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Daily Business Review

Puerto Rico Hit With 2 Lawsuits Challenging Board's Power

Puerto Rico was hit with two lawsuits that for the first time challenge the constitutionality of a federal control board overseeing the island's finances and its power to start a bankruptcy-like court process for some of the U.S. territory's more than $70 billion public debt.
5 minute read

Daily Business Review

Bank Moves to Ground Commercial Developer's Private Jet

Fed up with what it viewed as empty promises to make good on an outstanding loan, JP Morgan Chase has asked a federal judge to ground a $12 million private jet until the commercial real estate developer who owns it settles up.
3 minute read

The Legal Intelligencer

In Re World Imports, Ltd., PICS Case No. 17-1199 (3 Cir. July 10, 2017) Hardiman, J. (15 pages).

Bankruptcy court misapplied the concept of constructive receipt to find buyer "received" goods shipped FOB at the port of origin because a buyer did not constructively receive goods when they were delivered to a common carrier, even if the risk of loss passed at that time, and receipt occurred when the goods were in the buyer's physical possession. Reversed.
3 minute read

The Legal Intelligencer

Third Circuit Denies Automatic Perfection of Oil Producer Liens

In a recently decided, but long-running dispute, the U.S. Court of Appeals for the Third Circuit has found that oil ­producers do not hold automatically ­perfected security interests in product they sell to midstream intermediaries, nor are the proceeds generated through the subsequent sale of such product held in an implied trust for the benefit of the upstream producers, as held in Arrow Oil & Gas v. J. Aron (In re SemCrude), 2017 U.S. App. LEXIS 12975 (3d Cir. July 19). In its ­decision, the Third Circuit determined that an automatically perfected security interest or implied trust would result in "chaos" in an industry where oil is comingled and sold multiple times in the stream of commerce.
7 minute read

The Recorder

In re Mainline Equipment, Inc.

9th Cir.; 15-60069 The court of appeals affirmed a Bankruptcy Appellate Panel decision. The court held that a Chapter 11 bankruptcy debtor was entitled…
3 minute read

The Recorder

Crossroads Investors, L.P. v. Federal National Mortgage Association

C.A. 3rd; C072585 The Third Appellate District reversed a judgment with directions. The court held that a creditor’s communications with a debtor…
5 minute read

New York Law Journal

Citibank N.A. v. Bombshell Taxi LLC

Dismissal of Challenges to Bankruptcy Court's Findings, Conclusions as Meritless Explained
3 minute read

The American Lawyer

Kirkland Bankruptcy Star Basta to Leave Firm

Paul Basta, a top restructuring partner at Kirkland & Ellis in New York and member of the firm's 15-person management committee, is preparing to leave the firm.
13 minute read

Daily Business Review

Appeals Court Sides With Marcum Firm Over Barry Mukamal in Arbitration Battle

A state appellate court ruled against bankruptcy trustee and fiduciary Barry Mukamal in his suit against his former firm, Marcum LLP, and chairman and CEO Jeffrey Weiner.
5 minute read

New York Law Journal

Continuing Concealment Doctrine and Bankruptcy Code Section 727(a)(2)(A)

Carlos J. Cuevas discusses the continuing concealment doctrine, which extends the statute of limitations period beyond one-year if a debtor has engaged in concealing assets.
16 minute read

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