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Entries tagged “bankruptcy”

Rimon welcomes Bankruptcy and Creditors’ Rights attorney Jacquelyn Choi as Partner in its Los Angeles office.

news Rimon welcomes Bankruptcy and Creditors’ Rights attorney Jacquelyn Choi as Partner in its Los Angeles office. Jacquelyn H. Choi · August 3, 2020

Los Angeles— Rimon is proud to welcome Bankruptcy and Creditors’ Rights attorney Jacquelyn Choi as a Partner in its Los Angeles office. Ms. Choi joins Rimon from Raines Feldman LLP, where she was a Partner. Ms. Choi counsels secured and unsecured creditors involving all facets of corporate bankruptcy and has extensive bankruptcy litigation and appellate experience. For more than a…

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Claims Traders Beware: Another Bankruptcy Court Determines that Disallowance under Bankruptcy Code Section 502(d) Follows the Claim

insights Claims Traders Beware: Another Bankruptcy Court Determines that Disallowance under Bankruptcy Code Section 502(d) Follows the Claim Douglas J. Schneller · Claims Traders Beware: Another Bankruptcy Court Determines that Disallowance under Bankruptcy Code Section 502(d) Follows the Claim John J. Hanley · Claims Traders Beware: Another Bankruptcy Court Determines that Disallowance under Bankruptcy Code Section 502(d) Follows the Claim Patrick Maschio · April 30, 2020

On April 22, 2020, Bankruptcy Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued an important opinion[1] regarding claim disallowance under Section 502(d) of the United States Bankruptcy Code (“Section 502(d)”).[2] In brief, the Bankruptcy Court, like other courts including the Third Circuit Court of…

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Third circuit affirms plan distributions are not proceeds of collateral

insights Third circuit affirms plan distributions are not proceeds of collateral Douglas J. Schneller · July 29, 2019

In Energy Future Holdings Corp. v. Morgan Stanley Capital Grp., Inc., 2019 U.S. App. LEXIS 18458 (3d Cir. 2019) (“EFH”), the United States Court of Appeals for the Third Circuit issued an important, albeit nonprecedential, opinion about whether adequate protection payments and plan distributions made during a bankruptcy case should be re-allocated in accordance with the…

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SCOTUS Holds Licensee May Continue Using Trademark After Rejection in Bankruptcy

insights SCOTUS Holds Licensee May Continue Using Trademark After Rejection in Bankruptcy Douglas J. Schneller · June 11, 2019

The Supreme Court of the United States has ruled that the rejection in bankruptcy by a debtor-licensor of an executory trademark license does not terminate the licensee’s right to use the trademark but instead has the same effect as a breach of that contract outside of bankruptcy.[1] Consequently, the licensee may continue to use the trademark…

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Sears Fights with Vendors Whether Goods Were Delivered Prepetition or Postpetition

insights Sears Fights with Vendors Whether Goods Were Delivered Prepetition or Postpetition Douglas J. Schneller · May 16, 2019

Several foreign suppliers are seeking to compel payment by Sears Holding Corporation and subsidiary debtors (collectively the “Debtors”) for merchandise purchased by the Debtors during, or just before the commencement of, the Debtors’ Chapter 11 bankruptcy cases (the “Case” or “Sears”) pending in the United States Bankruptcy Court for the Southern District of New York…

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9th Circuit Declines to Dismiss a Marijuana-Related Chapter 11 Case, Affirms Plan Confirmation

insights 9th Circuit Declines to Dismiss a Marijuana-Related Chapter 11 Case, Affirms Plan Confirmation Douglas J. Schneller · May 9, 2019

Does a real estate company’s bankruptcy reorganization plan go up in smoke if a tenant uses the property to grow marijuana? Relying on the plain text of Bankruptcy Code Section 1129(a)(3)[1] and the particular facts and procedural history of the case, the United States Court of Appeals for the Ninth Circuit affirmed confirmation of the…

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Sports Authority and Consignments: Lessons for Lenders and Vendors

insights Sports Authority and Consignments: Lessons for Lenders and Vendors Douglas J. Schneller · May 9, 2019

A Delaware bankruptcy court (the “Court”) recently considered conflicting security interest claims of (i) a vendor that manufactured and consigned goods to a merchant that later filed for bankruptcy, and (ii) a secured lender that had a perfected lien on inventory and proceeds. The decision has important lessons relating to consignments. Summary The consignor failed…

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Second Circuit Opines on Cramdown Interest and Make-Whole Premiums

insights Second Circuit Opines on Cramdown Interest and Make-Whole Premiums Douglas J. Schneller · November 13, 2017

Creditors, secured lenders and debtors take note: the United States Circuit Court of Appeals for the Second Circuit has spoken on how to determine the appropriate “cramdown” interest rate for replacement notes issued to senior lien holders, and whether noteholders were entitled to the “make-whole” premium under the indenture. Read the details and potential ramifications here.…

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Chaos Sparks Corporate Exit from Catalonia

insights Chaos Sparks Corporate Exit from Catalonia Stephen Díaz Gavin · October 23, 2017

Spain’s central government has now invoked Article 155 of the Spanish Constitution to take control from the secessionist-oriented government in the region of Catalonia.  The executive of the Catalonian regional government will be replaced, the regional police and finances will be controlled from Madrid and regional elections will be called to allow for a new…

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3rd Circuit and Delaware Bankruptcy Court Hold That “Receipt” Under Bankruptcy Code Section 503(b)(9) Requires Physical Possession

insights 3rd Circuit and Delaware Bankruptcy Court Hold That “Receipt” Under Bankruptcy Code Section 503(b)(9) Requires Physical Possession Douglas J. Schneller · August 3, 2017

Section 503(b)(9) of the Bankruptcy Code provides a seller of goods with an administrative expense claim equal to the value of goods received by the debtor within the 20 day period prior to the bankruptcy filing. Two recent decisions provide important guidance for sellers and buyers of goods on the eve of a debtor’s bankruptcy.…

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