Somewhere in our rough memories of high school science, we should recall the general principle that a gas will always expand to fill a given void. Although the Bankruptcy Code diverges markedly from scientific principles, newly enacted provisions in Subchapter V of Chapter 11 of the Bankruptcy Code suggest some similarity. In In re Dani
The Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) govern procedure in cases arising under title 11 of the United States Code. Over time, the Bankruptcy Rules have been amended, and were most recently amended in 2020. The 2020 amendments to the Bankruptcy Rules took effect on December 1, 2020, and govern all proceedings commenced
Although enacted before the COVID-19 pandemic, the new Subchapter V of Chapter 11 of the Bankruptcy Code seems almost prescient now and could be a game-changer for small businesses looking to restructure. Indeed, the Subchapter V provisions became effective on February 19, 2020, not a moment too soon given that the pandemic gripped the country
In a recent article for Bloomberg Law, Mark Hall and I examined why consumer bankruptcy filings have not (yet) increased during the COVID-19 pandemic as initially predicted, despite a significant uptick in commercial Chapter 11 filings. Through the end of September, consumer bankruptcy filings were behind the pace of filings for 2019 and for
In July 2020, the Court in In re Generation Res. Holding Co., LLC, 964 F.3d 958, 962 (10th Cir. 2020), held that subsequent transferees do not qualify as immediate or mediate transferees under Section 550(a)(2) because they did not possess the initial property transferred, and only possessed the proceeds of the transfer. In Generation
In proceedings arising out of the Tribune Company chapter 11 bankruptcy and a decision in which the United States Court of Appeals for the Second Circuit sustained the dismissal of billions of dollars in alleged fraudulent transfer claims related to a failed leveraged buyout transaction (LBO), the U.S. Supreme Court has requested input from the
In an appeal arising out of a Ponzi scheme by the principals of two entities, the receiver sought to recover funds from a bank allegedly diverted as fraudulent transfers under the Florida Uniform Fraudulent Transfer Act (the “FUFTA”) and to collect damages for alleged aiding and abetting of other torts. See Isaiah v. JPMorgan Chase
Earlier this week, the United States Supreme Court issued an opinion regarding appeals of orders denying relief from the automatic stay. Generally, the automatic stay (section 362 of the Bankruptcy Code) prevents creditors from taking action against the debtor’s assets outside the bankruptcy process. In order to continue debt collection efforts, creditors can file a
iPic-Gold Class Entertainment, Inc. (IPIC) has filed a Chapter 11 case in Delaware to sell its business through a “363” bankruptcy auction.
iPic is a Florida-based, publicly traded movie theater and restaurant company with 16 locations in 9 states that provide a “luxurious movie-going experience at an affordable price.” After achieving double-digit growth supported by
NovaSom, Inc. has filed a Chapter 11 case in Delaware in order to sell its business through a “363” bankruptcy auction. We are providing you with information about the case that you can forward on if you have clients who may be interested in purchasing any of NovaSom’s assets.
NovaSom is a Maryland-based home sleep