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Articles by Philip Guffy
Southern District of Texas Bankruptcy Court Confirms That Opt-Out Procedures Provide Consent for Third-Party Releases
In an opinion issued on August 16, 2024 (In re Robertshaw US Holding Corp., Bankr. S.D. Tex., Case No. 24-90052, Docket No. 959), Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas held that opt-out procedures were sufficient to provide consent for third-party releases in a Chapter 11 plan, reaffirming that the Supreme Court’s Purdue opinion did not change Fifth Circuit law.
Standing Room Only: US Supreme Court Ruling Clarifies Insurers’ Rights in Chapter 11 Proceedings
Because insurance law is a creature of state law, it is rare for the United States Supreme Court to wade into insurance matters. But as our colleagues explained last fall, the Supreme Court agreed to do just that when it granted certiorari in Truck Insurance v. Kaiser Gypsum, a Fourth Circuit bankruptcy case. On June 6, 2024, the Supreme Court issued an opinion unanimously reversing the Fourth Circuit.
Supreme Court Resolves Circuit Split on Effect of Rejection of a Trademark Licensing Agreement in Bankruptcy | JD Supra
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Court Holds that Holders of Nonrecourse Debt Do Not Have Standing to File Involuntary Bankruptcy Petition | JD Supra
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Texas Court Declines to Adopt Rule Holding Violation of Law Is Per Se Bad Faith in Fraudulent Transfer Actions | JD Supra
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Delaware Bankruptcy Court Rejects “Implied Assumption” of Executory Contracts As Part of Asset Sale | JD Supra
The Delaware Bankruptcy Court recently held, in Stanley Jacobs Prod., Ltd. v. 9472541 Can. Inc. (In re Thane Int'l, Inc.), No. 17-50476 (KG), 2018 Bankr. LEXIS 464 (Bankr. D. Del. Feb. 21, 2018), that a debtor must file a formal motion to assume and assign an executory contract and, in so holding, rejected the doctrine of “implied assumption” based on the conduct of the debtor.
Nevada District Court Holds that a Creditor Must Have a Fully Undisputed Claim to Petition for an Involuntary Bankruptcy
The Nevada District Court recently held, in Mont. Dept. of Revenue v. Blixseth, No. 13-cv-01324-JAD, 2017 WL 6417632 (D. Nev. 15, 2017), that a creditor must have a fully undisputed claim to be a “qualified creditor” that may petition for an involuntary bankruptcy.
Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds
The Ninth Circuit recently held, in Pinnacle Rest. at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings II, LLC), No. 15-35572, 2017 U.S. App. LEXIS 12526, 2017 WL 2979660 (9th Cir. July 13, 2017), that a sale of real property free and clear of liens and interests under section 363(f) can terminate a leasehold in the underlying property notwithstanding the provisions of section 365(h) favoring non-debtor lessees.
Use of Accounting Term of Art in Arbitration Provision of Asset Purchase Agreement Narrows its Scope in Favor of Bankruptcy Court Jurisdiction Over Post-Closing Dispute | Kramer Levin Naftalis & Frankel LLP - JDSupra
The Delaware District Court affirmed the bankruptcy court’s decision that the combination of a narrow arbitration provision and the bankruptcy court’s reservation of jurisdiction warranted denial of a motion to compel arbitration. The specific language of the arbitration provision, combined with the use of an accounting term of art, narrowed the scope of the arbitration provision sufficiently to rebut the presumption of arbitration under the Federal Arbitration Act. In Halperin v.
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