In a recent decision by Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York presiding over cryptocurrency Chapter 11 megacase, In re
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 AccountsDuties 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 Creditors
Surviving 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 9011
The 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 Fees
Subchapter 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 Affiliates
Court 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
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CHAPTER 11 AS ALTERNATIVE TO CONVERSION OR DISMISSAL IN SUBCHAPTER V
Congress 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
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Creditor Pays for Violating Stay in Mastic Bay
A 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