Recent Articles

Bahraini Investment Bank, Arcapita Bank BSC, Files for Bankruptcy in the Southern District of New York

Jason Cornell
March 22, 2012 00:42

Introduction On Monday, Arcapita Bank BSC ("Arcapita"), a Bahraini closed joint stock company, filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the Southern District of New York.  As stated in the First Day Declaration of Arcapita's Executive...

Consistency - A Hallmark of the Delaware Bankruptcy Court

Jason Cornell
March 15, 2012 14:38

In a 17 page decision entered March 9, 2012, Judge Carey of the Delaware Bankruptcy Court granted a motion for relief from the Bankruptcy Code’s automatic stay to allow an undersecured creditor to exercise its remedies against a debtor’s collateral.  A copy of Judge Carey's opinion...

Dirt-for-Debt, or Just Dirt: Judge Carey's Latest Decision in All Land Investments, LLC

Jason Cornell
March 15, 2012 13:53

Summary In a 28 page decision dated March 9, 2012, Judge Carey of the Delaware Bankruptcy Court denied confirmation of a debtor’s plan and granted the motion to lift the automatic stay filed by a creditor with a lien against a majority of the debtor’s assets.  Judge Carey’s...

Unsecured Creditor Agent in Orleans Homebuilders Files Preference Actions

Jason Cornell
February 28, 2012 02:50

Introduction Earlier this month, JH Cohn, LLP ("Cohn" or "Plaintiff") began filing preference complaints against various defendants in the Orleans Homebuilders ("Orleans") bankruptcy proceeding.  For those not familiar with the Orleans bankruptcy proceeding, Cohn...

Decision in AE Liquidation, Inc. Allows Preference Complaint to be Amended After the Expiration of the Statute of Limitations

Jason Cornell
February 23, 2012 16:58

Summary In an 8 page decision signed January 6, 2012, Judge Walrath of the Delaware Bankruptcy Court allowed a plaintiff to amend a preference complaint to include additional transfers, even though the statute of limitations had expired. Judge Walrath’s opinion is available here (the...

Washington Mutual's Plan of Reorganization has been Confirmed

Jason Cornell
February 17, 2012 19:45

At approximately 10:15 this morning, Judge Walrath of the Delaware Bankruptcy Court made an oral ruling confirming Washington Mutual's chapter 11 plan of reorganization. Over the last three and one-half years, hundreds of attorneys and other professionals have worked thousands of hours...

LSP Energy Files Petitions for Bankruptcy in Delaware

Jason Cornell
February 15, 2012 21:21

Introduction On February 10th, electricity operator LSP Energy LP ("LSP") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in court filings, LSP owns and operates an electricity plant located in Batesville,...

Chapter 7 Trustee in ManagedStorage (aka Incentrix Solutions) Files Preference Actions

Jason Cornell
February 06, 2012 02:05

Introduction In January, Jeoffrey L. Burtch, the Chapter 7 Trustee (the "Trustee") in the ManagedStorage bankruptcy proceeding, commenced adversary proceedings in the Delaware Bankruptcy Court against various defendants.  As alleged in the complaints, the Trustee...

Television Station Operator, International Media Group, Files Petitions for Bankruptcy in Delaware

Jason Cornell
January 30, 2012 00:14

Introduction Earlier this month, International Media Group and various of its affiliates (the "Debtors"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Debtors' Chief Restructuring Officer filed with the Court a...

Decision in Sierra Concrete Design, Inc. Provides a Thorough Explanation of the Principles Behind Bankruptcy's Preference Laws

Jason Cornell
January 16, 2012 18:06

Summary In an opinion issued January 4, 2012, Judge Sontchi of the Delaware Bankruptcy Court provided an easy to follow primer in preference law in the course of granting in part and denying in part a preference defendant’s motion for summary judgment. Judge Sontchi’s opinion is...