Kevin J. Walsh

Kevin J. Walsh

Mintz Levin

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Business Judgment Rule Protects Board's Decision to Maximize the Value of an Insolvent Delaware Corporation Even If It Puts...

Directors of an insolvent corporation face a host of difficult questions. Should they wind up operations or file for bankruptcy to preserve assets for creditors, or chart a riskier course that could lead the company back to...more

11/3/2014 - Commercial Bankruptcy Controlling Stockholders Insolvency Shareholder Litigation Shareholders

Another Court Rules That Availability of Make-Whole Premiums in Bankruptcy Depends on Governing Documents

In a recent bench decision in In re MPM Silicones, LLC et al., Case No. 14-22503-RDD (Bankr. S.D.N.Y. August 26, 2014), the Bankruptcy Court considered bondholders’ right to recover make-whole premiums (premiums paid for...more

9/17/2014 - Commercial Bankruptcy Default Loans Make-Whole Premium Payment Bonds

Did The Supreme Court Finally Explain Marathon And Stern? - Executive Benefits’ Impact on Bankruptcy Court Jurisdiction

The Supreme Court has spoken once again on the limited jurisdiction of the bankruptcy courts, adding to the understanding derived from Northern Pipeline Constr. Co. v. Marathon Pipe Line Co., 458 U.S. 50 (1982),...more

6/30/2014 - Bankruptcy Code Commercial Bankruptcy Executive Benefits Insurance Agency v. Arkison Jurisdiction SCOTUS Stern v Marshall

Equity Begets Flexibility: Valuing a Secured Creditor’s Claim in Bankruptcy and Allocating Post-Petition Interest

The First Circuit Court of Appeals in In re SW Boston Hotel Venture, LLC, 2014 U.S. App. LEXIS 6768 (1st Cir. Apr. 11, 2014) recently ruled on a number of issues critical to valuing a secured claim in bankruptcy....more

6/16/2014 - Asset Valuations Collateral Commercial Bankruptcy Lenders Loans Prudential Secured Creditors

And the Tie Goes to … Due Process

Debtors must provide known creditors with actual notice of a claims bar date if they want the bar date to apply to those creditors. Such was the holding in In re Majorca Isles Master Association, Inc., Case No. 12-19056-AJC,...more

4/28/2014 - Commercial Bankruptcy Debt Collection Debtors Due Process

Lyondell: Is the Safe Harbor Closed to Former Shareholders of LBOs?

In a recent decision by the United States Bankruptcy Court for the Southern District of New York, Weisfelner, v. Fund 1, et al. (In re Lyondell Chem. Co.), 2014 Bankr. LEXIS 159 (Bankr. S.D.N.Y. January 14, 2014), the Court...more

2/12/2014 - Fraudulent Transfers Leveraged Buyout Safe Harbors Shareholders Transfers

Are Credit Bids in a Deep Freeze?

A Delaware bankruptcy court recently limited a secured creditor’s right to credit bid an acquired claim to the purchase price of that claim. In In re Fisker Auto. Holdings, Inc., 2014 Bankr. LEXIS 230 (Bankr. D. Del. January...more

2/3/2014 - Credit Bids Fisker Loans

KB Toys: Don’t Play with Clouded Claims

In a recent decision by the influential Third Circuit Court of Appeals, In re KB Toys Inc., 2013 U.S. App. LEXIS 23083 at *17 (3d Cir. Nov. 15, 2013), the Court decided that “the cloud on the claim” stemming from a...more

11/26/2013 - Acquisitions Chapter 11 Commercial Bankruptcy Creditors Debt Collection Debtors Due Diligence

For Secured Creditors, Too Late May Be Too Little

In a recent advisory, we reported on an apparently favorable decision to secured creditors from the Fifth Circuit Court of Appeals that held that a secured creditor’s claim survives bankruptcy where the secured creditor...more

11/15/2013 - Commercial Bankruptcy Liens Secured Creditors

What Must a Secured Creditor Do to Get Its Due?

Last month, the Fifth Circuit Court of Appeals ruled that a secured creditor’s claim survives bankruptcy where the secured creditor received notice of the case and was found to have not actively participated in it. Acceptance...more

9/17/2013 - Commercial Bankruptcy Consumer Bankruptcy Debtors Liens Notice Requirements Reorganizations Secured Creditors

The Ninth Circuit Recharacterizes Recharacterization Jurisprudence

The Ninth Circuit in In re Fitness Holdings Int’l, 2013 U.S. App. LEXIS 8729 (9th Cir. April 30, 2013) recently reversed precedent and established that bankruptcy courts in the Ninth Circuit have the power to determine...more

7/29/2013 - Commercial Bankruptcy Creditors Debt Equity Investors Recharacterization Secured Creditors

Where Do Your Interests Lie Under Chapter 15 of the Bankruptcy Code? Determining a foreign debtor’s “center of main interests”...

When doing business with a foreign company, it is important to identify the company’s “center of main interests” (“COMI”) as creditors may find themselves bound by the laws of the COMI locale. If a company initiates...more

5/1/2013 - Center of Main Interests Chapter 15 Creditors' Rights Debtors Insolvency

To Release Or Not to Release – If That Is the Question, What Is the Answer?

In a recent decision by the Bankruptcy Court for the District of Delaware, the court adopted a flexible approach to consensual third party releases in a plan of reorganization. In In re Indianapolis Downs, LLC, 2013 Bankr....more

4/8/2013 - Chapter 11 Creditors Debtors Opt-Outs Reorganizations Third-Party Release Agrements

An Insider’s Guide to Evading Absolute Priority? Seventh Circuit: New value competition requirements apply to insiders

In Chapter 11 bankruptcy cases, the absolute priority rule requires a debtor’s creditors be paid in full before equity investors receive any value. However, existing equity investors occasionally seek to invest new money in...more

3/8/2013

How Does Bankruptcy Affect Rights Under an Agreement Not to Sue on Patents?

When a debtor rejects an executory contract, Section 365(n) of the Bankruptcy Code allows a licensee of intellectual property to retain certain rights under the rejected contract. An important question arises, therefore,...more

1/16/2013 - Apple Commercial Bankruptcy License Agreements Licenses Patents Samsung Spansion

Bankruptcy Abroad: US Creditors’ Rights Remain Relevant in Chapter 15

With an increasing number of businesses operating without regard to borders in today’s global economy, the importance of understanding Chapter 15 — the Bankruptcy Code provisions instructing the cooperation between the United...more

12/21/2012 - Chapter 15 Creditors Cross-Border Debtor-Creditor Insolvency Third-Party

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