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Full-Text Articles in Law
No Fare: Remedying The Member Business Loan Loophole, Leili A. Saber
No Fare: Remedying The Member Business Loan Loophole, Leili A. Saber
Fordham Law Review
The member business loan exemption of the Federal Credit Union Act was the driving force behind the New York City taxi medallion loan crisis that led to over 950 bankrupt taxi drivers and eight suicides. This Note analyzes the exemption as the legislature’s balancing act to reconcile two competing policy aims: keeping lenders safe while encouraging them to lend to risky borrowers. Viewed through the lens of the taxi medallion crisis, this Note demonstrates the severe harm that this loophole creates. Exempting credit unions from regulatory limits has left vulnerable borrowers subject to the adverse designs of powerful actors. Ultimately, …
Up The Chute, Down The Ladder: Shifting Priorities Through Structured Dismissals In Bankruptcy, Bethany K. Smith
Up The Chute, Down The Ladder: Shifting Priorities Through Structured Dismissals In Bankruptcy, Bethany K. Smith
Fordham Law Review
In a structured dismissal of a Chapter 11 bankruptcy case, a bankruptcy court approves case dismissal alongside a stakeholder agreement as to the manner in which the estate is to be dealt with once the case has been dismissed. Such orders are controversial in that they are not explicitly authorized through the U.S. Bankruptcy Code (“the Code”) and are especially controversial where the accompanying agreement seeks to distribute estate property in contravention of the priority scheme laid out in § 507 of the Code. Where the agreement violates this so-called waterfall payment method, bankruptcy courts are faced with difficult questions: …
No Misrepresentation Needed: Excepting Discharge For Actual Fraud Under 11 U.S.C. § 523 Without Misrepresentation, Morgan Green
No Misrepresentation Needed: Excepting Discharge For Actual Fraud Under 11 U.S.C. § 523 Without Misrepresentation, Morgan Green
Fordham Law Review
Imagine buying a game from a seller and promising to repay him at a later date. However, instead of repayment, you decide to give the game to your friend, who in turn allows you to use it. Then your friend declares bankruptcy to discharge the price of the game from his debts, thus allowing you both to use it without paying. This repayment runaround is the issue that the First and Fifth Circuits were asked to decide in two recent cases. Specifically, the question was whether a debt incurred by “actual fraud” may be discharged by the recipient of the …
Ethics For Examiners, Daniel J. Bussel
Ethics For Examiners, Daniel J. Bussel
Fordham Law Review
The inquisitorial bankruptcy examiner is sui generis in our system. He faces unique ethical quandaries and considerations, which require a code of ethics tailored to his role if he is to achieve fully the promise of improving Chapter 11 through the introduction of inquisitorial investigative methods. This Article attempts to point the way toward guidelines that will regulate the conduct of examiners to mitigate real, potential, and perceived abuses.
Felonious, Erroneous, It’S All Odious: A Story Of Debt Gone Wrong, Virginia M. Brown
Felonious, Erroneous, It’S All Odious: A Story Of Debt Gone Wrong, Virginia M. Brown
Fordham Law Review
Iraq is paying off debt from Saddam Hussein’s rule. South Africa is paying off debt obligations incurred under apartheid rule. Argentina is renegotiating debts that can be traced back to a de facto military-civilian regime that was ousted in 1976. There are numerous examples in which sovereigns are paying off debts that previous governing regimes incurred while oppressing their citizens. Should sovereigns be obligated to pay these debts? Were the debts really incurred by the sovereign or were they incurred by the governing regime in question? What if the lender knew in advance what the proceeds would be used for? …
Time For An Update: A New Framework For Evaluating Chapter 9 Bankruptcies, Michael J. Deitch
Time For An Update: A New Framework For Evaluating Chapter 9 Bankruptcies, Michael J. Deitch
Fordham Law Review
Municipal bankruptcies have been making national news since the “Great Recession.” Municipalities like Stockton, Vallejo, and Jefferson County gained notoriety for the record scale of their bankruptcy filings, only to be surpassed by Detroit shortly thereafter as the largest and most populous municipal bankruptcy filing. Historically, municipal bankruptcy occurred infrequently, leaving the nuances of many critical issues, including insolvency, asset utilization, and good faith, unexplored in case law. For example, how should a bankruptcy court analyze Detroit’s cityowned art museum that houses billions of dollars of art when bondholders, pensioners, and other unsecured creditors have unpaid claims? And how should …
Bankruptcy’S Corporate Tax Loophole, Diane Lourdes Dick
Bankruptcy’S Corporate Tax Loophole, Diane Lourdes Dick
Fordham Law Review
Imagine you are a company with a failing business that is drowning in debt. On the bright side, you also possess a very valuable asset. This asset is unique because, unlike most assets, if you liquidate the business through a Chapter 7 bankruptcy, it will be extinguished and its value will not be realized by any shareholders or creditors. On the other hand, even if you substantially liquidate the business using Chapter 11, you can, thanks to an extraordinary ambiguity in the law, preserve this valuable asset. Even better, you can direct the value of this asset to your preferred …
Not Interested? A Trustee Lacks “Party In Interest” Standing To Move For An Extension Of The Nondischargeability Bar Date On Behalf Of Creditors, Stephen C. Behymer
Not Interested? A Trustee Lacks “Party In Interest” Standing To Move For An Extension Of The Nondischargeability Bar Date On Behalf Of Creditors, Stephen C. Behymer
Fordham Law Review
Chapter 7 bankruptcy is designed to provide a financially distressed debtor with a “fresh start.” Towards that end, an individual debtor’s debts are typically discharged during the case. A creditor has only a short window of time in which to object to the dischargeability of its claims. This bar date can only be extended for cause and upon the application of a “party in interest.” Occasionally, a trustee will move for such an extension on behalf of the creditors. There is a split, however, between the Fourth and Sixth Circuits regarding whether a trustee is a “party in interest” and, …
Sunbeam: A Ray Of Hope For Trademark Licensees, Ryan Gabay
Sunbeam: A Ray Of Hope For Trademark Licensees, Ryan Gabay
Fordham Law Review
In the 1985 decision Lubrizol Enterprises v. Richmond Metal Finishers, the Fourth Circuit established that a licensor’s rejection of an intellectual property license under § 365 of the U.S. Bankruptcy Code terminates the licensee’s right to continue using the license. Concerned about the detrimental effects that Lubrizol would have on technological development in the United States, Congress responded swiftly by enacting the Intellectual Property Licenses in Bankruptcy Act (IPLBA), which exempted certain forms of intellectual property, such as copyrights, patents, and trade secrets, from rejection under § 365 of the Code. Trademarks, however, are notably absent from Congress’s definition …
Bankrupt Estoppel: The Case For A Uniform Doctrine Of Judicial Estoppel As Applied Against Former Bankruptcy Debtors, Eric Hilmo
Fordham Law Review
This Note examines the role judicial estoppel plays in supporting the U.S. federal bankruptcy regime. Though once considered an obscure doctrine, the use of judicial estoppel to bar pursuit of previously undisclosed claims by former bankrupts has grown apace with burgeoning bankruptcy filings over the last decade. While the doctrine’s application in federal courts has evolved toward a common standard of application, state courts’ application remains idiosyncratic. The Note argues that under the established laws of judgment recognition and in light of federal courts’ sophisticated application of the doctrine, state courts should apply federal judicial estoppel standards to further national …
Can The Trustee Recover? Imputation Of Fraud To Bankruptcy Trustees In Suits Against Third-Party Service Providers, Samuel C. Wasserman
Can The Trustee Recover? Imputation Of Fraud To Bankruptcy Trustees In Suits Against Third-Party Service Providers, Samuel C. Wasserman
Fordham Law Review
Corporate fraud has become a familiar headline over the last decade and has forced several companies whose managers have committed that fraud to file for bankruptcy. In these cases, a trustee will often be appointed to represent and manage the bankruptcy estate. This trustee is vested with the rights of the debtor corporation upon filing and may try to sue third-party service providers (e.g., accounting firms, law firms, investment banks) for conspiring in, or negligently failing to detect, the fraud. Federal and state courts have disagreed over whether the bankruptcy trustee should be permitted to recover damages from these third …
The Corporate Governance And Public Policy Implications Of Activist Distressed Debt Investing, Michelle M. Harner
The Corporate Governance And Public Policy Implications Of Activist Distressed Debt Investing, Michelle M. Harner
Fordham Law Review
Activist institutional investors traditionally have invested in a company's equity to try to influence change at the company. Some of these investors, however, are now purchasing a company's debt for this same purpose. They may seek to change a company's management and board personnel, operational strategies, asset holding, or capital structure. The Chapter 11 bankruptcy cases of Allied Holdings, Inc. and its affiliates exemplify the stategies of activist distressed debt investors. In the Allied cases, Yucaipa Companies, a distressed debt investor, puchased approximately 66% of Allied's outstanding general unsecured bond debt. Yucaipa used this debt position to exert significant influence …
Strike Or Dismiss: Interpretation Of The Bapcpa 109(H) Credit Counseling Requirement, Joseph Satorius
Strike Or Dismiss: Interpretation Of The Bapcpa 109(H) Credit Counseling Requirement, Joseph Satorius
Fordham Law Review
No abstract provided.
Jurisdictional Line-Drawing In A Time When So Much Litigation Is "Related To" Bankruptcy: A Practical And Constitutional Solution, Duane Loft
Fordham Law Review
No abstract provided.
Not All Politics Is Local: The New Chapter 15 To Govern Cross-Border Insolvencies, Elizabeth J. Gerber
Not All Politics Is Local: The New Chapter 15 To Govern Cross-Border Insolvencies, Elizabeth J. Gerber
Fordham Law Review
No abstract provided.
Questioning How The Bankruptcy Priority Scheme Treats Tax Claims Arising From The Termination Of Overfunded Pension Plans, Michael J. Cohen
Questioning How The Bankruptcy Priority Scheme Treats Tax Claims Arising From The Termination Of Overfunded Pension Plans, Michael J. Cohen
Fordham Law Review
No abstract provided.
Bankruptcy And Federalism, Thomas E. Plank
Panel Discussion, Consumer Bankruptcy, Edith Jones, Jane Mcnamara, Karen Gross, Henry Hilderbrand, Michael Mceneney
Panel Discussion, Consumer Bankruptcy, Edith Jones, Jane Mcnamara, Karen Gross, Henry Hilderbrand, Michael Mceneney
Fordham Law Review
No abstract provided.
Denial Of Discharge For Substantial Abuse: Refining—Not Changing—Banruptcy Law, Carl Felsenfeld
Denial Of Discharge For Substantial Abuse: Refining—Not Changing—Banruptcy Law, Carl Felsenfeld
Fordham Law Review
No abstract provided.
Time, Uncertainty, And The Law Of Corporate Reorganizations, John M. Czarnetzky
Time, Uncertainty, And The Law Of Corporate Reorganizations, John M. Czarnetzky
Fordham Law Review
No abstract provided.
Jurisprudence And Jurisdiction: Toward A More Flexible Approach To Bankruptcy Interlocutory Appeals, Kristin D. Kiehn
Jurisprudence And Jurisdiction: Toward A More Flexible Approach To Bankruptcy Interlocutory Appeals, Kristin D. Kiehn
Fordham Law Review
No abstract provided.
Bankruptcy Lawyers And The Shape Of American Bankruptcy Law, David A. Skeel, Jr.
Bankruptcy Lawyers And The Shape Of American Bankruptcy Law, David A. Skeel, Jr.
Fordham Law Review
No abstract provided.
Family Values And The Bankruptcy Code: A Proposal To Eliminate Bankruptcy Benefits Awarded On The Basis Of Marital Status, A. Mechele Dickerson
Family Values And The Bankruptcy Code: A Proposal To Eliminate Bankruptcy Benefits Awarded On The Basis Of Marital Status, A. Mechele Dickerson
Fordham Law Review
No abstract provided.
The Lessons Of Maxwell Communication, Jay Lawrence Westbrook
The Lessons Of Maxwell Communication, Jay Lawrence Westbrook
Fordham Law Review
No abstract provided.
Cross-Border Insolvency: A British Perspective, Leonard Hoffman
Cross-Border Insolvency: A British Perspective, Leonard Hoffman
Fordham Law Review
No abstract provided.
Relief Under Section 304 Of The Bankruptcy Code: Clarifying The Principal Role Of Comity In Transnational Insolvencies, Stuart A. Krause, Peter Janovsky, Marc A. Lebowitz
Relief Under Section 304 Of The Bankruptcy Code: Clarifying The Principal Role Of Comity In Transnational Insolvencies, Stuart A. Krause, Peter Janovsky, Marc A. Lebowitz
Fordham Law Review
No abstract provided.
Steering The Most Appropriate Course Between Admiralty And Insolvency: Why An International Insolvency Treaty Should Recognize The Primacy Of Admiralty Law Over Maritime Assets, Melissa K.S. Alwang
Steering The Most Appropriate Course Between Admiralty And Insolvency: Why An International Insolvency Treaty Should Recognize The Primacy Of Admiralty Law Over Maritime Assets, Melissa K.S. Alwang
Fordham Law Review
No abstract provided.
When Nonuse Is Useful: Bankruptcy Law In Post-Communist Central And Eastern Europe, Michael Kim
When Nonuse Is Useful: Bankruptcy Law In Post-Communist Central And Eastern Europe, Michael Kim
Fordham Law Review
No abstract provided.
A Comment About A Separate Bankruptcy System, Carl Felsenfeld
A Comment About A Separate Bankruptcy System, Carl Felsenfeld
Fordham Law Review
No abstract provided.