Not uncommonly, a preference complaint fails to adequately allege that the transfers sought to be recovered by the trustee were made “for or on account of an antecedent debt owed by the debtor before such transfer was made”, as required under
Delaware Bankruptcy Update
Information on Corporate Bankruptcy Proceedings in Delaware and Throughout the United States
Delaware Bankruptcy Update, published by Fox Rothschild LLP, focuses on developments in bankruptcy law and financial restructuring, particularly within the Delaware jurisdiction. The blog covers topics such as Chapter 11 bankruptcy filings, asset sales through bankruptcy auctions, creditor and debtor rights, bankruptcy litigation, and court rulings affecting bankruptcy practice. It also addresses issues relevant to commercial landlords, creditor committees, trustees, and businesses facing financial distress. The blog provides analysis of significant cases, legislative changes, and procedural aspects of bankruptcy, including discharge orders and civil contempt standards. It serves as a resource for practitioners seeking updates on bankruptcy trends, litigation strategies, and restructuring approaches.
Latest from Delaware Bankruptcy Update - Page 6
Affirmative Insurance – Dueling Motions to Dismiss, Denied
In a 33 page decision released March 29, 2017, Judge Sontchi of the Delaware Bankruptcy Court ruled on competing motions to dismiss the remaining claims and counterclaims in an adversary proceeding in the Affirmative Insurance bankruptcy – Adversary Proceeding Case No.…
Carve-out Provision in DIP Financing Order Did Not Limit Fees to Committee Counsel
In the recent decision of In re Molycorp, Inc., 562 B.R. 67 (Bankr. D. Del. 2017), Judge Sontchi held that a carve-out provision in a DIP financing order did not act as an absolute limit on the fees and expenses payable…
RadioShack – Bankruptcy Round Two
Serving as an illustration of the principal that a financial restructuring won’t save a business that has ceased to be frequented by customers, RadioShack has filed for bankruptcy for the second time in as many years. The prior case was filed…
Cal Dive Offshore Contractors, Inc. Preference Actions Filed
On March 2, 2017, Cal Dive Offshore Contractors, Inc. (“Cal Dive” or “Debtor”) filed approximately 136 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code.
Cal Dive and…
Money Center Opinion – The Multiple Sovereigns in the United States and Bankruptcy
On February 28, 2017, Judge Sontchi of the Delaware Bankruptcy Court issued an opinion (the “Opinion”) in the Money Center of America bankruptcy – Bankr. D. Del., Case 14-10603. The Opinion is available here. This Opinion decided two separate,…
Contract Rejection – As Interpreted in Outer Harbor Terminal’s Bankruptcy
On February 21, 2017, Judge Silverstein of the Delaware Bankruptcy Court issued an opinion (the “Opinion”) in the Outer Harbor Terminal bankruptcy proceeding – Bankr. D. Del., Case 16-10283. The Opinion is available here. This Opinion decided the Debtor’s…
Delaware Bankruptcy Court Issues 2017 Local Rule Amendments
Earlier this month, the U.S. Bankruptcy Court for the District of Delaware (the “Delaware Bankruptcy Court”) released an update to the Local Rules for the United States Bankruptcy Court District of Delaware (Effective February 1, 2017) (the “Local Rules”). According to…
S.D.N.Y. Bankruptcy Court Dismisses Preference Action Involving International Transfer
In the recent decision of Spizz v. Goldfarb Seligman & Co. (In re Ampal-American Israel Corp.), 2017 WL 75750 (Bankr. S.D.N.Y. Jan. 9, 2017), the United States Bankruptcy Court for the Southern District of New York dismissed a preference complaint…
Insurer Allowed to Recoup Premiums Against Insurance Claims
In the recent decision of Miller v. Zurich American Ins. Co. (In re WL Homes LLC, et al.), Adv. No. 11-50839 (BLS) (Bankr. Del. Jan. 10, 2017), the Delaware Bankruptcy Court addressed the affirmative defense of recoupment asserted by an…