We represent all the players in the debtor-creditor spectrum. So, we’ve developed some perspective. Sometimes the view is disheartening. A concern arises in defending the enforcement of money judgments. When representing judgment debtors, judges have said to us “this is a federal judgment and it must be paid,” or “it may not be today, it may not be tomorrow, but this judgment will be paid,” or one judge thundered “a judgment should be paid.”[1] These sentiments are echoed in reported decisions.[2] We also enforce judgments. So, we appreciate what they are.…Read More
We’re very excited that the “Deal Pipeline” quoted us in Don Lonkevich’s article about our successful defense of two involuntary bankruptcy petitions against a publicly traded corporation and its subsidiary. Read the article here: LuxeYard Close to Dismissing Bankruptcy By Dan LonkevichRead More
We can’t overemphasize the importance of filing accurate schedules and statements in a bankruptcy case. Regardless of lawyers’ skills, clients must review their schedules carefully before signing them. The recent decision in Crawford v. Franklin Credit Management Corp.1 (“Crawford”) illustrates the dangers of inaccurate schedules and a lucky “escape hatch.” The Debtor filed a chapter 13 case (the “Case”). Her schedules and statements omitted her fraud claims against a predatory lender (the “Claims”). The Case was dismissed for the Debtor’s failure to pursue it. Later, the Debtor sued the lender asserting these…Read More
The Eastman Kodak Company reorganization2 provided a “shot in the arm” for debtors and a shot at landlords to be reckoned with. In re Eastman Kodak Company, 495 B.R. 618 (Bankr S.D.N.Y. 2013) (“Kodak“). The Power of Bankruptcy Code § 365 Bankruptcy Code (the “Code”) § 365(b) and (f) enable trustees and chapter 11 debtors-in-possession (“Trustees”) to assume (keep) and assign (transfer) unexpired leases of non-residential property (e.g., commercial leases [“Leases”]) to which the debtors were parties before their bankruptcy. This enables Trustees to keep a valuable, below-market Lease for continued operations…Read More
