of last year's decision on credit bidding by the Third Circuit Court of Appeals
in the Philadelphia Newspapers chapter 11 case welcomed the Seventh Circuit's recent
unanimous opinion in River Road Hotel Partners LLC . The Seventh
Here is a link to a very interesting article on an
ethical conundrum faced by many bankruptcy lawyers. It is
written by Gregory Duhl, who is a law professor from William Mitchell
Section 524 of the
Bankruptcy Code divides...
In Simon v. FIA Card Services, N.A. , the U.S. Court of Appeals for the Third Circuit recently ruled that a debtor in a bankruptcy proceeding is not unconditionally precluded from bringing claims under the Fair Debt Collection Practices Act (the “FDCPA”...
In late September, Philadelphia Mayor Michael Nutter and
a small group of other big-city mayors met with reporters at the National Press
Club in Washington D.C. to enlist them in a campaign to pressure Congress to
The Diocese of Milwaukee filed a petition for chapter 11
relief on January 4, 2011 after twenty years of dealing with sexual abuse
claims and an unfavorable ruling on its insurance coverage. In re Diocese of
Milwaukee , Case No. 11-20059 (Bankr. E...
This is an article about the end of a Chapter 11 case. As the Doors put it:
This is the end Beautiful friend This is the end My only friend, the end Of our elaborate plans, the end Of everything that stands, the end No safety or surprise, the end...
A recently released iPhone and iPad app designed for bankruptcy lawyers, Bankruptcy II , describes itself as a "complete reference for the working bankruptcy attorney." It is an overstatement to call it complete, because it does not have cases...
Nearly nine months after it filed
for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy
judge last week determined that the
city of Stockton, California has satisfied the requirements of Section 109(c)
of the Bankruptcy Code...
Aside from the issues of a potential violation of the
Constitution, the costs, and the effect on the state's municipal bonds, and the
question of who in a state could declare bankruptcy for the state, a state
filing for bankruptcy should raise...
Troutman Sanders CFPB Team
In what has become one of the CFPB's signature regulatory
initiatives - "Know Before You Owe" - the CFPB announced on July 28, 2011
that it would be conducting its third round of public commenting and...
What is it with alleged Ponzi scheme perpetrators these
days? They seem to have a heightened sensitivity to the use of the words "Ponzi
scheme." In 2012, two cases were decided against two governmental agencies -
the SEC and the IRS-in connection...
Below is a summary of the activity reported for March 2016. The reported stories reflect: 7 guilty pleas or convictions in pending cases; over 120 years of newly imposed sentences for people involved in Ponzi schemes; at least 11 new Ponzi schemes worldwide...
little fanfare, Yra Harris, a veteran trader of Chicago's pits, started
blogging his Notes From the
Underground last December. I learned about it last month from a
good friend of his, and strongly recommend it to you. Yra is a frequent
In a case where private enterprise meets governmental
finance, the Fifth Circuit has ruled that purchasers of Texas tax liens are
protected from having their contractual interest rates modified in a plan. Tax
Ease Funding, LP v. Thompson , et al, No...
Attorneys are entrusted with a lot of sensitive
information. The attorney-client privilege exists to allow clients to speak
candidly with their attorneys. However, when the same attorney represents
multiple parties, the privilege may not be so absolute...
The Fifth Circuit has upheld a Texas bankruptcy court's
order recharacterizing the ostensible debt of a non-insider as equity. Matter
of Lothian Oil Incorporated , No. 10-50683 (5th Cir. 8/9/11). Unlike other
circuits to consider the issue, the...
Bernard Madoff's bankruptcy trustee secures a nearly $500 million
feeder-fund bank settlement, and, the SEC reaches a $137 million
settlement with a Banc of America subsidiary in a municipal bond
investigation. Hear these and other stories from...
The city of Central Falls, R.I., battered by debt and
years of financial woes, has filed for bankruptcy protection.
Central Falls has Rhode Island's highest unemployment
rate - about 15 percent - and the state's lowest per-capita income,...
Well, the Federal Reserve has now revealed where some,
not all, of the 3.3 trillion dollar bail out has gone. The recipients may
surprise you. No doubt there will be further calls for an audit of the
central bank as well as a few calls for its closure...
Investors Beware: Use of voter designation and cramdowns to dilute the
leverage traditionally enjoyed by strategic buyers of senior secured debt.
One of the fastest and most effective ways to acquire a
distressed company is to purchase...
Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware last week approved the sale of Digital Domain Media Group , the special effects company founded by James Cameron , following one of the fastest distressed m&a transactions...
The case of self-proclaimed "investigative blogger" Crystal Cox took another turn as the Ninth Circuit reversed and remanded the case against her. The decision gives greater First Amendment protection to bloggers than the stingy view taken by...
by Lara Mouritsen
Successor liability is often a concern for the acquirer when purchasing substantially all of a seller’s assets. While this risk is well known, the circumstances under which an acquirer will be found liable under the theory of...
by Sean Cornely
On February 11th, the three private plaintiff-appellants and eleven State plaintiff-appellants in State National Bank of Big Spring, et al. v. Jacob J. Lew, et al. filed briefs with the U.S. Court of Appeals for the District of Columbia...
Joining the Fourth and Tenth Circuits, the Fifth Circuit has ruled that BAPCPA did not implicitly repeal the absolute priority rule in individual chapter 11 cases. Matter of Lively , No. 12-20277 (5th Cir. 5/29/13), which can be found here [ an enhanced...