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|Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?|
William W. Kannel, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
October 1, 2015, previously published on September 28, 2015Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been articulated, Puerto Rico apparently proposes to blend into a single pot...
|When it is Fair: Recent Circuit Court Decisions on Equitable Mootness|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 24, 2015, previously published on September 21, 2015Generally, once a plan of reorganization is confirmed and substantially consummated, an appellate court will not “unscramble the egg” and grant appellate relief if doing so would harm third parties that relied on the confirmation order. Almost 20 years ago, the Third Circuit Court of...
|Life After Death for Chapter 7 Corporate Debtors? What Remains After a Corporate Liquidation|
James H. Haithcock; Burr & Forman LLP;
September 24, 2015, previously published on September 2015Individuals filing for bankruptcy pursuant to Chapter 7 of Title 11 of the United States Code (the "Bankruptcy Code") generally do so to have their debts discharged and receive the proverbial "fresh start."2 The same, however, is not true for corporations.
|New Administrative Orders Amend Procedures for Creditors in Consumer Bankruptcy Cases Pending in the Middle District of Florida|
Melissa Youngman; Wilson Elser Moskowitz Edelman & Dicker LLP;
September 18, 2015, previously published on September 15, 2015Prior to September 1, 2015, procedures in consumer chapter 13 bankruptcy cases varied greatly across the divisions of the Middle District of Florida, creating vastly different workflows for creditors and attorneys with cases pending in multiple divisions across the District. (The Middle District of...
|Oil and Gas Bankruptcies Will Be Complex - A US Perspective|
Richard A. Chesley; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015How much stress can we expect to see for oil and gas producers and related companies as a result of the current low prices? And what special issues does this industry face when it’s time to restructure or file for bankruptcy?*
|Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance|
Paul J. Ahn, Michael Greenberg, David D. Luce, Gerald Rokoff; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment company or PFIC tax rules.
|Kaisa - A Case Study of Real Estate Restructuring in the PRC|
Jonathan Leitch; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015Moody's announced in October 2014 that the detainment of Agile Property Holdings' chairman, Chen Zhoulin by government authorities was credit negative, in Moody's view, "similar incidents would adversely affect developers' borrowing costs and/or their access to offshore funding". The...
|Can A Bankrupt's Pension Pot Be Used to Pay Creditors? The Search for Clarity in New Zealand and the UK|
Nick Chapman, Susannah Dingley, Adam Holloway; DLA Piper (Canada) LLP;
September 9, 2015How does the objective of achieving payment for creditors in insolvency interact with the objectives of pension legislation, which seeks to ensure that individuals are adequately provided for in retirement? The courts in New Zealand and in the UK have each recently grappled with this issue. In both...
|Overview of the Landscape for Evaluating Creditors' Breach of Fiduciary Duty Claims in Delaware|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 2, 2015, previously published on August 31, 2015In our prior post, we discussed the standard a creditor must meet to sue an insolvent corporation for breach of fiduciary duties, as laid out in the Quadrant Structured Products Co., Ltd. v. Vertin decision. Another notable takeaway from the Quadrant decision was the Court’s overview of the...
|Sixth Circuit Holds that Legal Entities are “Persons” Under the Fair Debt Collection Practices Act|
Patricia J. Scott; Foster Swift Collins Smith P.C.;
August 27, 2015, previously published on August 27, 2015Is a corporation a person? This oft-debated topic has been the subject of many legal disputes, and even found its way into the headlines during the 2012 presidential campaign. The U.S. Supreme Court recently, famously and controversially grappled with the issue of whether corporations are...