By Adolfo Pesquera | June 8, 2023
"Victory in the adversary proceeding and a judgment declaring the 2020 transaction valid were essential to confirmation of SSB's chapter 11 Plan of Reorganization," Weil said.
The Legal Intelligencer | News
By Amanda O'Brien | June 8, 2023
Trusts and estates partner Kristen Behrens will join litigation partner Patrick Northen, who has been in the role for the past five years.
The Legal Intelligencer | Commentary
By Francis J. Lawall and Brenden Dahrouge | June 8, 2023
With this ruling, six bankruptcy court decisions from the District of Oregon, the Eastern District of Kentucky, the District of Delaware, the Northern District of Texas, and the Southern District of New York have held that electricity is not a "good" and does not qualify under Section 503(b)(9). The ruling can make the differences between being paid in full as opposed to pennies (if any) on the dollar.
By Ross Todd | June 7, 2023
Davis Polk's Marshall Huebner and Benjamin Kaminetzky helped convince the Second Circuit to overturn a district court ruling finding the bankruptcy code didn't authorize liability releases for the Sackler family, the founders of the OxyContin maker.
By Amanda Bronstad | June 7, 2023
The trustee of the Girardi Keese bankruptcy estate continues to pursue an investigation of California Attorney Lending II's owner, while Edelson alerted a federal judge to a former Girardi consultant's "suspicious and potentially improper" text message.
By Barbara M. Goodstein | June 7, 2023
The assets available to secured creditors in a debtor's bankruptcy proceeding must constitute "property of the estate" within the meaning of section 541(a)(1) of the U.S. Bankruptcy Code. However, creditors can sometimes find assets of a debtor outside the realm of a bankruptcy debtor's estate based on certain pre-bankruptcy arrangements. Examples of those arrangements are trusts and escrows. This column discusses two recent cases, "Markel Insurance Company v. Origin Bancorp, Inc.," and "In re: Urban Commons 2 West LLC," where federal courts held that a trust and escrow arrangement, respectively, were each insufficiently structured to protect the related assets from claims of creditors of the bankrupt debtor.
National Law Journal | Commentary
By Alan B. Morrison | June 5, 2023
Second Circuit ruling in the Purdue Pharmacy bankruptcy appeal raises the basic question of whether such releases are permitted at all, taking into account the court's conclusion that some limits are essential, although not found anywhere in the Bankruptcy Code.
The American Lawyer | Analysis
By Justin Henry | June 5, 2023
A string of individual departures along with an increase in group moves at both Shearman & Sterling and Stroock & Stroock & Lavin bring attention to the calculations partners need to make when they gain a sense their firm may be in distress.
New York Law Journal | Analysis
By David A. Castleman and Anthony Facciano | June 5, 2023
In the wake of recent bank failures, it is more important than ever to carefully consider the cash-management options available for the needs of each particular case and the risk tradeoffs to analyze when operating within the structures of the U.S. banking system.
New York Law Journal | Analysis
By Alex R. Rovira and Michael A. Sabino | June 5, 2023
In this article, we summarize the Serta up-tier transaction and its treatment by the courts, and provide practical guidance to market participants dealing with these type of transactions.
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