News & Publications

In Short The Situation: The U.S. Supreme Court considered whether § 363(m) of the Bankruptcy Code, which limits a party's ability to undo an asset transfer made to a good-faith purchaser in a bankruptcy case, is jurisdictional. The Result: The Supreme Court ruled that § 363(m) is not jurisdictional, so a litigant may forfeit, waive, or be judicially estopped from invoking it. The Court also declined to dismiss the appeal as moot. See MOAC Mall Holdings LLC v. [...]

ASSIGNMENTS FOR THE BENEFIT OF CREDITORS An Alternative to Chapter 11 and Chapter 7 Liquidations Distressed companies faced with unlikely prospects for reorganization often take advantage of the liquidation option via bankruptcy, where the debtor's assets can be sold free and clear of all liens, claims, and encumbrances. In a Chapter 7 bankruptcy liquidation, a trustee is appointed to liquidate assets, taking a commission. In a Chapter 11 liquidation, ownership or management typically continues operating [...]

Bankruptcy Remains Closed to Cannabis Businesses Cannabis businesses and owners remain (mostly) barred from filing for federal bankruptcy protection, but as more states legalize and as more "ancillary" businesses seek to file, courts continue to grapple with court supervisions of distressed cannabis businesses. It remains the case that businesses and individuals which "touch the plant," that is, which grow or sell marijuana (aka marijuana regulated businesses, or "MRBs"), are unable to seek bankruptcy protection, whether [...]