-
Categories
Tags
-
Recent Posts
- Court Finds Investment Advisor’s Payments to Customers Are Not Exempt From Avoidance Under Section 546(e) of the Bankruptcy Code
- Vitro Update: “Savings Clause” Fails to Save Vitro Subsidiaries From Involuntary Bankruptcy
- SDNY Denies Payment of Administrative Expense Claim by Relying on the Operative Document as a Whole and Rejecting a Statutory Rule of Construction
- Gaming Alert – New Jersey Governor Chris Christie Conditionally Supports Online Gambling – Boyd Gaming and Caesars Stocks Rally as a Result
- In re Hostess Brands, Inc.: Southern District of New York Bankruptcy Court Refuses to Send Cash Collateral Dispute to Arbitration
Archives
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
Tag Archives: safe harbor
Bankruptcy Court for Southern District of New York Prohibits Triangular Setoff Provided for in Safe Harbored Contract
On October 4, 2011, the United States Bankruptcy Court for the Southern District of New York ruled that a contractual right of a triangular (non-mutual) setoff was unenforceable in bankruptcy, even though the contract was safe harbored. In re Lehman Brothers, Inc., No. 08-01420 (JMP), 2011 WL 4553015 (Bankr. S.D.N.Y. Oct. 4, 2011). In doing so, Judge Peck followed prior decisions by the Delaware bankruptcy and district courts in In re SemCrude, L.P., 399 B.R. 388 (Bankr. D. Del. 2009), aff’d, 428 B.R. 590 (D. Del. 2010) and his own decision in In re Lehman Brothers Holdings Inc., 433 B.R. 101 (Bankr. S.D.N.Y. 2010) (“Swedbank”). Continue reading
Posted in Analysis, Safe Harbors
Tagged safe harbor, setoff
Bankruptcy Bullets – Official Comm. of Unsecured Creditors of Quebecor World (USA) Inc. v. Am. United Life Ins. Co. (In re Quebecor World (USA) Inc.), Adv. Proc. No. 08-01417 (Bankr. S.D.N.Y)
On July 27, 2011, in an adversary proceeding brought by the Creditors’ Committee against certain of the Debtor’s noteholders, Bankruptcy Judge James M. Peck held that a $376 million prepetition redemption payment made by the Debtor to noteholders did not constitute an avoidable preference. Instead, the payment was a safe-harbored “settlement payment” under section 546(e) of the Bankruptcy Code. Continue reading
Posted in Avoidance Actions/Fraudulent Transfers, News, Safe Harbors
Tagged safe harbor, settlement payment, Southern District
S.D.N.Y. Bankruptcy Court Continues to Construe Bankruptcy Code’s Safe Harbor Provisions Narrowly
In two recent decisions, the United States Bankruptcy Court for the Southern District of New York has interpreted narrowly certain of the Bankruptcy Code’s safe harbor provisions. Continue reading
Posted in Analysis, Safe Harbors
Tagged safe harbor, Southern District