In Mark S. Kirschner v. John D. Goglia, et al., Case No. 11 Civ. 08250-JSR (S.D.N.Y. May 9, 2012), the United States District Court for the Southern District of New York granted a motion to withdraw the reference by defendants in an adversary proceeding commenced by the trustee in the Refco bankruptcy case, asserting fraudulent conveyance […]
Read MoreOn April 23, 2012, the United States Supreme Court heard oral argument on the issue of whether secured creditors have the absolute right to credit bid their secured claims in sales of encumbered assets pursuant to a chapter 11 plan. There is currently a split amongst the Circuit Courts of Appeal on this issue. In […]
Read MoreOn April 12, 2012, Reddy Ice filed for chapter 11 bankruptcy in the Northern District of Texas, revealing that it has secured $70 million in debtor-in-posssion financing, which will allow the Company to pay for operating and restructuring costs during its bankruptcy case. Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States. […]
Read MoreIn Robbye R. Waldron v. Adams & Reese, L.L.P. (In re American International Refinery, Inc.), the Fifth Circuit Court of Appeals recently upheld the fee award to bankruptcy counsel to the debtor, notwithstanding that such counsel was indirectly paid a pre-bankruptcy retainer by a secured creditor of the debtor. The Court did, however, affirm the bankruptcy […]
Read MoreThe Bankruptcy Code contains elaborate rules for the employment of counsel, accountants, consultants, financial advisors and other outside professionals in all bankruptcy cases. These rules generally require bankruptcy court approval of all professional engagements. Section 327 of the Bankruptcy Code and Federal Rule of Bankruptcy Procedure 2014, as modified by Court opinions, contain the primary standards that bankruptcy courts use to approve […]
Read MoreIn re DLH Master Land Holding, L.L.C., Case No. 11-10781 (5th Cir. March 13, 2012) In In re DLH Master Land Holding, L.L.C., Case No. 10-30561-hdh, the Fifth Circuit Court of Appeals recently rendered an opinion affirming the lower courts’ ruling that Bank of America did not show “excusable neglect” warranting the allowance of its […]
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