The future of the Structured Finance Spectrum in the summer of 2023 continues to evolve, with noteworthy developments making an impact on the international structured finance markets in both the U.S and the UK. A comprehensive analysis of the structured finance scenario as published by JD Supra, sheds light on the significant trends and challenges…
In a significant recent decision that has broad ramifications for personal bankruptcy cases in Connecticut, the Connecticut Supreme Court has made a pivotal ruling on the state’s new homestead law. This verdict will permit the protection of up to $250,000 in home equity against unsecured debts from before the time the law came into effect….
A proposed class action in California federal court points its finger at Fenwick & West LLP, the former counsel for the now-bankrupt crypto exchange FTX. According to the accusations bubbling to the surface, the law firm enlisted its expertise in the creation of so-called ‘shadowy entities’. These, the plaintiffs claim, became conduits through which FTX…
In an effort to keep the global legal community informed on the latest happenings within the field, it is important to note the recent August 2023 issue of the Troutman Pepper Weekly Consumer Financial Services Newsletter. Given the weight of its influence, the update showcases some of the most impactful events at federal and state…
Major law firms in Washington, D.C. like Baker Botts, K&L Gates, Sidley Austin, and Thompson Hine are in a race to bolster their litigation and dispute teams, as client demand in such practices is helping to balance out slowdowns in transactional work. This wave of recruitment is a response to a robust Q2 for countercyclical…
In October 2022, the U.S. Securities and Exchange Commission (SEC) adopted Rule 10D-1, a measure that compelled national securities exchanges to establish listing standards. According to this rule, the listing of certain company security classes could be prohibited if the company did not adopt effective policies for the recovery of erroneously paid incentive-based executive compensation,…
Legal professionals should be aware of the latest ruling by the Washington State Supreme Court regarding foreclosure and bankruptcy, which might affect how they handle similar cases in the future. According to JD Supra, the court has made a significant ruling in two separate cases on when the statute of limitations begins to run in…
In the labyrinth of legal challenges and pioneering disruptions, notable cases have emerged that demand a closer look. Particularly remarkable are the events surrounding Building Blocks, LTL 2.0 and its grim turnout, the rather unprecedented debut of FTX, and what seems to be a last-ditch effort for UST. Leading the narrative, BlockFi’s Chapter 11 plan…
In a significant development, a judge has dismissed the second bankruptcy case filed by Johnson & Johnson over its talcum baby powder liabilities. Despite expressing some reservations, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled in favor of cancer victims who argued that the new bankruptcy case was devoid of goodwill. Johnson &…
Acclaimed ATM maker Diebold Nixdorf, which is currently navigating bankruptcy proceedings, recently announced that its chief legal officer, Jonathan Leiken, is stepping down as the company prepares to emerge from bankruptcy protection later this month. This development comes amidst a pivotal period for Diebold Nixdorf, a company renowned for their technological solutions in the banking…
The complex dance of debt restructuring can often lead to veiled warfare on the corporate battlefield. When negotiations stagnate and goodwill evaporates, stakeholders are left with the task of navigating a constellation of challenging choices. Amidst these tough decisions, lenders can still flex considerable muscle thanks to the power bestowed by the voting proxy. Traditionally…
In an ecosystem where creditors often find themselves at the tail end of priority during bankruptcy filings, a particular provision in the Bankruptcy Code can potentially offer a silver lining. Amid the gambit of general unsecured claims, Section 503(b)(9) of the Bankruptcy Code functions like an ace in the pack, potentially tilting the scales towards…
Lordstown Motors, the bankrupt electric automaker, revealed to a Delaware judge that it had received expressions of interest from 13 potential bidders as part of its Chapter 11 sale process. Despite a forthcoming trial over trade secret claims, which has undoubtedly caused estrangement amongst some potential suitors, the judge approved the majority of Lordstown’s proposed…
After witnessing relatively subdued activity in 2021 and 2022, Chapter 11 commercial bankruptcy filings appear to be on the rise again. A recent report, released by Epiq Global, revealed that July registered a notable uptick in the number of filings, marking 71% more than the same period the previous year. For those of you interested…
The long-standing Philadelphia law firm, Schnader Harrison Segal & Lewis, is set to cease operations after almost 90 years. The firm’s litigation partner and generan counsel, Keith Whitson, has confirmed that a dissolution plan is being organized in collaboration with the firm’s stakeholders and bank. The exact timeline for voting and finalizing this plan remains…
Envision Healthcare Corp., along with its wholly-owned subsidiaries, has recently filed for voluntary Chapter 11 petitions at the U.S. Bankruptcy Court for the Southern District of Texas. This information is detailed in the case documented under In re: Envision Healthcare Corp., Docket No. 4:23-bk-90342 (Bankr. S.D. Tex. May 15, 2023). Envision is known for being…
Offshore bankruptcy and restructuring have always stood as complex, nuanced areas of law, necessitating an in-depth understanding of numerous jurisdictions and principles. Recent offshore cases underline the rising role of creditors’ views and interests, often in contrast with those of shareholders and the management of distressed companies. These cases address critical considerations such as winding…