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Articles by Justin Cloyd
Shared Facts Do Not Mean Shared Claims as Delaware Court Finds Certain D&O Claims Belong to Creditors, Not the Estate
Judge Craig Goldblatt’s recent decision in the Delaware bankruptcy court carves out a safe haven for creditors amid the Third Circuit’s expanding view of what claims belong to a debtor’s estate. Relying on the Third Circuit’s decision in Whittaker, Clark & Daniels[1], Judge Goldblatt held that certain claims against directors and officers, which are traditionally treated as estate property, instead belong to individual creditors.
In Purdue Pharma, the Supreme Court Fires a Canon of Construction Through Non-Consensual Third-Party Releases (US)
On June 27, 2024, the Supreme Court ruled in a 5-4 decision that a bankruptcy court does not have the statutory authority to discharge creditors’ claims against a non-debtor without the creditors’ consent (except in asbestos cases). The decision in Harrington v. Purdue Pharma settles a long-standing dispute in the bankruptcy world that will have significant impact on Purdue Pharma and its hundreds of thousands of creditors, and more generally on the bankruptcy practice itself.
Cryptocurrency Brings Disruption To Bankruptcy Courts—What Parties Can Expect And The Open Issues Still To Be Resolved (Part Two) - Insolvency/Bankruptcy - United States
In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap. In part one, we addressed whether cryptocurrency constitutes property of the estate, the impacts of cryptocurrency's fluctuating valuation, issues of perfection, and the effects of cryptocurrency on debtor-in-possession financing.
Cryptocurrency Brings Disruption to Bankruptcy Courts-What Parties Can Expect and the Open Issues Still To Be Resolved (Part Two)
In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap. In part one, we addressed whether cryptocurrency constitutes property of the estate, the impacts of cryptocurrency’s fluctuating valuation, issues of perfection, and the effects of cryptocurrency on debtor-in-possession financing.
Cryptocurrency Brings Disruption to Bankruptcy Courts-What Parties Can Expect and the Open Issues Still To Be Resolved (Part Two) Original
In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap. In part one, we addressed whether cryptocurrency constitutes property of the estate, the impacts of cryptocurrency’s fluctuating valuation, issues of perfection, and the effects of cryptocurrency on debtor-in-possession financing.
Cryptocurrency Brings Disruption to Bankruptcy Courts-What Parties Can Expect and the Open Issues Still To Be Resolved (Part One)
Many authorities and commentators have considered cryptocurrencies, and the blockchains that undergird them, as a potentially disruptive force in the financial industry. Now, that disruption has made its way to a different side of finance—bankruptcy, and during the past year, the United States bankruptcy courts have had to confront many unexpected challenges involved in dealing with cryptocurrency. The Bankruptcy Code is a tool to create order out of chaos.
Cryptocurrency Brings Disruption to Bankruptcy Courts-What Parties Can Expect and the Open Issues Still To Be Resolved (Part One)
Many authorities and commentators have considered cryptocurrencies, and the blockchains that undergird them, as a potentially disruptive force in the financial industry. Now, that disruption has made its way to a different side of finance—bankruptcy, and during the past year, the United States bankruptcy courts have had to confront many unexpected challenges involved in dealing with cryptocurrency. The Bankruptcy Code is a tool to create order out of chaos.
MOAC Mall Holdings LLC v. Transform Holdco LLC – The US Supreme Court Unanimously Rules That Section 363(m) Is Not Jurisdictional
On April 19, 2023 the Supreme Court issued its unanimous ruling in MOAC Mall Holdings LLC v. Transform Holdco LLC, 528 U.S ____ (2023), holding that the limitations contained in section 363(m) of the United States Bankruptcy Code are not jurisdictional. The Supreme Court’s ruling not only resolved a split amongst the circuits, but it also cleared up a foggy corner of arguably one of the most consequential sections of the Bankruptcy Code.
MOAC Mall Holdings LLC v. Transform Holdco LLC - The US Supreme Court Unanimously Rules That Section 363(m) Is Not Jurisdictional
On April 19, 2023 the Supreme Court issued its unanimous ruling in MOAC Mall Holdings LLC v. Transform Holdco LLC, 528 U.S ____ (2023), holding that the limitations contained in section 363(m) of the United States Bankruptcy Code are not jurisdictional. The Supreme Court’s ruling not only resolved a split amongst the circuits, but it also cleared up a foggy corner of arguably one of the most consequential sections of the Bankruptcy Code.
When Caught Violating The Stay, Forgiveness For Creditors Is Not Automatic
A recent order from the United States Bankruptcy Court for the Southern District of New York puts to test the theory that “it is better to ask for forgiveness than permission.” After a lengthy dispute in the bankruptcy cases of Arcapita Bank B.S.C.(c) and its affiliates (the “Debtors”), the court held Bahrain Islamic Bank (“BisB”) in civil contempt for willfully violating the automatic stay.
When Caught Violating The Stay, Forgiveness For Creditors Is Not Automatic
A recent order from the United States Bankruptcy Court for the Southern District of New York puts to test the theory that “it is better to ask for forgiveness than permission.” After a lengthy dispute in the bankruptcy cases of Arcapita Bank B.S.C.(c) and its affiliates (the “Debtors”), the court held Bahrain Islamic Bank (“BisB”) in civil contempt for willfully violating the automatic stay.
Siegel v. Fitzgerald – How to Remedy the Impacts of an Unconstitutional Law
On June 6, 2022, the U.S. Supreme Court issued its opinion in Siegel v. Fitzgerald, in which the Court held that the Bankruptcy Judgeship Act of 2017, Pub. L. 115-72, Div. B, 131 Stat. 1229 (the “2017 Act”) was unconstitutional.
A Cautionary Case Study on Preventing Lender Liability
In lending, the importance of full, transparent and accurate communications with a borrower cannot be overstated. In times of trouble, a lender must closely monitor a borrower’s activities and ensure not only that the lender takes any actions necessary and permissible under its loan documents but also that its borrower is taking the steps necessary to preserve the lender’s collateral.
Small Business Reorganization Act Includes Reorganization Chapter
The Small Business Reorganization Act (SBRA), which was signed into law on August 23, 2019, and went into effect as of February 19, 2020, put in place what is commonly known as “Subchapter V” in the reorganization industry. Under the SBRA, a qualified “small business debtor” may elect to be treated as a Subchapter V debtor if, among other things, the debtor’s aggregate, noncontingent, liquidated secured and unsecured debts as of the petition date totaled no more than $2,725,625.
Foreign Contributions to U.S. Elections
Many questions raised during this election season linger unanswered as voting comes to a close. One of the most troubling of these—the idea of foreign countries directly influencing our democratic process—slid in and out of the spotlight without receiving the scrutiny it deserved. Hillary Clinton claimed Russia worked behind the scenes to elect Donald Trump, while the Trump camp insinuated Clinton used money that Saudi Arabia gave to the Clinton foundation to help fund her campaign.
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