International Jurisdiction:
1.    Treco:
a.    Facts:  2nd circuit reverses decision of district court which required BNY to turn over prop of the debtor, even though they had an SI in the prop.  So, BNY didn’t have to turn over prop.
b.    Possible Interpretations of decision:
(i)    don’t cooperate if any US creditor would be worse off in a foreign b/r than it would be in a US proceeding
(ii)    Only cooperate w/ foreign proceedings for unsecured creditors.
(iii)    Narrow interp based on facts of this case:  In the Bahamas, where the case took place, secured claims are behind admin claims.  So far, 80% of the proceeds were already gone to pay admin claims.  The court probably made the decision based on the fear that the SP would get nothing.
2.    §101(23)—def of foreign proceeding.  Proceeding—whether judicial or admin and whether or no under b/r law, in a foreign country in which the debtor’s domicile, residence, principal place of business or principal assets were located at the commencement of such proceeding, for the purpose of liquidating an estate, adjusting debts by composition, extension of discharge, or affecting a reorganization.
3.    §304—Cases ancillary to foreign proceedings:
a.    (a)  Filing ancillary proceeding, which is a proceeding brought in the US w/ the purpose of helping a similar action in another country’s court.  It is not a full b/r proceeding.
b.    In order to file an ancillary proceeding, have to show that debtor is foreign—so debtor’s domicile, residence, principal place of business or principal assets are located outside US.
c.    (b)  judge can grant relief/comply w/ a foreign proceeding.  This includes granting a stay to prevent US creditors from collecting debts under 304(b)(1).
d.    (c)  If a judge gives deference to a foreign proceeding, such a decision must be consistent w/ the following:  (Note that creditor who does not wish for foreign proceeding to get deference may challenge complaining that one of these is not met.)
(i)    there needs to be just treatment of all holders of claims against or interests in such estate;
(ii)    need protection of claim holders in the US against prejudice and inconvenience in the processing of claims in such foreign proceedings.
(iii)    Need prevention of preferential or fraudulent dispositions of property of such estate;
(iv)    Need distrib of proceeds of such estate substantially in accordance w/ the order prescribed by this title
(v)    Need comity
(vi)    If appropriate, need the provision of an opportunity for a fresh start for the individual that such foreign proceeding concerns.
4.    §1334(e):  The district court in which a case under Title 11 is commenced or pending shall have exclusive jurisdiction over all property, wherever located, of the debtor as of the commencement of such case.  So, if you have a debtor filing for b/r here and he has property all over the world, the district court has jurisdiction over all of it.
5.    Subjecting self to personal jurisdiction.  If you do enough business in a foreign state or have enough assets there, you may subject yourself to personal jurisdiction.  In such a case, an automatic stay, and any other applicable b/r laws may apply to you even though an ancillary proceeding has not been filed to indicate this.  This is the case in the US and Canada.
6.    Ex.  Attempt to violate Canadian automatic stay and seize goods.  If a party wants the goods, he should
a.    try to show that automatic stay shouldn’t be allowed if an ancillary proceeding is filed under 304(a).  Can do this by showing it wouldn’t be consistent w/ US b/r ideals under 304(c).
b.    Get judgment, attachment, and Seize prop b/4 ancillary proceeding is filed—assuming not subject to personal jurisdiction in foreign country.  Then say you are secured creditor, and under Treco, US courts may automatically refuse to cooperate w/ foreign courts.  (Still, Canada may just avoid this as a post-pet pref transfer (like US 549) and US court may agree to let them do that in a 304 proceeding.  Also, if a full b/r is filed in US, this can be avoided as a preference under 547.)
7.    303(b)(4) and 303(h)(2)—foreign rep of estate in foreign proceeding can file involuntary b/r w/out worrying about 3 creditor rule.