• In re: TPC Group. Inc.

    Publication Date: 2022-08-09
    Practice Area: Bankruptcy
    Industry: Energy | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: Jennifer Selendy, Andrew R. Dunlap, Oscar Shine, Max H. Siegel, Selendy Gay Elsberg PLLC, New York, NY; Laura Davis Jones, Timothy P. Cairns, Pachulski Stang Ziehl & Jones LLP, Wilmington, DE for appellants.
    for defendant: James R. Prince, Kevin Chiu, Baker Botts LLP, Dallas, TX; Scott R. Bowling, Baker Botts LLP, New York, NY; David R. Eastlake, Lauren N. Randle, Baker Botts LLP, Houston, TX; Robert J. Dehney, Curtis S. Miller, Daniel B. Butz, Matthew 0. Talmo, Brian Loughnane, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Kristopher M. Hansen, Kenneth Pasquale, Jonathan D. Canfield, Paul Hastings LLP, New York, NY; Matthew B. Lunn, Robert F. Poppiti, Jr., Young Conaway Stargatt & Taylor, LLP for appellees.

    Case Number: D69911

    Emergency stay of bankruptcy court's adverse grant of judgment in adversary proceeding denied where appellants were unlikely to prevail on the merits of their appeal and where harm to Chapter 11 debtor outweighed the harm that might come from the reduction of appellants' claims.

  • In re: Team Sys. Int'l LLC

    Publication Date: 2022-08-09
    Practice Area: Bankruptcy
    Industry: Consulting
    Court: U.S. Bankruptcy Court
    Judge: Judge Goldblatt
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69914

    Although bankruptcy court resolved dispute regarding the enforceability of judgment creditors' claims where the underlying judgments had not been stayed and were therefore enforceable, the judgment creditors' elected Chapter 7 trustee was rejected for failing to meet the geographical requirements of §321 of the bankruptcy code.

  • In re: Essar Steel Minnesota LLC

    Publication Date: 2022-08-02
    Practice Area: Bankruptcy
    Industry: Construction | Manufacturing | Mining and Resources
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Garvan F. McDaniel, Daniel K. Hogan, Hogan McDaniel, Wilmington, DE; Stephen W. Tountas, Robert W. Novick, Melissa Barahona, Kasowitz Benson Torres LLP, New York, NY for plaintiff.
    for defendant: Mark E. Felger, Simon E. Fraser, Cozen O’Connor, Wilmington, DE; Karen M. Grivner, Clark Hill PLC, Wilmington, DE; Scott N. Schreiber, Michael P. Croghan, Clark Hill PLC, Chicago, IL for defendants.

    Case Number: D69909

    Motion for leave to appeal bankruptcy court's ruling on the applicable statute of limitations denied where resolution of the issue would not exclude most, if any, of the litigation trustee's fiduciary claims against defendants, and therefore would not materially advance the litigation.

  • In re: ASHINC Corp.

    Publication Date: 2022-07-26
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Laura Davis Jones, David M. Bertenthal, Peter J. Keane, Pachulski Stang Ziehl & Jones LLP, Wilmington, DE; Patricia L. Glaser, Gali Grant, Matthew P. Bernstein, Glaser Weil Fink Howard Avchen & Shapiro LLP, Los Angeles, CA for appellants.
    for defendant: Seth A. Niederman, Fox Rothschild LLP, Wilmington, DE; Gregory P. Joseph, Douglas J. Pepe, Gila S. Singer, Joseph Hage Aaronson LLC, New York, NY; Jeffrey H. Zaiger, Judd A. Lindenfeld, Zaiger LLC, Stamford, CT for appellee.

    Case Number: D69895

    District court accepted bankruptcy court's proposed findings of fact and conclusions of law in non-core breach of contract claim where defendant failed to cite evidence creating a genuine issue of material fact as to each of defendant's alleged breaches of a first lien credit agreement, including with respect to the measure of damages.

  • In re: TPC Group Inc.

    Publication Date: 2022-07-19
    Practice Area: Bankruptcy
    Industry: Chemicals and Materials | Manufacturing
    Court: U.S. Bankruptcy Court
    Judge: Judge Goldblatt
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69889

    Court declined to read anti-subordination clause into note agreement where the agreement permitted a supermajority of holders to release the collateral securing the note, since releasing collateral would be a much greater intrusion into noteholders' rights than subordination.

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  • In re: Maxus Energy Corp.

    Publication Date: 2022-07-05
    Practice Area: Bankruptcy
    Industry: Chemicals and Materials | Energy | Manufacturing
    Court: U.S. Bankruptcy Court
    Judge: Judge Sontchi
    Attorneys: For plaintiff: Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; J. Christopher Shore, White & Case LLP, New York, NY for plaintiff.
    for defendant: Robert J. Deheny, Curtis S. Miller, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Corey D. Berman, Weil, Gotshal & Manges LLP, Miami, FL; John J. Kuster, Sidley Austin LLP, New York, NY; Matthew McGuire, Landis Rath & Cobb LLP, Wilmington, DE; Jeffrey A. Rosenthal, Cleary Gottlieb Steen & Hamilton LLP, New York, NY for defendants.

    Case Number: D69876

    Court denied parties' cross-motions on fraudulent transfer and alter ego claims where there were genuine issues of material fact regarding whether transfers could fall under definition of fraudulent transfers and whether transfers were undertaken for legitimate purposes.

  • In re: John Varvatos Enter. Inc.

    Publication Date: 2022-07-05
    Practice Area: Bankruptcy
    Industry: Retail
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Ambro
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69874

    Adversary complaint by class of judgment creditors to equitably subordinate secured claim of debtors' parent company dismissed where class failed to allege facts permitting a reasonable inference of inequitable conduct on the part of the parent.

  • In re: Ctr. City Healthcare, LLC

    Publication Date: 2022-06-28
    Practice Area: Bankruptcy
    Industry: Health Care
    Court: U.S. Bankruptcy Court
    Judge: Judge Walrath
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69865

    Claim for avoidance of preferential transfers was not dismissed where debtors had adequately identified transfers eligible for avoidance and also alleged diligent investigation into the eligibility of such transfer for avoidance and the possibility of defenses that could be raised against avoidance.

  • In re: Main St. Bus. Funding, LLC

    Publication Date: 2022-06-21
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking
    Court: U.S. Bankruptcy Court
    Judge: Judge Shannon
    Attorneys: For plaintiff: John P. Lane, Jr., Berwyn, PA, pro se plaintiff.
    for defendant: Ricardo Palacio, Ashby & Geddes, P.A., Wilmington, DE, attorney for trustee.

    Case Number: D69861

    Perfected security interest did not cover proceeds from commercial tort litigation where the proceeds were acquired after the security interest was established and where the interest only included a general claim to the intangible property of the debtor.

  • In re: Paragon Offshore PLC

    Publication Date: 2022-04-26
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Per Curiam
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69793

    Shareholder's appeal of Chapter 11 plan denied where equity holders lacked standing where debtor would not have any assets for equity holders after satisfying claims of its creditors.