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In a January 2021 decision issued in the re-opened United Refining Company1 bankruptcy case, Judge Lopez of the Southern District of Texas Bankruptcy Court addressed when a tort claim is deemed to arise for purposes of determining whether it was discharged.  In particular, the court had to determine whether an asbestos-related claim arose at the time of exposure (in other words, the time at which the damaging act occurred) or at the time when the harm is diagnosed (in other words, when the claim was discovered).  Complicating things for the court was a lack of records from the 1980s bankruptcy case at issue, which also led to uncertainty as to whether the claimant had notice of the bankruptcy.  That in turn could have led to the conclusion that his claim had not been discharged regardless of the court’s determination of when the claim accrued.  As discussed below, the Court concluded that the claim was a prepetition claim discharged under the plan, and that all creditors were bound by such plan absent a showing that there was no proper notice.

Continue Reading Opinion of Interest – In re United Refining Company: Destruction of Records and the Accrual of Tort Claims

The National Rifle Association (“NRA”), along with its wholly owned Texas subsidiary, filed for chapter 11 bankruptcy protection on January 15, 2021 in the Bankruptcy Court for the Northern District of Texas.  The case already has presented several threshold issues and challenges that are of interest to both bankruptcy practitioners and the market as a whole.

Continue Reading The NRA Bankruptcy: What You Need to Know About the National Rifle Association’s Recent Chapter 11 Filing

CNBC reports that slow rollout of the vaccines and more contagious strains of Covid-19 may threaten investor outlook that have been buoyed by optimism about a swift economic recovery.  A possible K-shaped recovery may see companies of certain type and size start to recover while leaving out low-income families, and companies in the airline, restaurant,

The New York Times reports that the National Rifle Association (“NRA”) filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court in Dallas with plans to reincorporate in Texas. The New York attorney general’s office has been conducting an investigation into corruption at the NRA and has been seeking to dissolve the group.