On Bankruptcy and Mediation
College athletics (Photo by Marilyn Swanson) By: Donald L Swanson There is an entirely-new group of rich people: well . . . they aren’t actually rich, compared to the truly rich; but compared to most of their peers, they are fabulously rich. NIL Benefits The entirely-new group consists of high-end college athletes. They are a newly... Continue Reading →
Ending in a narrow point (photo by Marilyn Swanson) By: Donald L Swanson “Learn something new every day,” is a well-worn adage. And it’s mostly true (I only question giving a literal meaning to the “every day” part). Nevertheless, I’m embarrassed to acknowledge learning only recently of the existence of a noteworthy, bankruptcy-related statute: 28 U.S.C.... Continue Reading →
The beginning of § 524(g) By: Donald L Swanson “Were Congress to . . . intervene and expand § 524(g) beyond asbestos cases, bankruptcy would become a more suitable alternative for resolving mass tort cases. Until then, such cases will likely remain problematic under the Code in the face of creditor opposition.” From “Order Dismissing Bankruptcy... Continue Reading →
A “single asset real estate”? (Photo by Marilyn Swanson) By: Donald L Swanson Excluded from Subchapter V eligibility is a “single asset real estate” debtor. We have a recent opinion on a Subchapter V debtor who beats that exclusion: In re Evergreen Site Holdings, Inc., [Fn. 1] What follows is a summary of that opinion. Eligibility... Continue Reading →
https://youtu.be/J-St2KJX6rk By: Donald L Swanson Subchapter V is the newest provision of the Bankruptcy Code—becoming effective on February 19, 2020. Subchapter V arose from a Report by the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11. Here is a link to the Commission’s “Recommendations” on “Small and Medium Sized Enterprise Cases,” which establish... Continue Reading →
Premature (Photo by Marilyn Swanson) By: Donald L Swanson “Were Congress to . . . intervene and expand § 524(g) beyond asbestos cases, bankruptcy would become a more suitable alternative for resolving mass tort cases. Until then, such cases will likely remain problematic under the Code in the face of creditor opposition.” From “Order Dismissing Bankruptcy... Continue Reading →
Electing? (photo by Marilyn Swanson) By: Donald L Swanson Taxpayers can elect to have their tax refunds applied to pay their next year’s taxes. But a taxpayer in (or about to be in ) bankruptcy had better beware—doing such a thing might (or might not) result in a discharge denial. Illustrating the issue is a... Continue Reading →
Narrow (Photo by Marilyn Swanson) By: Donald L Swanson When a federal court approves a [bankruptcy] plan allowing someone to put its hands into another person’s pockets, the person with the pockets is entitled to be fully heard and to have legitimate objections addressed.[Fn. 1] Pop Quiz Question: Does Insurer, in the following facts, have standing... Continue Reading →
Is this feasible? (Photo byMarilyn Swanson) By: Donald L Swanson Feasibility of a bankruptcy plan is always a tough issue. Think about it: debtors are in bankruptcy because they can’t make their payments when due; and in bankruptcy, a debtor must propose a plan for paying creditors—that will work this time. We now have a new... Continue Reading →
A missing piece? (Photo by Marilyn Swanson) By: Donald L Swanson One of the missing pieces in Subchapter V is this: it’s easier for a corporate business to meet the “engaged in commercial or business activities” standard for eligibility than it is for an individual owner/guarantor of that business. Here’s how one court describes the missing... Continue Reading →
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