INTL FCStone Markets, LLC v. Agro Santino OOD

Background

Agro Santino OOD, identified as the defendant and counterclaim plaintiff, asked the court to stay, or pause, the action. Agro said that its foreign representative planned to file a petition in U.S. Bankruptcy Court seeking recognition under Chapter 15 of the Bankruptcy Code of a Bulgarian insolvency proceeding. Agro argued that recognition would likely lead to an automatic stay under the Bankruptcy Code and that continuing the district-court litigation in the meantime would waste the parties’ and the court’s resources.

Agro relied on the court’s inherent authority to control its docket and on factors concerning the parties’ interests, burdens, the court’s interests, the interests of nonparties, and the public interest. Agro argued that those factors favored a stay because the Bulgarian proceeding was likely to be recognized as a foreign main proceeding and because Chapter 15 promotes cooperation in cross-border insolvency cases.

Court’s Action

The court directed the plaintiff to file any response by May 26, 2022. In the meantime, the court stated that the action was not stayed. It also stated that all discovery and other deadlines remained in place, so the deposition scheduled for the next day was to proceed.

Disposition and Scope

Judge Jesse M. Furman’s directive did not pause the action at that time. The excerpt does not expressly state that the court granted or denied Agro’s stay request, and it does not describe any later decision on the planned Chapter 15 recognition petition.