By Ross Todd | June 7, 2023
Davis Polk's Marshall Huebner and Benjamin Kaminetzky helped convince the Second Circuit to overturn a district court ruling finding the bankruptcy code didn't authorize liability releases for the Sackler family, the founders of the OxyContin maker.
By Barbara M. Goodstein | June 7, 2023
The assets available to secured creditors in a debtor's bankruptcy proceeding must constitute "property of the estate" within the meaning of section 541(a)(1) of the U.S. Bankruptcy Code. However, creditors can sometimes find assets of a debtor outside the realm of a bankruptcy debtor's estate based on certain pre-bankruptcy arrangements. Examples of those arrangements are trusts and escrows. This column discusses two recent cases, "Markel Insurance Company v. Origin Bancorp, Inc.," and "In re: Urban Commons 2 West LLC," where federal courts held that a trust and escrow arrangement, respectively, were each insufficiently structured to protect the related assets from claims of creditors of the bankrupt debtor.
New York Law Journal | Analysis
By David A. Castleman and Anthony Facciano | June 5, 2023
In the wake of recent bank failures, it is more important than ever to carefully consider the cash-management options available for the needs of each particular case and the risk tradeoffs to analyze when operating within the structures of the U.S. banking system.
New York Law Journal | Analysis
By Alex R. Rovira and Michael A. Sabino | June 5, 2023
In this article, we summarize the Serta up-tier transaction and its treatment by the courts, and provide practical guidance to market participants dealing with these type of transactions.
New York Law Journal | Analysis
By Thomas Califano and Nathan Elner | June 5, 2023
The Supreme Court's holding in MOAC Mall Holdings was that 11 U.S.C. Section 363(m), which limits the impact of appeals of unstayed bankruptcy court sale orders, is not jurisdictional because it does not satisfy the "clear-statement principle" and, thus, it does not preclude all appellate review.
By Avalon Zoppo | June 1, 2023
The decision "opens the door to other boundary-pushing components of restructuring plan(s)," law professor says.
New York Law Journal | Analysis
By Edward E. Neiger, Jennifer A. Christian and David Stern | June 1, 2023
The Second Circuit's decision is an important step forward, particularly for the personal injury victims, who have not received a single penny from the over $50 billion in opioid-related settlements to date.
By Dan Roe | May 31, 2023
Joseph Zujkowski joined Gibson Dunn after 10 years at his former firm.
By Ellen Bardash | May 30, 2023
It's a clash between the FTX companies, which secured a favorable ruling in February when U.S. Bankruptcy Court Judge John T. Dorsey ruled from the bench that the case doesn't require multiple investigations, and the U.S. Trustee's Office, which has consistently said the matter needs an investigator further removed from FTX.
By Jane Wester | May 30, 2023
"Five and a half billion dollars—purportedly the largest contribution in history for such releases—is a significant sum," U.S. Circuit Judge Eunice Lee wrote.
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