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Monthly Archives: May 2011
Bankruptcy Bullets – In re Chemtura Corp., No. 09-11233 (Bankr. S.D.N.Y. 2011) (REG)
On April 19, 2011, Judge Robert E. Gerber estimated Oildale Energy LLC’s $16.3 million unsecured claim at 30 percent. Judge Gerber concluded that even though he believed Oildale’s claims would ultimately be disallowed in the bankruptcy case, he was concerned that the appellate court may disagree with his ruling. Therefore, he required the Debtors to reserve for 30 percent of Oildale’s claim. Continue reading
Posted in Analysis
Bankruptcy Bullets – NEC Holdings Corp. v. Linde LLC (In re NEC Holdings Corp.), Adv. Proc. No. 11-51129 (Bankr. D. Del.)
On May 4, 2011, Bankruptcy Judge Peter J. Walsh determined that the debtors’ adversary proceeding against Linde seeking cost recovery, contribution, and declaratory relief under CERCLA and New Jersey state law relating to the environmental remediation of the debtors’ sole remaining asset, was a non-core proceeding. The debtors had commenced the adversary proceeding against Linde. Continue reading
Posted in Analysis
Bankruptcy Bullets – In re Borders Group, Inc., No. 11-10614 (MG), 2011 WL 1795604 (Bankr. S.D.N.Y.)
On May 12, 2011, Bankruptcy Judge Martin Glenn granted in part and denied in part the debtors’ motion for procedures for the sale of the debtors’ de minimis assets free and clear of all liens, claims and encumbrances pursuant to section 363 of the Bankruptcy Code. Continue reading
Posted in Analysis
Bankruptcy Bullets – In re Teresa L. Somers and Rosemary Caggiano, No. 10-38296 (Bankr. S.D.N.Y. May 4, 2011)
On May 4, 2011, Bankruptcy Judge Cecelia G. Morris denied the United States. Trustee’s motion to dismiss the Debtors’ case for improperly filing a joint bankruptcy petition. The Debtors, a same-sex couple, were married in a civil ceremony in Vermont on the same day they filed their joint bankruptcy petition. Continue reading
Posted in Analysis
Second Circuit Disapproves of Gifting, Affirms Designation in DBSD
John J. Rapidardi, Douglas S. Mintz, and Michael A. Stevens recently published an article in the New York Law Journal on the U.S. Court of Appeals for the Second Circuit’s decision in DISH Network Corp. v. DBSD North America Inc. … Continue reading
Posted in Analysis
Recent Amendments to Bankruptcy Rule 2019
On April 26, 2011, the United States Supreme Court approved modifications to Bankruptcy Rule 2019. The amended rule clarifies what entities are subject to the Rule’s disclosure requirements and what specifically those entities must disclose. The amended Rule requires groups … Continue reading
Posted in Analysis
Recent Amendments to Bankruptcy Rule 3001(c)
On April 26, 2011, the United States Supreme Court approved modifications to Bankruptcy Rule 3001. The amended rule will require additional supporting information accompanying certain proofs of claim. The amended Bankruptcy Rule 3001(c) now requires that a proof of claim … Continue reading
Posted in Analysis
The Price of Terminating a Mortgage Loan Repurchase Agreement – Third Circuit Approves Discounted Cash Flow Analysis Under Bankruptcy Code § 562
Mark C. Ellenberg, Gregory M. Petrick and Michele Maman published an article in the April 11, 2011 New York Law Journal that discusses the Third Circuit’s recent decision in the American Home Mortgage bankruptcy case.
Posted in Analysis