John J Rapisardi

January 12, 2005 | New York Law Journal

John J. Rapisardi, a partner with Weil, Gotshal & Manges and adjunct professor of law at Pace University School of Law, writes that the Bankruptcy Code provides that "the making or delivery of an instrument of transfer under a plan confirmed under �1129 of this title, may not be taxed under any law imposing a stamp tax of similar tax." Though seemingly straightforward, there is controversy regarding the language of the statute and the phrase "under a plan confirmed" in particular.

By John J. Rapisardi

11 minute read

May 05, 2011 | New York Law Journal

In his Bankruptcy Practice column, Cadwalader, Wickersham & Taft partner John J. Rapisardi discusses the Second Circuit's holding that a proposed "gifting" plan distributing value from certain secured lenders to the prepetition shareholder violated the absolute priority rule and was confirmed in error, a decision which also affirmed the designation of the vote of a competitor that had purchased an entire class of claims to block the plan's confirmation and acquire strategically the assets of the debtor.

By John J. Rapisardi

11 minute read

September 30, 2005 | New York Law Journal

John J. Rapisardi, a partner at Weil, Gotshal & Manges and an adjunct professor at Pace University School of Law, argues against the use of "deepening insolvency"--the unnecessary prolonging of the dissolution of an insolvent company--as an independent tort, because reasonable measures taken to resuscitate valuable but financially troubled corporations should be encouraged instead of punished.

By John J. Rapisardi

12 minute read

November 15, 2007 | New York Law Journal

John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft and an adjunct professor of law at Pace University School of Law, writes that the Ninth Circuit recently issued the first circuit-level decision regarding what sort of damages are subject to the cap imposed on landlords' claims arising from a debtor's rejection of a nonresidential real property lease. If the result is followed by other courts, debtors may face a new uncertainty as they decide how to deal with their leases in bankruptcy.

By John J. Rapisardi

11 minute read

May 18, 2005 | New York Law Journal

John J. Rapisardi, a partner at Weil, Gotshal & Manges and an adjunct professor of law at Pace University School of Law, writes that courts generally enforce provisions of agreements subordinating a junior lienholder's right to payments from proceeds of shared collateral.

By John J. Rapisardi

13 minute read

August 05, 2005 | The Legal Intelligencer

In Production Resources Group LLC v. NCT Group Inc., the Delaware Court of Chancery has reaffirmed longstanding principles relating to directors' fiduciary duties for entities that are solvent and insolvent and provided important clarification and guidance as to the parameters of director fiduciary duties in the murky zone of insolvency.

By John J. Rapisardi Special to the Legal

10 minute read

December 15, 2009 | New York Law Journal

John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft and an adjunct professor of law at Pace University School of Law, writes: Today, the U.S. Court of Appeals for the Third Circuit will hear oral argument in a closely watched bankruptcy appeal in In re Philadelphia Newspapers, LLC. This case has called into question certain well-established secured lender protections typically available in the context of the sale of collateral or other treatment pursuant to a plan of reorganization. If the Third Circuit affirms the district court decision, it will adversely shift the landscape for secured lenders, potentially eviscerating their right to exercise important economic decisions with respect to their collateral in the plan context.

By John J. Rapisardi

10 minute read

May 06, 2010 | New York Law Journal

In his Bankruptcy Practice column, John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft, reviews the treatment of special revenue bonds in a municipal bankruptcy, the "best interests" test, and "cramdown" plans.

By John J. Rapisardi

12 minute read

May 14, 2008 | New York Law Journal

John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft and an adjunct professor of law at Pace University School of Law, writes that the ruling from the U.S. Bankruptcy Court for the District of Delaware in Liquidating Trust of U.S. Wireless Corp. v. Wax represents the latest of a growing line of cases broadly construing Bankruptcy Code �510(b) and advancing the important policy considerations underpinning that section, which are intended to prevent shareholders from characterizing their equity interests into unsecured debt claims that would carry greater recovery value.

By John J. Rapisardi

11 minute read

March 04, 2010 | New York Law Journal

John J. Rapisardi, a partner at Cadwalader, Wickersham & Taft and an adjunct professor at Pace University School of Law, reviews chapter 9, which provides troubled municipalities the opportunity to adjust their debts and to receive the protections similar to those chapter 11 affords corporations, but which many practitioners and government officials are not familiar with, due to the rarity with which it is invoked.

By John J. Rapisardi

12 minute read