Publications
Fifth Circuit Affirms Shareholder Veto of Chapter 11 Petition
The Bankruptcy Strategist
July 2018
“Federal law does not prevent a bona fide shareholder from exercising its right to vote against a bankruptcy petition just because it is also an unsecured creditor,” held the U.S. Court of Appeals for the Fifth Circuit in Franchise Services of North America, Inc. on May 22, 2018. According to the court, applicable Delaware law would not “nullify the shareholder’s right to vote against the bankruptcy petition.” Appellate courts have regularly rejected creditors’ attempts to contract away the debtor’s right to seek bankruptcy relief. But this case, on its facts, does not fall into that category. In this article, of counsel Michael Cook discusses the appellate court’s decision.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]