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Monthly Archives: March 2011
Bankruptcy Bullets – Saint Vincent’s Catholic Medical Centers
On March 14, 2011, Bankruptcy Judge Cecelia G. Morris ruled that a $48.75 million claim by the New York State Department of Labor (the “DOL”) against the Debtor for alleged violations under the New York State WARN Act should be adjudicated by the bankruptcy court, rather than in an administrative proceeding before the DOL. The court ruled against the DOL, because, among other things, the DOL submitted to the court’s jurisdiction by filing a proof of claim in the Debtor’s bankruptcy case. Continue reading
Posted in News
Bankruptcy Bullets – Jennifer Convertibles
On February 4, 2011, Bankruptcy Judge Allan L. Gropper issued an order conditionally confirming the plan of reorganization of Jennifer Convertibles, Inc. However, the court did not allow the Debtors to effectuate fully the proposed substantive consolidation because the Debtors failed to put on evidence sufficient to justify the consolidation of one specific debtor. The Court allowed the debtors to consolidate but required payment in full of the Hartsdale creditors. Continue reading
Posted in Analysis
Bankruptcy Bullets – FairPoint Communications
Bankruptcy Judge Burton R. Lifland, recently sustained FairPoint Communications Inc.’s objection to former employee Isidoro Flores’s age discrimination claim, effectively capping the claim at $100,000.00 pursuant to section 502(b)(7) of the Bankruptcy Code. Continue reading
Posted in Analysis
Third Circuit Upholds Use of Discounted Cash Flow Method Under Bankruptcy Code Section 562 in In re American Home Mortgage Holdings, Inc., et al.
Mark Ellenberg, Doug Mintz and Michele Maman wrote earlier this week on the recent ruling by the Third Circuit, holding: that a discounted cash flow analysis constituted “a commercially reasonable determinant[] of value” for purposes of section 562(a) of the United States … Continue reading
Posted in Analysis
Tagged 562, American Home, Calyon, repurchase agreements, safe harbors
District Court Reverses TOUSA Decision
On February 11, 2011, Judge Alan Gold of the U.S. District Court for the Southern District of Florida (the “District Court”) reversed the October 30, 2009 order of the U.S. Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”), in which the Bankruptcy Court held that over $420 million lent to TOUSA and affiliates constituted a fraudulent transfer. Continue reading
Posted in Analysis