Reed Smith LLP

Commercial Restructuring & Bankruptcy Alert

October 2016, No. 3

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Note from Peter S. Clark, II (CR&B Practice Group Leader):

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Readers who wish to print and read the newsletter in its entirety may do so by downloading the .PDF below.  Please share your feedback and ideas. We appreciate the opportunity to serve you.

In this Issue:

  • Delaware and New York at Odds over Reclamation Claims
  • Second Circuit Sets Out Standard for Determining Scope of Free and Clear Provision in Sale Order Under Section 363(F)
  • Good Faith Filing Requirement Alive and Well in Involuntary Bankruptcy Cases
  • Unpaid Compensation Payable Exclusively in Stock Constitutes Equity, Not an Unsecured Claim
  • Breach of Fiduciary Duty Claims Are Not Time-Barred Due to Lender’s Knowledge
  • Petitioning Creditors Beware: Bankruptcy Code Does Not Preempt State Law Claims of Non-Debtors
  • Ninth Circuit Holds That Defalcation Requires More Than a Contingent Partnership Agreement
  • Tax Upset Sale Held Not To Be Constructive Fraudulent Transfer
  • California Bankruptcy Court Clarifies Officer and Director Duties to Creditors of Insolvent Company
  • Texas Bankruptcy Court Holds That Structured Dismissal Is Authorized by the Bankruptcy Code When Creditor Recovery Is Maximized by Limiting Administrative Claims, and the Terms of the Dismissal Provide Fair and Equitable Treatment to Creditors
  • Does “No-Asset” Mean No Jurisdiction? Bankruptcy Court Considers Jurisdiction in Adjudicating Claims in No-Asset Chapter 7 Case
  • Timing Is Everything: Bankruptcy Court Considers Timing Issues Relating to When WARN Act Claims May Be Eligible for Treatment as Administrative Expense Claims
  • Further Clarity in Analyzing “Make-Whole” Provisions (or Not). Is It Simply a Matter of Contract Interpretation?
  • Trustee Fails to Meet Burden of Showing That Proposed Sale of Assets Complies with Section 363(F) of the Bankruptcy Code
  • Pre-petition Bankruptcy Waivers by Another Name: Court Refuses to Dismiss Case Filed Without Vote of Creditor’s Golden Share
  • Pre-petition Restructuring Did Not Alter Senior Lenders’ Rights Under an Intercreditor Agreement
  • First Circuit Declines to Overturn Chapter 7 Conversion, Noting Lower Courts’ Broad Discretion
  • Class Certification and Proofs of Claim; a Measure of Case Efficiency
  • Counsel’s Corner: News from Reed Smith

Please be sure to subscribe to our Global Restructuring Watch, our blog dedicated to bringing readers the latest in bankruptcy, insolvency and restructuring news.

Download the .PDF below to learn more.