§ 304

Parmalat Capital Fin. Ltd. v. Bank of Am. Corp.

Plaintiffs filed actions to recover damages that they contended were owed to them pursuant to Illinois state law. Before the court were plaintiffs' challenge to orders of the United States District Court for the Southern District of New York and the Northern District of Illinois, denying their motions for remand and abstention, and granting summary judgment to defendants.
Ruling: 
State law action to recover assets of foreign debtors was properly removed as related to a proceeding ancillary to a foreign proceeding.
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Commercial case opionion summary, case decided on January 18,2011, LexisNexis #0211-034

Nugent Establishment Industrie F.L. v. Agency for Deposti Ins. Of Serb. (In re Agency for Deposit Ins. Of Serbia)

Plaintiff appealed from an order of the United States District Court for the Southern District of New York, which granted defendant petitioner's motion for summary judgment on its petition under former 11 U.S.C.S. § 304.
Ruling: 
Petition for recognition of foreign proceeding was brought by a proper "foreign representative" and properly granted.
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Court: 2nd Circuit ( ) [ Circuit Court ]
Commercial case opionion summary, case decided on November 21,2008, LexisNexis #1208-133

Bondi v. Capital & Fin. Asset Mgmt.

Appellants challenged an order of the United States District Court for the Southern District of New York, denying a motion under 11 U.S.C.S. § 304 (repealed) by appellant debtor in foreign bankruptcy proceedings, to enjoin securities fraud actions brought against it in the United States.
Ruling: 
District court properly denied motion of debtor in foreign proceeding to enjoin U.S. securities fraud action.
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Commercial case opionion summary, case decided on July 22,2008, LexisNexis #0808-056

Argo Fund Ltd. v. Board of Dirs. of Telecom Arg. S.A. (In re Board of Dirs. of Telecom Arg. S.A.)

Appellant creditor appealed from a decision by the United States District Court for the Southern District of New York, which affirmed an order of the bankruptcy court), granting a petition by appellee, the board of directors of debtor, a major Argentine telecommunications company, for recognition of an ancillary foreign insolvency proceeding under former 11 U.S.C.S. § 304.
Ruling: 
Recognition of ancillary foreign proceeding affirmed.
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Commercial case opionion summary, case decided on May 29,2008, LexisNexis #0608-134

Argo Fund Ltd. v. Board of Directors of Telecom Arg. (In re Board of Directors of Telecom Arg.)

Appellee debtor filed an action pursuant to 11 U.S.C. § 304, seeking approval and enforcement of an acuerdo preventivo extrajudicial ("APE") that had been approved by an Argentine court. Appellant creditor appealed from an order of the Bankruptcy Court for the Southern District of New York, which confirmed the debtor's petition.
Ruling: 
Creditor's objections to enforcement of Argentine court's order barred by res judicata.
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In re Bd. of Dirs. of Telecom Arg. S.A.

Foreign debtor filed a petition for an order under 11 U.S.C. § 304 to grant recognition to a final order of a court in Argentina approving the restructuring of the debtor under Argentine law pursuant to an acuerdo preventivo extrajudicial ("APE"). A creditor objected.
Ruling: 
Petition for an order granting recognition to a final order of an Argentinian court approving debtor restructuring was granted since the restructuring treated creditors equally and was consistent with the Code.
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In re Wuthrich

This was a foreign proceeding. Debtors operated SwissAir, a world-wide commercial airline. Its operations included flights between Switzerland and the United States. Its trademark "SWISSAIR" was registered with the U.S. Patent & Trademark Office ("USPTO"). An entity purchased debtors' flight operations and commenced a case before the USPTO to cancel debtors'registration of the trademark. The trustee moved to enjoin the proceeding in the USPTO.
Ruling: 
A foreign trustee was denied an injunction to enjoin a patent office proceeding since that proceeding was to address the threshold question of the ownership of a trademark, which needed to be decided before considering the appropriateness of injunctive relief.
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In re Artimm S.r.l.

An Italian bankruptcy trustee filed an ancillary proceeding under former 11 U.S.C. § 304 to avert a default judgment against the debtor in a California case filed by the debtor's former executive. Bankruptcy court approval was sought for a proposed settlement agreement entered into by the debtor and a movie studio; the executive and a movie producer opposed the settlement's provision for the transfer of funds to the trustee in Rome.
Ruling: 
Settlement was approved and settlement funds were directed to Italian bankruptcy court to assure an economical and expeditious administration of the estate.
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