The law that temporarily increased the maximum amount of debt a company may have to qualify as a small business under Subchapter V – the cheaper, easier, and faster version of Chapter 11 – from $2.7 million to $7.5 million,
Continue Reading $7.5 Million Increased Debt Limit For Small Business Debtors May Become Permanent
Bankruptcy
Beware of Post-Confirmation Bar Dates In Chapter 11 Plans
By Robert L. LeHane & Sean Wilson on
A recent decision reminds creditors of the harsh consequences of failing to comply with a court imposed deadline for filing claims in a bankruptcy case. The U.S. Court of Appeals for the Third Circuit recently held in Ellis v. Westinghouse…
Continue Reading Beware of Post-Confirmation Bar Dates In Chapter 11 Plans
COVID-19: Small Business Bankruptcy Relief
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
COVID-19: Modified Bankruptcy Court Procedures
By Robert L. LeHane & Kristin Elliott on
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
As Madoff Five Year Anniversary Approaches, Investors Denied Time-Based Damages
By Ben Feder on
Posted in Bankruptcy
Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers., of the extraordinary Fall of 2008. To date, Trustee Irving …
Continue Reading As Madoff Five Year Anniversary Approaches, Investors Denied Time-Based Damages
Whither the Bankruptcy Courts? Will They Wither? Supreme Court Again to Consider Constitutional Limits on Bankruptcy Court Jurisdiction
By Ben Feder on
Posted in Bankruptcy
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…
Legal Nightmare Ends for Mets’ Owners. No Relief In Sight for Mets’ Fans.
By Ben Feder on
Posted in Bankruptcy
At the end of the day, Picard really did not have a case, but there was no way that Wilpon and Katz could risk a trial. It looks to be a fair and reasonable outcome.
http://espn.go.com/new-york/mlb/story/_/id/7708498/new-york-mets-settle-madoff-trustee-162-million
Continue Reading Legal Nightmare Ends for Mets’ Owners. No Relief In Sight for Mets’ Fans.
Madoff Trustee Gets Call on Borderline Pitch – Judge “Skeptical” But Does Not Dismiss Claims Against Mets’ Owners
By Ben Feder on
Posted in Bankruptcy
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…
Madoff Trustee and Mets’ Owners Aim Final Beanballs at Each Other Ahead of Summary Judgment Hearing This Week
By Ben Feder on
Posted in Bankruptcy
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…
Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits, Mets’ Owners With Respect to Principal Repayments — “Jack Sprat” Approach Could Resolve Entire Case
By Ben Feder on
Posted in Bankruptcy
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…