Category Archives: News

Court Approves Extension of the Automatic Stay in Detroit’s Chapter 9 Case to State Officials

On July 24, 2013, Judge Steven W. Rhodes of the Bankruptcy Court for the Eastern District of Michigan approved the City of Detroit’s motion to extend the automatic stay to various non-debtor parties, including certain state officials. The Court’s ruling effectively stays all pending litigation against the City, allows the City to continue to move forward with its chapter 9 case, and paves the way for a dispute over the City’s eligibility to file for chapter 9. Continue reading

Cadwalader Recognized by Financial Times Innovative Lawyers for Work on Prominent Energy Deals

Cadwalader again ranked among the top 25 Most Innovative Law Firms in the annual Financial Times US Innovative Lawyers report released today. The firm was highly commended in Finance for use of legal challenges to persuade power company Dynegy to abandon an aggressive restructuring plan, and … Continue reading

Download the June 14 Distressed Energy Investments Program Materials

On June 14, Cadwalader hosted a discussion on the ever-changing business landscape for energy companies created by recent market changes, FERC regulations and the Dodd-Frank Act. Keynote speaker, The Honorable Donna L. Nelson, Chairman of the Public Utility Commission of … Continue reading

Join Cadwalader on June 14 for our Distressed Energy Investments Program

Distressed Energy Investments: Grappling with Generation Restructuring in an Adverse Market Cadwalader, Wickersham & Taft LLP will host a discussion on the ever-changing business landscape for energy companies created by recent market changes, FERC regulations and the Dodd-Frank Act. Keynote … Continue reading

Seventh Circuit Holds Companies Liable for Insolvent Affiliate’s Pension Obligations

The Seventh Circuit Court of Appeals recently affirmed a district court decision holding that two limited liability companies were jointly and severally liable for the pension obligations of a third, insolvent affiliate that had ceased making contributions to a multiemployer pension fund. Central States, Southeast and Southwest Areas Pension Fund v. SCOFBP, No. 10-3633 (7th Cir. Dec. 27, 2011). Continue reading

“New Value” Provided by Subsidiary Is No Defense to Preference Attack Launched Against Parent

On December 30, 2011, Judge Stuart M. Bernstein of the Bankruptcy Court for the Southern District of New York denied the motion of defendant Best Buy Co., Inc. for partial summary judgment on the issue of whether any recovery of a prepetition transfer made to Best Buy by a debtor must be reduced by subsequent new value provided to the debtor by one of Best Buy’s affiliates. The Responsible Person of Musicland Holding Corp., v. Best Buy Co., Inc. (In re Musicland Holding Corp.), Case No. 08-01023, 2011 WL 6880675 (Bankr. S.D.N.Y. Dec. 30, 2011). Continue reading

If Your Signature is On It, You’d Better Have Personally Reviewed It

That was the admonition Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York recently delivered to a partner and his law firm. The Court held that the partner’s failure to personally review a proof of claim that an attorney at his firm submitted to the Court under the partner’s signature, but which the partner had not personally reviewed, violated Bankruptcy Rule 9011.[i] Continue reading

Bankruptcy Bullets – In re Yellowstone Mountain Club, LLC, No. 08-61570-11, 2011 WL 4625381 (Bankr. D. Mont. Sept. 30, 2011)

On September 30, 2011, the U.S. Bankruptcy Court for the District of Montana held, on remand, that (i) a global settlement initially approved on June 9, 2009 was subject to proper notice, proposed in good faith, and fair and equitable, … Continue reading

Chapter 9 News: Barnwell County Hospital Files

On October 5, 2011, Barnwell County Hospital in Barnwell, SC filed for chapter 9 protection.  Four other entities filed for chapter 9 in the first two quarters of 2011. In a memorandum filed with the Court, the hospital asserted it … Continue reading

Living Wills: FDIC Modifies, Finalizes Rules

The final rule modifies the prior proposed rule in a number of ways and generally reduces the burden on financial institutions – though the burden remains significant. Continue reading