Judge Rules Hostess Must Maintain Teamsters Union Contract

by Joel R. Glucksman on May 18, 2012

A recent court ruling will prohibit Hostess Brands Inc. from terminating its union contract with the Teamsters, a move that will impact the company’s strategy for emerging from its second bankruptcy. Since the company filed for bankruptcy protection in January, Hostess and the Teamsters have been unable to reach a consensus regarding a pre-bankruptcy collective [...]

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Dewey Attracts Distressed-Debt Investors as it Tries to Avoid Bankruptcy

by Joel R. Glucksman on May 15, 2012

Law firm Dewey & Leboeuf LLP is exploring ways to avoid filing for bankruptcy protection, and some distressed debt investors are capitalizing on the situation by buying up the company’s debt.

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Federal Judge Defines Bankruptcy Court’s Scope of Authority

by Joel R. Glucksman on May 11, 2012

A federal judge cited a recent U.S. Supreme Court ruling to provide more insight into the limitations of the authority held by U.S. bankruptcy court judges.

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Decline in Business Bankruptcies in 2011 Creates Uncertainty for 2012

by Joel R. Glucksman on May 10, 2012

Business bankruptcy filings fell in 2011 from the year before, but industry professionals say filing trends for 2012 remain uncertain. The decline in filings is likely the result of more businesses utilizing out-of-court restructurings facilitated by high-yield debt financing, according to the National Law Journal. The number of business bankruptcy filings fell from 56,282 in [...]

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Bankruptcy Ruling Allows Getty Realty to Repossess GPMI Portfolio

by Joel R. Glucksman on May 8, 2012

Getty Realty Corp. (“Getty”), a real estate investment trust, announced its plans to immediately repossess 788 of the 789 properties it had leased to Getty Petroleum Marketing Inc. (“GPMI”). GPMI originally filed for bankruptcy protection in December. Getty obtained the right under bankruptcy law to take back the properties following a ruling by of the [...]

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Madoff Daughter-in-Laws to Face Trustee Claims

by Joel R. Glucksman on May 8, 2012

Bernard Madoff is not the only individual who will face claims for his $20 billion Ponzi scheme, after a bankruptcy judge ruled that the wives of his sons may also be pursued.

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Court Ruling Punishes Debtor Principal for Delaying Bankruptcy Filing

by Joel R. Glucksman on May 4, 2012

The United States Bankruptcy Court for the Western District of New York made an example out of a principal who discouraged a debtor from filing bankruptcy promptly in order to take advantage of the preference liability timeline. In the case of Wallach v. Buchheit (In re Northstar Development Corp.), the court ruled that the sole [...]

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Third Circuit Court Rules Insurance Rights can be Assigned to Trusts

by Joel R. Glucksman on May 3, 2012

The Third Circuit U.S. Court of Appeals has reaffirmed lower court rulings that allowed insurance rights to be included in asbestos trusts agreements under 524(g) of the Bankruptcy Code. In the case of Federal-Mogul Global Inc., the automobile parts manufacturer faces hundreds of thousands of asbestos personal injury lawsuits, and filed for Chapter 11 protection [...]

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Credit Bidding Dispute Comes Under Scrutiny by Supreme Court

by Joel R. Glucksman on May 1, 2012

Creditor’s rights are a hot topic in the Supreme Court currently, and the ruling in a current case may give secured creditors more rights when it comes to recouping losses. Arguments in the case of RadLAX Gateway Hotel center around whether debtors who have entered into Chapter 11 bankruptcy are permitted to sell off secured [...]

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Bankruptcy Commission Considers Overhauling Chapter 11

by Joel R. Glucksman on April 27, 2012

Businesses facing financial insolvency, but wishing to reorganize, have long sought protection under Chapter 11 bankruptcy law, but industry leaders say this particular type of protection is outdated and in need of changes. A commission established by the American Bankruptcy Institute has proposed overhauling Chapter 11 to better accommodate the complexities of modern businesses, and to make [...]

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