As previously discussed and anticipated in prior blog posts, the United States Supreme Court’s decision in Siegel v. Fitzgerald, 596 U.S. 464, 142 S.Ct. 1770, 213 L.Ed.2d 39 (2022), which struck down as unconstitutional the...more
6/27/2024
/ Bankruptcy Court ,
Bankruptcy Trustees ,
Chapter 11 ,
Creditors ,
Debtors ,
Disparate Treatment ,
Fees ,
Overpayment ,
SCOTUS ,
Siegel v Fitzgerald 596 US ,
Siegel v. Fitzgerald ,
Trustees
As discussed in our earlier blog post, In re The Hacienda Company, LLC – a Flicker of Hope for Distressed Cannabis Companies: Bankruptcy May be Available to Liquidate Assets of Non-Operating Cannabis Companies | In Solvency...more
9/27/2023
/ Agribusiness ,
Bankruptcy Code ,
Bankruptcy Court ,
Cannabis-Related Businesses (CRBs) ,
Chapter 11 ,
Controlled Substances Act ,
Creditors ,
Debtors ,
Federal Rules of Civil Procedure ,
Liquidation ,
Marijuana Related Businesses ,
Money Laundering ,
Ownership Interest ,
Restructuring
Until recently, the bankruptcy courts have generally been unavailable for insolvent cannabis companies to liquidate or reorganize. The Office of the United States Trustee (the “UST”) has a mandate from the Department of...more
In a recent decision by Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York presiding over cryptocurrency Chapter 11 megacase, In re Celsius Network, LLC, et al., Case No....more
On April 5, 2022, the Ninth Circuit Bankruptcy Appellate Panel (the “BAP”) published an opinion, Censo, LLC v. Newrez, LLC, BAP No. NV-21-1125-LTF (Apr. 5, 2022), which provides a framework for addressing whether a...more
The Bankruptcy Code contemplates the valuation of a secured creditor’s collateral for a variety of purposes at different stages of a bankruptcy case. While title 11 of the United States Code (the “Bankruptcy Code”) does not...more
In an issue of first impression, in In re Energy Future Holdings Corp., 2021 U.S. App. LEXIS 7400 (3d Cir. Mar. 15, 2021), the Third Circuit addressed the question whether an initial bidder whose break-up fee was disallowed...more
The Bankruptcy Code provides that subordination agreements are enforceable in bankruptcy to the same extent that such agreements are enforceable under non-bankruptcy law. 11 U.S.C. § 510(a). However, Section 1129(b)(1) of...more
As the pendulum of American politics has shifted once again, cannabis is back on the menu. The change in presidential administrations, along with sweeping approval by voters in those states where legalization of cannabis was...more