News Topic: BankruptcyLawInsights

The Second Circuit Court of Appeals, acting with unusual alacrity (oral argument was heard only one month ago), summarily reversed the district court decision in Longacre Master Fund v. ... Read full article

The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v. ... Read full article

The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California . Municipal bond insurer National Public Finance Guarantee Corporation (“National”) has challenged Stockton’s eligibility to ... Read full article

Whether Glass-Steagall would have prevented the great financial meltdown of 2007 through 2009 remains debatable.  Nevertheless, hearing Sandy Weill, who effectively served as the law's official undertaker , essentially call for its reinstatement is ... Read full article

Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way . The wave, however, has yet to materialize, and the bankruptcy ... Read full article

The chapter 11 case of mortgage lender and servicer Residential Capital, LLC (“ResCap”) is fascinating on a number of levels. Its parent company, Ally Financial, Inc. ... Read full article

  The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11 plan of ... Read full article

  The Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell encumbered assets without providing its secured lenders an opportunity to credit bid their debt.  ... Read full article

Opposing lawyers for Jefferson County, the debtor in the largest Chapter 9 municipal bankruptcy case ever filed, and the holders of its sewer warrants squared off last week in the ongoing fight over control of the County’s sewer system and the right to ... Read full article

U.S. ... Read full article

At the end of the day, Picard really did not have a case, but there was no way that Wilpon and Katz could risk a trial.  It looks to be a fair and reasonable outcome.  ... Read full article

On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day.  Judge Jed S. ... Read full article

Irving Picard, the trustee of Bernard L. ... Read full article

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”) , against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), ... Read full article

Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L. ... Read full article

Some legal commentators have lamented the extent to which lenders have been able to use debtor in possession (“DIP”) financing arrangements to gain control over an entire Chapter 11 case. DIP lenders have usually been able to justify aggressive ... Read full article

The U.S. Supreme Court will rule this term in RadLAX Gateway Hotel Inc. v. ... Read full article

The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars ... Read full article