole M. Sweeney & Megan M. Wasson

The U.S. Trustee has recently taken the position that GUC Trusts (disbursements made by creditor trusts formed under bankruptcy plans) should be required to pay fees on account of their own disbursements to creditors. The outcomes in three recent bankruptcy cases highlight different approaches to addressing the U.S. Trustee's argument: closing bankruptcy cases early, deferring the issue to a later date, or focusing on the distinction between contingent and non-contingent assets.

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The Future Viability of 105(a) Injunctions Following the Supreme Court's Decision In 'Purdue Pharma' Image

The Future Viability of 105(a) Injunctions Following the Supreme Court's Decision In 'Purdue Pharma'

Theresa A. Driscoll

Until now, a successful reorganization assumed the debtor could confirm a plan with nondebtor releases and injunctions based on less than full creditor consensus. Now that nonconsensual releases in Chapter 11 plans are no longer permitted, will debtors have a more difficult time obtaining a 105(a) injunction?

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Appellate Courts Skeptical About Bankruptcy Court Sanctions Image

Appellate Courts Skeptical About Bankruptcy Court Sanctions

Michael L. Cook

Recent appellate decisions reflect a distaste for appeals from bankruptcy court sanction orders. A split Fourth Circuit even refused to hear such an appeal. Other courts tend to limit sanctions or, alternatively, accept a bankruptcy judge's findings under a stringent "abuse of discretion" standard.

Features

Courts Split Over Requirement for Chapter 15 Jurisdiction In the U.S. Image

Courts Split Over Requirement for Chapter 15 Jurisdiction In the U.S.

Daniel A. Lowenthal

If a foreign debtor doesn't reside in, have a domicile or place of business in, or have property in the U.S., can the foreign representative of the debtor utilize Chapter 15 to obtain discovery to use in the foreign proceeding?

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Delaware District Court Could Guide Supreme Court Purdue Pharma Decision Image

Delaware District Court Could Guide Supreme Court Purdue Pharma Decision

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.

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Seventh Circuit Applies Safe Harbor to Private Securities Transaction Image

Seventh Circuit Applies Safe Harbor to Private Securities Transaction

Michael L. Cook

"… [T]he term 'securities contract' as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities," The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.

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Landmines In Bankruptcy Appellate Practice, Part III Image

Landmines In Bankruptcy Appellate Practice, Part III

Michael L. Cook

When courts have made important exceptions in the past year, they have either added a gloss on the Judicial Code, corrected lawyers' errors, filled in statutory gaps, or clarified the relevant statutory language.

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