Nicholas Dumas

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Kirkland v. Rund (In re EPD Investment Company), No. 22-55944, 2024 WL 3909749 (9th Cir. Aug. 23, 2024) A divided panel of the United States Ninth Circuit Court of Appeals reconfirmed the so-called Ponzi scheme presumption, holding that the district court, which […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells   Silver State Broadcasting, LLC v. Carmel (In re Silver State Broadcasting, LLC), No. BAP NV-23-1196-FCL, 2024 WL 3877360 (B.A.P. 9th Cir. Aug. 20, 2024) Here, the United States Bankruptcy Appellate Panel for the Ninth Circuit (the “BAP”) held that the bankruptcy […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells SJS Mech. Servs. LLC v. Walsh Construction Co. II LLC, No. BR 24-01010, 2024 WL 2701959 (W.D. Wash. May 24, 2024) On an issue of first impression, the United States Bankruptcy Court for the Western District of Washington (the “Bankruptcy Court”) considered […]

Article courtesy of Jeff Dutson (King & Spalding) W.P. Productions, Inc. v. Tramontina U.S.A., Inc., 101 F.4th 787 (11th Cir. 2024). Sydney Silverman was the sole shareholder of WPP, an S corporation. The corporation was licensed to use the Wolfgang Puck name in the manufacture and distribution of kitchen products, and it entered into an […]

Article courtesy of Jeff Dutson (King & Spalding) The Supreme Court of Mississippi affirmed a Chancery Court’s refusal to set aside a foreclosure sale, holding the statute of frauds prevented the enforcement of an oral promise to sell property purchased at foreclosure sale back to prior owners, promissory estoppel was inapplicable as former owners could […]

Article courtesy of Jeff Dutson (King & Spalding) An equity receiver for a Ponzi estate had standing to maintain fraudulent transfer claims on behalf of the estate injured by the Ponzi scheme operator and its accomplice. However, an equity receiver for a Ponzi estate did not have standing to maintain common-law tort claims of negligence […]

Article courtesy of Kevin Braun, Claire Santaniello, and Paige Forcier (Morgan, Lewis & Bockius LLP) Green Earth Energy Photovolatic Corp, v. KeyCorp, No. CV 19-30123-MGM, 2024 WL 1363953 (D. Mass. March 29, 2024) Between 2017 and 2019, KeyBank National Association (“KeyBank”) provided approximately $15 million in loans to Green Earth Energy Photovoltaic Corp. (“GEE”) to […]

Article courtesy of Kevin Braun, Claire Santaniello, and Paige Forcier (Morgan, Lewis & Bockius LLP)   WM Cap. Partners 85, LLC v. Cashman Equip. Corp., No. CV 23-11658-FDS, 2024 WL 2962710 (D. Mass. June 12, 2024). On June 9, 2017, each of Cashman Equipment Corp., Cashman Scrap & Salvage LLC, Servicio Marino Superior, LLC and […]

Article courtesy of Chiraag Kumar (Met Life) The ACIC is thrilled to have welcomed the following new members during the second half of 2024: Jessica Wolfert (Greenberg Traurig LLP) Sarah Schultz (Akin Gump Strauss Hauer & Feld LLP) Paige Forcier (Morgan, Lewis & Bockius LLP) Stephen Patterson Fang (Rimon Law Limited) Jason Miller (MetLife) Kevin […]

Courtesy of Tyler Margolis (ArentfFox Schiff) Introduction The ACIC’s Spring Investment Forum held on April 11th and 12th was nothing short of spectacular, echoing the grandeur of blockbuster concerts that have left audiences spellbound worldwide. Aptly themed “Unobstructed Views – The ACIC Future Markets Tour,” the event drew inspiration from the mega-concerts that rocked 2023, […]

Article courtesy of Clint Culpepper of Baker Botts In Happy Hollow Ranch, LP v. Howley (In re Howley), No. 23-31029-sgj7, Adversary No. 23-03068-sgj, 2024 WL 409126, 2024 Bankr. LEXIS 260 (Bankr. N.D. Tex. Feb. 2, 2024) (opinion not yet released for publication), the bankruptcy court needed to decide whether the state court’s damage award was […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Issa v. Royal Metal Industries, Inc. (In re X-Treme Bullets, Inc.), 2024 WL 837043 (9th Cir. Feb 28, 2024) In a short, unpublished opinion, the United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”), following prior Ninth Circuit decisions, […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells Bird v. Wardley (In re White), No. AP 16-2089, 2024 WL 698232 (B.A.P. 10th Cir. Feb. 21, 2024) In In re White, the Bankruptcy Appellate Panel for the Tenth Circuit (the “BAP”) held that a chapter 7 trustee was unable to avoid […]

Article Courtesy of David Simonds, Katherine Lynn, and Edward McNeilly of Hogan Lovells   In re: Hawkeye Ent., LLC, No. 1:23-BK-11501-MB, 2024 WL 1528460 (Bankr. C.D. Cal. Apr. 8, 2024) In Hawkeye Entertainment, the United States Bankruptcy Court for the Central District of California (the “Court”) considered whether (i) to dismiss a bankruptcy case as […]

Article courtesy of Emily Kenna (PPM America) The ACIC is thrilled to welcome: Troy Harder (Bracewell LLP) Sam Harmelech (Legal & General Investment Management America, Inc.) Angus Hortop (Pricoa Private Capital) Steven Laabs (The Northwestern Mutual Life Insurance Company) To learn more about our esteemed new colleagues, continue reading: Troy Harder – Bracewell LLP: Troy […]

Article courtesy of Jeff Dutson (King & Spalding) Friedman v. Wellspring Capital Management, 651 B.R. 509 (Bankr. D.S.C. 2023).  A Trustee for creditors’ liquidation trust in a Chapter 11 case brought an adversary proceeding asserting fraudulent conveyance claims against equity holders of the debtor. The proceeding sought to avoid transfer of funds in the form […]

Article courtesy of Jeff Dutson (King & Spalding) Towers Watson & Co. v. Nat’l Union Fire Ins. Co. of Pittsburgh, PA, 67 F.4th 648, 650 (4th Cir. 2023). A company (the “Company”) purchased directors and officers insurance liability insurance coverage (the “Policy”) from several insurance companies (collectively, the “Insurance Company”).  Following the Company’s reverse triangular […]

Article courtesy of Jeff Dutson (King & Spalding) In re Vital Pharm., 652 B.R. 392 (Bankr. S.D. Fla. 2023) Plaintiff, an energy drink manufacturer (the “Company”), was granted summary judgment and was found to own several social media accounts as a matter of law. Defendant, a former CEO (the “CEO”), claimed to own the accounts […]

Article courtesy of Kevin Braun (Morgan, Lewis & Bockius LLP), Paige Forcier (Morgan, Lewis & Bockius LLP), and Ian Tomesch (Morgan, Lewis & Bockius LLP) Novi Footwear Int’l Co. Ltd. v. Earth Opco LLC, 638 F. Supp. 3d 83 (D. Mass. 2022) Novi Footwear International Co. Ltd., a footwear manufacturer (“Seller”), entered into an agreement […]

Article courtesy of Kevin Braun (Morgan, Lewis & Bockius LLP), Paige Forcier (Morgan, Lewis & Bockius LLP), and Ian Tomesch (Morgan, Lewis & Bockius LLP) Dorsey v. Rathbun, 211 N.E.3d 73 (Mass App. Ct. 2023) In September 2007, Paul Rathbun (“Borrower”) executed a secured promissory note (“Note”) in favor of Kimberly Dorsey (“Lender”) to pay […]

Article courtesy of Kevin Braun (Morgan, Lewis & Bockius LLP), Paige Forcier (Morgan, Lewis & Bockius LLP), and Ian Tomesch (Morgan, Lewis & Bockius LLP) Trust f/b/o Dianne Rose u/a/ DTD 9/12/02 v. Levine, et al., 2023 WL 5310608 (D. Vt. August 17, 2023) In 2012, Paul Rose and Virginia Kern obtained funding from the […]

Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP   District Court affirmed the Bankruptcy Court’s order awarding an oversecured creditor payment of default interest, because it did not engage in misconduct, the unsecured creditors were not unduly harmed by the payment of default interest at the 3% contractual rate and default […]

Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP   Convertible notes with default interest exceeding the Massachusetts statutory maximum violated the Massachusetts Usury Act, since they were not registered with the Massachusetts Attorney General’s office; however, the court declined to void the loans as permitted under the Act, but ordered the […]

Article courtesy of Kevin P. Braun of Morgan, Lewis & Bockius LLP   Security interest did not attach to a pledged investment account when collateral description included reference to the grantor’s property “in the possession of, or subject to the control of, Lender” and the depositary bank never signed the control agreement. Berkshire Bank v. […]

Article courtesy of Jeff Dutson of King & Spalding   As South Carolina law does not recognize the continuing breach theory, the question of whether separate breaches of contract trigger the same statute of limitations depends on the parties’ contractual relationship and intent, which is to be determined through the court’s factual analysis of the […]

Article courtesy of Jeff Dutson of King & Spalding   LLC member had no duty to work at the LLC full-time or to contribute to the LLC’s debt where there was no written LLC agreement to do so under Alabama law. Sadler v. Players Recreation Grp., LLC, 2022 WL 3700373 (Ala. 2022). An Alabama limited-liability […]

Article courtesy of Jeff Dutson of King & Spalding   Lender does not qualify for equitable subrogation exception to race-notice statute. Due to lender’s failure to obtain title examination to ascertain existence of intervening liens, the equitable subrogation exception to South Carolina’s race-notice statute was inapplicable and lender did not retain its senior lien priority […]

Article courtesy of Tyler Margolis of ArentFox Schiff LLP Communications Committee The Communications Committee is responsible for communications among the College’s members and for communications between the College and the investment community at large. The Committee is prepares and publishes the College’s newsletter, Private Notes.  Among other items of interest to the College’s members, the […]