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In a 2021 opinion in In re Paragon Offshore PLC, 629 B.R. 227 (Bankr. D. Del. 2021) (“Paragon Offshore”), Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a litigation trust created post-plan confirmation did not have to pay quarterly fees to…
Continue Reading Do Liquidating Trusts Have to Pay Quarterly US Trustee Fees?Effective January 1, 2023, the procedures for filing complex cases in the Southern District of…
Continue Reading New Complex Case Procedures in the Southern District of TexasBy: Michael L. Temin and Martha B. Chovanes
Introduction
Imerys Talc American, Inc. (“Imerys”) filed…
Continue Reading Who Can Be A Future Claims Representative In The Third Circuit?Cryptocurrency Deposits Do Not Belong to Account Holders: New York Bankruptcy Holding Severs Customers’ Right and Title to Crypto Assets Deposited in Celsius Network Earn Program Accounts
In a recent decision by Chief Judge Martin Glenn of the United States Bankruptcy Court…
Continue Reading Cryptocurrency Deposits Do Not Belong to Account Holders: New York Bankruptcy Holding Severs Customers’ Right and Title to Crypto Assets Deposited in Celsius Network Earn Program AccountsThe Latest
Duties of Claims Agents are Limited to the Scope of 28 U.S.C. § 156(c)
The Clerk of the Court (“Clerk”) is the “official custodian of the records and dockets of the bankruptcy court,” and when it appears that there will be a distribution to…
Continue Reading Duties of Claims Agents are Limited to the Scope of 28 U.S.C. § 156(c)Court Shocks Solvent PG&E with Electric Opinion Requiring High-Powered Interest Rates to Creditors
What rate of post-petition interest must a solvent debtor pay creditors whose claims are designated as unimpaired pursuant to Section 1124(1) of the Bankruptcy Code? [1] The answer can…
Continue Reading Court Shocks Solvent PG&E with Electric Opinion Requiring High-Powered Interest Rates to CreditorsSurviving Rule 12(b)(6) Motion Could Still Lead to Sanctions Under Bankruptcy Rule 9011
Surviving a motion to dismiss does not necessarily mean that counsel drafting a pleading will survive a motion for sanctions under Rule 9011 if they have not conducted a “reasonable…
Continue Reading Surviving Rule 12(b)(6) Motion Could Still Lead to Sanctions Under Bankruptcy Rule 9011The Aftermath of Siegel v. Fitzgerald: The Tenth Circuit Orders United States Trustee Program to Refund Chapter 11 Debtors’ Overpayment of United States Trustee Fees
As discussed in our prior blog post entitled, “The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program Unconstitutional –What Happens Next?…
Continue Reading The Aftermath of Siegel v. Fitzgerald: The Tenth Circuit Orders United States Trustee Program to Refund Chapter 11 Debtors’ Overpayment of United States Trustee FeesSubchapter V Eligibility: Congress Fixes CARES Act Provision That Excluded Affiliates of Issuers But Ignores Potential Eligibility for Foreign, Publicly Traded Companies and Affiliates
On February 19, 2020, the Small Business Reorganization Act (the “SBRA”) became effective and created a new subchapter V to chapter 11 of the Bankruptcy Code. As we have reported…
Continue Reading Subchapter V Eligibility: Congress Fixes CARES Act Provision That Excluded Affiliates of Issuers But Ignores Potential Eligibility for Foreign, Publicly Traded Companies and AffiliatesCourt Pulls Carpet Out from Under Trustee’s Preference Claim
The Eleventh Circuit sided with the Third Circuit in finding that a creditor’s administrative claim under 11 U.S.C. § 503(b)(9) does not offset its new value defense pursuant to 11…
Continue Reading Court Pulls Carpet Out from Under Trustee’s Preference ClaimCongress passed the Small Business Reorganization Act of 2019 (“SBRA”), otherwise known as “Subchapter V,” as a subchapter of chapter 11, to provide a streamlined and economically feasible reorganization option…
Continue Reading CHAPTER 11 AS ALTERNATIVE TO CONVERSION OR DISMISSAL IN SUBCHAPTER VA recent Second Circuit opinion sets a bright-line rule: if the Debtor is named as a defendant in a pre-bankruptcy lawsuit, the automatic stay applies to halt further proceedings. Bayview…
Continue Reading Creditor Pays for Violating Stay in Mastic BayPresident Biden Signs Bill Extending Temporary $7.5 Million Subchapter V Debt Limit Increase Into 2024
Today, President Biden signed into law the Bankruptcy Threshold Adjustment and Technical Corrections Act, S. 3823, 117th Cong. (the “Act”), which, among other things, continues the temporary expansion of subchapter…
Continue Reading President Biden Signs Bill Extending Temporary $7.5 Million Subchapter V Debt Limit Increase Into 2024