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”).
Latest from Hughes Hubbard & Reed LLP - Page 8
Second Circuit Affirms Bankruptcy Court’s Exercise of Jurisdiction over Post-Confirmation Contractual Dispute.
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
Crossing Borders—How B.C.I. Finances Broadened Chapter 15 Protections for Foreign Representatives
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
Update: “5Pointz” Artists Hold On to Win
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
Surprise Decision in Reif v. Nagy Raises As Many Questions As It Answers
Read time: 6 minutes
In a surprise 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 the
Hughes Hubbard Bankruptcy Year-End Review for 2017
We are pleased to share with our readers the Hughes Hubbard Bankruptcy Year-End Review for 2017. We thank our friends for entrusting us with these rewarding engagements and look forward to building on these successes in 2018.
Update: Enforcing an Artist’s Rights in Street Art
On February 12, Judge Frederic Block of the Eastern District of New York awarded $6.75 million in statutory damages to the aerosol artists of “5Pointz,” agreeing with the jury’s advisory finding that property developer Jerry Wolkoff violated those artists’ “right
Vive Le Restructuring: French Restructuring Plan Gets Overseas Approval and Enforcement in the U.S.
On December 21, the Bankruptcy Court for the Southern District of New York recognized and agreed to enforce the unopposed foreign restructuring plan of oil exploration company C.G.G. S.A. (“C.G.G.,” or the “Company”) under Chapter 15 of the Bankruptcy Code.
Supreme Court to Tackle Fraud Exception in Lamar, Archer & Cofrin, LLP v. Appling
On January 12, 2018, the U.S. Supreme Court granted certiorari over the Eleventh Circuit’s decision in R. Scott Appling v. Lamar, Archer & Cofrin, LLP, which held that a fraudulent statement regarding a single asset may constitute a statement concerning
Endangered Species: Seventh Circuit Finds that Forex and Spot Metal Contracts are Not Entitled to Customer Protection in FCM Liquidations
In its recent decision in In re Peregrine Financial Group, the Seventh Circuit became the first circuit to accept a definition of “customer property” which excludes retail foreign exchange contracts, or “forex contracts”, and spot metal contracts.[1] The