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Friday, October 16, 2020

Welcome to the Bankruptcy
Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings


CourtFiledDebtorCase NoAttorneyAssetsLiabilities
D. Del.10/16/2020G.I. Sportz Inc.20-12610Matthew B. Lunn
D. Del.10/16/2020Tippmann US Holdco Inc.20-12609Matthew B. Lunn
D. Del.10/15/2020Emergent Capital, Inc.20-12602Colin R. Robinson$100M - $500M$100M - $500M
D. Del.10/15/2020Red Reef Alternative Investments, LLC20-12601Colin R. Robinson$0 - $50k$0 - $50k
D. Del.10/15/2020Red Reef Alternative Investments, LLC20-12601Colin R. Robinson$0 - $50k$0 - $50k
D. Del.10/15/2020RGN-Austin XV, LLC20-12605Ian J. Bambrick$1M - $10M$1M - $10M
S.D.N.Y.10/15/2020Black and White Stripes, LLC20-12439Todd S. Cushner$0 - $50k$1M - $10M
S.D.N.Y.10/15/2020Eastern Canal Film, LLC20-12440Todd S. Cushner$0 - $50k$1M - $10M
S.D.N.Y.10/15/2020KCA Deutag UK Finance plc20-12433Daniel J. Guyder
N.D. Cal.10/15/2020Benja Incorporated20-30819Paul E. Manasian$1M - $10M$1M - $10M
E.D. Cal.10/15/2020Gregory G. Smith, M.D., A Professional Corporation20-24783Anthony Asebedo$100k - $500k$500k - $1M
N.D. Ohio10/15/2020Fulton Properties of Ohio LLC (Second Filing)20-51878Frederic P. Schwieg, Esq.$1M - $10M$1M - $10M
W.D. Wash.10/15/2020Shilo Inn, Nampa Suites, LLC20-42349Bryan T. Glover$1M - $10M$1M - $10M
W.D. Wash.10/15/2020Shilo Inn, Ocean Shores, LLC20-42348Bryan T. Glover$10M - $50M$10M - $50M
D. Del.10/14/2020Cyc Fitness Partners LLC20-12596David M. Klauder$1M - $10M$1M - $10M
D. Del.10/14/2020Cyc Holdings LLC20-12594David M. Klauder$0 - $50k$0 - $50k
D. Del.10/14/2020Cycle House LA II LLC20-12598David M. Klauder$0 - $50k$100k - $500k
D. Del.10/14/2020Cycle House LLC20-12595David M. Klauder$100k - $500k$1M - $10M
D. Del.10/14/2020YOGAWORKS, INC., a Delaware C-Corporation20-12599Thomas J. Francella, Jr.$1M - $10M$10M - $50M
D. Del.10/14/2020Zengo Fitness LLC20-12597David M. Klauder$0 - $50k$100k - $500k

View All Filings
Featured Article


Straddle Year Federal Income Taxes Entitled To Administrative Priority In Bankruptcy

We continue to be impressed how recurring issues confront the courts to interpret the Bankruptcy Code—conflicts between bankruptcy and other federal policies, addressing the plain meaning of statutory provisions, and determining when a claim arises under the bankruptcy code. Where tax liabilities are involved, one can anticipate tension between bankruptcy policy objectives and federal tax policy. So when does a tax liability claim arise in a bankruptcy case? If a tax claim accrues prior to the petition date, it may be a prepetition unsecured claim. If it arises after the bankruptcy filing, it may qualify for priority treatment as an administrative expense of the bankruptcy estate, and must be paid in full before distribution to holders of unsecured claims. This is not a trivial matter. The issue was recently addressed by the U.S. District Court for the District of Delaware in In re Affirmative Insurance Holdings, Civ. Case No. 19-2034-RGA (July 27, 2020). Judge Richard Andrews, sitting as an appellate court reviewing a decision of the bankruptcy court, ruled that federal income taxes for the year in which a debtor files for bankruptcy are entitled to priority treatment as administrative expenses when the end of the taxable year occurred after the bankruptcy petition date. The court noted that the issue of how to treat a “straddle year” for federal income tax under the Bankruptcy Code has not been decided by any appellate court.

Read the full article

LAW.COM by Andrew C. Kassner and Joseph N. Argentina Jr. Published October 15, 2020.

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