Rochelle's Daily Wire

FERC tried the patience of the Fifth Circuit by arguing again that the agency can bar a chapter 11 debtor from rejecting a filed-rate contract.

The Supreme Court now has two bankruptcy cases on the calendar for argument in the term to begin in October.

Unsuccessfully attempting to punch homes in Mirant, FERC emerged from the Fifth Circuit with no power to stop bankruptcy courts from rejecting contracts otherwise within FERC’s jurisdiction.

The new decision from the Second Circuit is based on prior opinions where the appeals court said there was no “jurisdiction” when it would have been correct to say there was no “power.”

Judge Jernigan in Dallas differs with a judge in Delaware by declining to enforce an arbitration agreement that was part of a rejected contract.

An irrevocable surety bond isn’t executory because it gives the bonding company no further obligations to the debtor.

A creditor can’t assert a cure claim, even though Section 365(b) doesn’t give the counterparty the sole right to demand a cure on assumption of an executory contract.

The bankruptcy community needs a better definition of what’s an executory contract, and Prof. Jay Westbrook has it.

Federal law allows tribes to determine whether a tribe member’s interest in distributions of gaming revenue will be estate property in bankruptcy, Judge Ridgway says.

Rooker-Feldman and other principles can bar rejection of a contract even if it’s ‘executory.’