Going Once, Going Twice: Avoiding a Prepetition Foreclosure Sale in Chapter 11

Among the many protections afforded creditors under the Bankruptcy Code is the estate’s ability to avoid transfers made before the petition date that benefit certain creditors at the expense of others.  These so-called avoidance actions are primarily governed by Sections 544, 547 and 548 of the Bankruptcy Code, which set […]

In Case of Fire, File a Claim

In a recent decision enforcing the discharge injunction under Section 1107(d)(1)(A) of the Bankruptcy Code, the Bankruptcy Court for the Western District of Pennsylvania blocked a creditor from asserting a claim against the debtor after confirmation of the plan.  The case of In re Trustees of Conneaut Lake Park, Inc.), […]

A Cautionary Tale for Claims Traders and Other Contract Counterparties

“Although our intellect always longs for clarity and certainty, our nature often finds uncertainty fascinating.” Carl Philipp Gottfried von Clausewitz A Prussian general and the author of On War may still have a thing or two to teach claims traders and other contract counterparties seeking to avoid their deals being […]

Avoiding a Dog’s Breakfast—Some Timely Reminders of How to Effectively Limit the Universe of Purported Representations upon which Fraud Claims Can be Made

A “dog’s breakfast” is one of my favorite British expressions. It can sum up a muddled mess of confusing and contradictory allegations and purported conclusions better than almost any other idiom in the English language. And it was just this expression that Vice Chancellor Glasscock recently used to describe a […]