'Coudert Brothers': Court Limits Attorney's Retaining Lien
February 26, 2008
The U.S. Bankruptcy Court for the Southern District of New York recently issued a decision in <i>In re Coudert Brothers LLP</i> concerning the treatment of an attorney's retaining lien in the bankruptcy of a law firm. The decision does not alter the analysis that would obtain under applicable state law, and serves as an important reminder to attorneys that their liens to secure payment of amounts owed by clients and former clients depend on state law and are not enhanced in the bankruptcy setting.
Collective Bargaining Aftermath
February 26, 2008
A discussion of the aftermath of the recent decision, <i>In re Northwest Airlines Corp.</i>, 483 F.3d 160 (2d Cir. 2007), in which the United States Court of Appeals for the Second Circuit held that a federal court may enjoin a strike by employees covered under the Railway Labor Act (the 'RLA') following rejection of their collective bargaining agreement.
Litigation
January 30, 2008
Recent rulings of interest to you and your practice.
Key Employee Retention under BAPCPA
January 29, 2008
Given that the raison d'etre of KERPs was to retain top management, it is perhaps ironic that debtors now must show that a compensation plan is not retentive ' or at least that retention is not its primary purpose ' in order to obtain bankruptcy court approval. This article offers a complete explanation and analysis.
The Return of the Solvent Debtor Doctrine?
January 29, 2008
The First Circuit recently added its weight to the list of authorities allowing as unsecured claims unreasonable prepayment penalties asserted by oversecured creditors, but, by implication, the court may have added further fuel to the debate regarding the allowability of claims by unsecured creditors for contractual, post-petition attorney fees ...
Distressed Hedge Funds Amidst the Credit Crunch
January 28, 2008
As we begin a new year, many beleaguered hedge funds will reflect on 2007 and how the credit crunch affected Wall Street, corporate borrowers and hedge funds in the long run. Although nobody knows if the end of troubled times is near, we do know that a sustained recovery will take lots of know-how, cooperation and willingness to be more transparent in our dealings with one another and, perhaps, some old-fashioned work.
Equity and Relief from Joint Return Liabilities
December 21, 2007
In the first part of this article, the author discussed the availability of relief for a taxpayer from liability for tax on a joint return that results from his or her spouse's errors or omissions, focusing on the equitable catch-all provided in IRC ' 6015(f). In December 2006, Congress amended the statute explicitly to provide for Tax Court review of IRS determinations not to grant relief under ' 6015(f). Now, the author considers how the Tax Court evaluates these claims in relation to the position of the IRS.
Crystal Ball Required?
December 21, 2007
As experienced Chapter 11 bankruptcy practitioners know, when a company suffers severe financial distress and faces the prospect of imminent bankruptcy, its record-keeping procedures can break down, even if they were previously adequate. To prevent future litigation difficulties from arising in connection with the prosecution of avoidance actions, it is important for a practitioner advising a company heading into or newly in bankruptcy to begin to preserve all electronic data immediately.
The Changing Face of Chapter 11
December 21, 2007
The face of bankruptcies in corporate America has changed multiple times since the reforms of 1978. And it's going to change once more ' probably radically ' over the coming months. This article explains.
