Archive for the ‘bankruptcy’ Category

“First Day” hearings for Gymboree Chapter 11 filing

Sands Anderson’s bankruptcy lawyers attended today’s “First Day” hearings in the chapter 11 bankruptcy case of The Gymboree Corporation and its affiliates. Gymboree operates approximately 1,300 children’s apparel and retail stores in the U.S. and abroad under three brands: Gymboree, Janie & Jack, and Crazy 8. This bankruptcy represents the latest significant filing caused by […]

 

Sands Anderson Report on Creditors Committee formation in Alpha Natural Resources Chapter 11

An Official Committee of Unsecured Creditors (“the Committee”) was appointed on Wednesday, August 12, 2015 in the Chapter 11 case of  Alpha Natural Resources, Inc. (“ANR“). ANR’s bankruptcy case was filed on August 3, 2015 in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. After interviewing those representatives of unsecured creditors who […]

 

Sands Anderson Report on First Day Hearing in Bankruptcy Filings of Alpha Natural Resources

Lawyers from the bankruptcy team of Sands Anderson attended “first day” hearings in the Chapter 11 bankruptcy case of Alpha Natural Resources, Inc. (“Alpha”) and its 149 related companies held on August 4, 2015 in the United States Bankruptcy Court, Eastern District of Virginia, Richmond Division. The bankruptcy case represents the latest significant filing in […]

 

Preference Claims Defense Number 3

In our last post we outlined the second of three common defenses to preference claims, the “subsequent new value” defense. Now let’s look at the third common defense, “contemporaneous exchange for new value”, in a bit more detail. Contemporaneous exchange for new value is very much like a COD transaction. For this defense, you give […]

 

Preference Claims Defense Number 2

In our last post we outlined the “ordinary course payment” legal defense against a bankruptcy preference claim. Now let’s look at the “subsequent new value” defense in a bit more detail. Subsequent new value is in the nature of a set off, and is meant to encourage creditors to continue to deal with a company […]

 

Preference Claims Defense Number 1

In our last post we outlined the legal defenses against a bankruptcy preference claim. Now let’s look at the “ordinary course payment” defense in a bit more detail. An ordinary course payment is, essentially, when there was nothing at all unusual or out of the ordinary pertaining to the payment at issue. For example, prior […]

 

Virginia CLE Seminar on Chapter 7 Bankruptcy

On June 14, 2012, Roy M. Terry, Jr. and I were pleased to be faculty for the Virginia CLE in a seminar entitled Chapter 7 Bankruptcy: What the Code and the Rules Won’t Tell You. The seminar, which was broadcast live via telephone and webcast, presented a practical view of the practice of Chapter 7 […]

 

SCOTUS: Secured Creditors Cannot Be Denied the Right to Credit-Bid

On May 29, 2012, the United States Supreme Court decided Radlax Gateway Hotel, LLC v. Amalgamated Bank, ruling that secured creditors cannot be denied the right to credit-bid on the sale of property or assets in the context of a Chapter 11 bankruptcy plan of reorganization. The Chapter 11 debtors were the owners of the […]

 

Bankruptcy Preference Claim Can Be An Unwelcome Surprise

One of the most difficult conversations a bankruptcy attorney can have with a client is to explain the concept of bankruptcy “preference claims”.