Over the past year, committee members took advantage of the many benefits afforded them, including the committee’s newsletters and educational programs, and have taken part in active discussions over the listserv regarding hot topics and industry trends. We have big plans for 2024, and we thank our committee members and leadership for their support and continued participation.

We are excited to continue growing and providing relevant and interesting content for our members. The committee always welcomes any ideas for newsletter contributions, webinar topics, seminar panels, podcasts and other special projects. If you are interested in contributing, please reach out to Committee Co-Chairs Jamie Fell and Tim Anzenberger. Their contact information can be found on the Business Reorganization Committee’s web page.

In a favorable ruling for financial institutions, the Sixth Circuit recently held in Electronic Merchant Systems LLC v. Gaal that “chargeback debts” are contingent debts that accrue at the time of the customer’s transaction with the merchant, rather than at the time of the chargeback itself. The decision had the effect of reviving a significant breach-of-contract claim against the personal guarantor of the obligations owed by the merchant to the financial institution providing electronic payment processing services under a merchant agreement.

In Dillworth v. Diaz (In re Bal Harbour Quarzo, LLC), a chapter 11 plan created a liquidating trust for the benefit of the estate’s general unsecured creditors and appointed a liquidating trustee. Vested with the authority to pursue the estate’s causes of action, the liquidating trustee filed an adversary proceeding against the debtor’s former officers and directors to recover fraudulent transfers and assert other tort claims.