by Jeffrey M. Sklarz
Zeisler & Seisler, P.C. Bridgeport, Conn.
by Aaron A. Romney
Zeisler & Seisler, P.C. Bridgeport, Conn.
A bankruptcy estate’s ability to recover fraudulent and preferential transfers is an essential component of the bankruptcy process. Recovering fraudulently transferred property has become increasingly important given the recent wave of high-profile fraudulent schemes (e.g., Madoff, Deier, LLP and Alan Stanford) that are being untangled and resolved through the bankruptcy process. Not surprisingly, litigants rarely challenge, and appellate courts rarely question, the authority of bankruptcy courts to hear, determine and enter final judgments in avoidance actions brought pursuant to chapter 5 of the Bankruptcy Code, 11 U.S.C. §§ 542-551.[1] That status quo changed when the Supreme Court rendered its 5-4 decision in Stern v. Marshall,[2] which has been described by one court as “a bombshell ... upon the ... practical issue of how bankruptcy judges are to perform what the [Bankruptcy] Code still calls [on them] to do.”[3] Since the Supreme Court decided Stern,the bankruptcy bar has been attempting to determine its short- and long-term impacts. This article reviews how Stern has been interpreted thus far, and discusses conclusions that may be drawn from it in the context of fraudulent-conveyance law. However, before discussing why the Supreme Court ruled as it did in Stern, the history of the Supreme Court’s jurisprudence regarding the bankruptcy court system must be explained.
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ABI's and Georegetown Law CLE's Views from the Bench was held at the Georgetown University Law Center in Washington D.C. in September, and several of the event's educational materials will prove to be an interesting read to the committee. First, the speaker for "Implications of Stern v. Marshall" discussed the constitutional and statutory provisions involved with the case, a summary of the argument and bills proposed as a result of the ruling. The session was led by Craig Goldblatt of Wilmer Cutler Pickering Hale and Dorr LLP in Washington D.C. Click here to view "Implications of Stern v. Marshall" educational materials.
The session for "Confirmation: Hot Cases Roundtable Gifting, DISH Network Corp. v. DBSD North American Inc., implication of vote-buying and other confirmation issues, In re Quigley and key issues in pre-packaged plans" was moderated by Jay M. Goffman of Skadden Arps, Slate, Meagher & Flom LLP in New York, and James H.M. Sprayregen of Kirkland & Ellis LLP in Chicago acted as the sessions's facilitator. Panelists included Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the District of Deleware in Wilmington, Hon. Leif M. Clark of the U.S. Bankruptcy Court for the Western District of Texas in San Antonio, Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York in New York City and Hon. Eugene R. Wedoff of the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago. Click here to view the conference educational materials related to this session.
Finally, the session titled "Mid-Market Dilemmas: Key issues representing closely held corporations, structured dismissals, recent administratice claim cases including stub rent, Goody's Family Clothing Inc., adequate protection Big3D Inc. and Scopac; the role of the examiner, automatic stay extension issues and freezing bank accounts; Mwangi v. Wells Fargo Bank." was moderated by Richard M. Kreman of DLA Piper in Baltimore and facilitated by Mary Jo Dowd of Arent Fox LLP in Washington D.C. Panelists included Hon. Robert G. Mayer of the U.S. Bankruptcy Court for the Eastern District of Virginia in Alexandria, Hon. Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond and the Hon. S. Martin Teel, Jr. of the U.S. Bankrutpcy Court for the District of Washington D.C. Click here to view the conference educational materials related to this session.
ABI's 37th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganization was held in September at the New York University School of Law in Conjunction with the NYU Pollack Center for Law & Business. The event included basic and advanced programs with topics such as "Operating the Business in Chapter 11; Avoiding Powers" and "Consensual Resolution Part I: The Obstacles." Speakers for the sessions included a variety of bankruptcy professionals from across the country. Click here to view materials from the Workshop on Bankruptcy & Business Reorganization.
