At the end of last week, Sinemia, a movie ticket subscription service, filed a Chapter 7 bankruptcy petition in Delaware, amidst multiple lawsuits and an investigation by the FTC. The company, which permitted users to purchase monthly or yearly plans for movie passes, ended its operations effective immediately on Thursday, as announced on the company
Cyprus Wants Automatic Stay in Imerys Talc Bankruptcy Proceedings
Additional developments have transpired in the the Imerys Talc bankruptcy proceedings since Imerys commenced an adversary proceeding in the Chapter 11 case against Cyprus Mines Corp. and Cyprus Amax Minerals Co. earlier this month over Cyprus’ right to use certain insurance policies in the defense of talc-related asbestos lawsuits.
On March 20, 2109, Cyprus went
Changes to the Local Rules of the Delaware Bankruptcy Court
Effective February 1, 2019, a number changes to the local rules of the Delaware Bankruptcy Court became effective. Practitioners in the jurisdiction should be sure to review the new rules as there are a number of revisions to motion practice, filings, and the calculation of deadlines.
A few notable changes include:
· Shortened Notice
Federal Judiciary Will Stay Open…For Now
Following news of the federal Judiciary’s imminent shutdown earlier this month, the government branch now estimates that it has sufficient funding to stay open through January 25, 2019.
The delayed closure comes as a result of strong efforts to reduce spending and conserve resources so that court operations can function as long as possible,
The Safe Harbor Provision of the Bankruptcy Code Redefined
The United States Supreme Court recently issued a ruling in which it held that the Bankruptcy Code’s safe harbor provision § 546(e) does not prevent a trustee from clawing back transfers involving securities and financial institutions in circumstances when such institutions serve as mere pass-through entities for the transfer. The decision, Merit Management Group, LP