Robert W. Stocker II and Peter J. Kulick on Casino Chapter 11 Bankruptcy Jurisdictional Questions

In this Emerging Issues commentary, Robert W. Stocker II and Peter J. Kulick, members of Dickinson Wright PLLC, attempt to assist practitioners encountering gambling casino chapter 11 cases. Their analysis focuses upon the applicability of the automatic stay and jurisdictional considerations of the bankruptcy...

Top LexisNexis Bankruptcy Law Community Posts for 2010

With 2010 coming to a close, below are the most popular posts on the LexisNexis Bankruptcy Law Community from the past year. Remember, if you haven't done so already, register with our community today so you can contribute your own bankruptcy insight and expertise ( register today ). Most Popular...

What’s a Troubled Homeowner to do?

Because you generally cannot modify your mortgage on your primary residence in a bankruptcy case, I often suggest that people who are most troubled by their mortgage debts seek assistance outside of bankruptcy. I had high hopes for the Obama mortgage programs, including the Home Affordable Mortgage...

If You Sue Me, I Will File Bankruptcy and You Can't Stop Me! Maybe Not!

by Sidney Goldstein Excerpt: There is a commonly held view that individuals and business entities have a "God Given Right" or at least a Constitutional Right to declare bankruptcy to protect themselves from creditor claims. Not being a theologian, we will only discuss the legal aspect of...

Reed Smith LLP on Rosciti v. Liberty Mutual Insurance Company: An Analysis of Accessing Excess Coverage of a Bankrupt Entity

By Ann V. Kramer and Jennifer D. Katz In Rosciti v. Liberty Mutual Insurance Company , the District Court of Rhode Island concluded that an individual seeking damages from a bankrupt company cannot directly collect from that company’s excess insurer if the bankrupt company has not exhausted...

Sutherland Alert: U.S. District Court Affirms Lehman Ruling Raising Concern on Cross-Affiliate Netting

by Paul Turner and Mark Sherrill A recent opinion by the U.S. District Court for the Southern District of New York affirms a 2010 ruling by the Lehman Brothers bankruptcy court, which rendered certain netting and setoff provisions unenforceable in bankruptcy. The core holding - that a counterparty...

Newspaper Has it Wrong: What to Really Expect in Bankruptcy

As we discuss in the Road Out of Debt , bankruptcy myths are everywhere. Still, I am surprised when I see myths reported in newspapers like the San Francisco Chronicle or on very reputable websites like Investopedia . Here are some of the misstatements and myths I found in this rather short ...

Whether a Prospective Private Employer May Deny Employment Based Solely on a Bankruptcy Filing

This Emerging Issues Analysis considers two circuit court decisions holding that Bankruptcy Code section 525(b) does not prohibit private employers from discriminating against job applicants who have filed bankruptcy. Section 525(a) does prohibit governmental employers from so discriminating, but...

Four Times More Likely to File for Bankruptcy after Cancer Diagnosis

Medical bills have long been considered a leading cause of bankrupt case filings. Elizabeth Warren and her co-authors found medical bills accounted for 65% of bankruptcies in 2007. Now, a new study shows how devastating medical bills involving cancer treatment can be. The Fred Hutchinson Cancer...

Professor Christopher Frost Discusses Corporate Governance in Insolvency and Bankruptcy.

On this edition, Christopher W. Frost, Frost Brown Todd Professor of Law at the University of Kentucky College of Law discusses his recently authored Collier Monograph: Corporate Governance in Insolvency and Bankruptcy, published in May 2011 by LexisNexis Matthew Bender. He talks about the monograph's...

Enforcement of Intercreditor Agreements in Recent Bankruptcy Creditor Disputes

Section 510(a) of the Bankruptcy Code upholds subordination agreements entered into between lenders prior to bankruptcy but does not operate as a complete bar to lender disputes. Ambiguity in intercreditor agreements may pose potential problems concerning waiver of rights to object during bankruptcy...

Bankruptcy Valuation Methodology in Practice

By Jeffrey S. Sabin and Carol Weiner Levy Excerpt from 2011 Emerging Issues 6116 Valuation Methodology in Practice Arguably, there is nothing special about causes of action as an asset class and, thus, nothing particularly surprising about the Polis [ an enhanced version of this opinion is available...

The Right Kind of Broke? Judge Weighs Deeply Insolvent County's Eligibility For Chapter 9 Protection

The travails of Jefferson County, Alabama are well known. Ordered by a federal court to upgrade its sewer system in the late 1990's, the project was marred by corruption, cost overruns and financing with complex derivatives that ultimately saddled the County with over $3 billion in debt. In addition...

9th Circuit Denies Rehearing Ruling Sending Thorpe Case Back To Bankruptcy Court

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on April 3 denied an en banc rehearing of its decision to remand approval of Thorpe Insulation Co.'s Chapter 11 plan of reorganization so a bankruptcy court can hear objections by insurance companies ...read more

U.S. Trustee: Kodak's Motion To Pay $13.5M In Bonuses Fails Legal Standard

NEW YORK - The U.S. trustee in the Chapter 11 bankruptcy case of Eastman Kodak Co. on April 23 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to Kodak's motion seeking an order authorizing it to pay its ...read more

LexisNexis Launches Financial Restructuring & Bankruptcy Module for Lexis Practice Advisor

Easy access to practical guidance and "on point" legal content and analysis help law firms increase productivity and bring junior attorneys up to speed quickly NEW YORK - LexisNexis ® Legal & Professional, a leading provider of content and technology solutions, on May 3 announced...

Pilots: 2nd Circuit Should Rule On Collective Bargaining Issue In AMR Bankruptcy

NEW YORK - The Allied Pilots' Association (APA) on May 22 filed a brief supporting its motion seeking certification of a direct appeal to the Second Circuit U.S. Court of Appeals in the APA's adversary proceeding related to collective bargaining ...read more

5th Circuit: Fees Sought By Debtor's Attorney Properly Paid To Debtor's Lender

NEW ORLEANS - A panel of the Fifth Circuit U.S. Court of Appeals on May 24 affirmed a bankruptcy court's ruling that a debtor's attorney was not permitted to recover approved legal fees because an underlying order authorized the trustee to pay ...read more

Dewey & LeBoeuf Files For Chapter 11 Bankruptcy

NEW YORK - (Mealey's) The law firm of Dewey & LeBoeuf filed for Chapter 11 bankruptcy on May 28 in New York, listing between $100 million and $500 million in liabilities ( In re: Dewey & LeBoeuf , No. 12-12321, Chapter 11, S.D. N.Y. Bkcy.). ( Petition. Document #80-120606-030C .) ( lexis...

Judge: Sewer Income Must Be Applied To Debt Payments For Jefferson County, Ala.

BIRMINGHAM, Ala. - A federal bankruptcy judge on June 29 ruled that revenues from bankrupt Jefferson County, Ala.'s sewer facility may be used only to pay down the county's debt and cannot be used to cover legal fees and capital expenditures ...read more

Mealey's Asbestos Bankruptcy Bulletin: 3rd Circuit Upholds Conversion Of Skinner Bankruptcy To Chapter 7

PHILADELPHIA - A bankruptcy court has the authority to determine at the disclosure statement stage that a Chapter 11 reorganization plan is unconfirmable without first holding a confirmation hearing if it is obvious that the plan is patently unconfirmable ...read more

Borders Trustee Files 92nd Complaint Seeking To Recover $23 Million

NEW YORK - The liquidating trustee in the Chapter 11 bankruptcy proceeding of BGI Inc., formerly known as Borders Group Inc., on Jan. 4 filed the latest in a total of 92 adversary complaints against various creditors in the U.S. Bankruptcy Court for the ...read more

D&O Insurance: Advancing Defense Costs in Bankruptcy

After entity coverage began to be added to the D&O insurance policy a couple of decades ago, a recurring problem in the bankruptcy context was whether or not the D&O policy proceeds were property of the estate under Bankruptcy Code Section 541 (a) and subject to the automatic stay under Bankruptcy...

Couple Files Bankruptcy To Avoid Ponzi "Clawback" Lawsuit

A New Mexico couple facing the possible "clawback" of nearly $1 million from the largest Ponzi scheme in New Mexico history has filed for bankruptcy in a bid to avoid dodge the lawsuit. Mark and Maura Dahrling, of Albuquerque, New Mexico, were among hundreds of investors that lost approximately...

U.S. High Court To Rule On Bankruptcy Exemption For Inherited Retirement Accounts

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on Nov. 26 granted certiorari in a case in which a debtor couple contend that high court review is needed to settle a split in the circuit courts regarding whether Chapter 7 debtors are permitted to exempt money in an inherited individual...