Bankruptcy Blogs

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief would impair the rights of innocent third parties relying on the confirmation order.  Since the development of the court-created mootness doctrine nearly a quarter century ago, courts have grappled with applying it in such a way as to strike an adequate balance between the need for finality, and the need to exercise the court’s jurisdiction and preserve the right to appe

Jill Frizzley has joined law firm Weil, Gosthal & Manges as counsel in the business finance and restructuring department. Ms. Frizzley, who most recently worked with Shearman & Sterling, has represented creditors, debtors, investors and others in chapter 11 cases and in out-of-court restructurings.

Receiving Wide Coverage ... Earnings Update: Morgan Stanley also had a difficult first quarter, but like its competitors the downturn was less substantial than expected. Net income for the quarter was $1.3 billion, down from $2.39 billion in last year's first three months. Again, like other banks, Morgan StanleyÂ's woes trace back to a dip in profits from its debt-trading business. Investment banking revenue also fell. Citigroup, which reported its earnings on Friday, looks much differentÂ...

In a 21 page decision released April 15, 2016, Judge Sontchi of the Delaware Bankruptcy Court ruled on summary judgment regarding a claim submitted by attorneys related to previous litigation.  Judge Sontchi’s opinion is available here (the “Opinion”).  The Opinion was issued in Devonshire PGA Holdings LLC, Case No. 13-12460.

The $5 billion settlement between Goldman Sachs and the Department of Justice sounds significant, but here's why it's not real accountability.