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Latest from Hughes Hubbard & Reed LLP

In a special video, members of Hughes Hubbard’s Lehman team reveal the challenges they faced and overcame after Lehman Brothers collapsed 10 years earlier in what remains the largest bankruptcy in history. The team serves as counsel to James W. Giddens, the trustee overseeing the $123 billion liquidation of Lehman Brothers Inc., the largest single estate in the entire Lehman failure.   https://vimeo.com/288592567…
Image of plaintiff Chuck Close
Above: Plaintiff Chuck Close. __________________ The Ninth Circuit recently issued its decision regarding the validity of the California Resale Royalty Act (“CRRA”) in three consolidated appeals: Close v. Sotheby’s, Inc., No. 16-56234, The Sam Francis Foundation v. Christie’s, Inc., No. 16-56235 and The Sam Francis Foundation v. eBay Inc., No. 16-56252. 2018 WL 3322222 (9th Cir. July 6, 2018). As previously discussed on this blog, the CRRA provides that an artist may recover a…
A recent decision by the Bankruptcy Court for the Western District of Texas in In re Palmaz Scientific, 2018 WL 1036780, at *5 (Bankr. W.D. Tex. Feb. 21, 2018) serves as a cautionary tale of the importance of monitoring the plan confirmation process. In Palmaz, the bankruptcy court held that a chapter 11 bankruptcy reorganization plan would not bar investors from pursuing direct claims against the directors and officers of debtor. However, this was a…
The District of Delaware Bankruptcy Court recently sustained the objection of the Litigation Trustee to the claims of three former employees (together, the “Claimants”), based on their participation in their employer’s two-year retention program created prepetition (the “Prepetition Retention Program”). Opinion, In re Old BPSUSH, Inc., No. 16-12373 (KJC) (Bankr. D. Del. June 1, 2018), D.I. 1635. Largely adopting the arguments of the Litigation Trustee, the court held that the Claimants had waived their right…
The United States Court of Appeals for the Second Circuit affirmed a Bankruptcy Court’s exercise of jurisdiction over a post-confirmation contractual dispute between Relativity Media, LLC and Netflix, Inc. as a core proceeding.[1] The dispute between Relativity and Netflix centered around Netflix’s assertion that it had the right under a licensing agreement, as amended, to stream two of Relativity’s films, Masterminds and The Disappointments Room, before they were scheduled to be released in the…
In a recent decision, the United States Bankruptcy Court for the Southern District of New York found that a relatively small retainer placed in the trust account of the foreign liquidators’ U.S. counsel constituted “property” sufficient to satisfy the requirements of section 109(a) of the Bankruptcy Code in a chapter 15 proceeding.[1] The decision elucidates the parameters of the “property” requirement of section 109, which the Second Circuit has applied even in the chapter…
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On June 13, 2018, Judge Frederic Block of the Eastern District of New York issued an impassioned decision upholding the $6.75 million damage award he granted the aerosol artists of 5Pointz in February 2018. The court denied the defendants’ post-trial motion to grant a new trial or vacate the February 2018 judgment under Federal Rules of Civil Procedure 59(a)[1] and 52(b).[2] As discussed previously on this blog, this case arose from defendant…
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Woman in a Black Pinafore (l) and Woman Hiding Her Face (r)
In its April 5, 2018 decision in Reif v. Nagy (Index No. 161799/15), the Commercial Division of New York State Supreme Court ordered two pieces of alleged Nazi-looted art turned over to relatives of their original Jewish owner, Fritz Grunbaum.[1] In a surprise ruling, the Court’s holding came in direct opposition to that reached by the Southern District of New York in a 2011 decision (affirmed by the Second Circuit in 2012)…