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Sass ex rel. American Home Mortgage Plan Trust v. Barclays Bank PLC (In re American Home Mortgage, Holdings, Inc.)

United States Bankruptcy Court, D. Delaware

Decided November 8, 2013No. Case No. 07-11047 (CSS) Jointly Administered; Adv. Proc. No. 11-51851 (CSS)PublishedCited by 6 opinions

1Opinion of the Court

Chapter 11

OPINION1

Sontchi, J.

INTRODUCTION

The question before the Court is whether an (alleged) agreement to setoff amounts owed to affiliates of a counter-party (a so called “triangular setoff’) is enforceable under the “safe harbor” provisions in sections 559-561 of the Bankruptcy Code. Prior to their bankruptcy, AHM Investment, one of the Debtors,2 was a party to a Swap Agreement with Barclays Capital and a Repurchase Agreement with Barclays Bank. After the filing, Barclays Capital setoff monies owed to the AHM Investment under the Swap Agreement against funds owed to Barclays Bank under…

2Cases cited29 opinions

  1. Ashcroft v. IqbalSupreme Court of the United States · 2009
  2. Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
  3. Fowler v. UPMC SHADYSIDECourt of Appeals for the Third Circuit · 2009
  4. Butner v. United StatesSupreme Court of the United States · 1979
  5. Pension Benefit Guaranty Corporation v. White Consolidated Industries, Inc., C/o Ct Corporation Systems Registered AgentCourt of Appeals for the Third Circuit · 1993

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3Cited by6 opinions

  1. In re Orexigen Therapeutics, Inc.United States Bankruptcy Court, D. Delaware · 2018
  2. Orexigen Therapeutics, Inc. v.Court of Appeals for the Third Circuit · 2021
  3. CIBER GLOBAL, LLC v. SAP AMERICA, INC.District Court, E.D. Pennsylvania · 2021
  4. Irving H. Picard, Esq., Trustee for the Substantiv v. ABN AMRO Bank N.V. (presently known as The Royal BUnited States Bankruptcy Court, S.D. New York · 2023
  5. Irving H. Picard, Esq., Trustee for the Substantiv v. ABN AMRO Bank N.V. (presently known as The Royal BUnited States Bankruptcy Court, S.D. New York · 2023

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