Shmuel Vasser

Apr 19, 2023 | jdsupra.com | Shmuel Vasser

The Second Circuit recently held that a non-party to an assumed executory contract is not entitled to a cure payment (although it may be so entitled if is a third-party beneficiary of the contract). The result would have seemed obvious to bankruptcy practitioners. So, what in the world made the party pursuing payment to take this to the Second Circuit? Well, surprisingly, as the Second Circuit decision shows, the answer is not found in the plain text of the Bankruptcy Code.

Mar 28, 2023 | jdsupra.com | Shmuel Vasser

Lenders often attempt to limit what a borrower can do outside the ordinary course of business by negotiating contractual protections. Some of these provisions are designed to make the borrowers bankruptcy remote by, for example, requiring the borrower’s Board to include an independent director whose consent is required for a bankruptcy filing.

Mar 23, 2023 | jdsupra.com | Jay Alicandri |Shmuel Vasser

As market participants debate whether the recent bank shutdowns and the government-sponsored sale of Credit Suisse may be a precursor for another “Lehman Moment,” we are reminded of yet unresolved issues that followed the Lehman Brothers’ 2008 collapse.

Mar 15, 2023 | jdsupra.com | Shmuel Vasser

In the Chapter 15 case of Three Arrows Capital, Ltd., the Bankruptcy Court for the Southern District of New York recently held that Rule 45 of the Federal Rule of Civil Procedure (“Rule 45”) authorizes service of subpoenas to U.S. nationals or residents who are in a foreign country through alternative means to personal service, including via email and Twitter.