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K&P Homes V. Christiana Trust, 133 Nev. Adv. Op. 51 (July 27, 2017), Yolanda Carapia 2017 University of Nevada, Las Vegas -- William S. Boyd School of Law

K&P Homes V. Christiana Trust, 133 Nev. Adv. Op. 51 (July 27, 2017), Yolanda Carapia

Nevada Supreme Court Summaries

The Court determined that the SFR Investments Pool 1, LLC v. U.S. Bank, N.A. decision, extinguishing first security interests, applies retroactively to all foreclosures occurring prior to the date of the decision and since NRS 116.3116’s inception.


Taxing Bankrupts, Shu-Yi Oei 2017 Tulane University Law School

Taxing Bankrupts, Shu-Yi Oei

Shu-Yi Oei

When a debtor goes bankrupt and limited assets have to be divided between competing creditors, should unpaid taxes owed to the government be paid before the debts owed to other creditors? This Article defends the notion that some tax debts should be awarded priority. Insofar as bankruptcy protection transfers the risk of financial distress from a debtor to her creditors, the tax priority debate should be understood as a fight about how much debtor default risk the government should have to assume relative to other creditors. This Article argues that the government’s share of debtor default risk should be ...


Husky International Electronics, Inc. V. Ritz: Rethinking Actual Fraud, Badges Of Fraud, And Pleading Standards In Federal Bankruptcy Litigation, Meagan George 2017 University of Maryland Francis King Carey School of Law

Husky International Electronics, Inc. V. Ritz: Rethinking Actual Fraud, Badges Of Fraud, And Pleading Standards In Federal Bankruptcy Litigation, Meagan George

Maryland Law Review

No abstract provided.


Nine To Eleven: Accounting For Common Interest Communities In Bankruptcy, C. Scott Pryor 2017 Campbell University School of Law

Nine To Eleven: Accounting For Common Interest Communities In Bankruptcy, C. Scott Pryor

C. Scott Pryor

Ever more Americans live in a common interest community such as a homeowners’ association or condominium. Common interest communities restrict the uses owners may make of their property but provide benefits to the owners. The community association pays for these benefits by levying assessments on the owners’ property. Common interest communities offer a wide variety of benefits that can be divided into two sorts: public and private. Local municipalities typically provide public benefits at taxpayer expense; private entities usually afford private benefits at the consumer’s expense. Like both public and private entities, common interest communities can experience the problem ...


Trump Entertainment Resorts: Three Bankruptcies And The Failure To Make Atlantic City Great Again, Ryan Gallagher, Andrew Hale 2017 University of Tennessee, Knoxville

Trump Entertainment Resorts: Three Bankruptcies And The Failure To Make Atlantic City Great Again, Ryan Gallagher, Andrew Hale

Chapter 11 Bankruptcy Case Studies

No abstract provided.


Rethinking Criminal Contempt, John A.E. Pottow, Jason S. Levin 2017 University of Michigan Law School

Rethinking Criminal Contempt, John A.E. Pottow, Jason S. Levin

Articles

It is of course too early to tell whether we are in a new era of bankruptcy judge (dis)respectability. Only time will tell. But this Article performs a specific case study, on one discrete area of bankruptcy court authority, based upon a particular assumption in that regard. The assumption is this: certain high-salience judicial events-here, the recent Supreme Court bankruptcy judge decisions, coupled with earlier constitutional precedents involving the limits of Article III-can trigger overreaction and hysteria. Lower courts may read these Supreme Court decisions as calling into question the permissibility of certain bankruptcy court practices under the Constitution ...


Turning The Page: The Demise Of The “Queenan Doctrine” Requiring The Adoption Of A Foreclosure Valuation Methodology In Chapter 11 Cases, Harrison Denman 2017 University of Miami Law School

Turning The Page: The Demise Of The “Queenan Doctrine” Requiring The Adoption Of A Foreclosure Valuation Methodology In Chapter 11 Cases, Harrison Denman

University of Miami Business Law Review

This Article traces the evolution of the default standard applied by bankruptcy courts to valuing a secured lender’s collateral under section 506(a) for purposes of determining whether a “diminution in value” has occurred sufficient to trigger the need for adequate protection. Historically, bankruptcy courts applied a standard premised on the scholarship of Judge Queenan of the Bankruptcy Court for the District of Massachusetts. That standard called for, absent contractual language to the contrary, application of a foreclosure valuation methodology regardless of the actual or anticipated use of such collateral during the chapter 11 cases. In recent years, there ...


Bankruptcy's Gray Area: Are Bankruptcy Courts "Courts Of The United States"?, Angelo G. Labate 2017 Notre Dame Law School

Bankruptcy's Gray Area: Are Bankruptcy Courts "Courts Of The United States"?, Angelo G. Labate

Notre Dame Law Review

This Note seeks to evaluate the circuit split regarding the status of bankruptcy courts and propose a solution to the problem through an efficiency-based lens. After laying out a brief history of bankruptcy in the United States and the current bankruptcy system and outlining the circuit split within the courts of appeals as to the proper definition of “courts of the United States,” this Note will analyze the statutory language, the United States Code, and the relevant historical context to determine if the bankruptcy courts qualify as “courts of the United States.” This Note will argues that the bankruptcy courts ...


Slight Turbulence Ahead: The Chapter 11 Bankruptcy Of Republic Airways, Sam Ferguson, Chad Talbot 2017 University of Tennessee, Knoxville

Slight Turbulence Ahead: The Chapter 11 Bankruptcy Of Republic Airways, Sam Ferguson, Chad Talbot

Chapter 11 Bankruptcy Case Studies

No abstract provided.


How To Get Away With Merger: The American Airlines Bankruptcy, Kelsey Cunningham Osborne, Christopher K. Coleman 2017 University of Tennessee, Knoxville

How To Get Away With Merger: The American Airlines Bankruptcy, Kelsey Cunningham Osborne, Christopher K. Coleman

Chapter 11 Bankruptcy Case Studies

No abstract provided.


Rdio, Inc.: The Bankruptcy Of A Music Streaming Service That Listened To The Wrong Tune, Jeremy Boyd, Phillip Swan 2017 University of Tennessee, Knoxville

Rdio, Inc.: The Bankruptcy Of A Music Streaming Service That Listened To The Wrong Tune, Jeremy Boyd, Phillip Swan

Chapter 11 Bankruptcy Case Studies

No abstract provided.


Parka Problems: The 2009 Eddie Bauer Bankruptcy, J. Logan Wilson, S. Ashton Smith 2017 University of Tennessee, Knoxville

Parka Problems: The 2009 Eddie Bauer Bankruptcy, J. Logan Wilson, S. Ashton Smith

Chapter 11 Bankruptcy Case Studies

No abstract provided.


How Absolute Is The Absolute Priority Rule In Bankruptcy? The Case For Structured Dismissals, Bruce Grohsgal 2017 College of William & Mary Law School

How Absolute Is The Absolute Priority Rule In Bankruptcy? The Case For Structured Dismissals, Bruce Grohsgal

William & Mary Business Law Review

This Article challenges the view that the absolute priority rule applies to a “structured dismissal” in a chapter 11 bankruptcy case, namely a court-approved settlement of certain claims by or against the debtor followed by the dismissal of the case. Under that view, the bankruptcy court cannot approve a settlement that makes a distribution to holders of junior claims unless it also provides for payment of all senior claims in full. The Supreme Court considered the question in the fall of 2016 in Czyzewski v. Jevic Holding Corp. (In re Jevic Holding Corp.). The question before the Court is: “Whether ...


How Many #Followers Do You Have?: Evaluating The Rise Of Social Media And Issues Concerning In Re Ctli’S Determination That Social Media Accounts Are Property Of The Estate, Patricia A. Leeson 2017 The Catholic University of America, Columbus School of Law

How Many #Followers Do You Have?: Evaluating The Rise Of Social Media And Issues Concerning In Re Ctli’S Determination That Social Media Accounts Are Property Of The Estate, Patricia A. Leeson

Catholic University Law Review

With the rise of social media use, legal disputes have surfaced with litigants looking to the courts to determine issues of ownership and legal authority. As a matter of first impression, a U.S. Bankruptcy Court in Texas held that a Twitter and Facebook social media account were to be regarded as property of the estate pursuant to Section 541 of the Bankruptcy Code. The court analogized the social media accounts to subscriber lists because they provide valuable access to customers. Although the court addressed the question of whether social media applications are to be regarded as property in bankruptcy ...


Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati 2017 University of Southern California

Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati

University of Southern California Legal Studies Working Paper Series

Puerto Rico has incurred debt well beyond its ability to repay. It attempted to address its fiscal woes through legislation allowing the restructuring of some its debt. The Supreme Court put a stop to this effort, holding that Congress in the Bankruptcy Code barred the Commonwealth from enacting its own restructuring regime. Yet all agreed that the Bankruptcy Code did not provide anything in its place. While Congress quickly enacted PROMESA in an attempt to address the Puerto Rico’s fiscal ills, we explore in this paper whether Congress has the power to bar Puerto Rico from enacting a restructuring ...


Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin 2017 University of Michigan Law School

Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin

Law & Economics Working Papers

A surprising number of courts believe that bankruptcy judges lack authority to impose criminal contempt sanctions. We attempt to rectify this misunderstanding with a march through the historical treatment of contempt-like powers in bankruptcy, the painful statutory history of the 1978 Bankruptcy Code (including the exciting history of likely repealed 28 U.S.C. § 1481), and the various apposite rules of procedure. (Fans of the All Writs Act will delight in its inclusion.) But the principal service we offer to the bankruptcy community is dismantling the ubiquitous and persistent belief that there is some form of constitutional infirmity with "mere ...


The New Bond Workouts, William W. Bratton, Adam J. Levitin 2017 University of Pennsylvania Law School

The New Bond Workouts, William W. Bratton, Adam J. Levitin

Faculty Scholarship at Penn Law

Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Yet since 2008 bond workouts have quietly started to work. A cognizable portion of the restructuring market has shifted from bankruptcy court to out-of-court workouts by way of exchange offers made only to large institutional investors. The new workouts feature a battery of strong-arm tactics by bond issuers, and aggrieved bondholders have complained in court. The result has been a new, broad reading of the primary law governing workouts, section 316(b) of the Trust Indenture Act of 1939 ...


The Fresh Start Canon, Jonathon S. Byington 2017 Alexander Blewett III School of Law at the University of Montana

The Fresh Start Canon, Jonathon S. Byington

Faculty Law Review Articles

A primary policy of bankruptcy law is to give consumer debtors a “fresh start” by discharging their debt. A rival policy is that the discharge of debt is a selectively conferred privilege that is not granted in some situations. For example, society is unwilling to pardon debt related to embezzlement or a domestic-support obligation. This “discharge restrictions” policy is manifested in part by the Bankruptcy Code’s exceptions to discharge. The U.S. Supreme Court has repeatedly recognized the tension between the fresh start and discharge restriction policies. It has sought to achieve a fair balance between these policies by ...


Rethinking Chapter 13, Lawrence Ponoroff 2017 Michigan State University College of Law

Rethinking Chapter 13, Lawrence Ponoroff

Faculty Publications

No abstract provided.


Tripping The Light Fantastic: A Comparative Analysis Of The European Commission's Proposals For New And Interim Financing Of Insolvent Businesses, Jennifer Payne, Janis P. Sarra 2017 Allard School of Law at the University of British Columbia

Tripping The Light Fantastic: A Comparative Analysis Of The European Commission's Proposals For New And Interim Financing Of Insolvent Businesses, Jennifer Payne, Janis P. Sarra

Faculty Publications

The European Commission published a draft Directive in November 2016, with the aim of ensuring that all Member States have in place an effective mechanism for dealing with viable, but financially distressed, businesses. The draft Directive includes provisions designed to encourage financing for the debtor company, both interim financing to “keep the lights on” for a brief period while the debtor negotiates with its creditors for a resolution to its financial distress, and where possible, to finance implementation of a restructuring plan, called “new financing” in the draft Directive. Creating such a financing regime is a complex and difficult issue ...


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