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The Delaware Bankruptcy Insider is a premier blog designed to bring its readers a comprehensive analysis of the latest Delaware corporate bankruptcy news and rulings.  Brought to you by Ashby & Geddes, P.A.

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Ricardo Palacio, Esq.
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Merely Labeling A Claim “Turnover” Under Bankruptcy Code Section 542 Does Not Always Yield A “Core” Claim

IPC Int’l Corp. v. Milwaukee Golf Shopping Center LLC (In re IPC Int’l Corp.), Adv. No. 14-50333 (MFW), 2014 WL 5544692 (Bankr. D. Del. Nov. 3, 2014)

In this adversary proceeding, Judge Walrath granted a motion to transfer venue, holding that all alleged claims (including a claim for turnover under Bankruptcy Code section 542) were non-core and that the interests of justice and convenience of the parties weighed in favor of transfer.

The IPC proceeding was commenced by the debtor, alleging turnover, breach of contract, and unjust enrichment to recover certain accounts receivable incurred mostly post-petition under a pre-petition services agreement (the… Read More

The Insider’s Scoop: EFH Bidding Procedures Approved But Significant Modifications Necessary To Cure Fundamental Flaws

Upon commencement of this mega-chapter 11 case, the Debtors filed and pursued assumption of a restructuring support agreement (“RSA”), which contemplated, among other things, the tax-free spinoff of the Debtor entities that control the economic interest in their non-debtor affiliate, Oncor, a company that provides residential and commercial electricity in Texas and has been estimated by the Debtors to be worth as much as $18 billion.  Over the summer, however, the Debtors were forced to abandon the RSA when certain bidders offered more value than was to be provided under the RSA transactions.

Post termination of the RSA, the Debtors… Read More

Issue Of First Impression: Delaware Bankruptcy Court’s Jurisdiction Encompasses The Authority To Approve Rejection Of Expired Collective Bargaining Agreements

In re Trump Entm’t Resorts, Inc., No. 14-12103(KG) (Bankr. D. Del. Oct. 17, 2014)

In a sharply written Opinion, the Honorable Kevin Gross decided an issue of first impression in Delaware:  whether the Court has jurisdiction under Bankruptcy Code section 1113 to rule on a debtor’s motion to reject a collective bargaining agreement (“CBA”) that expired post-petition but its obligations continued status quo pursuant to Federal labor law.  Judge Gross found that the language and legislative purpose of section 1113 establishes the Court’s jurisdiction to enter an order approving rejection.  Applying the facts of the case, His Honor granted the… Read More