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I Really Can’t Stay: Supreme Court Clarifies Scope of Bankruptcy Automatic Stay

The United States Supreme Court has issued an opinion that clarifies the extent to which the automatic stay imposes obligations on creditors that seized their debtor’s property pre-petition and resolves a broad split among the circuit courts. The decision, City of Chicago v. Fulton, provides protection for creditors but adds to the burdens faced by…

Client Alerts | January 20, 2021 | Creditors’ Rights and Bankruptcy Litigation

Kleinberg Kaplan Partners Matthew Gold, Dov Kleiner and Marc Rosen Published in Westlaw Today

A recent client alert written by Kleinberg Kaplan partners Matthew Gold, Dov Kleiner and Marc Rosen was republished by Westlaw Today. The article, “The Trustee Strikes Back: Greektown Decision May Limit Safe Harbor Defenses,” discusses an interesting new decision by a Michigan bankruptcy court in the ongoing battle over clawback actions. The article was included…

Attorney Articles | January 19, 2021 | Creditors’ Rights and Bankruptcy Litigation

BAM! Madoff Defendants Socked with Substantial Prejudgment Interest

A recent decision from a New York bankruptcy court provides guidance on how federal courts may approach requests for prejudgment interest in fraudulent conveyance cases. The decision, Picard v. BAM LP, highlights a risk faced by defendants in litigation of lengthy duration and provides practical guidance on how federal judges may exercise their discretion regarding…

Client Alerts | January 4, 2021 | Creditors’ Rights and Bankruptcy Litigation

Not Just the Usual Suspects: Court of Appeals Allows Lender’s Suit Against Parties that Financed Hostile Bankruptcy

A recent decision by the New York Court of Appeals adds teeth to the ability of real estate lenders to dissuade borrowers from filing bankruptcy and highlights the risks faced by borrowers that choose bankruptcy – and those that assist them. The decision, Sutton 58 Associates LLC v. Pilevsky, permits a lender to pursue a…

Client Alerts | December 10, 2020 | Creditors’ Rights and Bankruptcy Litigation | Real Estate Litigation | Financing

The Trustee Strikes Back: Greektown Decision May Limit Safe Harbor Defenses

A recent decision from a Michigan bankruptcy court shows potential limits to Safe Harbor defenses to clawback actions and may provide new hope to trustees and other clawback plaintiffs that seek to push back against defendant-friendly decisions in the Second Circuit. The decision, In re Greektown Holdings, LLC, highlights the importance of appropriately and carefully…

Client Alerts | December 8, 2020 | Creditors’ Rights and Bankruptcy Litigation

Kleinberg Kaplan Partners Matthew Gold, Dov Kleiner and Michael Levine Published in Pratt’s Journal of Bankruptcy Law

A recent client alert written by Kleinberg Kaplan partners Matthew Gold, Dov Kleiner and Michael Levine has been re-published in the November/December edition of Pratt’s Journal of Bankruptcy Law. The article, “New York Court Adopts Majority ‘Taint Travels’ Rule” highlights the Firestar Diamond, Inc. decision by the New York Bankruptcy Court which is the latest…

Attorney Articles | November 11, 2020 | Creditors’ Rights and Bankruptcy Litigation

Safer Than Ever: Nine West Decision Buttresses Bankruptcy Safe Harbor

A recent decision by a New York district court confirms that the defendant-friendly holding of the Second Circuit’s Tribune decision (discussed in our prior alert) will be applied broadly to benefit defendants and rejects efforts by plaintiffs to work around Tribune. The decision, In re Nine West LBO Securities Litigation, reaffirms the vitality of the…

Client Alerts | September 22, 2020 | Creditors’ Rights and Bankruptcy Litigation

All’s Fair That Is Not Unfair: Third Circuit Refuses To Strictly Enforce Subordination Agreement In Cramdown

The Third Circuit Court of Appeals has affirmed the confirmation of a plan of reorganization that did not strictly enforce the subordination provisions of certain public debt issuances. The decision, In re Tribune Co., illustrates limits to the utility of subordination agreements and provides a new standard for the implementation of the “unfair discrimination” test…

Client Alerts | September 2, 2020 | Creditors’ Rights and Bankruptcy Litigation