Some fundamental bankruptcy issues are listed below, along with memoranda and leading Supreme Court and circuit court opinions dealing with them, to help you start thinking about these issues.

Over time, I will add subjects, memoranda and opinions. Many will be made available first through my blog.

I would be glad to provide you PDF copies of the opinions listed below, and to talk with you about any of the material posted on this website.

List of Issues

1. What kinds of issues can be decided by a bankruptcy court? See, e.g., Katchen and Stern, and memoranda titled The Power of a Bankruptcy Court and Using Stern v. Marshall.
2. What is adequate protection for a secured creditor? See, e. g., Timbers of Inwood Forest and RadLAX, and a memorandum titled Adequate Protection and Credit Bidding.
3. What kind of plan of reorganization can be confirmed? See, e.g., Ahlers (new value exception to the absolute priority rule); La Salle (cannot give old equity the exclusive opportunity to propose a new investment; need to expose a new investment opportunity to a market test by either terminating exclusivity or conducting an auction), and many older cases developing the absolute priority rule and the projected future cash flow approach to valuation that is used in bankruptcy.
4. What is the basis for a federal court to decide insolvency issues concerning a state entity such as a municipality? See, e.g., Bekins.
5. What does best interests of creditors mean for a government entity? See, e.g., Asbury Park, Kelley and Fano.
6. What does fair and equitable mean for a government debtor? See, e.g., Fano, Lorber, and Corcoran.
7. Can a state change legal priorities that Congress has established for a Chapter 9 case? See, e.g., Mission Independent School District.

List of Memoranda (posted here and available for download)

1. The Power of the Bankruptcy Court
2. Using Stern v. Marshall

List of Important Opinions (pdf copies available on request)

1. Louisville Trust Co. v. Louisville, N.A. & C. Ry. Co., 174 U.S. 674 (1899) (absolute priority rule in an equity receivership foreclosure).
2. Northern Pac. R. Co. v. Boyd, 228 U.S. 482 (1913) (absolute priority rule in an equity receivership foreclosure).
3. Kansas City Terminal Ry. Co v. Central Union Trust Co. of New York, 271 U.S. 445 (1926) (how creditor priority can be honored).
4. Louisville Joint Stock Land Bank v. Radford, 295 U.S. 555 (1935) (adequate protection).
5. Wright v. Vinton Branch of Mountain Trust Bank of Roanoke, Va., 300 U.S. 440 (1937) (adequate protection for certain crucial rights).
6. United States v. Bekins et al., Trustees, et al., Lindsay-Strathmore Irrigation District v. Bekins et al., Trustees, et al., 304 U.S. 27 (1938) (constitutionality the federal municipal bankruptcy statute).
7. Taylor v. Standard Gas & Elec. Co., 306 U.S. 307 (1939) (priority given to debtor’s preferred shareholders over claims by a parent company).
8. Case v. Los Angeles Lumber Products Co., 308 U.S. 106 (1939) (absolute priority under the bankruptcy statute).
9. Consolidated Rock Products Co. v. Du Bois, 312 U.S. 510 (1941) (absolute priority with valuation of assets based on reasonable projections of future cash flow).
10. Faitoute Iron & Steel Co. et al. v. City of Asbury Park, 316 U.S. 502 (1942) (municipal reorganization plan is in best interests of creditors).
11. Kelley et al. v. Everglades Drainage District, 319 U.S. 415 (1943) (municipal reorganization plan is in the best interests of creditors and fair and equitable).
12. Katchen v. Landy, Trustee in Bankruptcy, 382 U.S. 323 (1966) (bankruptcy court can exercise summary jurisdiction over assets in the estate).
13. Protective Committee for Independent Stockholders of TMT Trailer Ferry, Inc. v. Anderson, 390 U.S. 414 (1968) (approval of a settlement as reasonable and valuation based on future cash flows).
14. Northern Pipeline Construction Co. v. Marathon Pipe Line Co. et al., 458 U.S. 50 (1982) (bankruptcy court cannot exercise plenary jurisdiction).
15. United Sav. Ass’n of Texas v. Timbers of Inwood Forest Associates, Ltd., 484 U.S. 365 (1988) (adequate protection of the value of collateral during the case and no lost opportunity payments to undersecured creditors).
16. Norwest Bank v. Ahlers, 485 U.S. 197 (1988) (new value exception to absolute priority rule).
17. Granfinanciera, S.A., et al. v. Nordbert, Creditor Trustee for the Estate of Chase & Sandborn Corp., fka, General Coffee Corp., 492 U.S. 33 (1989) (bankruptcy court cannot exercise plenary jurisdiction).
18. Bank of America Nat. Trust and Sav. Ass’n v. 203 North LaSalle Street Partnership, 526 U.S. 434 (1999) (old equity cannot control the new investment, must be some sort of market exposure either by terminating exclusivity or running an auction).
19. Howard K. Stern, executor of the Estate of Vickie Lynn Marshall, Petitioner v. Elaine T. Marshall, executrix of the Estate of E. Pierce Marshall, 564 U.S. 462 (2011) (bankruptcy court can exercise summary jurisdiction).
20. RadLAX Gateway Hotel, LLC v. Amalgamated Bank, 132 S.Ct. 2065 (2012) (right to credit bid should generally be honored).
21. Wellness Intern. Network, Ltd. v. Sharif, 135 S. Ct. 1932 (2015) (parties can consent to the bankruptcy court trying a plenary matter).
22. Fano v. Newport Heights Irr. Dist., et al., 114 F. 2d 563 (9th Cir. 1940) (debtor had not employed reasonable austerity nor made reasonable use of taxation).
23. Mission Independent School District v. State of Texas, et al., 116 F. 2d 175 (5th Cir. 1940) (state cannot override federal priorities).
24. Lorber et al. v. Vista Irr. Dist., 127 F. 2d 628 (9th Cir. 1942) (municipal plan is fair and equitable if it pays unsecured creditors all they can reasonably expect, all the debtor can reasonably afford).
25. In re Corcoran Hospital District, Debtor, 213 B.R. 449 (Bankr. E.D. Cal 1999) (how the absolute priority rule works where there is no equity owner of a municipality).

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