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BAC CEO Pays $10 Million Plus D&O Bar To Settle NYAG Market Crisis Case

Former Bank of America CEO Kenneth Lewis agreed to pay $10 million and to be barred from serving as an officer or director of a public company for three years to settle fraud charges brought by the New York Attorney General...more

Legislative Trial Balloon for Puerto Rico Public Corporation Insolvency Process Attracts Bondholder Attention

Last Tuesday, Puerto Rico sold its much ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit...more

Attacking LBO Payouts as State Law Fraudulent Transfers

The United States Bankruptcy Court for the Southern District of New York (the “Court”) in Weisfelner v. Fund 1 (In Re Lyondell Chemical Co.), 2014 WL 118036 (Bankr. S.D.N.Y. Jan. 14, 2014) recently held that the safe harbor...more

Directors' duties and collective responsibility

Directors owe duties to their company to act in good faith in the interests of the company, but how far can they avoid liability if they rely on their fellow directors, or if they are outvoted in a collective decision? A...more

Stanwich Clarifies Wagoner Rule in Fraudulent Transfer Cases

In the Second U.S. Circuit, the so-called Wagoner rule deprives a trustee of standing to sue third parties, such as lawyers and investment bankers, if the bankrupt corporation participated with them in defrauding creditors. A...more

Insurance Spotlight: Management Liability Insurance

If a company files for bankruptcy, allegedly as a result of mismanagement, are claims brought by the bankruptcy trustee against the former management of the company covered by insurance? The answer is yes, if the...more

New York’s Lichtenstein Decision Highlights Conflicts of a Carve-Out Guarantor

The recent New York case of Lichtenstein v. Willkie Farr addresses a borrower's conflict caused, in part, by a loan covenant. The covenant invoked personal liability of the members in the event the entity files a voluntary...more

CFPB uses enforcement powers in attempt to shut down debt relief company in Florida

This past Thursday, the CFPB announced that it filed a complaint against a Florida debt-relief company that misled consumers across the country. Following an investigation into American Debt Settlement Solutions, Inc. (ADSS)...more

Rogers Towers: Debts Non-Dischargeable When Use of Proceeds Intentionally Misrepresented

When an individual obtains a loan with no intention of repaying the lender, it is well established that such a debt is not dischargeable in bankruptcy. If, however, a debtor does not misrepresent its intent to repay the...more

How Graphics Helped a Trial Team Show Complex Data and Win

I love hearing the news that one of our clients had a great result using the work we did for them. The most recent big win I’m happy to report is Manatt, Phelps & Phillips, LLP, won a major lender liability/wrongful...more

Commercial Restructuring & Bankruptcy Alert - February 2013

In this Issue: - Lenders Beware - International Insolvency Laws: Will One Size Fit All? The Debate Continues - ‘Fair and Equitable’ Means More Than Amortization Schedule - Pre-Petition Security License...more

Bankruptcy Law: Tousa Update - June 2012

We reported to you in detail about the Tousa Bankruptcy Court decision in November, 2009 which found payments to lenders and the grant of associated liens were avoidable as fraudulent conveyances. The impacted Tousa lenders...more

In re TOUSA, Inc.— Eleventh Circuit Reinstates Widely Criticized Fraudulent Transfer Decision

On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued an opinion in the TOUSA, Inc. (“TOUSA”) chapter 11 bankruptcy cases reinstating a $480 million fraudulent transfer judgment previously...more

Just When I Thought I Was Out . . . Eleventh Circuit Rules in TOUSA that Refinanced Lenders Can Be “Pulled Back In” and Held...

On May 15, 2012, the Eleventh Circuit Court of Appeals upheld a ruling by the U.S. Bankruptcy Court for the Southern District of Florida, which required certain lenders to return $403 million in prepetition payments they had...more

Stern v. Marshall Updates – DC Bankruptcy Court Has Jurisdiction to Hear State Law Counterclaims

In GB Herndon, the District of Columbia Bankruptcy Court determined that it had constitutional authority to determine state common law counterclaims and state law claims against nondebtor codefendants. Adams Nat’l Bank v. GB...more

Administratie- en jaarrekeningplicht: gesneden koek?

In de MKB-praktijk zijn er holdingstructuren met één holding en één werkmaatschappij, waar één administratie wordt gevoerd. Bij het opstellen van de individuele jaarrekeningen...more

Gaming Legal News - July 27, 2011 • Volume 4, Number 23

In This Issue: - BARSTOW BOUNCES BACK by Dennis J. Whittlesey - SOMEWHERE IN NORTHERN CALIFORNIA IS A REALLY ANGRY TRIBE… by Dennis J. Whittlesey An Excerpt From: BARSTOW BOUNCES BACK With the announcement...more

London Digest - Spring 2011

In This Issue: Main Articles: Case Law Update: Misselling Financial Products Balance Sheet Insolvency: The Point of No Return Commercial Contracts: The Uncertainty of Construction Supreme Court Abolishes...more

Protect your business from debtors that go bust.

A business that has no measures in place to protect itself from customers that go bust, risk going bust themselves. Indeed if a key account that generates 60% of revenue becomes insolvent that will have serious implications...more

DISH Network Corp. v. DBSD North America, Inc., Sprint Nextel Corp. v. DBSD North America, Inc

Read the Second Circuit's Opinion

An important opinion for all commercial litigators across the country.And a good read for transactional folks as well....more

Plaintiff v. U.S. Bank, N.A.; Wells Fargo Bank, N.A.; First American Loanstar Trustee Services LLC; and First American Title Insurance Company

California Complaint for Wrongful Foreclosure, Promissory Estoppel, Quiet Title, Slander of Title, Violation of the Security First...

This action arises out of the wrongful foreclosure of a residential property in Los Angeles County, California. As alleged, the securitized trust did not have standing to foreclose on the property because the promissory note...more

Southern District Rules on the RetroactiveApplication of the New Changes to FederalRule of Civil Procedure 26

In a previous post, I discussed one of the important changes to the Federal Rules of Civil Procedure that took effect on December 1, 2010 regarding the discoverability of Attorney-Expert Communications under FRCP 26. The...more

Clarifying Fiduciary Duty For Distressed Calif. Cos.

Law360, New York (January 26, 2010) -- Directors of California corporations have, for years, struggled to understand the scope of their fiduciary duties when a corporation is insolvent versus when a corporation is in the...more

U.S. Solartech, Inc. v. j-fiber GmbH

Amended Complaint and Demand for Jury Trial

(Lead counsel: Michael A. Charish, Esq.) SolarTech brought this action against J-Fiber for multiple breaches of a Patent and Technology Information License Agreement, dated May 22, 2003 (the “License Agreement”), and other...more

Good Banker or Lender Liability

No matter how experienced you are as a lender or how much of your customer?s best interests motivated your actions; when a banking relationship runs into trouble the next two words you could easily hear are lender liability. ...more

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