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
Supreme Court Opinion: Bankruptcies Do Not Revoke TM Licenses
This article is written by Elizabeth A. Patton and originally appeared on the Fox Advertising Law blog, https://advertisinglaw.foxrothschild.com
This week, the U.S. Supreme Court issued a decision in the Product Holdings, Inc. v. Tempnology, LLC N/K/A Old Cold LLC case previously blogged about here and here. The issue in that case was whether, when
Sears Debtors sue Former CEO & others Seeking Billions
In October of this year, Sears Holdings Corp and affiliated Debtors filed a Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York in a case pending before Judge Drain. Since that time, the company has been reducing its debt and its physical footprint by closing stores. After the bankruptcy
Imerys Talc Filed Adversary Claiming Ownership Over Millions of Dollars of Insurance Policies
As a follow-up to our recent post about the Imerys Talc bankruptcy proceedings (the chapter 11 cases filed by a supplier of talc to cosmetic and other companies, like Johnson & Johnson), last week the Imerys Debtors brought suit in their Chapter 11 cases against two affiliated coal companies.
The new adversary proceeding relates to
Second Circuit Finds Madoff Trustee can seek to Clawback Billions in Funds Transferred Abroad
Earlier this week, the U.S. Court of Appeals for the Second Circuit revived 88 fraudulent transfer cases that were consolidated on appeal. In those actions, the trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC sought to recover billions of dollars in funds transferred out of the U.S. to foreign investors, called feeder
Imerys Talc America filed for Chapter 11 Bankruptcy related to Talc Lawsuits
Yesterday, Imerys Talc America and two affiliated entities filed for chapter 11 bankruptcy protection in the Delaware Bankruptcy Court (Case No. 19-10289). The case is pending before Judge Silverstein.
The first day affidavit filed in support of the Debtors’ chapter 11 petitions reveals that the Debtors are in the business of mining, processing and distributing
Fyre Festival Trustee Approved for 2004 Exams of Social Media Influencers
In the Fyre Festival LLC chapter 7 bankruptcy case, pending in the US Bankruptcy Court for the Southern District of New York, the chapter 7 trustee was recently granted broad authority to conduct 2004 examinations related to a variety of transfers received by vendors of Fyre Festival totaling approximately $5.3 million. A copy of the
Government Shutdown: How is it impacting Federal Courts?
The government shutdown began on December 22, 2018 and continues. Recent media covering the shutdown have begun to focus on how this is impacting the federal judiciary — including the federal district & United States bankruptcy courts.
According to the Administrative Office of the U.S. Courts, the courts can run through January 11, 2019, i.e.,
When Bankruptcy Is Used to Halt State Court Litigation
This week, a electricity supplier, Starion Energy, filed for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware and the case is pending before the Honorable Mary F. Walrath.
The Debtor claims that it needs bankruptcy protection because of pending litigation that was brought by the
Third Circuit: Releases Contained in Confirmed Chapter 11 Plans are Res Judicata
In ruling a motion to dismiss, the Third Circuit Court of Appeals considered whether the purchaser of the Debtors’ shares post-confirmation was bound by releases contained in the plan of reorganization (the “Plan”). A copy of the opinion is available here.
The Plan included “broad releases of liability,” that protected the Debtor and its