News and information on bankruptcy and bankruptcy law
By Nicole E. Schiavo | August 11, 2017
Nicole E. Schiavo discusses the conflict between New York's legislation requiring mandatory settlement conferences in foreclosure actions and the Bankruptcy Code's prohibition against a creditor taking any act that can be construed as trying to collect a discharged debt from a debtor. Thus, if a foreclosure action is commenced against a borrower who previously received a discharge on their mortgage loan debt, the lender is left with a "Catch 22": comply with the CPLR and risk violating the Discharge Injunction, or vice versa.
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By Brian Baxter | August 10, 2017
Japanese auto parts giant Takata Corp., which followed its U.S. unit into a Delaware bankruptcy court this week, revealed in court documents that it is paying nearly $1 million per month in legal fees to an Am Law 100 firm advising it in product liability litigation over faulty air bags.
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By TOM McPARLAND | August 9, 2017
UCF I Trust 1 and a trustee claim the law firm misrepresented the ownership interest of the borrower, which enticed the trust to issue the loan.
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By Danica Coto | August 8, 2017
Puerto Rico was hit with two lawsuits that for the first time challenge the constitutionality of a federal control board overseeing the island's finances and its power to start a bankruptcy-like court process for some of the U.S. territory's more than $70 billion public debt.
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By R. Robin McDonald | August 7, 2017
Fed up with what it viewed as empty promises to make good on an outstanding loan, JP Morgan Chase has asked a federal judge to ground a $12 million private jet until the commercial real estate developer who owns it settles up.
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By thelegalintelligencer | The Legal Intelligencer | August 4, 2017
Bankruptcy court misapplied the concept of constructive receipt to find buyer "received" goods shipped FOB at the port of origin because a buyer did not constructively receive goods when they were delivered to a common carrier, even if the risk of loss passed at that time, and receipt occurred when the goods were in the buyer's physical possession. Reversed.
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By Francis J. Lawall and Marcy McLaughlin | August 3, 2017
In a recently decided, but long-running dispute, the U.S. Court of Appeals for the Third Circuit has found that oil producers do not hold automatically perfected security interests in product they sell to midstream intermediaries, nor are the proceeds generated through the subsequent sale of such product held in an implied trust for the benefit of the upstream producers, as held in Arrow Oil & Gas v. J. Aron (In re SemCrude), 2017 U.S. App. LEXIS 12975 (3d Cir. July 19). In its decision, the Third Circuit determined that an automatically perfected security interest or implied trust would result in "chaos" in an industry where oil is comingled and sold multiple times in the stream of commerce.
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By therecorder | The Recorder | August 2, 2017
9th Cir.; 15-60069 The court of appeals affirmed a Bankruptcy Appellate Panel decision. The court held that a Chapter 11 bankruptcy debtor was entitled…
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By therecorder | The Recorder | July 28, 2017
C.A. 3rd; C072585 The Third Appellate District reversed a judgment with directions. The court held that a creditor’s communications with a debtor…
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By newyorklawjournal | New York Law Journal | July 26, 2017
Dismissal of Challenges to Bankruptcy Court's Findings, Conclusions as Meritless Explained
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