U.S. Bankruptcy Judge Dennis Montali recently ruled in the Chapter 11 case of Pacific Gas & Electric (“PG&E”) that the Federal Energy Regulatory Commission (“FERC”) has no jurisdiction to interfere with the ability of a bankrupt power utility company to
Continue Reading PG&E Bankruptcy Judge to FERC: What Part of “Exclusive” Jurisdiction Do You Not Understand?
Chapter 11
Supreme Court Displays More Pragmatic Approach to the Bankruptcy Code in Merit Management v. FTI Consulting
By Ben Feder on
Posted in Chapter 11
The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. has appropriately drawn significant attention. The Court, by narrowing the “safe harbor” provision of Section 546(e) of the Bankruptcy Code, has opened the door for…
Continue Reading Supreme Court Displays More Pragmatic Approach to the Bankruptcy Code in Merit Management v. FTI Consulting
Fees for Defending Fees – Recent Rulings Permit Contractual Circumvention of Supreme Court’s Baker Botts v. Asarco Decision
By Ben Feder on
Posted in Chapter 11
The Supreme Court two years ago ruled in Baker Botts v. Asarco that bankruptcy professionals entitled to compensation from a debtor’s bankruptcy estate had no statutory right to be compensated for time spent defending against objections to their fee applications. …
Continue Reading Fees for Defending Fees – Recent Rulings Permit Contractual Circumvention of Supreme Court’s Baker Botts v. Asarco Decision
Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees
By Ben Feder on
Posted in Chapter 11
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the long-running…
Continue Reading Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees
Delaware Bankruptcy Judge: A Carve-Out for Fees Is Not a Cap
By Ben Feder on
Posted in Chapter 11
Judge Christopher Sontchi recently issued an important opinion in the Molycorp chapter 11 case. He held that a standard carve-out in a financing order for the fees of counsel and other professionals for an official creditors’ committee will not…
Continue Reading Delaware Bankruptcy Judge: A Carve-Out for Fees Is Not a Cap
Punt, Pass or Kick? Supreme Court Struggles With Jevic at Oral Argument
By Ben Feder on
Posted in Chapter 11
The U.S. Supreme Court heard oral arguments this week in the case of Czyzewski v. Jevic Holding Corp. Although veteran Court watchers caution about seeking to predict ultimate rulings based on justices’ questions and stated concerns, it is difficult…
Continue Reading Punt, Pass or Kick? Supreme Court Struggles With Jevic at Oral Argument
Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years
By Ben Feder on
Posted in Chapter 11
The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case under the…
Continue Reading Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years
Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?
By Ben Feder on
Posted in Chapter 11
The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not met by a deadline …
Continue Reading Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?
Ruling on Pipeline Agreements in Sabine Chapter 11 Case Indicates Battles That Lie Ahead in Energy Company Bankruptcy Cases
By Ben Feder on
Posted in Chapter 11
U.S. Bankruptcy Judge Shelley Chapman ruled last week in the chapter 11 case of Sabine Oil & Gas that Sabine could utilize the U.S. Bankruptcy Code to “reject” certain agreements with pipeline operators. This decision will permit Sabine to walk…
Continue Reading Ruling on Pipeline Agreements in Sabine Chapter 11 Case Indicates Battles That Lie Ahead in Energy Company Bankruptcy Cases
Delaware Bankruptcy Judge Rejects Effort to Circumvent Supreme Court’s Asarco Decision
By Ben Feder on
Posted in Chapter 11
The Supreme Court’s decision last term in Baker Botts v. Asarco, in which the Court ruled that professionals that are paid from a debtor’s bankruptcy estate cannot be compensated for time spent defending their fee applications, continues to rankle…
Continue Reading Delaware Bankruptcy Judge Rejects Effort to Circumvent Supreme Court’s Asarco Decision