It has been approximately two months since the highly anticipated Supreme Court decision in Harrington v. Purdue Pharma L.P., and it is already making a significant impact in bankruptcies around the country.
In September 2019, Purdue Pharma L.P. and 23 affiliated debtors filed for chapter 11 bankruptcy to provide a breathing spell from the mounting
Pursuant to the New Jersey Bankruptcy Court’s (the “Court”) annual rule making cycle, the Court implemented various changes to the New Jersey Local Rules and Local Forms, which became effective on August 1, 2024.[1]
Of particular note, the Court has released an entirely new set of Chapter 11 Complex Case Procedures.
As previously discussed and anticipated in prior blog posts,[1] the United States Supreme Court’s decision in Siegel v. Fitzgerald, 596 U.S. 464, 142 S.Ct. 1770, 213 L.Ed.2d 39 (2022), which struck down as unconstitutional the United States Trustee System Fund (Pub. L. 115-72, Div. B, 131 Stat. 1229) (the “2017 Act”) on the basis
Kaiser Gypsum Company Inc. and Hanson Permanente Cement, Inc. (collectively, the “Debtors”), manufacturers of asbestos-containing cement products, filed for chapter 11 bankruptcy on September 30, 2016 (“Petition Date”) in the United States Bankruptcy Court for the District of Western District of North Carolina (“Bankruptcy Court”) after being named in more than 38,000 asbestos-related lawsuits since
Right now, a business with less than $7.5 million in debt can file an easier, cheaper, and more efficient bankruptcy than a traditional Chapter 11. That privilege will soon be limited to businesses with less than around $3 million of total debt unless Congress acts before June 21, 2024. This is not the first time
by Magdalena Schardt
For some folks the three letters ABC are a reminder of elementary school and singing a song to learn the alphabet. For others, it is a throw back to the early 70’s when the Jackson Five and its lead singer Michael, still with his adolescent high voice, sang a catchy love song.
If you were a party to a lawsuit or a contested matter in a bankruptcy proceeding, would you be interested in working towards settlement with the assistance of an impartial third party, that is, a mediator, rather than take on the significant cost of litigation and going to trial? More and more parties in bankruptcy
As many bankruptcy practitioners are aware, there is a circuit court split with respect to the allowability of non-consensual third-party releases. Notably, in the Purdue Pharma case, the United States Court of Appeals for the Second Circuit held that bankruptcy courts have the authority to approve plans with non-consensual releases of direct third-party claims against
As bankruptcy attorneys who often defend clients in preference avoidance actions, we were pleased with the 547(b) amendments, effective as of February 20, 2020, requiring a trustee to conduct some level of due diligence into affirmative defenses before commencing a preference avoidance action. The amendment states “the trustee may, based on reasonable due diligence in
On Friday September 28, 2023, the U.S. Supreme Court agreed to review the United States Trustee’s appeal from the Tenth Circuit Court of Appeal’s holding that the Office of the United States Trustee should refund overpayments made by chapter 11 debtors under the United States Trustee System Fund (Pub. L. 115-72, Div. B, 131 Stat.
