SIPA Trustee's avoidance claims to recover fictitious profits paid by Bernard L. Madoff Securities LLC to hundreds of customers were not avoidable and fell within the section 546(e) safe harbor...
Summarized by John Eggum , Foran Glennon Palandech Ponzi & Rudloff
11 years 5 months ago
Citation:
Nos. 13-2226, 13-2288, 13-2300
Ruling:
As an issue of first impression, the Second Circuit held that the equitable mootness analysis set out in Chateaugay II applies to Chapter 11 liquidations. As with a reorganization, substantial...
VACATING and REMANDING the district court’s order affirming the bankruptcy court’s order denying an application to conduct, in a Chapter 15 ancillary bankruptcy proceeding, a section 363 review...
Summarized by Weston Eguchi , Willkie Farr & Gallagher LLP
11 years 6 months ago
Citation:
No. 13-3305-bk (Summary Order)
Ruling:
Second Circuit did not have jurisdiction to review the district court's permissive abstention decision. Regarding mandatory abstention, there was no evidence of abuse of discretion to require...
Judge(s):
Livingston, Droney and Nathan (S.D.N.Y. sitting by designation).
Summarized by Joel Levitin , Cahill Gordon & Reindel LLP
11 years 7 months ago
Citation:
Docket No. 12-4803-bk (2d Cir. August 13, 2014)
Ruling:
The bankruptcy court lacked subject matter jurisdiction to decide a tax refund claim because the liquidating trustee appointed pursuant to the Debtors' confirmed plan of reorganization did not...
Summarized by David Banker , Womble Bond Dickinson (US) LLP
11 years 7 months ago
Citation:
Picard v. Fairfield Greenwich; Picard v. Schneiderman, 13‐1289‐bk (L) 13‐1392‐cv (CON); 13‐1785, (2d Cir. August 8, 2014)
Ruling:
The United States Court of Appeals for the Second Circuit held that the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (ʺBLMISʺ) and of the bankruptcy estate of...
After receiving the response of the New York Court of Appeals to two certified questions, the Second Circuit affirmed the decision of the United States District Court for the Southern District of...
Second Circuit affirmed the District Court's decision, which held that Barclays was entitled to both the Margin Assets (i.e., $4bn in collateral supporting Lehman Brother Inc.'s exchange-traded...
U.S. COURT OF APPEALS FOR THE SECOND CIRCUIT August Term, 2013, Docket No. 12‐1603‐bk
Ruling:
Affirmed District Court affirming Bankruptcy Court's determination that New York State's increased homestead exemption, from $10,000 to $50,000, applied to judgment liens existing before the...
Judge(s):
Circuit Judges: Richard C. Wesley and Christopher F. Droney, and District Court Judge Vincent L. Briccetti (SDNY) sitting by designation.
Summarized by Joel Levitin , Cahill Gordon & Reindel LLP
11 years 8 months ago
Citation:
Docket No. 13-1931 (2nd Cir. July 25, 2014)
Ruling:
Court of Appeals affirmed the lower courts' decisions that the debtor was entitled to a discharge because denial of discharge is an extreme penalty, with exceptions to be narrowly construed, and...
