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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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Showing posts in Section 105

The Assets of “One Nortel” To Be Allocated Equitably On A Modified Pro Rata Basis

In re Nortel Networks, Inc., Case No. 09-10138 (KG), 2015 WL 2374351 (Bankr. D. Del. May 12, 2015)

In an “unprecedented, complex, and massive dispute involving highly integrated multinational enterprises,” Judge Gross of the Delaware Bankruptcy Court, along with Justice Newbould of the Ontario Superior Court of Justice (Commercial List), issued simultaneous opinions after a truly unique twenty-one day cross-border trial, determining how to allocate $7.3 billion to creditors of Nortel Networks Corporation (“NNC”), the indirect parent of more than 130 subsidiaries, located in more than 100 countries.  Consistent with its unprecedented nature, Judge Gross Read More

Bankruptcy Court Cannot Use Section 105 to Contravene Other Bankruptcy Code Provisions Says The Supreme Court

Law v. Siegel, 2014 WL 813702, 571 U.S. ___ (2014)

Justice Scalia delivered the Opinion issued by the Supreme Court in Law v. Siegel, which reversed the decision of the Ninth Circuit allowing a Chapter 7 trustee to surcharge a debtor’s homestead exemption pursuant to Section 105 of the Bankruptcy Code despite clear contrary authority of Section 522(k).  During his Chapter 7 proceeding, Steven Law (the “Debtor“) elected to claim a homestead exemption under California state law.  Pursuant to the express language of Section 522(k) of the Bankruptcy Code, the property subject to the exemption was to be… Read More