The Second Circuit Court of Appeals, acting with unusual alacrity (oral argument was heard only one month ago), summarily reversed the district court decision in Longacre Master Fund v. ATS Automation Tooling Systems. The decision did not break any significant new ground, and the court did not take the opportunity to consider the controversial claims trading … Continue Reading
The Second Circuit Court of Appeals recently heard arguments in a case that could have substantial implications on the trading of bankruptcy claims. While the court could choose to resolve the case, Longacre Master Fund, Ltd. v. ATS Automation Tooling Systems Inc., based on a straightforward analysis of New York contract law, it may also take … Continue Reading
The Third Circuit Court of Appeals issued an en banc opinion (pdf) today in which it overruled the Frenville standard for determining the existence of a "claim" for purposes of Section 101(5) of the Bankruptcy Code. The decision, In re Grossman’s, Inc., involved a claimant (Van Brunt) whose symptoms did not manifest until years following a Chapter 11 … Continue Reading
The ongoing debate about the treatment of cleanup orders in bankruptcy looks to be getting a lot more interesting in the Second Circuit. In a decision (.pdf) that could signal important precedent in the making, the United States District Court for the Southern District of New York granted the government’s motion to withdraw the reference … Continue Reading
