March 20, 2023

New York Bankruptcy Court permits discovery requests In Chapter 15 Case despite potentially conflicting Cayman Islands law

From JD SUPRA On April 17, 2018, the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) issued a decision requiring CohnReznick LLP (“CohnReznick”) to produce documents requested by the foreign representatives (the “Foreign Representatives”) in the chapter 15 case of Platinum Partners Venture Arbitrage Fund (International) Limited (in Official Liquidation) (the “International […]

Presumption against extraterritoriality limits trustee’s ability to recover foreign transfers

By Edward Neiger Edward Neiger From In Securities Protection Corporation v. Bernard L. Madoff Investment Securities LLC (In re Madoff Securities), 2014 WL 2998557 (S.D.N.Y. July 6, 2014), the trustee appointed under Securities Investor Protection Act (SIPA) to administer the estate of the broker-dealer commenced an action under 550(a)(2) of the Bankruptcy Code to […]

Judge denies Madoff trustee recovery of foreign transfers

By Mark Hamblett, New York Law Journal Transfers made abroad between a foreign transferor and a foreign transferee cannot be recovered by the trustee administering the estate of Bernard L. Madoff Investment Securities, a federal judge has ruled. Dealing a win to foreign banks and investment service providers, Southern District Judge Jed Rakoff (See Profile) […]