Finanz Ag Zurich v. Banco Economico S.A. (1999)

Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir. 1999).

See Laker Airways Ltd. v. Sabena, Belgian World Airlines, 731 F.2d 909, 937-38 (D.C.Cir.1984) (“No nation is under an unremitting obligation to enforce foreign interests which are fundamentally prejudicial to those of the domestic forum.”); Motorola Credit Corp. v. Uzan, 388 F.3d 39, 60 (2d Cir.2004) (“orders of foreign courts are not entitled to comity if the litigants who procure them have ‘deliberately courted legal impediments’ to the enforcement of a federal court’s ord…

American courts often note the importance of extending comity to foreign bankruptcy courts, given the nature of insolvency proceedings.6 Further, ITL (through Sharp or on its own behalf) and Agral have struggled over the note and then the award for seven years before an arbitrator, American courts, and Mexican courts. 4 To summarize, whether ITL has standing depends on whether the district court properly granted comity to the Mexican bankruptcy court, which in turn depends o…

See In re Manning, 236 B.R. at 19 ; cf. Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999) (noting, in a non-§ 304 proceeding, that “[w]e review a district court’s decision to extend or deny comity to a foreign proceeding for abuse of discretion”).

See In re Manning, 236 B.R. at 19 ; cf. Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999) (noting, in a non-§ 304 proceeding, that "[w]e review a district court's decision to extend or deny comity to a foreign proceeding for abuse of discretion").

“We review a district court’s decision to extend or deny 31 1 comity to a foreign proceeding for abuse of discretion.” Finanz AG Zurich v. Banco 2 Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999). 3 “International comity has been described by the Supreme Court as ‘the 4 recognition which one nation allows within its territory to the legislative, 5 executive or judicial acts of another nation, having due regard both to 6 international duty and convenience, and to the rights o…

“We review a district court’s decision to extend or deny 31 1 comity to a foreign proceeding for abuse of discretion.” Finanz AG Zurich v. Banco 2 Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999). 3 “International comity has been described by the Supreme Court as ‘the 4 recognition which one nation allows within its territory to the legislative, 5 executive or judicial acts of another nation, having due regard both to 6 international duty and convenience, and to the rights o…

In this case, because the Southern District’s holding necessarily encompassed its decision to deny comity to a foreign judgment, the standard of review is modified: “[w]e review a district court’s decision to extend or deny comity to a foreign proceeding for abuse of discretion.” Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999)).

Apr. 29, 2010) (citing Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

Comity is generally appropriate where the foreign “pro *172 ceedings do not violate the laws or public policy of the United States and if the foreign court abides by fundamental standards of procedural fairness.” Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999) (internal quotation marks and citation omitted).

Cir. 1984) ("No nation is under an unremitting obligation to enforce foreign interests which are fundamentally prejudicial to those of the domestic forum."); Motorola Credit Corp. v. Uzan, 388 F.3d 39, 60 (2d Cir. 2004) ("orders of foreign courts are not entitled to comity if the litigants who procure them have 'deliberately 05-1238 19 courted legal impediments' to the enforcement of a federal court's orders") (citation omitted); Finanz AG Zurich v. Banco Economico S.A., 192…

Co., S.A. v. Salen Dry Cargo A.B., 825 F.2d 709, 713-14, 715 (2d Cir.1987); accord JP Morgan Chase Bank, 412 F.3d at 424 ; Finanz AG Zurich v. Banco Económico SA, 192 F.3d 240, 246 (2d Cir.1999); Allstate Life Ins.

See Hilton v. Guyot, 159 U.S. 113, 164 , 16 S.Ct. 139 , 40 L.Ed. 95 (1895) (discussing principle of international comity whereby one nation recognizes within its territory "the legislative, executive or judicial acts of another nation"); Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246-50 (2d Cir.1999) (discussing circumstances under which United States courts defer to the judgments of foreign courts); see also Arthur T. von Mehren & Donald T.

See Hilton v. Guyot, 159 U.S. 113, 164 , 16 S.Ct. 139 , 40 L.Ed. 95 (1895) (discussing principle of international comity whereby one nation recognizes within its territory “the legislative, executive or judicial acts of another nation”); Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246-50 (2d Cir.1999) (discussing circumstances under which United States courts defer to the judgments of foreign courts); see also Arthur T. von Mehren & Donald T.

We have “repeatedly noted the importance of ex tending comity to foreign bankruptcy proceedings.” Finanz AG Zurich v. Banco Economico S.A, 192 F.3d 240, 246 (2d Cir.1999).

Insofar as ITL criticizes the Mexican bankruptcy court's use of procedures in this particular case, that criticism relates to ITL's opportunity to be heard, not to the fairness of Mexico's procedural rules in general. 2 To summarize, whether ITL has standing depends on whether the district court properly granted comity to the Mexican bankruptcy court, which in turn depends on whether ITL had an opportunity to be heard, which ultimately depends on whether ITL has a right to b…

See id. (“Comity is inappropriate in this case, because the Claims Recognition Ruling and the Concurso Approval Order did not disallow the Restructuring Fee.”).

In such cases, deference to the foreign court is appropriate so long as the foreign proceedings are procedurally fair and (consistent with the principles of Lord Mansfield’s holding) do not contravene the laws or public policy of the United States.”); Finanz AG Zurich, 192 F.3d at 246 (“We have repeatedly noted the importance of extending comity to foreign bankruptcy proceedings.

In such cases, deference to the foreign court is appropriate so long as the foreign proceedings are procedurally fair and (consistent with the principles of Lord Mansfield’s holding) do not contravene the laws or public policy of the United States.”); Finanz AG Zurich, 192 F.3d at 246 (“We have repeatedly noted the importance of extending comity to foreign bankruptcy proceedings.

In such cases, deference to the foreign court is appropriate so long as the foreign proceedings are procedurally fair and (consistent with the principles of Lord Mansfield’s holding) do not contravene the laws or public policy of the United States.”); Finanz AG Zurich, 192 F.3d at 246 (“We have repeatedly noted the importance of extending comity to foreign bankruptcy proceedings.

The Second Circuit has repeatedly held that, in determining whether to grant comity to a foreign insolvency proceeding, a court must look to certain indicia of fairness, including “whether creditors of the same class are treated equally in the distribution of assets.” Allstate Life Ins. v. Linter Group Ltd., 994 F.2d 996, 999 (2d Cir.1993); Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir.1999). 21 The Argentine Court similarly demonstrated its intent to t…

Cf. Finanz AG Zurich v. Banco Economico S.A., 192 F.3d at 249 (requirement in Brazilian bankruptcy proceeding that creditor’s claims must be converted into local currency might be fundamentally unfair if it rendered the claim valueless or unenforceable). 15 The United Kingdom’s refusal to recognize claims based on equitable subordination or substantive consolidation does not make its law repugnant to our own.

Subsection (6)—or, as the Supreme Court refers to it in Purdue, the “catchall”—provides that a chapter 11 plan may “include any other 662–63 (quoting Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir. 1999)). 69 DFC Objection at 4. appropriate provision not inconsistent with the applicable provisions of this title.”70 The Purdue Court held that subsection (6) does not allow a chapter 11 plan to include nonconsensual third-party releases when interpreted in …

Id. at 181 (quoting Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir. 1999)).

LLC, 474 B.R. 76, 81 (S.D.N.Y. 2012) (citing Finanz AG Zurich v. Bianco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)).

S.A. de C.V., 412 F.3d 418, 424 (2d Cir. 2005); see also Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999) (“We have repeatedly noted the importance of extending comity to foreign bankruptcy proceedings.”).

“It is well established [in the Second Circuit] that we defer to foreign bankruptcy proceedings on international comity grounds only if those proceedings “do not violate the laws or public policy of the United States and . . . abide[ ] by ‘fundamental standards of procedural fairness.’” JP Morgan Chase Bank v. Altos Hornos de Mexico, S.A. de C.V., 412 F.3d 418, 428 (2d Cir. 2005) (quoting Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999)); see also M…

Since ‘[t]he equitable and orderly distribution of a debtor’s property requires assembling all claims against the limited assets in a single proceeding,’ American courts regularly defer to such actions.” Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999) (quoting Victrix, 825 F.2d at 713-14 ); see also Allstate Life Ins.

Finanz AG Zurich v. Banco Economico S.A, 192 F.3d 240, 249 (2d Cir.1999); see also In re Cozumel Caribe, S.A. de C.V., 482 B.R. 96, 114-15 (Bankr.S.D.N.Y.2012).

Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir.1999). 17 “The Second Circuit has frequently underscored the importance of judicial deference to foreign bankruptcy proceedings.” In re Int’l Banking Corp. B.S.C., 439 B.R. 614, 624 (Bankr.S.D.N.Y.2010) (citing Finanz AG Zurich, 192 F.3d at 246 ; Maxwell, 93 F.3d at 1048 ; Allstate Life Ins.

(See Finanz AG Zurich v Banco Economico S.A., 192 F3d 240, 246 [2d Cir 1999].) The Surrogate stated, “At the time [the MOSAVY Letter and the SCN] were issued, the instant litigation was in full swing, and they were clearly sought for the purpose of influencing the outcome.

ABN also argues that the rulings of the Italian Courts ought not be accorded comity in this case. “ ‘[CJomity is the ultimate consideration in determining whether to provide relief under § 304,’ although it does not ‘automatically override the other specified factors.’ ” Argo Fund, Ltd., 528 F.3d at 171 (quoting Treco, 240 F.3d at 156). 6 “Comity is generally appropriate where the foreign ‘proceedings do not violate the laws or public policy of the United States and if the f…

See JP Morgan Chase Bank v. Altos Homos de Mexico, S.A. de C.V., 412 F.3d 418 (affirming district court’s dismissal of declaratory judgment action by lending bank against foreign borrower when borrower had filed a Mexican bankruptcy proceeding); Finanz AG Zurich v. Banco Economico S.A, 192 F.3d 240, 246 (2d Cir.1999) (upholding district court’s decision to dismiss action by assignee of promissory notes against defendant, a Brazilian bank, when bank was involved in extrajudic…

United States courts will ordinarily defer to foreign proceedings so long as “the foreign court had proper jurisdiction and enforcement does not prejudice the rights of United States citizens or violate domestic public policy.” Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999), quoting Victrix S.S.

As the Circuit Court stated in Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999), “[w]e have repeatedly noted the importance of extending comity to foreign bankruptcy proceedings... .American courts regularly defer to such actions.” See also Victrix S.S.

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999).

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240 , 15 246 (2d Cir. 1999).

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999).

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir. 1999).

See Finanz AG Zurich v. Banco Económico S.A., 192 F.3d 240, 246 (2d Cir. 1999) (the Second Circuit has “repeatedly noted the importance of extending comity to foreign bankruptcy proceedings.”); JP Morgan, 412 F.3d at 424 (“We have repeatedly held that U.S. courts should ordinarily decline to adjudicate creditor claims that are the subject of a foreign bankruptcy proceeding.”); Allstate Life Ins.

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 246 (2d Cir.1999).

See Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240 (2d Cir.1999).

See Finanz AG Zurich v. Banco Economico, 192 F.3d 240, 249 (2d Cir.1999), citing Cunard S.S.