Approval of a SISP in a BIA proposal: Re Colossus Minerals Inc.

April 14, 2014

NORTH OF THE BORDER UPDATE This article has been contributed to the blog by Caitlin Fell and Jamie Rosenblatt. Caitlin Fell is an associate in the Insolvency & Restructuring group of Osler, Hoskin & Harcourt LLP and Jamie Rosenblatt is an articling student at Osler, Hoskin & Harcourt LLP. In Re Colossus Minerals Inc. (2014), […]

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Peanut Butter Maker Takes More Bread in 363 Sale, Leaves Winning Bidder in a Jam

April 11, 2014

As we have noted in number of previous posts, auctions under section 363(b) of the Bankruptcy Code end with the bankruptcy judge’s gavel, not the auctioneer’s.  To the dismay of many readers, the delay between concluding an auction and obtaining court approval allows for the possibility of post-auction bids, which may force the debtor/trustee to choose between accepting […]

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Would a U.S.-Based Bitcoin Exchange Be Eligible for Bankruptcy?

April 10, 2014

In our last Bitcoin Bankruptcy post, we discussed some of the questions that Mt. Gox’s chapter 15 filing raises.  Today, we begin to consider what a bankruptcy of a hypothetical U.S.-based bitcoin exchange might look like. 

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Free and Clear. Not So Fast. Bankruptcy Court Claws Back Ability to Sell Distressed Assets Free and Clear of Claims and Interests

April 9, 2014

Distressed asset purchasers should be aware of a recent decision, In re Marko, in which the bankruptcy court for the Western District of North Carolina called into question a trustee’s ability to sell estate assets free and clear of certain claims and interests, including claims and interests held against co-owners of the target assets.

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April 8, 2014

JUDGE MARKELL’S SPICKELMIER! Spickelmier fans, raise your impeccable bracket in the air for all the naysayers to see!  In the championship round, Spickelmier cruised into the number one spot with 60% of the votes.  Judge Markell’s witty reference to contemporary vernacular combined with his detailed account of counsel Mondejar’s “lowest moment in attorney representation the […]

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“Moo”-ving Away from Omegas: Seventh Circuit Opens the Barn Door for Use of Constructive Trusts as a Preference Defense

April 7, 2014

Distinguishing itself from the Sixth Circuit’s holding in In re Omegas Group, Inc., in In re Mississippi Valley Livestock, Inc., the Seventh Circuit recently held that, under some circumstances, the bankruptcy court may impose a constructive trust to find that prepetition funds transferred by the debtor never constituted property of the debtor.

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No Blurred Lines Here, Confidential Means Confidential (Even if No Nuclear Launch Codes Are Involved)

April 4, 2014

What is the price of confidentiality?  This is the question the District Court for the Southern District of New York recently answered in In re Lyondell Chemical Co. when the court explored whether a debtor’s former employee was entitled to recover an administrative expense under a settlement agreement with a confidentiality provision.  In a decision […]

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