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Last week, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, implementing broad relief for individuals and businesses affected by COVID-19.  One of the sections of the CARES Act receiving less attention is a temporary amendment…
Continue Reading COVID-19: Small Business Bankruptcy Relief

As the nation hunkers down to combat the novel coronavirus (COVID-19), bankruptcy courts throughout the country have moved quickly to implement procedures to preserve access to the courts while limiting in-person interaction during the crisis.  Each court’s specific COVID-19 procedures…
Continue Reading COVID-19: Modified Bankruptcy Court Procedures

Two years ago in Stern v Marshall, the Supreme Court surprised many observers by placing constitutional limits on the jurisdiction of the United States Bankruptcy Courts. The Court, in limiting the ability of a bankruptcy court judge to render a

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Continue Reading Whither the Bankruptcy Courts? Will They Wither? Supreme Court Again to Consider Constitutional Limits on Bankruptcy Court Jurisdiction

On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S. Rakoff granted Picard’s motion for summary judgment against Fred Wilpon and Saul Katz, the owners of the

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Continue Reading Madoff Trustee Gets Call on Borderline Pitch – Judge “Skeptical” But Does Not Dismiss Claims Against Mets’ Owners

Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), and Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), each submitted their final

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Continue Reading Madoff Trustee and Mets’ Owners Aim Final Beanballs at Each Other Ahead of Summary Judgment Hearing This Week

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), could

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Continue Reading Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits, Mets’ Owners With Respect to Principal Repayments — “Jack Sprat” Approach Could Resolve Entire Case

Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), to pursue an immediate appeal of Judge Rakoff’s recent decision to dismiss most of the counts set

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Continue Reading Five Weeks Until Pitchers and Catchers Report, Eight Weeks Until Lawyers Report – Madoff Judge Confirms Mid-March Trial For Trustee’s Claims Against Mets’ Owners

The travails of Jefferson County, Alabama are well known. Ordered by a federal court to upgrade its sewer system in the late 1990’s, the project was marred by corruption, cost overruns and financing with complex derivatives that ultimately saddled the County

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Continue Reading The Right Kind of Broke? Judge Weighs Deeply Insolvent County’s Eligibility For Chapter 9 Protection