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1 month ago | 
law.com | Lawrence J. Kotler |Ryan M. Spengler
In In re Ghatanfard, No. 24-CV-2858 (CS), 2024 WL 4707931 (S.D.N.Y. Nov. 7, 2024), the U.S. District Court for the Southern District of New York affirmed a decision by the U.S. Bankruptcy Court for the Southern District of New York converting a debtor’s Subchapter V case to a Chapter 7 case.
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1 month ago | 
lexology.com | Lawrence J. Kotler |Ryan M. Spengler
In In re Ghatanfard, No. 24-CV-2858 (CS), 1 (S.D.N.Y. Nov. 7, 2024), the U.S. District Court for the Southern District of New York affirmed a decision by the U.S. Bankruptcy Court for the Southern District of New York converting a debtor’s Subchapter V case to a Chapter 7 case.
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Aug 12, 2024 | 
law.com | Lawrence J. Kotler |Ryan M. Spengler
In a recent opinion, the U.S. Bankruptcy Court for the Northern District of California (the court) in the matter of In re Callaway, No. 24-30082-DM, 2024 WL 3191673 (Bankr. N.D. Cal. June 26, 2024), created a potential loophole for plant-touching cannabis businesses desiring bankruptcy protection when it denied two separate motions to dismiss an individual’s Chapter 7 bankruptcy case.
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May 3, 2024 | 
mondaq.com | Ryan M. Spengler
Distressed U.S. marijuana operators remain largely unable to
access bankruptcy relief, an ongoing challenge in a tough industry
where business failures are common. But with federal marijuana
rescheduling possible in the near future – and with signs of
shifting attitudes in recent bankruptcy court cases – reform
could be somewhere over the horizon.
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Mar 27, 2024 | 
law360.com | Lawrence J. Kotler |Seth Goldberg |Ryan M. Spengler
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Mar 1, 2024 | 
lawjournalnewsletters.com | Lawrence J. Kotler |Ryan M. Spengler
BankruptcyRegulationThe Central District of California court held that a bankruptcy court’s administration of cannabis-related state court claims against a debtor’s estate is not a violation of the Controlled Substances Act. In In re Kojima, No. 8:23-CV-00167-RGK, 2023 WL 4602623 (C.D. Cal.
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Feb 8, 2024 | 
lexology.com | Seth A. Goldberg |Lawrence J. Kotler |Ryan M. Spengler
Click here to watch the videoA webinar replay of Mainstreaming Cannabis: Bankruptcy, Receiverships and Reorganization is now available for viewing. Cannabis companies face unique challenges due to the federal prohibition of cannabis. Unlike businesses in virtually all other industries, cannabis operators in financial distress have traditionally been unable to obtain the relief of bankruptcy.
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Feb 2, 2024 | 
law.com | Lawrence J. Kotler |Ryan M. Spengler
In In re Kojima, No. 8:23-CV-00167-RGK, 2023 WL 4602623 (C.D. Cal. July 17, 2023), the U.S. District Court for the Central District of California (the court) affirmed a bankruptcy court’s order approving a Chapter 7 trustee’s proposed settlement of cannabis-related state court claims held by creditors of the estate.
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Dec 1, 2023 | 
lawjournalnewsletters.com | Lawrence J. Kotler |Ryan M. Spengler
BankruptcyLitigationWhile this case does not fully open the courthouse doors to cannabis-related businesses and seemingly grants the bankruptcy courts a great deal of discretion when ruling on similar cases in the future, cannabis-related businesses may now have a roadmap to pursue reorganization.
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Nov 8, 2023 | 
mondaq.com | Lawrence J. Kotler |Ryan M. Spengler
In contrast with a majority of bankruptcy courts that routinely
dismiss cannabis-related cases for perceived violations of the
Controlled Substances Act (CSA), the U.S. Bankruptcy Court for the
Central District of California in the recent opinion In re
Hacienda, No. 2:22-BK-15163-NB, (Bankr. C.D. Cal. July 11,
2023), refused to conform to the same historical standard.
