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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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District Court Affirms Bankruptcy Court Decision on Ordinary Course of Business and Remands Subsequent New Value and Prejudgment Interest Rulings for Further Findings

Prudential Real Estate v. Burtch (In re AE Liquidation, Inc.), Civ. Nos. 13-1504 & 13-1505 (LPS), 2015 WL 5301553 (D. Del. Sept. 10, 2015), aff’g in part, rev’g in part Burtch v. Prudential Real Estate (In re AE Liquidation, Inc.), Nos. 08-13031 & 10-55543 (MFW), 2013 WL 3778141 (Bankr. D. Del. July 17, 2013)

In this appeal and cross appeal to the Delaware District Court, Judge Leonard P. Stark affirmed a Bankruptcy Court ruling that payments made an average of 17 days faster during the preference period were not eligible for the ordinary course of business defense under section 547(c)(2)… Read More

Third Circuit Allows 363 Purchaser’s Funds to Bypass IRS and Satisfy Certain Administrative and General Unsecured Claims

In re ICL Holding Company, Inc., No. 14-2709, 2015 WL 5315604 (3d Cir. Sept. 14, 2015), aff’g sub nom United States v. LCI Holding Co., Inc., Nos. 13-924 (SLR), 13-1188 (SLR), 2014 WL 975145 (D. Del. March 10, 2014)

As discussed by the Delaware Bankruptcy Insider in March of last year, in ruling on a motion for stay the Delaware District Court determined that the Delaware Bankruptcy Court did not err when it approved a sale of substantially all of the assets of LCI Holding Company, Inc. and its affiliated debtors (the “Debtors”) and a settlement between the purchaser (the Debtors’… Read More

No Direct Claims Asserted By Oklahoma Plaintiffs In SemCrude Bankruptcy, Third Circuit Reinstates Permanent Injunction

In re SemCrude L.P., 2015 WL 4635798, — F.3d —- (3d Cir. Aug. 5, 2015)

In a recent precedential Opinion, the Third Circuit reversed a Delaware District Court Opinion and reinstated the Bankruptcy Court’s original Opinion, holding that certain claims brought by a group of SemCrude’s former limited partners (the “Oklahoma Plaintiffs”) against Thomas L. Kivisto, co-founder and former President and CEO of SemCrude L.P. (together with its affiliates, the “Debtors”) were derivative of other claims already brought and settled.  As such, the Third Circuit directed the Bankruptcy Court to enter a permanent injunction against… Read More

Delaware Bankruptcy Court Won’t Allow Automatic Stay To Be Used As Litigation “Sword”

In re Scarborough-St. James Corp., No. 15-10625, 2015 WL 4940043 (LSS) (Bankr. D. Del. Aug. 18, 2015)

In her Honor’s first published Opinion, Judge Silverstein refused to permit a debtor to use the automatic stay as an offensive litigation tactic and granted a landlord’s motion for relief of the stay so that it could proceed with an eviction proceeding against the debtor.  Using the familiar three-pronged balancing test, the Court held that cause exists to allow the continued action because the debtor will not suffer great prejudice, the hardship to the landlord considerably outweighs the hardship to… Read More