Yann Geron was featured in the Law360 article
"Thelen Trustee Settles with Ex-Partner over Unfinished
Biz." While the full text can be found in the July 1, 2013,
issue of Law360, a synopsis is noted below.
Yann Geron has urged a New York bankruptcy court to approve two
proposed settlements with Thelen LLP's former equity partners
named in his lawsuit, which seeks to recover hourly fees collected
by ex-partners who later joined a different firm.
Thelen, who once employed over 600 attorneys, filed for Chapter
7 protection in September 2009. Geron asserts that a waiver adding
language to the firm's partner plan allowed a fraudulent
transfer, depriving the partnership of its right to recover
Geron is representing himself. Also representing Geron are
Daniel A. Schnapp and Nicole Santucci.
Originally published in Law360.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Third Circuit recently held that claims purchased from trade creditors by a claims trader will be disallowed under section 502(d) of the Bankruptcy Code when the seller of the claim received, and did not repay, a preference.
On November 15, 2013, the United States Court of Appeals for the Third Circuit held in KB Toys that certain trade claims purchased on the secondary market were subject to disallowance because the trade creditors that sold those claims had not repaid their preference liability.
Section 553 of the Bankruptcy Code provides, subject to cer¬tain exceptions, that the Bankruptcy Code "does not affect any right of a creditor to offset a mutual debt owing by such credi¬tor to the debtor that arose before the commencement of the case under this title against a claim of such creditor against the debtor that arose before the commencement of the case."
Although its Israel-based electric car company had already filed bankruptcy in its home country, Better Place, Inc., the U.S. parent of the foreign debtor, filed for protection under chapter 15 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware earlier this summer.
The Bankruptcy Court for the District of Delaware recently ruled in In re NE OPCO, INC., 2013 Bankr. LEXIS 4569 (Bankr. D. Del. Nov. 1, 2013), that electricity is not a "good" for purposes of 11 U.S.C. § 503(b)(9).