On January 28, Judge David Jones of the Bankruptcy Court for the Southern District of Texas sanctioned BP after finding that its conduct in an arbitration proceeding involving the Seadrill debtors amounted to a “willful, knowing, and intentional” violation of
Herrick, Feinstein LLP
Herrick, Feinstein LLP is a law firm that publishes detailed legal analyses and updates primarily focused on bankruptcy and restructuring matters. Their content often covers court decisions, bankruptcy filings, creditor and debtor rights, and procedural developments in insolvency cases. The firm provides insights into complex legal issues such as make-whole payments in bankruptcy, mass tort litigation strategies, and asset sale procedures under bankruptcy law. Herrick's publications serve legal professionals and stakeholders interested in commercial bankruptcy, creditor-debtor relations, and corporate restructuring processes.
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Latest from Herrick, Feinstein LLP - Page 5
Hotels 2021: Restructurings on the Horizon?
The Outlook
A recent string of high-visibility hotel chapter 11 filings has led investors and lenders to wonder what to expect for 2021. Recent filings include:
- Martinique Hotel, a 165-key property in Brooklyn – September 2020
- Tillary Hotel, Brooklyn, a
…
Recent Supreme Court Ruling Provides Important Protection for Secured Creditors
On January 15, 2021, the Supreme Court unanimously ruled in City of Chicago v. Fulton that a secured party in possession of a debtor’s collateral does not violate the automatic stay by passively retaining possession after a debtor commences a…
Herrick’s Restructuring & Finance Litigation: 2019-2020 In Review
Herrick congratulates its Restructuring & Finance Litigation Group on the success it has enjoyed over the last two years. The team, which now has 18 members and counting, has grown substantially while taking on a variety of complex litigation matters and Chapter…
Bankruptcy Court Affirms Availability of 1111(b) Election in Subchapter V Cases
Introduction
In In re VP Williams Trans, LLC,[1] Judge Michael Wiles of the United States Bankruptcy Court for the Southern District of New York confirmed that a secured creditor may make an election under section 1111(b) of the United States…
Second Circuit Does Not Flip Flop on Enforceability of Flip Clauses
On August 11, 2020, the Second Circuit addressed the long-standing question of whether flip clauses are enforceable in bankruptcy. Affirming a Southern District of New York decision, the Court found in Lehman Brothers Special Financing Inc. v. Bank of America N.A. that…
Hedge Fund Founder Faces Criminal and SEC Charges Based on Alleged Misconduct in Neiman Marcus Bankruptcy
Dan Kamensky, the founder and principal of the prominent hedge fund, Marble Ridge Capital LP and Marble Ridge Master Fund LP (“Marble Ridge”), was arrested on Thursday, September 3, 2020, by the FBI, the most recent development in a dramatic…
Delaware Bankruptcy Court Voids Preferred Stockholder’s Right to Block Bankruptcy Filing
In In re Pace Industries, LLC, Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware denied a motion to dismiss a chapter 11 where the debtor circumvented a preferred stockholder’s blocking rights by filing bankruptcy petitions without…
S.D.N.Y. Bankruptcy Court Pivots from Enron; Holds “Disallowance Taint” Transfers With Purchased Claim in Firestar Diamond Case
Introduction:
New York bankruptcy courts have long adhered to the 2007 ruling by the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) in In re Enron Corp., 379 B.R. 425 (S.D.N.Y. 2007) (“Enron”), which held that Section…
S.D.N.Y. Bankruptcy Court Holds that Allegedly Fraudulent Conveyances are Safe Harbored Under Section 546(e) and Provides a New Avenue of Defense
Introduction
Creditors of an insolvent debtor may avoid certain transfers as fraudulent conveyances under state or federal law. A fraudulent conveyance is a transfer made without the transferor receiving adequate consideration and which satisfies one of three insolvency conditions: 1)…