z Bankruptcy Litigation Blog : Twitter Posts

Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.9

Here's more in the continuing "Year in Review" series.  The inset photo is of the Senator Thad Cochran United States Bankruptcy Court in Aberdeen, Mississippi (pictures and story here), a 47,000 square foot complex that is home to the Bankruptcy Court for the Northern District of Mississippi, where Bankruptcy Judges Houston and Olack sit.  Last year there were 6,101 total bankruptcy filings in the Northern District of Mississippi.  By way of comparison, the Bankruptcy Court for the Northern District of Illinois--which could probably fit in the lobby of this mammoth structure--had the most filings at 59,093.  Talk about influence! 

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.8

Here's more in the continuing "Year in Review" series.  Catching up after the long Jewish holiday season.  The inset photo is of the Garmatz Federal Courthouse (story here), home to the Bankruptcy Court for the District of Maryland in Baltimore, where Bankruptcy Judges Alquist, Derby, Gordon, Rice, and Schneider sit.

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.7

Here's more in the continuing "Year in Review" series.  The inset photo is of the Jacob Weinberger US Courthouse (story here), home to the Bankruptcy Court for the Southern District of California in San Diego, where Bankruptcy Judges Adler, Bowie, Mann, Meyers, and Taylor sit.

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.6

Here's more in the continuing "Year in Review" series, catching up on more of my backlog of twitter posts of case developments in the past 12 months.

Each post in this Year in Review series features a different federal courthouse in each state of the Union. The inset photo is of the US Courthouse for the Bankruptcy Court for the Northern District of California in Oakland, California, which is home to Bankruptcy JudgesEfremskyHammond, and Lafferty.

 

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.5

Here's more in the continuing "Year in Review" series, catching up on more of my backlog of twitter posts of case developments in the past 12 months.

Each post in this Year in Review series features a different federal courthouse in each state of the Union. The inset photo is of the US Courthouse for the Bankruptcy Court for the Eastern District of California in Fresno, California, where 28 dairies have filed chapter 11 in 2012, and which is home to Bankruptcy Judges Clement, Ford, Lee, and Rimel.

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.4

Here's more in the continuing "Year in Review" series, catching up on more of my backlog of twitter posts of case developments in the past 12 months.

Each post in this Year in Review series will feature a different federal courthouse in each state of the Union. The inset photo is of the US Courthouse for the Bankruptcy Court for the Eastern District of Arkansas in Little Rock, home to Bankruptcy Judges Evans, Mixon and Taylor.

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.3

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.2

Here's more in the continuing "Year in Review" series, delivering more of my backlog of twitter posts of case developments in the past 12 months.  RSS Feeds are also available of my Twitter post, which later are collected here.  My 1,500 previous twitter posts of case developments are here.

The inset photo is of the Federal Courthouse for the Bankruptcy Court for the Northern District of Alabama, Eastern Division, in Anniston, Alabama, where Judge James E. Robinson presides.

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Bankruptcy Tweets of 2011-2012 Cases - A Year in Review - V.1

My firm has significantly supported me this past summer in getting my backlog of 2,000 or so twitter-ready posts of case developments in the past 12 months uploaded to the Lexblog server so that each Twitter post has a user-friendly case link associated with it.  I plan to post these case development summaries in the coming weeks and then reprint them here so they're all collected in one handy place.  RSS Feeds are also available. My 1,500 previous twitter posts of case developments are here.

The chart is taken from an 8/24/12 post entitledThe Older You Are, The More Important You Consider The iPad To Be from the Business Insider's "Chart of the Day" series.

 

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Bankruptcy Tweets for September 2011 - Part I

Below are my first 46 bankruptcy case tweets of September 2011 and 9 other tweets of general interest.  RSS Feeds are also available.  All my twitter posts are here (twitter) or here (blog).  

Twitter doesn't seem very Google-friendly so it seems the only way to search for these tweets through Google is by posting them on my blog, which is why I'm now catching up on posting my tweets to the blog.

The chart from a post entitled Apple Has 4% Of The Phone Market, And 52% Of Its Profits is the "Money Game Chart of the Day" for 11/7/11.

Bankruptcy Cases and Topics

  • B-AK: Plan allowing sale of collateral free & clear strips creditor of collateral w/out comp. & can't be crammed down. http://t.co/R0bHshk
  • D-LA: Per FRBP 8003(a), obtaining leave to appeal interloc order w/out filing sep. motion for leave is fatal to appeal. http://t.co/tsMhfFy
  • B-PA: Though equities somewhat favor discharged indiv ch 7 debtor, a post-discharge reaffirmation agr is unenforceable. http://t.co/74Ns0X9
  • SDNY: Guaranties to LBHI had enforceable jury waiver despite allegations that the guaranties were fraudulently induced. http://t.co/fVZkdIR
  • B-NM reviews scope of §1123(a)(5) and ability to supercede reqts of applicable non-BK law to effectuate plan tsfs. http://t.co/1lfrN9Z
  • Credit Slips cites to 8/29/11 Bloomberg article: "Revolt Weakens Jones’ Control of Fifth Circuit Law [on] Bankruptcy." http://t.co/qncDAn1
  • B-NM acknowledges split of authority in holding that §106(a) abrogates the sovereign immunity of Indian Tribes. http://t.co/1lfrN9Z
  • B-TN reviews the doctrine of quasi-judicial immunity for BK trustees & their counsel as applied thru the circuits. http://t.co/mhgmVmN
  • B-TX: Settlement agrs.-by definition-settle a debt owed prior to the satisfying transfer & are paid on antecedent debt. http://t.co/F7DlPsK
  • D-FL: Permissive abstention motions and improper venue motions are interlocutory & not immediately appealable. http://t.co/pKkwVfS
  • Can Creditors File A Derivative Action Against Limited Liability Company? by Scott Riddle
  • 10th BAP reviews split re Ch 7 ttee's rts to $$ in Dbtr's bank acct on filing date & requires funds turnover by Dbtr. http://t.co/WX6jNny
  • 10th BAP: §542(a) turnover req't applies if one holds estate prop. at any time during case; current psn. not required. http://t.co/WX6jNny
  • D-IL: Ch 13 dbtr cant bring undisclosed action after BK case closed if it arose after BK filing & during admin of case. http://t.co/6IH33Zf
  • D-TX: Fr. tsf. claims ag. nondebtor co-defendants stayed, but no other claims, which will be severed & will proceed. http://t.co/6IH33Zf
  • B-FL rejects "absurd" USA arg. that separate, explicit waiver of sov. imm. per "applicable law" req'd of §544 actions. http://t.co/2ywRV7K
  • B-AK: EDCanada entitled to fees for subst contrib per §503(b)(3)(D) in getting better terms under plan for unsecureds. http://t.co/sgHA6Z8
  • D-CA: When a court dismisses a complaint without prejudice & permits amendment to the complaint, it's interlocutory. http://t.co/7ycxMvU
  • BAP-8: Settlement w/largest creditor in Petters case affirmed on appeal on merits w/good summary of case law standards. http://t.co/7tzzthi
  • D-TX: Per §362(a), Dbtr cant pursue DJ noninfring ct-claims that are inextricably intertwined w/infring claims ag Dbtr. http://t.co/ENDpu0r
  • B-IL examines 7th Cir authority re whether conversion of a security deposit is nondischargeable under § 523(a)(4). http://t.co/HrOHjrw
  • B-IL: No equity in condos of SARE, but proposed plan has reas. prob. of success if mkt improves, so stay not lifted. http://t.co/v3Xz2tb
  • B-IL adopts 19% discount rate to tenant cash flows to determine value of Chicago-based SARE project of unsold condos. http://t.co/v3Xz2tb
  • B-NEB post-Stern vacates judgment on debtor's action to collect on matured, undisputed acct. receivable under § 542(b). http://t.co/tagkB8C
  • B-NE post-Stern vacates order on alleged debt claimed by Debtor that Defendant called a capital contribution by Debtor. http://t.co/tagkB8C
  • B-PA: For non-consumer secured property, §506(a) valuation must be based on replacement value, as required by Rash. http://t.co/HPChPp1
  • D-TX reminds of J. Easterbrook's analysis of applicability of stay on a DJ action of noninfringement brought by debtor. http://t.co/ENDpu0r
  • D-IL wont w/draw ref. of fr. tsf action; Stern didn't strip BK Ct of auth. to hear claims & propose facts/law to D-CT. http://t.co/pFDS1XJ
  • 7th: When LLC mgmt is vested in its members, the members are like a corp. directors & so are insiders per §101(31)(B). http://t.co/SvDFYRA
  • B-TX: BakerBotts gets lodestar + 4% enhancement (not 20% requested) + $5M (not $8M) for preparing & defending fee apps. http://t.co/HTGMq9T
  • B-TX provides detailed analysis in ASARCO of all factors of §330(a) plus a host of others in granting BakerBotts fees. http://t.co/HTGMq9T
  • B-TX relies on SCOTUS 2010 Perdue decision to establish principles for fee enhancement & sets increase at 4%, not 20%. http://t.co/HTGMq9T
  • B-TX: Lodestar + 10% enhancement appropriate for exceptional results of Asbestos Future Claims Rep & attys in ASARCO. http://t.co/ihGCgo2
  • B-TX: Asbestos Comm. in ASARCO granted lodestar + 10% of alter ego litigation hours instead of overall 25% enhancement. http://t.co/udKOd3l
  • B-TX reviews many nuances of Liq Trust's rights arising from dbtr's joint-client rel. w/former parent in suit over LBO. http://t.co/YVxDXPL, but note that informs that this B-TX Crescent decision on turnover action reviewing nuances of liq trust priv& jt-client rts. is stayed pending appeal.
  • B-MT wont let Comm. atty sandbag dbtr by using FRE 408 to deny that preconf. deal deferring fees overrides plan terms. http://t.co/dT6LXmL
  • B-TX agrees that dismissal of ch 11 warranted & won't substantively consolidate dbtr w/affiliate to avoid dismissal. http://t.co/Aq0aFhy
  • B-TX addresses the "meaning of and developed law on substantive consolidation," incl. 5th Cir. admonitions. http://t.co/Aq0aFhy
  • B-NH reviews origin & history of "received by the dbtr" in §503(b)(9) & related concept of "possession" under the UCC. http://t.co/oWy7ehS
  • B-NH reviews circuit split re whether §503(b)(9) admin claim is subject to disallowance under § 502(d) & says it’s not. http://t.co/oWy7ehS
  • B-AK: "Dragnet" future advance clauses dont apply to agreements assigned to cover another's previous unsecured advances. http://t.co/jWahLTR
  • B-AL: "Relatively low threshold of proof will satisfy § 1129(a)(11) so long as adeq. ev. supports a finding of feas." http://t.co/AWQNjOx
  • B-SDNY: Attys to BK profs that are hired to prepare fee app dont need §327 approval, but Ct must approve fees as reas. http://t.co/9K8PsOM
  • B-NC dismisses Ch. 11 case for cause bec of 1) obj futility of reorg & 2) petitioner's subj bad faith in filing for BK. http://t.co/Rc7SEFZ
  • B-NC: Bad faith filing based on "new-dbtr syndrome" (2 unrelated entities merge to stop F/C & force case elsewhere). http://t.co/Rc7SEFZ

Topics of General Interest

  • Angry crowd turns on journalists reporting embassy attack in Egypt. "They were animals!" says CNN rptr. in middle. http://t.co/GeLhb0d
  • Great article on the middle class squeeze & the new marketing reality of the "hi-end/low-end consumer hourglass."
  • When will this madness stop & Americans/NYers stop killing each other? High-School Basketball Star Slain on 9/11.
  • About 18,000 homicides each year since 2001 or about 50 per day. That's the equivalent of 9/11 deaths once every 2 months! Our war at home.

 Thanks for reading!

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Bankruptcy Tweets for August 2011 - Part III

Below are my last 51 bankruptcy case tweets of August 2011 and 6 other tweets of general interest since my last post of August 25.  RSS Feeds are also available.  All my twitter posts are here (twitter) or here (blog).  

Twitter doesn't seem very Google-friendly so it seems the only way to search for these tweets through Google is by posting them on my blog, which is why I'm now catching up on posting my tweets to the blog.

The chart from a post entitled The Housing Dip Continues is the "Money Game Chart of the Day" for 8/30/11. 

Bankruptcy Cases and Topics

  • B-DE lacks S-M JD over post-conf. related-to actions vs NYS not reserved in plan; incr. recoveries give insuffic nexus. http://t.co/Z9ovEwn
  • B-SDNY analogizes Madoff's co-founder to Icarus who flew giddily towards Madoff until his wings of innocence melted. http://t.co/Zx70xtZ
  • MD-FL: Dbtr's discov. failures mean evid of $200M forfeiture settlement & any "adverse tax conseq" excluded from trial. http://t.co/SDIIJ7U
  • MD-FL: Atty lien wont attach to plan payments; conf. order is final jdgmt & lien notice must issue bef. jdgmt entered. http://t.co/Gsr8mfw
  • B-FL: §506(c) overrides state law under which lenders aren't required to pay condo assessments during foreclosure case. http://t.co/SWRi3MU
  • B-MI allows small bs. plan to proceed w/out required extension under §1129(e) bec debtor was diligent & issues complex. http://t.co/popVH0Nt.co/popVH0N
  • B-TX: Noncollusive foreclosure complying w/state law avoidable as pref. if cr. gets prop. for less than in hypoth. liq. http://t.co/ev7MqOFt.co/ev7MqOF
  • B-TX reviews circuit split―& unpalatable resolution―re extent of postpet. pre-rejection rent due under §365(d)(3). http://t.co/N49wR3O
  • B-TX adopts 4th Cir. Midway that §365(d)(3) allows a landlord to recover an administrative expense under §503(b). http://t.co/N49wR3O
  • B-TX analyzes landlord right to stub rent, holdover/pre-rejection period & post-rejection/pre-vacancy period.  http://t.co/N49wR3O
  • B-MT holds per Stern ok to decide eq. subord & pref. actions but not fr. tsf ones bec they arent w/in public rts excep. http://t.co/g4NzRl4
  • B-MI: Deferred payment to 1-time funeral home creditor not pref. bec credit extensions w/in ord course of its business. http://t.co/Sghf59b
  • 8-BAP: Per Stern, removed replevin actions against nondebtor cos. arent core bec they dont arise in or under a BK case. http://t.co/QFyBARZ
  • SDNY: Sec. Pltfs appeal of 3d party releases equitably moot for failure to object at conf. or seek stay pending appeal. http://t.co/K78eYvf
  • B-ND wont lift stay or dismiss case on eve of foreclosure sale even where CEO makes seeming low-ball offer for asset. http://t.co/CwYOEqp
  • D-AZ concluded presumption ag. fraudulent joinder wasn't rebutted, so diversity jurisdiction destroyed & case remanded. http://t.co/1XeUA7b
  • B-TN: Prior NY law requiring LLC's dissolution upon BK filing of a member is rendered ineffective by § 541(c)(1). http://t.co/JqoYoPJ
  • B-TX: Dischargeability right & amount nondischargeable is central to public BK scheme, so BK Ct can rule on per Stern. http://t.co/7Z1GU1s
  • B-MA reviews enforceability of entity's voluntary agreement not to file BK; gen. requires indep. showing of bad faith. http://t.co/XfagZq9
  • B-MA: BK filing for sole purpose of frustrating imminent foreclosure is not in & of itself bad faith. http://t.co/iTFgsM9
  • B-MA: State Ct. injunction ag. right to file BK or to convey property to enable BK filing is overbroad & unenforceable. http://t.co/iTFgsM9
  • B-MI concludes per Stern can enter final orders in 363, 303, 362, 524, claims resolution & (maybe) 1123(b)(6) matters. http://t.co/NBo0Ufq
  • B-MI asks: Would citing to Murray's have derailed GM 363 sale bec Art. III judges & adjuncts can't enter such an order?  http://t.co/NBo0Ufq
  • Weil Bankruptcy Blog post collects some of the cases interpreting Stern v. Marshall. http://t.co/Jht3buj
  • B-MD: Whether debtor is a "business trust" per §101(9)(A)(v) is a federal question independent of state law rules. http://t.co/BD1KjrL
  • B-MD: Debtor is "business trust" per §101(9)(A)(v) if "primary purpose" is to carry on business & not to preserve res. http://t.co/BD1KjrL
  • B-NJ: §506(b) applies only to postpet. int/fees/costs; prepet. penalties/int/fees/costs governed by §502 not §506(b). http://t.co/E3xAQWS
  • B&W Creditor Blog: Coudert Brothers LLP Bankruptcy: Development Specialists, Inc. v. Orrick Herrington & Sutcliffe. http://t.co/nc9XIxc
  • D-IL: Attorney-client privilege wont survive a corp.'s death; Ct reviews factors to determine whether corp. has "died." http://t.co/MhzUwDm
  • B-MT: Funds sent by 3d parties to indiv ch 11 dbtr's atty as retainer was gift that ch 7 trustee owned upon conversion. http://t.co/TaxNVYe
  • D-NY: IRS not objecting to liq. trust's claim of liability doesnt deprive BK Ct of post-conf. JD to fix liab. per §505. http://t.co/PaYt3Cx
  • SDNY: Claims of fraudulent inducement to enter into guaranties not ground for invalidating jury waivers therein. http://t.co/zmwKAeS
  • D-LA: Per FRBP 8003(a), obtaining leave to appeal interloc order w/out filing sep. motion for leave is fatal to appeal. http://t.co/tsMhfFy
  • D-NC: No "unusual circumstances" warrant extension of stay to nondebtor's counterclaim against nondbtr co-pltfs w/dbtr. http://t.co/Ob3SX5f
  • D-DEL dismisses appeal of Spansion confirmation order on equitable mootness grounds under Continental 5-factor test. http://t.co/bgnZhS2
  • B-VI notes circuit split re if burden of proof for intentional fraudulent tsf is clear & convincing or preponderance. http://t.co/9SbnOVK
  • B-VI, applying Stern, issues final jdgmt on §548/549 issues, but if―Stern read broadly―only a report on §544(b) issue. http://t.co/9SbnOVK
  • B-VI: Courts have relied on the word "value" in § 550(a) to authorize a pre-jdgmt interest award in avoidance actions. http://t.co/9SbnOVK
  • B-VI: §544(b) standing exists only if an unsec. cr. exists who can assert the requisite nonBK cause of action. http://t.co/9SbnOVK
  • B-VI: Imputation doctrine can attribute officer fraud to corp in fraudulent tsf, subject to rules re adv. int. excep. http://t.co/9SbnOVK
  • D-AL: Mutual releases in plan between debtor & insiders appropriate where plan funding came from insiders in exchange. http://t.co/pHgBqWu
  • D-FL reminds about the complications on appeal of a BK judge adopting counsel's proposed order nearly verbatim. http://t.co/1AhIsl4
  • D-FL: Lease dispute w/dbtr is noncore: involves no subst. BK rt, is governed by state law & can be decided out of BK. http://t.co/1AhIsl4
  • 5th: BK Cts can recharacterize any debt to equity (not just insider claims) as part of inherent authority under §502. http://t.co/URgmFbA
  • 5th: Actual notice of bar date required for known crs., while publication notice in WSJ is sufficient for unknown crs. http://t.co/m4SDNVC
  • D-OH: Individualized dgs. recoverable under UFTA doesn't mean an indiv. cr. has stdg in a BK to bring a fr. tsf action. http://t.co/q4zVrh8
  • D-OH cites to cases that once BK filed, cr. loses standing to bring fr. tsf, alter ego, or RICO claims ag 3d parties. http://t.co/q4zVrh8
  • D-OH denies nondbtr's claims ag dbtr's atty for aiding a fr. tsf bec injury is general & common to dbtr & all crs. http://t.co/q4zVrh8
  • D-OH: Whether dgs general/specific, not sep./sameness of pool of money, determines nondbtr's rts to sue 3d parties. http://t.co/q4zVrh8
  • B-PA: Absent express lang. in stip, funds escrowed in adeq prot stip for taxes aren't in trust for sec cr or tax body.  http://t.co/6NgDr2P
  • D-KY: Notice of appeal too late bec BK Ct's deferring issue of post-jdgmt int./fees didnt change final nature of jdgmt. http://t.co/m4SDNVC

Topics of General Interest

  • Indeed a great read @johnpmcdermott   Tony Blair's ostensibly contrarian column on the cause of the riots http://gu.com/p/3xbzx/tw @guardian
  • Remembering my Mom, A"H, who survived the Holocaust & rebuilt w/ dignity, on the 5th anniv. of her passing. Story here:  http://t.co/FpbAMrj
  • Dow surges 322 points on news that DC hit by large earthquake.  @alexjakubowski
  • Widespread Radiation in Japan-Latest data point to cesium spreading, potentially contaminating rivers, lowland & ocean. http://t.co/FuxQQuQ

 Thanks for reading!

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Bankruptcy Tweets for August 2011 - Part II

All caught up...  Below are my next 54 bankruptcy case tweets of August 2011 and 8 other tweets of general interest since my last post of August 24.  RSS Feeds are also available.  All my twitter posts are here (twitter) or here (blog).

The chart from a post entitled The Brand New Scariest Jobs Chart Ever is the "Money Game Chart of the Day" for 8/5/11. 

Bankruptcy Cases and Topics

  • B-SDNY in Dreier case vs. Wachov reviews law re propriety of collapsing transactions in analyzing fraudulent tsf issues. t.co/NwIS0E9
  • B-SDNY agrees that pltf only req'd to plead fraudulent intent of transferor under NY intentional fraudulent tsf law. t.co/NwIS0E9
  • B-SDNY: NY Law of "fair consideration" in Ponzi scheme requires tsfee act in good faith & shouldnt have known of Ponzi. t.co/NwIS0E9
  • B-SDNY: Having reason to question Dreier's honesty/acctg of funds, isn't equiv. to actual or constr knowledge of Ponzi. t.co/NwIS0E9
  • B-SDNY dismisses fraudulent tsf & preference actions vs Wachovia in Dreier Ponzi under FRCP 12(b)(6) w/leave to replead. t.co/NwIS0E9
  • B-SDNY: Substantially contemp. for pref. defense is case-by-case, but 3 day perfection delay is virtually simultaneous. t.co/NwIS0E9
  • B-SDNY-Foreign Rep seeking emails only got ex parte relief in UK, but no ex parte ch 15 relief here as ag. publ. policy.  t.co/NgwYn1E
  • B-CT looks to Black's Dict. & sees no "scheme" here to hinder creditors that justifies lifting stay per §362(d)(4)(A). t.co/4JfQijf
  • B-FL: Forfeited earnest money deposit for real estate contract subject to the lien of mortgage lender, not UCC lender. t.co/Ok0sEZ6
  • B-KS: agree w/minority that §1409(b) venue limits dont apply to avoidance actions per plain meaning of "arising under. t.co/kRcvP0o
  • B-TX: Equitable tolling not apply to §549 claim where applic. depends on conduct of a 3d party and not the defendant's. t.co/FRKCcOy
  • D-NV: Bank didnt waive right to demand full payment & to immediately foreclose simply bec adeq. prot. order was entered. t.co/gPEfWnA
  • B-DC: Motions to remand or that Ct lacks subject matter JD are core proceedings that BK Ct can enter final orders on. t.co/f7CacUC
  • B-SDNY reminds that Cts generally won't modify loan agreements imposing default interest rates, esp for solvent debtor. t.co/Xu9j4j8
  • B-MD won't approve discl. st. for fatally flawed plan w/improper releases: "to do so would be an exercise in futility." t.co/sJl2Ciu
  • B-IL strikes $13.9M proof of claim not electronically filed by FL atty, who compounded his error w/several more. Ouch!  t.co/lG0aYb5
  • B-TN reminds that focus of reasonably equivalent value issue is on value received by the debtor not the transferee. t.co/jS6Nh2t
  • B-IL:Pltf in §523 case precluded by judicial estoppel from bringing fraud claims that weren't part of state ct. jdgmt. t.co/4mfCSsz
  • BK-MS wont enjoin LA Distr Ct from proceeding w/ nondebtor litigation absent explicit authority empowering Ct to do so. t.co/PHure47
  • SDNY: §502(d) is pers. disabil. of claimant-not claim attribute; it only attaches to "pure assignment" (vs. sold) claim. t.co/YLF7KYS
  • B-DE: D&O get defense costs bec. RICO, Avoidance, & "Covered Matters" actions are "Related Claims" under D&O Policy.  t.co/NAE8rKN
  • B-MA: 100% of FMV on a debtor's Schedule C "should be like catnip to a trustee," so failure to timely object is fatal. t.co/LrPUTsl
  • B-TX agrees that unsec. cr. can't get postpet. fees & costs-even if contract permits them-under ch 11 plan paying 100%. t.co/16ahzKw
  • 11th: Sov. Immun. shields FL DOR & VA DSS from claims for stay violations in trying to collect prepet. interest on DSO. t.co/Dr4uiyq
  • D-TX: ERISA plan insurer states valid claim for constructive trust on collected premium not turned over & swept by BOA. t.co/h93XpFO
  • D-KY cuts atty fees award to K&E for contract breach by 2/3; case not difficult and Ashland, KY local rates sufficient. t.co/2H8ej5R
  • B-SDNY applies 2d Cir Enron op. & holds that cash tsf to fin. inst. as agent for redemption meets §546(e) safe harbor. t.co/VmTMLnW
  • B-IL doubts §523(a)(2)(A) false pretenses claim can be sustained w/out proof of positive acts to further the deception. t.co/vF8krhw
  • B-AZ: Litigation dgs. owed to dbtr for atty fees arent limited by what dbtr actually paid attys as unsec cr. of estate. t.co/PIwOL09
  • B-SDNY extends time to complete defective service on corp (named officer not req'd); doesnt dismiss bec lim. pd had run.  t.co/t9XL988
  • B-MI permits UST's Rule 2004 exam ag. BofA re practice & procedure in filing claims for possible abuse of BK process. http://t.co/3dmkXdg
  • B-AL: Golf course subject to implied restrictive covenant to operate prohibits 363 sale free & clear of such covenant. t.co/O72CQfq
  • B-SC: Bona fide dispute exists under §363(f)(4) if there's an obj. basis for disputing validity of asserted interest. t.co/qeKVel0
  • B-TX: Cplt for turnover of disputed debt per §542 not dismissed per FRCP 12(b)(6) unless recovery not available at all. t.co/AlL61KT
  • B-TX reviews separate doctrines of abstention/remand/removal & procedural devices of "mand. remand" & "mand. removal." t.co/AlL61KT
  • B-IL: Filing an Objection to Discharge is a complaint that-while deficient in form-was timely filed & could be amended. http://t.co/c05eW4h
  • D-CO: LLC member lacks standing to appeal a Court order for relief granting an involuntary petition. t.co/Lp3a7Id
  • D-CO acknowledges validity of provision in LLC operating agr. prohibiting management from filing a bankruptcy petition. t.co/Lp3a7Id
  • B-IL acknowledges that Twiqbal standards lessened when individual info of Def.'s role uniquely w/in Def.'s knowledge. http://t.co/ekrxyst
  • B-IL acknowledges that Twiqbal standards lessened in BK where necessary information is 2d hand & records in disarray.  t.co/ekrxyst
  • B-TX reviews scope/extent of stay applicable to property owners assn dbtr re common area / assessments / rents / dues / fees. t.co/FA0NUIg
  • B-DE dismisses aiding & abetting breach of duty/conspiracy claims vs ttee's agents for mismanaging value of I/O strips. t.co/iAJZ6fM
  • B-MD denies all fees to conflicted attys who rep'ed dbtr & simultan. rep'ed largest creditors in unrelated st. ct case. http://t.co/40hf6v4
  • 5th amends remand ruling to permit partial recovery on $29.7 admin claim if nec. to avoid equitable mootness concerns. t.co/40hf6v4
  • B-TN reviews case split & adopts narrower view that absolute priority rule still applies in individual chapter 11 case. t.co/9XvfJV2
  • B-SDNY: To get prepet. prejdgmt interest on P/C in BK, NYCPLR requires "sum awarded" by judgment, verdict or decision. t.co/jcdW8lX
  • 2d Cir: Use of the "Net Investment Method" by Madoff Trustee for calculating the "net equity" of customers was proper. t.co/7LmswrU
  • 2d Cir: Madoff Trustee not obligated to step into defrauder's shoes or treat customer statements as reality. t.co/7LmswrU
  • 2d Cir: SIPA doesnt prescribe a single way of viewing "net equity" in the myriad situations types of SIPA liquidations. t.co/7LmswrU
  • 2d Cir, in rejecting "Last Statement Method," doesn't hold that this way of calculating "net equity" is impermissible. t.co/7LmswrU
  • 7th: Unless buyer particip. in alleged fraud, rescinding 363 sale not approp. on alleged SH fraud in joining invol pet. t.co/tk5D9YG
  • 5th compares its "practical," "less stringent" std re "finality" in BK appeals w/ "rigid rule of finality" of 2d Cir. t.co/6aA5cnm
  • 5th Cir distinguishes 3d Cir break-up fee cases requiring proof per §503(b) of necessity to "preserve value of estate." t.co/6aA5cnm
  • 5th affirms break-up fee per §363(b) stds-not §503(b)-where order was issued before bidders incurred due dilig. fees. t.co/6aA5cnm

Topics of General Interest

  • Good 11 yr old Texas Monthly profile re "It's Rick Perry's Party Now" A profile of the latest GOP pres. candidate. t.co/uLTEQx7
  • Reports from inside :"there was 'nothing but shooting and sounds of explosions, no water, no electricity.'"  t.co/acHNWY8
  • Now this is hardball politics! I still prefer the more captivating story, however unlikely, that Mossad poisoned him. t.co/gxKVYlw
  • Read Judge Posner's quick take on the London riots. RT : Becker-Posner Blog: The English Riots—Posner. t.co/zvJxJse

Thanks for reading!

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Bankruptcy Tweets for August 2011 - Part I

Still catching up...  Below are my first 24 bankruptcy case tweets of August 2011 and one other tweet of general interest since my last post of August 21RSS Feeds are also available.  All my twitter posts are here (twitter) or here (blog).

The chart from a post entitled We Are Japan, Part #054903512 is the "Money Game Chart of the Day" for 8/16/11.  

Bankruptcy Cases and Topics

  • 10th says BAP lacked jurisdiction to review appeal of order for relief entered by DE BK Ct AFTER eff. date of venue tsf. t.co/4v4LTHe
  • 5th: Plan adequately preserved Avoidance Actions even though prospective individual defendants not identified therein. t.co/evY24sY
  • 5th: Ct may consult disclosure statement to see if claims retained & post-confirm. debtor has standing to bring them. t.co/evY24sY
  • D-PA considers but wont decide effect of Anti-Injunction Act on §105 inj. ag. enforcement of state jdgmt vs. nondebtor. t.co/NmqwlYq
  • D-PA wont hear mot. for stay pending appeal of BK order when stay not 1st sought in BK Ct even if a request was futile. t.co/NmqwlYq
  • 6th: BK trustee liable in official capacity for negligence, but personally only for wilful & delib breach of fiduc duty. t.co/ldOTeQ5
  • B-DE: Propriety of Highbridge DIP loan to LAD judged under entire fairness std, not bs jdgmt, bec of McCourt conflict. t.co/rmdIZLn
  • B-DE compares terms of proposed Highbridge & MLB DIP loans to Dodgers & finds MLB's substantially economically superior. t.co/rmdIZLn
  • B-TN explores law re requirements for seeking BK Ct leave to file suit in state ct v. BK trustee & denies motion to sue. t.co/5AI4RBm
  • B-PA: For cash coll. mot., income capitalization method preferred over DCF yield capz in valuing hotel in stable market. t.co/hTYqFoI
  • D-IL: Secured lender is real party in interest who shd be substituted in as Pltf in ch 7 debtor's action to collect A/R. t.co/AlL9puu
  • B-NE reviews 3 approaches developed re whether Trustee can waive individual's attorney-client privilege (yes/no/maybe). t.co/8TzDp4D
  • B-OH: Funds in IRS §457 deferred comp plan arent estate property per §541(b)(7)(A)(i)(II), so arent subject to DIP lien. t.co/R3i1197
  • 7th: Trademark license can't be "implied" where agreement doesn't say it is, and so rights can be sold in a 363 sale. t.co/PUOUuPR
  • 7th: Ok to substitute a party into litigation that has succeeded to the interest of the original party, even on appeal. t.co/PUOUuPR
  • 7th: Order not literally final is appealable if only "ministerial" ruling by the lower court is reqd to make it final. t.co/PUOUuPR
  • 7th: Universal rule-Trademark licenses aren't assignable in or out of BK absent expressly authorization in agreement. t.co/PUOUuPR
  • 7th: Service agreement isn't a true trademark sublicense and so is assignable in a 363 sale w/out consent of nondebtor. t.co/PUOUuPR
  • B-TX reviews §502(j) & FRBP 9024/FRCP 60(b) interplay when cr. doesnt answer claims obj. & order entered w/out hearing. t.co/n2cH530
  • B-TX reviews interpretations of 5th Cir "specific and unequivocal" lang re if reorg debtor has standing to sue on claim. t.co/8xzecGD
  • B-TX: Listing causes of action in Plan by code section is "specific & unequivocal" enough for standing to sue on claim. t.co/8xzecGD
  • B-TX: Reference to Code Ch 5 & §§ 544/547/548/549/550/551 is "specific and unequivocal" to retain §542 turnover claim. t.co/8xzecGD
  • B-SDNY: Contract exclusion for conseq dgs for lost profits etc too ambig. to bar "gen dgs" claim for lost profits on SJ. http://t.co/spsYrYG
  • 9th: BK dbtr wanting to equitably subordinate claim of another BK dbtr must seek relief from stay in other dbtr's case. t.co/e6C9Qb9

Topics of General Interest

  • 300,000 Israelis protest rising prices (equivalent to about 20 million Americans). Imagine ##s if it wasn't the Sabbath! t.co/DcUSg6Q

Thanks for reading!

 

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Bankruptcy Tweets for July 2011 - Part IV

Still catching up...  Below are my last 25 bankruptcy case tweets of July 2011 and one other tweet of general interest since my last post of August 20RSS Feeds are also available.  All my twitter posts are here.

The chart of What Stocks Typically Do After a 20% Correction is the "Money Game Chart of the Day" for 8/18/11 from a post entitled What Happens to Stocks If Profits Don't Collapse?

 Bankruptcy Cases and Topics

  • DC Cir: Creditors' tortious intf. cplt v. FDIC for misconduct in thrift sale was outside of FIRREA's jurisdictional bar. t.co/ESizhF2
  • B-NC dismisses counts ag. lender for equitable subordination bec of meager allegations of control & inequitable conduct. t.co/auBW36Q
  • D-TX disallows personal injury claim of party that does nothing to comply with ADR procedures in Pilgrims Pride case. t.co/MmtupL0
  • D-LA: Whether lease allegedly terminated prepet. was sold in 363 sale is core proceeding that shd be heard by the BK Ct. t.co/vlvVPun
  • D-AZ: Make-whole provision on prepayment that's a reas. forecast of harm for future breach isn't unenforceable penalty. t.co/WDIz9zY
  • D-CA denies FDIC-R motion for mandatory withdrawal of reference of dispute w/ Indymac BK trustee re rts to tax refund. t.co/He0Uty3
  • B-NJ reviews Circuit split & differing standards re whether a confirmed plan has extinguished a prepetition lien. t.co/xUH5NOF
  • B-NEB: Agreement's 10% purchase option (equaling 9% of total lease payments) is nominal, so it isn't a true lease. t.co/m46aqyV
  • B-PA: Dbtr's active concealment of prepet transfers warrants equitable tolling to allow Ttee to amend cplt to add tsfs. t.co/JTza061
  • B-PR: Failure to pay postpet. taxes is "cause" for dismissal per 1112(b)(4)(I) & no "unusual circs." warrant otherwise. t.co/5AyASXK
  • B-DE: Recharacterization cplt .survives Twiqbal; 7 factors favor rechar. as equity, 3 favor debt, and 2 favor neither. t.co/Xuh4Udc
  • D-FL excludes testimony per Daubert of accounting expert who tries to apply AICPA auditing stds. to non-auditing work. t.co/aoIrzS1
  • D-MN:Circuits are split re right to jury trial on liability/dgs once debt found nondischargeable, but waiver found here. t.co/mcTuKpP
  • B-NC: If UCC not found using Sec/State's "standard search logic" then name error fatal to effective financing statement. t.co/s7ngRvn
  • B-NH: Competitor buying claim for standing to offer competing plan & not just block Dbtr plan isn't acting in bad faith. t.co/8iB85oT
  • B-NH: Advances of balance sheet neutral debt and waivers of admin/priority claims aren't new value to support a plan. t.co/8iB85oT
  • MD-AL reminds that a suit for violation of § 524 discharge injunction can be brought only as a contempt action. t.co/xjACL5W
  • 7th-Posner-reviews stds of appellate nonreview of remand of case removed under §1452, incl for lack of supplemental JD. t.co/y0f2ugG
  • 7th assumes w/out deciding that BK Cts can exercise supplemental jurisdiction over state law claims, but why would they? t.co/y0f2ugG
  • B-MS cites to Collier in reversing order appointing patient care ombudsman bec doc's med care monitored by Medical Ctr. t.co/yiO9Pmg
  • B-DC: Violation of § 542(b) by failing to pay debt or turnover deposits to Dbtr can't be a basis for a contempt finding. t.co/xazWp1A
  • 9th affirms long Markell op. re subrogation; agrees that partner/co-venturer isn't surety entitled §509(a) subrogation. t.co/GtytNMS
  • 9th disagrees with Markell op. that loan discharged via foreclosure wasn't actually paid by subrogors under §509(a). t.co/GtytNMS
  • B-NJ reviews 3d-2010 op. re Rooker-Feldman reqts; finds R-F applies to state foreclosure jdgmts even if interlocutory. t.co/gkhoMeM
  • 5th: Injunction ag. Wells F. for filing claim replete with errors improperly aimed at other cases and beyond Ct. reach. t.co/7oupbo2

 Topics of General Interest 

  • Wise & witty speech thrown by Justice Ginsburg in Cooperstown on the opening day of the Hall of Fame Induction weekend. t.co/aHGG8Rv

  Thanks for reading!

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Bankruptcy Tweets for July 2011 - Part III

Catching up on things.  Lots of tweets, but no blog posts. Below are more twitter posts since my last post of July 17 with 50 BK cases and commentary and 6 other items of general interest.  RSS Feeds are also available.  All my twitter posts are here.

With hurricane season upon us, I thought some would like the inset infographic, taken from an 8/2/11 post entitled Rock me like a hurricane.

Bankruptcy Cases and Topics

  • 10th BAP bars review of order under "law of the case" doctrine bec. 3 narrow grounds for departing from rule are absent. http://t.co/7knf9h6
  • D-TX: Dbtr's deposit to secure performance obligs didnt create an express, resulting or constr. trust favoring creditor. http://t.co/Tqc5iIu
  • D-MA: Fee-only Ch 13 plans designed mainly to pay the filing atty's fees over time per se violates the good faith reqt. http://t.co/pPU96Wi
  • 11th-1st Impression: Order affirming BK Ct merits decision was final & appealable despite undecided issue of atty fees. t.co/RF9Qqjw
  • 9th: Estate prop. revests in Ch 13 dbtr at confirm., so postpet. taxes can attach to revested prop. & not violate stay. t.co/KCl63eO
  • B-NEB: Restrictive covenants requiring ch 11 developer to build certain prefab units in exchange for $1M not executory. t.co/P2hQYbA
  • B-MN: Snapshot in Polaroid preference case (that incl. trustee counterclaim) of constit convolutions caused by Marshall. t.co/BEt2N52
  • ED-WI reviews law in 7th Circuit on the requirement that a purchaser act in "good faith" in the context of §363 sales. t.co/drmlnyn
  • ED-WI: Issue of good faith can be considered at the motion to dismiss stage in an unstayed appeal of a §363 asset sale. t.co/drmlnyn
  • B-MO: Stay extended to all Def. in B/D arbitration actions on "control person" issue only based on identity of interest. t.co/D4pfYWI
  • D-LA: §362's automatic stay doesn't apply to actions against a nondebtor corporation that is wholly owned by the debtor. t.co/pFFjPPW
  • 7th Cir. again defers foraging into the debate whether actions filed in violation of the stay are void or just voidable. t.co/7ixmIx8
  • 7th reminds that §108(c) & IL law provide basis to proceed vs. debtor on claims that become time-barred during the stay. t.co/7ixmIx8
  • 7th invokes judicial estoppel beyond normal uses to stop gamesmanship in pursuing contradictory positions in 7th & D-Ct. t.co/7ixmIx8
  • 7th reviews certifying for appeal as a final jdgmt a dismissal of claims vs. nondbtr despite pending stay vs. BK co-def. t.co/7ixmIx8
  • B-NH: In pari delicto defense doesn't apply to avoidance actions brought under Chapter 5 of the Bankruptcy Code. t.co/0PqhsW4
  • B-DE wont dismiss cplt to recharacterize debt where contribs. were pro rata / subord unsec. & int. deferred / below-mkt. t.co/alSCfte
  • B-FL: Atty depositing postdated retainer checks postpet. violates stay & creates impermissible adverse rel. w/client. t.co/fcc78sD
  • D-IN: No abuse of discr. in sua sponte dismissal of adv. cplt w/out much notice or opport. to cure failure to prosecute. t.co/xtAB7gD
  • 8th BAP: Trustee didn't meet burden that benefit to estate from property sale outweighed harm to co-owner under §363(h). t.co/gLPYNSz
  • 7th excludes municipal utility charges from stay exceptions of §§362(b)(3),(9),(18) bec. not a tax or spec. assessment. t.co/Kkc8SVq
  • B-IL: Non-waiver clause in LLC operating agreement limits the risk that the waiver doctrine can be applied against you. t.co/UUxZWZM
  • D-OH: Using "10b size category in assess[ing] small stock premium for [valuation] calculations" beats Daubert challenge. http://t.co/AmIXSlf
  • BK-TX reviews tension between amending pleading under FRCP 9(b) & FRBP 4004(a)'s mandatory deadline for nondisch. cplts. t.co/52bTQ66
  • 6th BAP remands on BK order to disgorg prepet. retainer in converted ch 11 case to determine if valid atty lien existed. t.co/Is6ypWx
  • BK-NC: CIT properly exercised recoupment right postpetition to min. commission fee payable under factoring agreement. t.co/AuZbPvV
  • B-NH: Ttee's fraudulent transfer cplt survives dismissal w/out identifying actual creditor providing § 544(b) standing. t.co/EEgsgfd
  • D-CA wont preclude appeal of trustee's settlement transferring litigation claims to 3d party under eq mootness doctrine. t.co/JEKwv69
  • D-CA won't apply §363(m) mootness to an order approving a settlement even if the order accomplishes nearly same result. t.co/JEKwv69
  • B-DE: Faltering co. defense to WARN Act inapplic. bec notices didnt provide suff. facts justifying lesser notice period. t.co/KVJFvnE
  • B-DE concludes in class action BK adversary that grandparent mgmt co. is co-liable w/BK debtor for WARN act violations. t.co/KVJFvnE
  • B-DE disagrees with per se rule that grandparent corps can't share common ownership of distant indirect subsidiaries. t.co/KVJFvnE
  • B-SDNY notes its disapproval of plan releases by BK estates when the requisite supporting due diligence hadnt been done. t.co/DBE3x51
  • B-SDNY reflects on its disapproval of releases by 3d parties when they don't satisfy 2d Cir.'s Metromedia requirements. t.co/DBE3x51
  • B-SDNY, post-Marshall, requires change to term of confirmed plan requiring claims ag. ex-D&Os be brought in BK Ct only. t.co/DBE3x51
  • B-SDNY notes as an aside that it has sustained objections to broad plan releases for former D&Os in 4 identified areas. t.co/DBE3x51
  • B-SC interprets when "cause" exists under §363(k) to grant or deny a disputed lender the right to credit bid in a sale. http://t.co/zXNGkks
  • B-CA: Ch. 20 Debtors still can't "permanently" strip off unsecured junior lien w/out either a discharge payment in full. t.co/OMMXo7G
  • B-OH: US Trustee can take 2004 exam re Wells Fargo's standing to file proof of claim in ch 13 case & re claim's validity. t.co/ImXj2Rl
  • D-MI reviews how interrelated creditors/claims can be before they are ineligible to serve as separate §303 petitioners. t.co/C6Ccmf6
  • B-SDNY thoroughly reviews competing interests of FRCP 15(a) & 16(b): freely amend pleadings or hold to scheduling order. t.co/UQIWdET
  • B-SDNY:Waiting 4 yrs to amend affirm def to add §546(e) safe harbor, thinking it can be raised at leisure, is offensive t.co/UQIWdET
  • B-TN: Ponzi scheme fraudulent tsf. case law is clear: investors may keep their returned principal, but not any profits. http://t.co/9ETm6Xd
  • B-DE: Recharacterization cplt .survives Twiqbal; 7 factors favor rechar. as equity, 3 favor debt, and 2 favor neither. t.co/Xuh4Udc
  • D-FL excludes testimony per Daubert of accounting expert who tries to apply AICPA auditing stds. to non-auditing work. t.co/aoIrzS1
  • D-MN: Circuits are split re right to jury trial on liability/dgs once debt found nondischargeable, but waiver found here. t.co/mcTuKpP
  • Good review of brief seeking JD-based dismissal of pref cplt based on reading of Marshall/Langenkamp/Granfinanciera. bit.ly/qk5zzu
  • B-MT approves 9019 stip for 1st Lender's creative financing of ch 7 Ttee's continuing hotel ops. to preserve sale value. t.co/OuRtVMO
  • B-AL denies plan provision giving plan cmmttee right to bring claim, financed by estate, that plan trustee won't pursue. t.co/Z9MAf0x

 Topics of General Interest

  • Extremely sad news re ex-K&E BK partner (and my first boss/mentor). Our heartfelt prayers to Ted & his family. t.co/4iACSMb
  • And here I thought I overate yesterday! Guess it's all relative. t.co/lFNtSEu
  • The Head Of The World's Biggest Hedge Fund Sees "Economic Collapse" Due To Money Printing By Early 2013
  • 22000 digitized photos (1898-46) of Jerusalem & ME donated to Lib. of Cong by members of the Amer. Colony in Jerusalem. t.co/WzOJ04e

 Thanks for reading!

 

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Bankruptcy Tweets for July 2011 - Part II

Below are more twitter posts since my last post of July 4 with 47 BK cases and commentary and 15 other items of general interest.  RSS Feeds are also available.  All my twitter posts are here.The insert graphic contains a recent chart from Nate's Market Analysis Blog entitled Greece is the Word.

*               *               *               *

Bankruptcy Cases and Topics

  • Bob Eisenbach post with links to Judge Novack's update to Judge Newsome's bankruptcy research binder (thru BR vol 436). http://t.co/8sbesVh
  • B-OH: Robins "unusual circ" test to extend stay to nondbtrs relevant only re if irrep harm exists warranting prelim inj. http://t.co/QGA5izc
  • BK-HI: 2 year limitations period of §548 is a substantive element of the trustee's claim that can't be equitably tolled. http://t.co/Wcetd0d
  • BK-HI: Limitations pd. for §544 avoidance action runs from when last cr. cd reas. have discov. the fraudulent transfer. http://t.co/Wcetd0d
  • B-PA: Entry of no asset report divests BK Ct of "related to" jurisdiction, but effect on §523 proceedings is unclear. http://t.co/CCG219b
  • B-KS-Above median income Dbtr on BK filing, whose income later is under, CAN'T modify plan to reduce applic. cmmtmt. pd. http://t.co/ipBocpP
  • CWT's Mintz, NP's Berman, & SASMF's Butler provide in-depth analysis on municipal BKs & the inadequacies of Chapter 9.  http://t.co/MLtgKyN
  • Read "Treatment of Interest on Nondischargeable Debts" by Nicholas Ortiz, citing 1st Cir case that interest does accrue. http://t.co/EpUyakW
  • 4th-Severance comp earned post-firing entirely payable per §507(a)(4); no proration to amt attrib to 180 days prefiling. http://t.co/NgQsaA8
  • D-MD: 363 Sale limits successor's environ liab per debtor's 1997 EPA Consent Decree to post-363 sale hazardous release. http://t.co/ASjLJy1
  • 5th grants direct appeal of op. denying stdg of postconfirm trust bec. plan didnt specifically/unequiv. preserve claim. http://t.co/pMrJz9V
  • D-TX won't stay case after completion of fact discovery pending 5th Cir ruling on postconfirm. standing in MPF Holdings. http://t.co/VTrxMIF
  • B-PA annuls stay where foreclosure sale occurred w/in minutes after (& w/out notice of) BK filing & no reorg. possible. http://t.co/4J9UL65
  • B-NE lifts stay to all Insurer's prepet DJ action over interp. of prof. liab. policy to continue in NY instead of BK Ct. http://t.co/fWBqiwm
  • B-KS: Conting. reversionary int in prepet bond to stay jdgmt worth 0 bec bond was forfeited postpet after jdgmt was final. http://t.co/Kh1wzpA
  • B-IL: Shareholder deriv. claim not discharged per §523(a)(4) but amt reserved pending review of Stern v Marshall effect. http://t.co/BpQVBR9
  • B-MA: HSBC acquired mortgage on debtors' property by valid assignment from MERS & so is entitled to stay relief. http://t.co/5qfmzeW
  • B-PA: §105 injunction granted per Monroe Well test bec "unusual circumstances" exist to restrain actions ag non-debtors. http://t.co/hAETexu
  • B-PA: Most courts consider §105 as the authority to fashion injunctive relief restraining prosecution of 3d-party litig. http://t.co/hAETexu
  • B-EDNY: Well cited opinion allows bank's claim for default interest but denies make-whole claim for prepayment penalty. http://t.co/NmbKX46
  • B-MT: Legit. justification exists for separate plan classification based on anticipated future aid of crs. in one class. http://t.co/zJZXuj8
  • B-IL: Pre-Stern, 7th Cir allowed BK Ct to fix nondisch. debt amt., but constitutional authority to do so not clear now. http://t.co/BpQVBR9
  • 3d-Obligations of umbrella insurer exclude duty to defend & not otherwise triggered until underlying policies exhausted. http://t.co/IThdzzc
  • B-FL: Conclusory constr. fr. tsf charge of not being made for reas. equiv. value dismissed absent more re nature of tsf. http://t.co/j2tWCXp
  • B-DE: FRCP 9(b) reqts relaxed & interpreted liberally when BK Trustee asserts fraudulent transfer/breach of duty claims. http://t.co/2BUowz2
  • B-OR: §547(a)(2)'s exclusion of substitute obligations from "new value" excludes forbearance from new value defense. http://t.co/qvSmuc7
  • BK-NM reviews preference law's "ordinary course of business" defense as applied to "first-time transactions." http://t.co/J3Zyrsf
  • B-DE: Not def's fraudulent intent that must be pled w/particularity per FRCP 9(b) but circumstances constituting fraud. http://t.co/2BUowz2
  • B-CO rejects investor argument they had no valid contract to purchase stock & thus had unsecured debt not w/in §510(b). http://t.co/RvgLduA
  • B-CO reviews policies behind & broad interp of §510(b) mandatory subord. of claims from purchase & sale of securities. http://t.co/RvgLduA
  • B-FL: Trustee's actual fraudulent transfer claims survive dismissal by plausibly asserting tsf to further Ponzi scheme. http://t.co/j2tWCXp
  • B-FL reviews Ransom, Lanning & earlier cases in overruling UST obj. to including op. exp. for 3 cars in means test calc. http://t.co/SEGMbcI
  • B-CO: Statutory cap of §502(b)(6)(A) equally applies to claims against guarantors of leases that are in bankruptcy. http://t.co/fNbqPw7
  • BK-DE dismisses pref. complaint that doesnt give Def. adequate notice to ascertain which tsfs are at issue is dismissed. http://t.co/ESw1vd3
  • B-IL: Pre-Stern, 7th Cir allowed BK Ct to fix nondisch. debt amt., but constitutional authority to do so not clear now. http://t.co/BpQVBR9
  • D-IL imposes §1927 ag, Ch 7 Trustee's atty not for crummy legal mal case v. Mayer Brown but for unprof. conduct in depo. http://t.co/P5jWWsT
  • B-NJ denies postconfirm trustee mot. to disgorge fees of admin. insolv. estate bec consent order award was final award. http://t.co/PDRHRKE
  • D-CA affirms BK Ct's expunging of class claim for unpaid wages against Ch 13 owners of parking lots. http://t.co/mnAfii7
  • D-CA reviews lack of policy factors supporting class claims in BK, incl. ease of filing claims & efficiency of process. http://t.co/mnAfii7
  • D-CA: Failure of class claimants to file Rule 9014 motion for application of Rule 23 is dispositive in favor of denial. http://t.co/mnAfii7
  • BK-AL: 363 sale of golf course prop. not free & clear of implied restrictive covenant for use of prop.as a golf course. http://t.co/AlPmMSd
  • B-MI approves BK settlement & provides extensive review (after 65 trial days) of the history behind soft body armor. http://t.co/Sr9XmWb
  • B-FL: Defendant's failure to produce expert to refute Trustee's insolvency expert dooms its fraudulent transfer defense. http://t.co/aNh8bLB
  • B-DE: Cplt dismissed per Twiqbal that sets forth only conclusory allegations parroting Section 547's statutory language. http://t.co/TtUQra0
  • B-DE: Preference cplt doesn't require attached copies of invoices, bills, canceled checks etc., to satisfy Twiqbal stds. http://t.co/TtUQra0
  • B-DE: To satisfy Twiqbal in preference cplt, details of antecedent debt req'd & merely reciting §547 stds insufficient. http://t.co/TtUQra0
  • B-DE: Twiqbal in §547 cplt requires evid. of preexisting dbtr/cr. rel. (like contract details & goods/servs. provided). http://t.co/TtUQra0

 Topics of General Interest

  • Excellent interview by David Lat of Jeh Johnson, ex-Paul Weiss partner, & now General Counsel of the Defense Department. http://t.co/vEKbyUX
  • The future of jury trials? Watch Michigan's experiment in adopting rules to significantly enhance juror involvement. http://t.co/Bz7t5uD
  • RT @DouglasMintz: Good piece on the next financial crisis (whenever it should arise. http://t.co/a1pe2cf
  • Casey Anthony defense's use of social media to refine its theories of the case as the trial progressed discussed here: http://t.co/GVagBrk
  • WWII in photos: A continuing 20 part photo-narrative retrospective sponsored by The Atlantic: http://t.co/rS0hW7b

 Thanks for reading!

 

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Bankruptcy Tweets for July 2011 - Part I

Below are my twitter posts since my last post of June 27 of 41 recent posts of bankruptcy cases and commentary, along with 6 other items of general interest.  RSS Feeds are also available.

The insert graphic contains corporate high-tech organizational charts from Bonkers World.

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Bankruptcy Cases

  • New Bankruptcy Litigation Blog Post: 44 BK Tweets of June 20-26 & Links to Howard Marks' book, The Most Important Thing. http://t.co/dYnmbjp
  • B-MS-"2 working principles" of Twiqbal-plausible claims & rule that all allegations are true doesnt apply to legal concl. http://t.co/E4pARJg
  • B-CO: B of A involuntary dismissed; mere taxpayers lack standing to file §303 involuntary under "Gov't of People" theory. http://t.co/oIlTJwr
  • BK-CO reviews circuit split on whether §109 ineligibility as a debtor deprives a BK Ct of subject-matter jurisdiction. http://t.co/oIlTJwr
  • 6th: Debtors' assertion on record of abandonment of claims ineffective absent notice & hearing per Rule 6007 & §554(a). http://t.co/ZJYc1m6
  • 2d: 1st impression-§546(e) protects as "settlement payments" issuer's payments to redeem commercial paper pre-maturity. http://t.co/aubIIcs
  • Strong dissent on 2d Cir. op. extending the §546(e) exemption to all comm. paper redemptions pre-maturity using the customary DTC mechanism. http://t.co/aubIIcs
  • 7th: Motion to deny bank right to credit-bid @ plan auction "lacks crucial check ag. undervaluation" & rightly rejected. http://t.co/hicC1QY
  • B-FL: Motions in limine are disfavored & if evidence isnt clearly inadmissible then rulings shd be deferred until trial. http://t.co/IzGrgU4
  • BK-PA: Legal error, if not challenged per Rule 59, is w/in the province of appeals & cant be addressed under Rule 60(b). http://t.co/x0uEP9s
  • BK-KY: Mandatory abstention inapplicable to core proceedings (i.e., "arising under" the Code or "arising in" a BK case). http://t.co/alDX1zg
  • B-Utah reminds only ch 7 trustee in corp case can represent dbtr once trustee appointed bec agent req'd for corp action. http://t.co/UFP71kP
  • B-TX rules it has authority to enter ch 15 pre-recognition prelim inj to protect non-debtor guarantor subs ag. US suits. http://t.co/Nqkqnvp
  • BK-IL reminds: marriage dissolution & prop. settlement can create constructive trust removing property from the estate. http://t.co/Nqkqnvp
  • B-IL: Lien attaching in preference period to debtor's equitable interests in another's property rights is preferential. http://t.co/Nqkqnvp
  • Ungaretti & Harris George Mesires reviews 7th Cir op. that a secured cr. can credit bid its claim in a reorg plan sale. http://t.co/G64MMxY
  • SDNY: PA cts recognize aiding & abetting a breach of fiduciary duty; constructive knowledge is the proper knowledge std. http://t.co/fplsa3R
  • SDNY: Ct-appointed appraiser akin to a BK Trustee and liability limited to intentional or grossly negligent misconduct. http://t.co/VBSL00U
  • B-MD reviews splits re interplay bet. §542(a) & §549 turnover actions, holding §542 inapplicable to postpet. transfers. http://t.co/ywiVihm
  • B-TX: BK Venue ok in Houston TX where LLC's sole member makes decisions even if assets, domicile, & residence are in SC. http://t.co/SIBZWCe
  • B-NY reviews §511 special BAPCPA tax claim provisions & inapplic. of Till in ch. 13 plan to lower statutory int. rate. http://t.co/EdRspBj
  • B-SDNY-Investors in Madoff feeder funds aren't "customers" under SIPA based solely on their ownership int. in the funds. http://t.co/mFQCtNh
  • EDNY reviews dearth of authority for fed. ct. sitting in equity to authorize Receiver's Certificates w/priming lien rts. http://t.co/hrrM9f7
  • D-NV: 2 alternative tests in 9th to see if action is an exercise of police power: "pecuniary purpose" & "public policy". http://t.co/W8NTE42
  • D-NV: CA enforcement action for bribes, unlic. sec. sales & unfair competition exempted as police powers per §362(b)(4). http://t.co/W8NTE42
  • 7th: With 2 exceptions, agreements in IL to indemnify against intentional misconduct are void as against public policy. http://t.co/l48bdYv
  • ED-MI: Isolated & contradictory response in ans. to adv. cplt isn't binding jud. adm. to material fact in underlying BK. http://t.co/FqouF2O
  • B-CA allows 13% of expert's fees for going beyond facts re interest rates & for condescending lecture of Ct. re feasib. http://t.co/z8DGQKq
  • B-CA: Oversecured creditor not entitled to interest at default rate where its claim is paid in full under a ch. 11 plan. http://t.co/z8DGQKq
  • B-CA: Bank atty fees of $300K are in line w/fees of debtor's counsel & reasonable for protecting a $16MM secured claim. http://t.co/z8DGQKq
  • B-TN: Agr.'s not prohibiting Debtor from commingling clients' funds doesn't mean commingled funds are prop. of estate. http://t.co/1fqAv0u
  • B-NE: Labor secy's enforcing wage & labor stds exempt from stay per §362(b)(4) if only fixing-not enforcing-money jdgmt. http://t.co/QH4ZhIT
  • BK-TX: Per 5th, Ct should consider prospective & retrospective views re benefits to estate for allowing fees under §330. http://t.co/4qqnVo2
  • BK-IL examines in well-cited opinion the "frivolous" and "improper purpose" prongs of a successful Rule 9011(b) claim. http://t.co/fZZ2zzN
  • B-FL: Ponzi scheme presumption of fraudulent intent only arises when transfer was made "in furtherance of" Ponzi scheme. http://t.co/RSCG1sr
  • B-FL: Ponzi scheme operation is-by definition-insolvent & operating w/unreasonably small capital in fraudulent tsf case. http://t.co/RSCG1sr
  • B-OR: Per §365(d)(5), administrative claim given to postpetition commercial rent claims regardless of benefit to estate. http://t.co/qm48fmX
  • D-IL reviews jud. estoppel & standing of dismissed ch 13 dbtr to prosecute pers. inj. claim not disclosed in schedules. http://t.co/vSdRwiV
  • B-AZ reviews diversity citizenship of postconfirm liq. trust: based on the trustee alone & doesnt include beneficiaries. http://t.co/hslbyJM
  • B-AZ: Post-confirm JD exists bec the plan contemplates claim pursuit by liq trust; thus it's integral to plan execution. http://t.co/hslbyJM
  • B-AZ: Equitable remand per 28 USC §1452(b) doesn't apply to claims removed on diversity JD grounds under 28 USC §1441. http://t.co/hslbyJM

 Topics of General Interest 

  • Put this in the "there but for the grace of G-d go I" department -- In re: The passing of a Skadden associate:  http://t.co/YjGrt6p
  • Read Legal Theory Blog's Lexicon on "Principles in Constitutional Theory." http://t.co/VTg1oaW
  • Read Justice Ginsburg's sharp comments on her good friend (politics & con. law aside) Justice Scalia & his recent term. http://t.co/mw8Q4iS
  • The effectiveness of QE2 reviewed at the Econobrowser, which concludes: "the Fed did avoid making our problems worse." http://t.co/egNDHhh
  • WAPO article on problems in the commercial RE mkt: securitized loan delinquencies near 10% & $350 billion in distress. http://t.co/IgVXfmY

Thanks for reading!

© Steve Jakubowski 2011

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Bankruptcy Tweets for June 2011 - Part IV

First, many thanks to the 1,700 unique visitors who viewed 3,000 web pages this past week (mostly my two posts on Stern v. Marshall).  According to my Google Analytics and Lexblog stats packages, visitors included the Supreme Court itself (10 times), courts from every federal circuit and several states, many from the AmLaw 200, and several academic and governmental organizations.  Such overwhelming support is what keeps me motivated to find something interesting to say–relatively free of typos and run-ons–at 4:30 a.m., and I'm grateful for it.

Back now to the meat and potatoes (or macaroni and cheese) of a bankruptcy lawyer's existence.  Below are my twitter posts since my last post of June 19 of 41 recent bankruptcy cases and commentary and 3 news items that might interest you.  RSS Feeds are also available.

The cover image is from Howard Marks' first book, published in May by Columbia University Press, entitled The Most Important Thing.  It's a favorite of the Distressed Debt Investing blog, and you can learn more from it by reading this book review from a seasoned pro and this book review from an unseasoned one.  You also can view excerpts from it on Amazon.com's website.  Alternatively, take Warren Buffett's word for it; who said: "When I see memos from Howard Marks in my mail, they're the first thing I open and read.  I always learn something, and that goes double for his book."

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Bankruptcy Cases

  • Read my latest BK Lit. Blog post-US Supreme Court Bankruptcy Watch: Readying for Stern v. Marshall-A Bombshell or a Dud? http://t.co/HtezHKd
  • Tom Goldstein predicts Breyer op. & SCOTUS reversal for Anna Nicole. I agree, with a remand on 157(b)(5) issue (Tr.). http://t.co/BM8xMx
  • B-TX: Equity dilution & exprop. of value from equity for benefit of controlling SH may be direct, not derivative, claim. http://t.co/Pg1r0gg
  • B-FL: Dbtr cant shorten ch 13 plan term below applic. commitment pd. if ttee objects unless all unsec claims fully paid. http://t.co/A2NNMRq
  • BK-SDNY: Cr.entitled to postpetition default interest ag. solvent debtor even though plan reinstated its loan per §1124. http://t.co/ole3uy9
  • BK-PA: Pitt Corning plan not confirmed bec channelling injunction covers indep non-deriv claims & plan not ins. neutral. http://t.co/jgcjOCc
  • D-DC: Phillipine Airlines is stingy, w/shifty explanations for not paying Sununu's fees, but it has no contract liability. http://t.co/JXPvwhF
  • B-IL: Motion to dismiss granted on §523(a)(4) cplt ag. D&O under 2011 7-Cir precedent that a corp. fiduc. ≠ a 523 fiduc. http://t.co/i4lqGZH
  • See "A Cram Session on Cramdown Interest Rates" by Adam Strochak on the Weil Bankruptcy Blog, w/ chart of 28 key cases. http://t.co/3rN4v4j
  • BK-KS: Well-cited op. reviews relation back doctrine & stds for amending a cplt under FRCP 15(c) in an avoidance action. http://t.co/9JGaXBV
  • 5-4 in Stern v. Marshall AFFIRMING 9th cir. Complete victory for Pierce Marshall. Roberts op./Breyer dissent. Op here: http://t.co/ZGmnm1X
  • EDNY w/draws ref of atty mal case so Ct can get familiar w/facts & law before trial & benefit of Magistrate involvement. http://t.co/ffMKUMX
  • BK-SDNY approves WARN class action certif & settlement @ 17% of pot. liab. in postpet adv. for prepetition layoffs. http://t.co/DmYCpkM
  • BK-UT compares & contrasts each element of the "good faith" purchaser / transferee defense under §§ 549(c) & 550(b). http://t.co/HacsSla
  • B-MN reminds: A party isnt an initial transferee per §550 if it's an agent lacking authority over the principal re funds. http://t.co/JFw37mq
  • Best summary I've seen analyzing Stern v. Marshall on Steve Sather's Texas Bankruptcy Lawyers' Blog: http://t.co/jMZO21y
  • Blog post-SCOTUS's Bombshell Op. in Stern v. Marshall Draws the Line Ag. Incremental Erosion of Art. III Judicial Power. http://t.co/GyKP9HO
  • Weil Bankruptcy Blog examines the admissibility of an examiner's report under federal evidence rules and specific cases. http://t.co/eNml8KT
  • BK-DE rejects dismissal motion in preference case for lack of personal jurisdiction based on hardship & inconvenience. http://t.co/UohJEhc
  • B-IL: No sov. immunity to IRS in §544(b)(1) action on theory that IL law doesn't allow unsec creditor to sue US for same. http://t.co/Fyz0lhw
  • D-NJ: Junior out-of-the-money lien is not rendered void under §506(d) as long as the underlying claim itself is allowed. http://t.co/Jmcohdq
  • BK-PA: 30-day time limit in §362(e) doesn't also encompass the time for the Court to reconsider its lift stay decision. http://t.co/5IvsVCa
  • B-GA reviews split re docs req'd for assignee of large #s of credit card debts to support debt claimed in proof of claim. http://t.co/2t44vRV
  • 1st: Unsecured senior debt holders have no priority over juniors on postpetition interest accruals disallowed by BK law. http://t.co/acrCYER
  • B-IL: Def. in post-confirmation action who's not a creditor lacks standing to challenge Plan's not reserving the action. http://t.co/zT4JvTc
  • BK-KY: Focus under a Rule 60(b)(1) analysis of "excusable neglect" is the movant's conduct, not the opposing party's. http://t.co/QflX4M2
  • B-TX:Attorneys signing proofs of claim for clients put themselves @ risk of disqualification by becoming a fact witness. http://t.co/BXc4VyU
  • BK-IL: Because 3d mortgage lien is wholly unsecured, it should be disallowed as a secured claim & may be stripped off. http://t.co/gM7WWYF
  • D-GA: Notifying ins co, bank & Ch 13 trustee of postpet fire loss overcomes jud. estop. for excluding loss from BK sched. http://t.co/fE6g6hC
  • B-IL:Reservation of preference action need not be specific & unequivocal to be preserved, but type or category required. http://t.co/zT4JvTc
  • D-OH denies w/drawal of ref. over D&O claims after case pending for 1.5 yrs in BK, expressing concern re forum-shopping. http://t.co/ngq0Kzm
  • B-PA sua sponte equitably remands adversary ag. non-debtors from which debtor was dismissed to state ct. per §1452(b). http://t.co/5IGISQw
  • B-TN: Late payments arent ordinary per §547(c)(2) bec pre-existing relationship is short & most payments made in pref pd. http://t.co/Si4RBjc
  • B-TX queries if treating a sec. tax claim per §1129(a)(9)(D) can create an impaired accepting class for lender cramdown. http://t.co/CZ6NCPX
  • B-SDNY recognizes circuit split re 15% calculation of "rent reserved" per §502(b)(6), but in SDNY it's 15% of total due. http://t.co/irkhJTq
  • B-SDNY analyzes complicated damages for commercial lease per §502(b)(6), incl atty fees, fair rental value, addit. rent. http://t.co/irkhJTq
  • B-MT reviews dismissal when financially viable dbtr filed ch 11 to prevent entry of jdgmt & having to post appeal bond. http://t.co/t5Z7rhh
  • BK-IL: Broad reservation in Plan for so-called "Litigation Claims" really only reserved so-called "Avoidance Actions". http://t.co/zT4JvTc
  • BK-IL: Not including §544 claims in Plan's definition of "Avoidance Actions" barred their assertion post-confirmation. http://t.co/zT4JvTc
  • BK-IL: Qualification as a contingent creditor alone does not make one a party to the bankruptcy for standing purposes. http://t.co/zT4JvTc
  • Listen to Peggy Noonan's insightful early handicapping of the Republican presidential candidate hopefuls: http://t.co/PbzofoO

Thanks for reading!

© Steve Jakubowski 2011

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Bankruptcy Tweets for June 2011 - Part III

Below are my twitter posts since my last post of June 18 of 52 recent bankruptcy cases and commentary and 10 retweets, news items, and entertaining videos that might be of interest to you. RSS Feeds are also available.

The chart is from the June 18 posting from Business Insider's article entitled About that Gigantic Fall in Junk Bond ETF's, which offers the following explanation to that huge price drop:

One possibility put forth: ETFs like JNK are much more liquid than actual junk bonds, and so this huge selling actually represents junk bond investors selling the ETFs by proxy, because they can't get a decent bid on what they're holding.  If you buy the idea that credit markets are somehow "smarter" than other markets, and you believe that real money credit holders are rushing for the doors with these ETF shorts, watch out.

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Bankruptcy Cases

  • BK-IL: Bank req'd under Ill. Mortgage Act to release mortgage after loan payoff despite risk of future BK adversary lit.
  • BK-MS: Plan wiped out lien of creditor who slept on rights & didn't object to plan despite requisite due process notice.
  • BK-MS: §1127(b) is the sole means for modifying reorganization plan after confirmation; BK rules 9023/9024 inapplicable.
  • D-IL: CIT loses appeal seeking priority over hog sellers who got trust protection under the Packers & Stockyard Act.
  • BK-KY: Debtor received reas. equiv. value from fees paid to lawyers though advice benefitted individuals besides debtor.
  • BK-TX: Promises of future performance can be material misrepsentations for fraud purposes if made w/intent not to perform.
  • SD-FL: No §507(a)(4) priority for attys' fees incurred while litigating unpaid wage claims under Fair Labor Standards Act.
  • BK-DE: Recoupment applies where parties intend to apply credits against diff. product purchases in long-term bus. rel.
  • BK-DE: Sr. exec. "top hat" plans must be unfunded, so no constructive trust can be imposed to protect plan participants.
  • BK-AZ: SCOTUS requires showing of irreparable injury for stay pending appeal be "the more probable or likely outcome."
  • BK-NV: Cts consider trustee's competency & experience when weighing the degree of deference to afford trustee's judgment.
  • BK-FL: Fact of Ponzi scheme-w/o tying transfers to furtherance of scheme-wont implicate presumption of fraudulent intent.
  • BK-CA: Defense of Marriage Act unconstitutionally denies equal prot. to gay couples if they cant file joint BK petition.
  • Good review of opinion by 20 BK-CA judges denying UST motion to dismiss joint BK filing by same-sex couple as unconstit.
  • Extended Stay Trustee's 179 pg complaint vs. Blackstone et al for breach of fiduciary duty & illegal div in June 07 LBO.
  • Extended Stay Trustee's 107 pg complaint vs. sellers, buyer, lenders & advisors for avoidable transfers in June 07 LBO.
  • BK-CA: Claim obj. under §502(d), w/out seeking recovery of underlying transfer, doesn't violate Lehman's automatic stay.
  • BK-FL cites to "bird in the hand is worth two in the bush" as authority to approve Ch 13 dbtr's motion for early payoff.
  • BK-CA: Section 502(d) can be purely defensive & doesn't require initiation of avoidance adversary to recover transfer.
  • BK-OH: Well cited op. denies dismissal, transfer, abstention & remand of avoidance actions ag. insiders & affiliates.
  • D-CA rejects Clear Channel's holding that §363(m) stay doesnt apply to "free and clear" aspects of a sale under §363(f).
  • D-CA rejects Clear Channel's holding that the §363(m) stay allows for review of lien stripping under §363(f).
  • ReedSmith: SD-IL-'All Value' Must be Considered in Determining 'Reasonably Equivalent Value' in Fraudulent Transfer Case. http://t.co/tfW3yMM
  • ReedSmith: 3d - DCF is a 'Commercially Reasonable Determinant of Value' re Repurchase Agreement Acceleration under §562. http://t.co/TIWFNQb
  • ReedSmith: TX - Court Grants Parent Cos. Standing To Sue Lender as 3d-Party Beneficiaries of Loan Commitment Agreements. http://t.co/uf4Kg1D
  • ReedSmith: BK-NY Vacates Foreclosure Sale Finding Bank Violated Stay by Proceeding w/Sale Where Debtor Guaranteed Loan. http://t.co/Y1NirwW 
  • Weil Bankruptcy Blog asks: What Happens When a Debtor Seeks to Reject a Right of First Refusal? http://t.co/tZLzhrg
  • 7th Cir.: Collateral-Order Doctrine Used in a Case of 1st Impression; Ct. Affirms Broad Equitable Powers of a Receiver. http://t.co/n1XKGGG
  • Blakemore & Martin - BK Strategist: Using 552(a) to Invalidate a Bank's Security Interest in Proceeds of an FCC License. http://t.co/qeq8eLN
  • 3d Cir: § 1112(b) creates no statutory bar to considering a motion to dismiss the BK case during the exclusivity period. http://t.co/F2v5y7P
  • 5th-Minority LLC member's tsf. of real prop to self is void ab initio & not voidable subject to intervening rts. of BFP. http://t.co/bk8PXKW
  • EDNY: FTC action to enjoin alleged fraud in marketing medical discount plans is exempted from stay under § 362(b)(4). http://t.co/8Ubsnjy
  • BK-PA: PhillyNews defamation action case excluded under APA & enjoined under Plan release for lack of willful misconduc. http://t.co/1OlOiRh
  • BK-MT cites Colliers in reviewing & applying BAPCPA's change in §1112(b)'s stds for conversion or dismissal "for cause." http://t.co/dhRiBnv
  • BK-TX: Debtor isnt a "single asset real estate" because income is generated from interest on notes, not property itself. http://t.co/igyoMts
  • 5th: Unopposed plan release & exculp. provisions essential to reorg, w/ parties rep'd by good attys, bars fraud claims. http://t.co/pVsdh8d
  • 3d: MPPAA withdrawal liability can be apportioned between pre- and post-petition periods, with the latter an admin. exp. http://t.co/cLtuz5V
  • BK-SDNY: §548(a)(1)(A) claim stated under "Ponzi scheme presumption" for Dreier's payments on forged client prom. notes. http://t.co/vrWFYAK
  • BK-NY: Dreier Ponzi payments not constr. fraud. tsf under NY law or BK Code, except for net winnings over principal inv. http://t.co/vrWFYAK
  • BK-SDNY: Under NY fraudulent transfer law, "good faith" isn't an issue where the tsf satisfied a valid antecedent debt. http://t.co/vrWFYAK
  • BK-NY: In Dreier avoidance action involving commingled accounts, Def. has burden to prove debtor held bare legal title. http://t.co/A8qkEgR
  • BK-NY: Dreier Ponzi payments not constr fraudulent tsf under NY law or BK Code to "net losers" receiving < principal inv. http://t.co/WBaIsTJ
  • BK-SDNY: To establish subseq. transferee liab. per §550, complaint must allege "the who, when, & how much" of the tsfs. http://t.co/XCXjS6u
  • BK-NY: Under §550, complaint must allege "direct, ascertainable & quantifiable" benefit commensurate w/prop. transfered. http://t.co/XCXjS6u
  • 11th-Impaired creditor need not object at confirmation to preserve on appeal whether absolute priority rule was violated http://t.co/QiuM1Jz
  • SD-AL: Indiv. ch 11 plan violates absolute priority rule by contributing no new value and retaining title to property. http://t.co/QiuM1Jz
  • BK-KS: Mechanic's lien fails if contractor's bill isnt reasonably itemized to know whether lienable items were furnished. http://t.co/Q93qGM7
  • D-TN: Each estate creditor is 3d party benefic. of tolling agr. between creditors comm & accts. accused of malpractice. http://t.co/KyBdcU0
  • SDNY: Advantage in BK to lender of including a penalty/premium upon acceleration clause in a promissory note discussed. http://t.co/nvnn6Z9
  • B-DE: Twiqbal increases pleading stds for preference cmplts., requiring identity of transferor & stated antecedent debt. http://t.co/np8qL8z

Topics of General Interest

  • Retweet - Bryan A. Garner: The Totenburg piece on my SCOTUS interviews: . Is www.lawprose.org really an "obscure webiste"? Would that it weren't!
  • Retweet - Adam Liptak: Very smart Justin Driver piece on how Tribe and Sunstein influenced Obama's views on the court. http://t.co/l9iqgv8
  • Jarring story about China's "ghost cities." Skyscrapers, schools, & residential developments with nary a soul in sight. http://t.co/Jl0rijb
  • Stranger than Fiction-15 SCOTUS ops. to go & lifelong Yankee fan, Sotomayor, J, dons a CUBS jersey to throw first pitch! http://t.co/Bva90sh
  • Not a Biblical or Roman holiday, nor one celebrated by the framers in 1787. Ever wonder who invented Father's Day? http://t.co/AczcRSm
  • The irony of the world's being slowly irradiated from Japanese soil using US technology is frighteningly apparent. http://t.co/scxCmok

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for June 2011 - Part II

Below are my twitter posts since my last post of June 12 of 24 recent cases (and one very amusing video) that might be of interest to you. RSS Feeds are also available.

This "Risk Map" is from SocGen and highlights the "Black Swan and White Swan" risks to the economy.  It was posted today on the Business Insider website.

*     *      *     *     *     *

  • 1st: Mass. req't to record routine extension to prevent mortgage's becoming obsolete tolled by §108(c) until stay ends.
  • 4th-noting difficulty of issue-says §550(b) is a defense to an avoidance action that the defendant has burden to prove.
  • 4th Cir sets objective & subjective standards applicable to knowledge and good faith prongs of §550 transferee defenses.
  • BK-AZ: "Indubitable equivalence": must show "no reasonable doubt" that creditor gets full value of what it bargained for.
  • D-NJ: "Strip-Offs" & "Strip Downs" under §506(d) reveiwed: ch 7 lien not void if junior to lien exceeding appraised value
  • D-DE: Appeal of claims estimation & confirm. orders & rejection of admin priority rts. equitably moot under 3d Cir stds.
  • D-MD: Absolute priority rule requires market valuation, so exclusivity shd be terminated for filing of competing plan.
  • D-IL: §362(d) allows BK Ct to retroactively annul the automatic stay to validate a technically voided foreclosure sale.
  • D-RI: Per §105 BK Ct can sua sponte appoint ch 11 trustee despite limits of §1104(a), but std of proof required unclear.
  • D-MA: Town's demolition costs to clear unsafe bldg / nuisance from Debtor's property are admin expenses per Midlantic.
  • BK-IL: Plan cant be funded w/rents after stay lifted & bank enforces rts to rents to extinguish debtor's interest therein.
  • BK-WVA: Bk Ct asserts related-to jurisdiction over bank's adversary ag. non-debtor guarantors bec. of subrogation rights
  • BK-VT: DIP may use cash collateral for atty fees if services benefited secured cr. under §506(c); decision here deferred
  • BK-NE:Best interest of creditors test-§1129(a)(7)-requires non-consenting crs. get interest before shareholders recover.
  • BK-NJ: Bad faith invol. petition 4 factors: contingent claim; inadeq. due diligence; 2 party dispute; litigation tactic.
  • BK-PA: Of "paramount importance" in cramdown property appraisal under SCOTUS Rash is "intended use approach to valuation"
  • BK-IL: Actual & constr. fraudulent tsf. suit for worthless ins. premiums paid in Lancelot ponzi scheme survives Twiqbal.
  • BK-PA: When 1 estate is indebted to another, an actual conflict prohibits dual representation of both debtors by counsel.
  • BK-IL reviews what "specific identification" of a cause of action is req'd in a plan to preserve the action postconfirm.
  • BK-IL strikes preference complaint under Twiqbal as not plausible bec. tsf. not on account of debtor's antecedent debt.
  • BAP-9: Wells Fargo lacks standing to seek relief from stay lacking evidence it's a person entitled to enforce its note.
  • BK-OH: "The court's disquiet is the increasing amount of professional fees in a small, local business case" Size matters!
  • BK-SDNY: Abandonment doesn't revest the debtor with the ability to relitigate issues settled or released by the trustee.
  • BAP-9: Mortgage servicer lacks standing to file claim unless it shows it's an agent of one entitled to enforce the note.
  • BK-TX: Comm. RE debtor near foreclosure given 2d chance on tight leash shortly after BK-TX dismissal for bad faith filing.
  • 2d Cir: Madoff ancillary litigation - Banks generally owe no duty to protect one customer from another customer's fraud.
  • 2d Cir: Madoff litigation-Exception to bank exculpation if cust has trust funds in fiduc acct w/clear evid of misapprop.
  • BK-DE: Insuff. record to decide if publication notice in WSJ was "reas. calculated" to give notice to consumer mortgagor.
  • D-NJ: Subseq. transferee per §550(a)(2) cant be the entity for whose benefit the initial transfer was made per §550(a)(1).
  • BK-OR: Stipulated Inventory Order essential to precluding 363 sale from including commingled assets the debtor didnt own.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for June 2011 - Part I

Below are my twitter posts since my last post of June 1 of recent cases that might be of interest to you. RSS Feeds are also available.

The infographic, titled The Resurgence of the American Automotive Industry, is from the White House Blog and was released to correspond with Pres. Obama’s visit to a JEEP manufacturing plant in Toledo.

  • Good analysis on Weil BK Blog of 5th Cir case-cited here on 5/6/11-re inability to assume incurably defaulted contract.

 

  • D-NJ: Withdrawal of reference & abstention from unliq. personal inj. claims is ok, but not of dischargeability adversary.

 

  • BK-ID: Court rejects use of "advance payment retainer" to cover postpetition attorneys' fees w/out complying w/§§330,331.

 

  • BK-SDNY: No post-conf. JD here bec (1) no "close nexus" to some aspect of plan & (2) plan doesn't retain JD over dispute.

 

  • BK-LA: Withdrawal of reference appropriate in fraudulent transfer case to which defendant is entitled to a jury trial.

 

  • BK-IL: Uncertainly re whether filing of Tax Deed Petition is required to protect or perfect rights in Illinois examined.
  • BK-NE: Mand. & perm. withdrawal of ref. req'd. in Bank Holding Co Trustee's suit ag FDIC re refunds under tax alloc. agr.
  • D-PA: BK Ct. rules state ct complaint ok against Trustee bec. Barton Doctrine is antiquated & not the rule in the 3d cir.
  • Fishman, et al revisit the "indubitable equivalent" std., saying some cts have used it inappropriately to confirm plans.
  • BK-SDNY :Ref. of 21 count "clawback" & aid/abet complaint ag. JPM withdrawn bec Trustee's standing at issue under fed law.
  • BK-IL: Internal work re whether law firm is disinterested under Code §327 provides no estate benefit & isn't compensable.
  • BK-WA: Financial advisor who joins group to buy out debtor is disqualified but entitled to fees through time of conflict.
  • BK-NJ: Ct reviews factors re whether there's cause under §303(e) for petitioning creditors to post a bond in an invol BK.
  • BK-SDNY: Ct permiss. abstains from postconfirm suit to apply CA anti-forfeiture law to lease held terminated prepetition.
  • BK-VA: Former dirs. dont satisfy reqts for deriv stdg in suit ag current dirs: no debtor consent or unreas refusal to sue.
  • BAP-8: 2 ways to contest arbitration agr. validity: challenge validity of arbitration clause or the contract as a whole. http://t.co/CcC5qIj
  • BK-OK: Fraudulent tsf. & constructive trust claims are core; §541 breach of fiduciary duty claims are only "related to". http://t.co/CcC5qIj
  • BK-SDNY: Committee objection to Borders' exclusivity extension denied bec. objection not supported with "any evidence." http://t.co/hJaFQYy
  • BK-OK: Fraudulent tsf. & constructive trust claims are core; §541 breach of fiduciary duty claims are only "related to". http://t.co/CcC5qIj
  • BK-SDNY: Committee objection to Borders' exclusivity extension denied bec. objection not supported with "any evidence." http://t.co/hJaFQYy
  • BK-IL: Actual & constr. fraudulent tsf. suit for worthless ins. premiums paid in Lancelot ponzi scheme survives Twiqbal. http://t.co/clmjaeW
  • D-IL: PACA claims disallowed when invoices don't disclose 30-day payment terms that differ from std.10-day PACA terms. http://t.co/SOZ3eF9
  • BK-MI: Expert's income approach to hotel valuation preferred over sales comps., but bank still not adequately protected. http://t.co/UbsDAgb
  • BK-TX: Reorg plan impairs by requiring dismissal of separate guaranty & precluding recovery of default interest rate. http://t.co/XJZbeoU

 

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for May 2011 - Part IV

Below are my twitter posts since my last post of May 29 of recent cases that might be of interest to you. RSS Feeds are also available. 

 

This graphic, Facts About the Internet, is from the Infographics website:

 

  •  BK-SDNY: Time spent by Deloitte in preparing billing & fee apps unreasonable at 8% of total time billed; Ct. awards 4%.

 

  • BK-MD:Ct lacks "related-to" jd. if tort claimants seek recovery only from ins. proceeds & not from reorg debtor's assets.

 

  • ND-TX:No action ag. 1 syndicate bank for failing to fund bec fin agr breached when other banks didnt get unanim. consent.

 

  • BK-OR:No summ jdgmt on whether "swing-load" arrangements in nat gas industry are ordinary comm. transactions & not swaps.

 

  • D-LA: TX Bk Ct has JD over state court DJ action re if O&G lease was terminated before being sold to buyer in 363 sale.

 

  • D-CA: Exculpation & reimb. language in post-confirm. liquidating trust doc inapplicable given trustee's gross negligence.

 

  • BK-DE:Parent's agent's grant of security interest in sub's assets is enforceable if it otherwise satisfies UCC Article 9.

 

  • BK-CT: Neither comfort order nor §363(b) provide basis for retaining environ. consultant in ord. course, but §1108 does.

 

  • BK-AL: Colonial Bk Plan violates "best interest" test by paying expenses of plan committee in addition to plan trustee's.

 

  • BK-PA:Secured creditor's plan not fair & equitable if proposed sale of debtor's property post-confirm. won't realize FMV.

 

  • 9th: Attorney's sanctions upheld for filing notice of removal frivolously & in bad faith to delay state ct. proceedings.

 

  • D-LA:Payments on electricity requirements contract not preferential bec payments were settlements under forward contract.

 

  • BK-NJ:"Collapsing doctrine" inapplicable to avoid mortgage that cashed out founder where no pre-existing creditors exist.

 

  • BK-SDNY: §108 tolling provisions automatically apply in Ch. 15 cases under straightforward statutory reading of §103(a).

 

  • BK-NC: Well cited opinion analyzes issues of core/noncore, mandatory & permissive abstention, jury trial rts, eq. remand.

 

  • BK-SDNY:Fairfield Sentry (Madoff feeder) foreign liquidators allowed to bring foreign avoidance claims in Ch 15 BK cases.

 

  • SDNY reverses §524(g) injunction favoring Pfizer in Quigley BK, holding product liab. claims aren't based on ownership.

 

Thanks for following!

 

© Steve Jakubowski 2011

 

 

 

 

 

 

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Bankruptcy Tweets for May 2011 - Part III

Below are my twitter posts since my last post of May 15 of recent cases that are sure to be of interest to the bankruptcy practitioner and judge.  RSS Feeds are also available. 

In these and future Twitter postings, I'll try and include some interesting graphics that I've seen of late.  This one, Sitting is Killing You, is from the Infographics website:

  • D-IL: Ch 7 debtor's adversary re absence of tax liab for closed years isn't justiciable where IRS doesnt assert claim due.
  • BK-NE: Extreme diligence by reclamation cr. to preserve rts not nec where sale order preserves & transfers rts to proceeds
  • BK-IL: Post-petition severance payment to ch 7 debtor mostly due to prepetition services & not exempt as unempl. benefit.
  • BK-IL notes split whether debtor can redeem property from tax sale in Ch 13 plan if redemption pd expires during BK case.
  • BK-CA: DIP loan to Ch 11 Trustee denied; record silent on benefits from funding or adequate protection to senior lenders.
  • BK-SDNY: Constr fraudulent transfer case ag Daimler dismissed w/prej; host of intangible benefits make claims implausible
  • BK-SDNY: Termination of swap agr. ok but agr's lowering of distrib priorities to LBSF upon BK was void ipso facto clause.
  • BK-SDNY permits postconfirmation plan modification extending liquidating trust's duration to continue legal mal. case.
  • BK-NJ:Invol. petition dismissed bec "under totality of circumstances" debtor was generally paying debts as they came due.
  • BK-NC denies sec. cr cram down: unfairly treats defic. claim; no indubitable equivalence in partial return of collateral.
  • BK-NC:Indubitable equivalence std not "mere preponderance" or "beyond reas. doubt," but like getting cash @ confirmation.
  • BK-TX: Well-cited Clark, J. op. avoiding constr. & intentional fraudulent transfers to business associates and attorney.
  • 11th Cir: Obvious that §525(b) permits a private employer to "deny employment to" an individual who is or was bankrupt.
  • D-NM: Core & "related-to" jd exists in O&G case, incl. over non-debtors' disputes re O&G purchased from debtors.
  • BK-HI: Ponzi schemer's payoff of original stock inv. isn't restitution but a voidable distribution under HI Bus Corp Act.
  • 7th: Limited circumstances exist under which a creditor may bring an action in place of, and in the name of, the trustee.
  • 7th: Creditor can supplant trustee only when it fails to honor cr. priority & "unjustifiably refuses" to enforce cr. claim
  • BK-SDNY: Client bears risk of loss when atty. Dreier forged its signature to settlement agreement & absconded with funds.
  • BK-FL: Trustee doesn't own alter ego claims where injury is specific to a creditor & not to debtor & creditors generally.
  • 6th Cir.: Dana shareholders adequately pled a strong inference of scienter against both the officers and the corporation.
  • BK-TX (Clark): Code § 505(a)(1) doesn't confer subj. matter jurisdiction to decide tax liability issues of non-debtors.
  • BK-TX (Clark) examines core/noncore distinction in contract claims/counterclaims context when no proof of claim is filed.
  • BK-TX(Clark): BK jurisdiction encourages & rewards forum shopping strategies & ct cant deny relief bec of forum shopping.
  • BK-TX (Clark): Question in mand. abstention is only if case can be timely decided in state ct, not more timely decided.
  • 7th asks, but doesn't resolve, the "open question" of whether a BK Ct may direct that assets be abandoned to a nondebtor.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for May 2011 - Part II

Below are my twitter posts since my since my last post of May 8 of recent cases.  Several cases were relevant to matters I'm presently working on, so I'm sure many of you will similarly find a number of these cases of interest.  RSS Feeds are also available for those wanting instant gratification:

  • D-NJ: Pending BK case is proper venue for all "related to" actions & Ct not bound by contrary forum selection clause.
  • BK-CD-IL: Travel time ok but time for routine motions slashed where attys were "over-preparing for a battle with no foe."
  • BK-SDNY reminder-DE parent owes fiduciary duty to insolvent subsidiary & creditors have standing to enforce such duties.
  • 7th: Easterbrook on "best efforts" clauses in negotiations - party need not sacrifice its own interests in the process.
  • 7th: Easterbrook on "good faith" negotiations: be honest & don't opportunistically exploit the other side's sunk costs.
  • BK-DE: Trustee need not plead transferors' fraudulent intent with particularity; alleging "badges of fraud" sufficient.
  • BK-IL: Debt arising from an intentional breach of contract isn't excepted from discharge under § 523(a)(6).
  • BK-FL: Subst. consolidation of Perlman cases proper even if it destroys the trustee's "wrong payor" avoidance actions.
  • BK-TX: Standards for fee enhancement to restructuring mgrs governed by 2006 Mirant case, not 2010 SCOTUS op. in Perdue.
  • BK-ND-CA: Oversecured creditor not entitled to default rate of interest where its claim is paid in full in a ch 11 plan.
  • BK-CD-CA: "Absolute priority rule" survives the BAPCPA amendments and remains applicable in individual Chapter 11 cases.
  • BK-TX: Post-conf trustee lacks standing over §550 claims if plan limits assets & actions to those "as of effective date."
  • D-AZ certifies appeal to 9th: Can confirmed plan enjoin actions against non-debtor guarantor if there's no plan default?
  • BK-SDNY: Borders' motion to sell "de minimis" assets lacks several requisite procedural safeguards required by the Code.
  • BK-EDNY: Personal property lease can't be reaffirmed, only assumed under Code Section 365(p).
  • BK-HI reviews 9th Cir. view that Rooker-Feldman doctrine "has even less vitality in bankruptcy than in district court."
  • BK-HI: "In pari delicto defense is inapplicable when a trustee brings an action under sections 544(b) and 548."
  • BK-HI:"2 year period [to bring §548 claim] is a substantive element of the trustee's claim, not a statute of limitation."
  • BK-HI: Statute of limitations doesn't bar UFTA action for fraudulent tsf older than 4 yrs but discoverable < 1 yr pre-BK.
  • BK-IN reviews 3 different ways Cts examine the "economic realities" of whether a lease is a disguised security interest.
  • BK-DEL: Claims under CERCLA, the New Jersey Spill Act, & the New Jersey Joint Tortfeasors Contribution Law are non-core.
  • BK-EDNY: Client settlement preferential but contingent fee not recoverable; firm took proceeds for value & in good faith.
  • BK-ARK: LLC Operating Agreement's provision dissociating member that files BK unenforceable in contravention of BK Code.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for May 2011 - Part I

Below are my twitter posts since my last post of May 1 of recent cases that I think you'll find of interest.  RSS Feeds are also available:

  • BK-MD: SCOTUS Reminder--§506(c) doesn't give administrative claimant an independent right to seek payment of its claim.
  • BK-VA: Notice of transferor's fraudulent intent nec. element to fraudulent tsf claim ag. purchaser for valuable consid.
  • BK-DE:Landlord's rt of 1st refusal in sale of liquor license not severable from lease, but LL has no rt to specific perf.
  • BK-DE: No admin. rent for landlord who changed the locks after BK filing & took possession & control over premises.
  • BK-NM: Lang. & structure of §§362 & 549 support view that §549(c) doesnt create an exception to automatic stay.
  • BK-TN: Counsel employed to defend the trustee individually may be paid from the estate like any other case professional.
  • BK-SDNY: Judge Drain explains at length why §546(e)'s safe harbor does not extend to the avoidance of an obligation.
  • SDNY: BK ref. w/d re 1) does Madoff Trustee have standing to pursue common law claims; 2) does SLUSA preempts his claims.
  • BK-CA reviews law re when debtor's activities apart from sale/use of real prop. takes Debtor outside Code's SARE rules.
  • 11th:Only "most compelling circumstances justify" post-confirm.amendment to proof of claim; plan has res judicata effect.
  • BK-SC reviews whether D&O ins. proceeds are estate property & allows payment of defense costs, on notice to the trustee.
  • DNJ affirms competing plan's assumption of exec contracts: assumption right under §1123(b)(2) not limited to trustee/DIP.
  • 5th circuit reverses assumption of incurably defaulted executory contract that couldn't close by original closing date.
  • BK-KS examines scope & boundaries of the implied covenant of good faith & fair dealing in a busted construction contract.
  • BK-OH: Few cases dealing w/ stay pending appeal of kB dismissal are distinguishable bec debtor can now pay its creditors.
  • BK-SDNY:Trustee lacks standing as "de facto" mgr to sue "de facto" mgr under fiction designed to protect 3d parties only.
  • BK-DE reviews circuit split re whether transfer that extends beyond § 547(e)'s 10 days is substantially contemporaneous.
  • BK-DE: Repayment of loan & release of guarantee isnt preferential to guarantor who had no liability at time of repayment.
  • D-NV: former managers can't appeal grant of relief in involuntary case over objection of appointed ch 11 trustee.
  • 3d skirts deciding if BK & state law rendered anti-assignment provisions of insurer's policies to Silica Trust a nullity.
  • 3d Cir: Objector to Silica Trust satisfied "Party in Interest" reqt; "insurance neutrality" of Comb. Eng. distinguished.
  • 3d Dissent: Party in Interest standing obtained by alleging fear of less projected profit from future business dealings.
  • D-NV: Notice of appeal doesn't divest the Bankruptcy Court of jurisdiction to enter an order appointing a ch. 11 trustee.
  • BK-MA reviews circuit split re whether a secured creditor is entitled to the credit agreement's default rate of interest.
  • 2d Cir: K&L interest in settlement agr.too remote to be considered party in interest in BK hearing to approve agreement.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for April 2011 - Part III

Below are my twitter posts since my last post on April 17 of recent cases that I think you'll find of interest.  RSS Feeds are also available:

  • BK NEB: dismissal of small business case not required simply bec 1st plan filed not confirmed within 45 days of filing.
  • BK-TX Houser J reviews 5th Cir principles of post-conf jurisdiction, incl. the case ag. pendant & ancillary jurisdiction.
  • BK-ND-IL-Squires, J. issues long opinion on indiv. ch 11 plan conf. reqts, incl. vitality of abs. pr. rule post-BAPCPA.
  • BK-IL Squires, J's detailed companion opinion on confirmation requirements for ch.11 indiv.'s ch. 11 debtor corporation.
  • Dist. DC: Under FRCP 502 "intentional-waiver" language, PBGC waived work-product privilege by giving rpt. to Pilots Assn.
  • BK-WI: "no discharge" ch 13 debtor per §1328(f)(1) can "strip-off" wholly unsecured junior lien on principal residence.
  • ND-CA dismisses United Com Bk ch 7 trustee's constr fraud tsf claims ag FDIC & sustains actual fraudulent intent claims.
  • DCT-PR: Ok to assume an unexpired lease per Ct. Order and then change position and reject lease at plan confirmation.
  • BK-D-CT: Liq Trustee's Funding Agr. w/ 3d party for > 80% of litigation proceeds isn't champterous or ag. public policy.
  • BK-ND-IL:No §105(a) inj. ag. condo assn from enforcing lien for fees that would have priority over Debtor's lien on prop.
  • 10th Cir:§363(m) bars sale invalidation, but appeal not moot if remedy (like constr. trust) doesnt affect sale validity.
  • BK-DE: Indenture Trustee not entitled to full & immediate payment on account of Make-Whole Premium out of sale proceeds.
  • ED-MI: 523 cplt untimely under FRBP 4007(c) bec stip between debtor & trustee extending bar date doesnt apply to all crs.
  • BK-MD-FL: Vendor of routine mgmt svcs a good faith tsfee & "far cry" from bank or law firm reg. dealing w/ insolv issues.
  • BK-ID: plan payments of above-median-income ch 13 debtor w/ no proj dispos income need not continue for set time period.
  • D.DC.: Truism 1-"No opponent is ever as dedicated or persistent a foe as one that feels aggrieved by its former lawyers."
  • D.DC.: Truism 2-"Effect of agr. to reimburse attys for litig. re their fees will be to incentivize litig. re their fees."
  • BK-SDNY: KEIP and KERP plans approved in Borders as nec. to retain non-insiders and to incentivize mgmt to achieve goals.
  • SDNY: Refco sec. pltfs survive dismissal on "in pari delicto" & "Wagoner" grounds--"pltfs adeq pled adv. int. exception."
  • SDNY: BK CT has "related to" jd to enjoin non-debtor litig. if bk estate has indemn. or contrib. oblig. to losing party.
  • BK-HI: Rt. to recover fraudulent tsf from > 4 yrs pre-BK filing depends on when last creditor shd have discovered fraud.
  • BK-TX: If indenture requires demand on guarantor & no demand made when invol. pet. filed ag. guar., debt is contingent.
  • WD-LA approves BK Ct's analysis & rejection of per se disqualif. of dbtr's counsel whose retainer/fees paid by creditor.
  • BK-CA: Licensee can't "lie in wait" but must litigate whether patents at issue were "Improvements" prior to confirmation.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for April 2011 - Part II

More reported bankruptcy decisions now than any time ever.  30-70 decisions a day being reported compared to 10-25 in past years, with probably double or triple the number of commercial decisions coming down than before. 

Below are my twitter posts of recent cases (and a few other off-base topics) that I think you'll find of interest, and possibly even helpful to one of your current cases. 

These are my latest posts since my last post on April 11RSS Feeds are also available:

  • Excellent post on Weil Bankruptcy Blog by Chris Linden on the enforceability (and unenforceability) of "bad boy" guaranties.
  • SDNY affirms restrictive view of "customer" as defined in the SIPA & denies claim based on unauthorized stock purchase.
  • 1st BAP:§1322(b)(2) not altered by BAPCPA's "dbtr's prin. res." or "incid. prop." defs. nor bar to bifurc. of sec. claim.
  • BK-TX: Sanctions imposed for suit brought post-ch 11 confirmation but Ct only allows 13% of fees under lodestar/Johnston.
  • SDNY certifies WARN act class of 200 employees fired from Steve & Barry's 24 hrs before filing ch 11.
  • BK SDNY: Senior exec. benefit plans to which a general reservation of rights didn't apply require compliance w/§1114.
  • BK SD IL: Ch 13 untimely claim denied even if cr. lacked notice of bk filing in sufficient time to file a timely claim.
  • BK-OR reviews cases where state law tort/damage claims are preempted by BK Code (wrongful invol. pet, failed to redact).
  • BK-Conn: Claims ag. Bear Stearns for defrauding debtor w/mgmt belong to creditors-not liq. trustee-under Waggoner rule.
  • BK-ED La.: Judicial lien recorded in preference pd. avoidable but $100K appeal bond deposited with Court registry isn't.
  • BK NM: Avg. payment time & range of pmt. days in year before filing compared to pref pd puts pmts. in ord. course of bus.
  • BK SD OH: If co-signor's name doesnt appear in body of mortgage, mortgage isn't enforceable ag. her interest in property.
  • BK ND Tx: Perella not entitled to full success/transaction fee in TX Rangers BK bec it wasnt principal architect of sale.
  • BK SD FL: Rule 9011 safe harbor period is mandatory & failure to comply (even by a few hrs) is fatal to sanctions motion.
  • BK SDNY: Absolute assignment of rents in loan docs prohibited, but lender's affirmative steps can make assignment work.
  • BK SD FL: "Funds locators," as assignee of ch 11 liq debtors, denied right to unclaimed distribs that revested w/debtors.
  • BK ND IL: Dentists ch 11's filed improperly to delay collection on jdgmt; filing attys barely escape Rule 9011 sanctions.
  • SDNY: Adelphia Recov. Trust lacks standing to assert sub's fraudulent tsf claims bec plan paid subs' creditors in full.
  • BK-AL reviews split re whether "well-pleaded complaint" rule applies in "related to" cases or only "arising under" ones.
  • SDNY wont certify for appeal BK decision-applying Chateaugay-that env. cleanup oblig. wasn't a dischargeable "claim".
  • BK-MD: Stay relief motion insuffic. to informally extend time for filing nondischarg. complaint; no eq. tolling.
  • CD Cal denies as moot appeal approving buyback of ins. policies under 363, saying PW, LLC case is supportive, but wrong.
  • BK-AZ: Analyzes Till, new value exception, sep. classif. of deficiency, & ext. term in permitting cram down of sec. cr.
  • BK-SDNY: Judge Gerber tackles a party's rights to lost profits and lost royalties under NY law for breaches of contract.
  • DCT-AZ: Subrogation rts. enforceable in bk re right to vote on a plan. Right of cr. to vote under subord. agr. compared.
  • BK-SD-CA joins other courts & rejects idea that a recorded mortgage assignment is unnecessary via the MERS alternative.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for April 2011 - Part I

I attached this New Yorker cartoon to my first blog post in October 2005.  Blogging, however, really doesn't lend itself to incessant barking.  Tweeting does.  Back then, I wrote:

So how did this blog start? Well, many know of my personal obsession (spurred on by my legal learning role models Judge Diane Wood and All Star DH Attorney Dick (the "Mick"--and I've got the knees to prove it) Dannenberg) with staying current with developing case law.  During this past summer's dog days, as the "blog-o-sphere" gradually enveloped me, I decided that the world actually needed another blog--one that kept people current on complex bankruptcy litigation case law developments.  So now, as cartoonist Alex Gregory aptly penned, instead of pointless, incessant barking, I'm blogging.

My obsession hasn't changed, but now I'm tweeting instead of blogging, though hopefully not pointlessly so.

Here is a collection of my 31 tweets for the first 11 days of April.  RSS Feeds are also available.

  •  WD PA: Owens-Corning postpetition asbestos claims manifested post-plan conf. were discharged via publication notice.
  • Dist. DE denies Hartford SJ mot. to invoke fraud excep.: disp. facts re Yao fraud & if St. Fin Corp was Ponzi scheme.
  • Great NYT Magazine baseball article for those who love great pitching: "The Phillies’ Four Aces."
  • BK SD IL construes "self-settled or similar device" language of §548(e) in case of first impression nationally.
  • BK NEB: dismissal of small biz case not req'd just bec debtor's 1st plan wasn't confirmed within 45 days of its filing.
  • Read Willett obj. to "defective 9019 theory" & "weak underpinnings" of Lehman plan's proposed substantive consolidation.
  • D-NV: Trustee cant compel turnover of estate prop.unless entity has property or proceeds at time turnover motion filed.
  • Innkeepers: Appaloosa has no standing as "creditor of a creditor." Stalking horse bid procedures ok per Lionel std.
  • New FASB Am. as of 6/15: A creditor’s determination of when loan modifications constitute "troubled debt restructurings."
  • 3d Cir: Kontrick/Bowles/Reed Elsevier confirm that Rule 8002(a) time limit for filing notice of appeal is jurisdictional.
  • SDNY: "Unfinished business doctrine" held to apply to hourly & contingency cases in post-dissolution Coudert adv. proc.
  • K&E advocates putting competing plans & discl. statements in Lehman on parallel tracks to allow concurrent consideration.
  • BK-MD: debtor/guar of loan lacks standing to sue lender for misconduct in underlying loan absent indep harm to guarantor.
  • DCT-HAW: Higher contract default interest rate, not post-jdgmt statutory rate, applies after entry of foreclosure jdgmt.
  • BK-WD-ARK asks whether notice to creditor's prepetition collection atty alone is sufficient notice of claims bar date.
  • Hear 7th Cir arg. re whether secured cr. has statutory right to credit bid claim in debtor's proposed plan asset sale.
  • Say congrat to Geoff Berman-new ABI Prez-but read Mark Berman's 2 updates (w/Brighton) on 2d Lien Fin. & Intercr. Agrs.
  • IL DCT reviews 7th Circuit law, applied to the facts, on the nuances of the ord. course of bus. defense to a preference.
  • ED Mich affirms: stock buyout was a fraudulent tsf bec of lack of reas. equiv. value & too specul. intangible benefits.
  • BK SD Miss in 506(a) valuation hearing finds that cost approach is best bec sales comp. & income approach are unreliable.
  • BK MD: In pari delicto doesn't bar ch 7 trustee's action ag. parties engaging in postpetition fraud or other misconduct.
  • BK-NC values secured claim at property's highest & best use, w/out discount for entrep. profit or cr.'s pfd. disposition.
  • BK-VA: former bd members/adv. defs. denied leave to sue current bd. members derivatively through ctcl. & 3d party action.
  • BK-NJ: Atty lien unenforceable ag. funds collected postpetition bec. atty didn't perfect lien by filing suit prepetition.
  • Hear Lexis-Nexis Real Estate Podcast w/BuckleySandler attys: Robo-Signing Redux: Bankr. Cts. as the Next Battleground.
  • BK-ND Tx: Disgorgement required under §504 for undisclosed comp. sharing with contract attys. Disclosure reqts. outlined.
  • SD Tx reviews Bankruptcy Courts' civil contempt power and their power to enjoin.
  • BK MD: Ct won't follow maj. rule that lien stripping is contingent on debtor's eligibility to receive a Ch. 13 discharge.
  • BK Utah refuses to reach "absurd" result under §546(e) that insulates any avoidable tsf. effectuated through a bank.
  • BK ND CA: Cr. comm. dissolves when case converts to ch.7, so post-conv. services by comm. counsel cant be paid by estate.
  • BK MA: Judge Hillman disagrees with Judge Markell re whether Absolute Priority Rule still applies to indiv. ch. 11 cases.

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for March 2011

Too busy to blog, but still trying to tweet cases daily that I think you'll find of interest (and perhaps even helpful to one of your current cases).  RSS Feeds are also available.  These are my tweets since my last blog post at the end of January:

  • 7th Cir supports claims traders and rejects idea that cure claims are disconnected from the underlying purchased claim. http://bit.ly/fTHilX
  • ND Cal: 502(b)(6) 15% statutory cap based on rent due in 1st 15% of the remaining time not on aggregate rent still due. http://bit.ly/dIGpB
  • Judge Gerber overrules all confirmation objections in a 35 page opinion confirming GM's bankruptcy reorganization plan. http://bit.ly/eRnHFZ
  • Judge Gerber modifies blanket exculpatory provisions of GM reorganization plan to conform with 2d Circuit precedent. http://bit.ly/gmSgFn
  • Judge Gerber notes appropriateness of provision to pay ad hoc committee professional fees in a reorganization plan. http://bit.ly/ewGjVt
  • BK EDNY rejects cramdown of condo project's secured lender & thoroughly reviews law re approp. cramdown rate in ch 11. http://bit.ly/gSSHGI
  • Excellent/funny Rich Epling article analyzing Judge Markell's decision (on appeal now) in the Las Vegas Monorail Case. http://bit.ly/ig66BK
  • BK SDNY holds tort claims of future claimants not extinguished against successor purchaser in a bankruptcy 363 sale. http://bit.ly/e2C8X0
  • UT BK Chief Judge Thurman writes scholarly essay on "Jurisdiction and Rule-Based Time Limitations in Bankruptcy Cases." http://bit.ly/fMnb6t
  • DE BK Atty Ryan Murphy examines Rule 2019 amendments & potential impact on distressed debt investors & ch 11 generally. http://bit.ly/h68X5E
  • 7th Cir denies DIP lender unpaid fees under interim DIP order based on its anticipatory breach of DIP loan agreement. http://bit.ly/hLIMVG
  • SD TX Judge Bohm denies post-confirm trust standing bec Plan lacked "specific and unequivocal" language preserving claim. http://ow.ly/4dHRl
  • Wonder why Marilyn Monroe's earliest photographs aren't in print? They've been tied up in MD FL BK Ct. But not for long! http://ow.ly/4dIpU
  • VT BK Ct reviews UCC § 1-203's "Bright-Line" & "Facts and Circumstance" Tests in deciding if agreement is a true lease. http://ow.ly/4dIyA
  • FT reports covenant-lite loans/refinancings are back to 2007 volumes, "though market may be cooling." http://on.ft.com/eKGgvq
  • MA BK Judge Feeney examines concept--and nunc pro tunc effect--of a trustee's abandonment of the debtor's property. http://bit.ly/hMQ77x
  • A very good man, Jim Millstein, reflects on a career, his legendary dad, and his next career move. http://bit.ly/gwn2Ca
  • Read 3 part series on Weil BK Blog examining recent cases analyzing the enforceability of make-whole provisions in BK. http://bit.ly/gGleLP
  • WD Mich BK Ct examines "illusive concept" of good faith under Sections 548(c) & 550(b)(1) in lengthy op. with 260 fn. http://ow.ly/4iga4
  • 7th Cir-Posner-holds causation burden in D&O duty of loyalty case lies with defendant to prove its absence, not w/Pltf. http://bit.ly/i0WuIP
  • BK ND IL relies on John Francis' 1998 article "The Elusive Definitions of NOI & OAR" (1998) in RE valuation case. http://bit.ly/evT3cm
  • ND-OK reviews split of circuits re whether federal ct. has "related to" JD over claims assigned to litigation trustee. http://bit.ly/fAeAY4
  • Leif Clark reviews propriety of 3d party plan releases, related JD issues, & effect of silence to offending provisions. http://bit.ly/ea3gea
  • BK-EDNY holds § 365(d)(2)-not § 365(d)(4)-applies to timing of assp. of integrated franchise ag. and real prop. lease. http://bit.ly/fyiOl8
  • BK ND Ohio Judge Woods says ability to pay off creditors outside of BK provides "cause" for dismissal of a BK case. http://bit.ly/eA0Opk

Thanks for following!

© Steve Jakubowski 2011

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Bankruptcy Tweets for the Week Ending 1/31/2011

Here are my tweets for this past week, though expanded into plain english.  RSS Feeds are also available for those wanting them individually organized:

  • A scholarly, wide-ranging opinion by the Hon. Leif Clark examining the intersection of principles of federalism, bankruptcy law, and the evolution of the law of personal exemptions ends narrowly, holding that a Texas debtor transplanted from Nevada can't use either the Texas or Nevada homestead exemption laws to claim his Texas home exempt under Code section 522, but is instead limited to claiming the federal exemptions.
  • Robert Willens reviews a 12/23/10 IRS Private Letter Ruling regarding a consolidated group parent's use of its NOLs post-chapter 11 reorganization.
  • Delaware bankruptcy court won't impose an Illinois constructive trust on a ch 11 debtor's receivables collections that included within them a nondebtor distributor's sales markup.
  • Massachusetts bankruptcy court examines the law of debt recharacterization and equitable subordination and finds for the defendant lender on all counts after a bench trial.
  • Northern District of Illinois district court affirms an Illinois bankruptcy court's temporary stay of collection actions against nondebtor guarantors found to be critical to success of the debtor's reorganization efforts. .
  • A Massachusetts bankruptcy court reviews the split on whether a chapter 7 trustee's motion to extend the time to object to discharge is limited to objections by the trustee alone or can be piggybacked by all creditors who subsequently want to object.
  • Bankruptcy counsel who quasi-robo-signed his debtor clients' names electronically via ECF faces sanctions and state bar review.
  • A settlement agreement default that calls for entry of a judgment 63 times the defaulted amount is enforced by a ND IL district court as shocking, but consistent with terms of agreed-upon settlement agreement.

Thanks for reading!

© Steve Jakubowski 2011


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Bankruptcy Tweets for the Week Ending 1/26/2011

Here are my tweets for this past week, though expanded into plain english.  RSS Feeds are also available for those seeking instant gratification:

  • Here's the 2011 update to my upcoming PLI presentation in Chicago on 4/27/2011 entitled "Treatment of IP Licenses in Bankruptcy":
  • Judge Bohm analyzes at length in Skyport Global whether 15 shareholder counts are derivative or direct under Delaware law.
  • Bankruptcy Court in West Virginia claims "related to" subject-matter jurisdiction over (i) an attorneys' lien dispute claimed on the unrelated bankruptcy distributions payable to a creditor in a bankruptcy case and (ii) the underlying fee dispute between the attorney and the creditor.
  • Read my latest blog post: "Justice Scalia Won't Ransom His Principles to Grant Justice Kagan a Unanimous First Opinion"
  • Travails of my client in Sunday's Chicago Tribune: "Dead Meat" - How a Chicago meatpacker got $8MM & went bust 4 months later.
  • Illinois Bankruptcy Court holds that a creditor lacks standing to allege that the fiduciary duty owed to creditors of an insolvent company renders the company's debts nondischargeable in the director's individual chapter 7; that duty is owed to every--not a specific--creditor.
  • Does the Absolute Priority Rule apply to individuals in Chapter 11? Yes, writes Andrew Balbus, Esq. of the Balbus Law Firm in Danbury CT.
  • 7th Circuit holds that directors and officers of an insolvent Illinois company owe fiduciary duties to its creditors, but the Section 523(a)(4) fiduciary exception to discharge would not be extended to render the company's debts nondischargeable in the D&O's personal bankruptcy.

Thanks for reading!

© Steve Jakubowski 2011

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Bankruptcy Tweets for the Week Ending 4/4/2010

No shortage of interesting cases.  Here are a few that I posted on Twitter this past week.  RSS Feeds are also available

  • TX Dist. Ct. affirms decision requiring debtor to pay default rate of interest in cram down of secured claim in plan. http://ow.ly/1uofM
  • Bohm, J. examines whether Defendant filing a counterclaim in response to trustee's complaint loses right to a jury trial. http://ow.ly/1unW8
  • Effective date of ch 11 plan ruled date conf. order became effective per the Code, not undefined date provided in plan. http://ow.ly/1unBe
  • §1104(c) not mandatory if movant lacks standing or waived rts under subord. agr. Ct also can signif. limit EX's role. http://ow.ly/1tULO
  • Judge Gross on Target's sale of Mervyns: §546(e) won't apply to collapsed trX & T owed creditors a duty too under CA law. http://ow.ly
  • JAX BK Ct. won't extend automatic stay to Canadian Church that has insuff. min. contacts with US to provide personal jd. http://ow.ly/1tqmx
  • Markell, J. dissects BAPCPA's history and holds that the absolute priority rule doesn't apply to individual's ch 11 plan. http://ow.ly/1tq32

© Steve Jakubowski 2010

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Bankruptcy Tweets for the Week Ending 3/29/2010

Here are my Twitter posts for the past week.  RSS Feeds are also available.

  • On remand from SCOTUS, 2d Cir says making Chubb's claims against Travelers subject to 1986 confirmation order violates due process. http://ow.ly/1sbpL
  • Debtor's failure to fund self-insured retention (SIR) doesn't excuse insurer's obligation to fund defense costs above SIR. http://ow.ly/1s9Yj
  • 7th Cir. reverses Grede v BoNY: Caplin's limits on BK trustee's standing don't apply to post-confirm. liquidating trust. http://ow.ly/1rJxC
  • Can a man's ch.7 case be transferred to his first-filed ch.7 affiliate's foreign ct per Rule 1014(b)? This brief says no! http://ow.ly/1rs7e
  • Philly News sues lenders to extend DIP maturity:says they are retaliating for investigation of "illegal" taping of pre-BK mtg. http://ow.ly/1r133
  • Most notable point in oral arg on my appeal of GM sale: Harvey Miller saying filed proofs of claim total $129B & are mostly products claims.

May your Passover and Easter holidays be meaningful!

Thanks for reading!

© Steve Jakubowski 2010

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Bankruptcy Tweets for the Week Ending 3/22/2010

As first noted here, I've been posting nearly daily on Twitter a bankruptcy case highlight or development that I don't want to clutter this blog with.  RSS Feeds are also available, so you don't need a Twitter account to access them.

Here are my posts for the week ended 3/22/2010:

  • Valukis report's glaring omission-E&Y's fate depends on how NY Ct of Appeals decides questions certified in Refco & AIG-http://bit.ly/buw6Z4
  • Oral argument set before Judge Buchwald in GM Tort Claimants' appeal for 3/24/10, 10:30 am, Rm 21A, SDNY, 500 Pearl St. http://bit.ly/ajh2Mk
  • 9th Cir reverses jdgmt for Anna Nicole, finding that TX probate ct's earlier findings & legal conclusions were binding. http://bit.ly/bWaMFu
  • New blog post on Anna Nicole Smith's loss on preclusion grounds in fight with Pierce over rights to J. Howard's money. http://bit.ly/99Ia8Q
  • 3d Cir rules 2-1 that Secured Lender has no absolute right to credit bid in a cramdown. Spirited dissent by Ambro, J. http://ow.ly/1pvau

© Steve Jakubowski 2010

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Bankruptcy Tweets for the Week Ending 3/14/2010

As noted in this post, last week I started posting on Twitter, which has a 140 character limit per post.  These are my posts for the week ended 3/14/2010:

  • Judge Wedoff to decide on confirmability of a plan where the crammed-down lender can't credit bid. Briefs here: http://tinyurl.com/yg3mwbe
  • New blog post on SCOTUS' free speech decision in Milavetz on this169th anniversary of Justice OW Holmes' birthday. http://tiny.cc/OZdy2
  • 7th Cir-BK standing narrower than Art. III. "Person aggrieved" in BK must appear, object, & have pecuniary interest. http://tiny.cc/f7voh
  • Judge Wedoff says he'd reject a plan denying a crammed down lender a right to credit bid, but the issue was moot bec the plan was withdrawn.
  • KERP denied on remand in MD BK Ct. bec of lack of competing employment offers. Asset purchaser's offer doesn't count. http://tiny.cc/pG1Py

Thanks as always for reading.

© Steve Jakubowski 2010

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