News & Publications

In the wake of scandal-driven bankruptcies filed by nearly 20 U.S. Roman Catholic dioceses and religious orders, scrutiny has been increasingly brought to bear on the benefits and burdens that federal bankruptcy laws offer to eleemosynary (nonprofit) corporations. Nonprofits seek bankruptcy protection for a variety of reasons. In the case of the dioceses and religious orders, chapter 11 has been a vehicle to head off (at least temporarily) thousands of pending and potential clergy sexual-abuse [...]

Recent events involving the former chief executive officer of Energy XXI serve as a reminder that chapter 11 counsel, committees and committee counsel should take a closer look at the C-suite. This is especially true when a management incentive plan is being proposed and/or releases are being provided to executive management. Counsel should make sure that they have an understanding of prior company investigations, the executive employment agreements, and the expense reimbursement process. On July [...]

On June 4, 2018, the U.S. Supreme Court issued its opinion in Lamar Archer & Cofrin LLP v. Appling,1 resolving a circuit split on the issue of whether a debtor's statement about a single asset constitutes "a statement respecting the debtor's financial condition" for the purposes of 11 U.S.C. § 523(a)(2). Affirming the Eleventh Circuit's decision,2 the Supreme Court held that a debtor's statement about a single or specific asset does fall within the scope [...]