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Court Of Chancery Upholds Receiver Claims

Seiden v. Kaneko, C.A. 9861-VCN (November 3, 2015) - This is an interesting decision because it articulates what claims a receiver may make against former officers and when those claims are barred by laches....more

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...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

Recent Updates on Reimbursing Creditors' Legal Fees Under a Chapter 11 Plan

Unsecured creditors in chapter 11 cases face the prospect of two financial blows: the possibility of not receiving full payment of their claims and the cost of attorney's fees for defending their interests....more

May the Trustee’s Personal Debt to the Trust Owed as a Result of a Breach of Trust be Discharged in Bankruptcy?

The U.S. Bankruptcy Code provides that a personal debt is not dischargeable if the debt had been occasioned by the debtor’s defalcation while acting in a fiduciary capacity. Courts of appeals had long disagreed about the...more

Focused on Franchise Law - January 2013

In This Issue: - Mark Melton Has Become Of Counsel To The Firm - Franchisor 101: Personal Liability In New York For A Franchisor's Owners - Franchisee 101: Beer & Wine Franchisees Enjoy Protection From...more

Focus on Insolvency and Environment: Newfoundland and Labrador v. AbitibiBowater Inc., 2012 SCC 67 (the “Abitibi case”): Clean-Up...

Introduction - The Supreme Court of Canada (the “SCC”) recently released an important decision relating to how provincial clean up orders against corporations may be treated when that corporation enters creditor...more

"Landmark UK Supreme Court Ruling Restricts Enforcement of Foreign Bankruptcy Judgments"

In a ruling disposing of two appeals, the U.K. Supreme Court has held that the enforcement of foreign bankruptcy rulings in England will in certain circumstances be more difficult than had previously been thought. The two...more

Velo Holdings KEIP Approved by SDNY Bankruptcy Court

On June 6, 2012, Bankruptcy Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved a $2.875 million key employee incentive plan (“KEIP”) in the Velo Holdings bankruptcy cases over the...more

$40 Million Settlement Approved in Lehman Brothers Case

On June 21, 2012, Judge Lewis A. Kaplan of the Southern District of New York approved a $40 million settlement in an RMBS class action brought by Locals 302 and 612 of the International Union of Operating Engineers –...more

Vitro: Chapter 15 and the Limits of Comity: Texas Bankruptcy Court Refuses to Enforce Third Party Release Provisions in Mexican...

On June 13, 2012, Judge Harlin D. Hale of the United States Bankruptcy Court for the Northern District of Texas refused to enforce provisions of a Mexican plan of reorganization that purported to extinguish guarantees by the...more

Loose Lips Sink Hostile Bids: Delaware Chancery Court Enforces Non-Disclosure Agreement with Injunctive Relief

In an eloquent account of consensual merger negotiations between Martin Marietta and Vulcan Materials, the two largest players in the domestic aggregates business, Chancellor Leo Strine of the Court of Chancery of Delaware...more

Extent of Non-Debtor Parent Exposure Under Channeling Injunctions

Originally published in New York Law Journal - Volume 247—NO. 85, Thursday, May 3, 2012. On April 10, 2012, the U.S. Court of Appeals for the Second Circuit in In re Quigley issued an opinion adopting a narrow...more

EMAK Worldwide, Inc. v. Kurz, et al., No. 512, 2011 (Del. Apr. 17, 2012)

In this appeal, the Delaware Supreme Court affirmed an interim fee award of $2.5 million to plaintiff’s attorneys, which the Court of Chancery granted following its decision in Kurz v. Holbrook, 989 A.2d 140 (Del. Ch. 2010),...more

Court Finds Exigent Circumstances Warrant Appointment of Receiver for an Insolvent, Closely Held Corporation

The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company...more

Advantages of Chapter 11

Companies that are facing seemingly insurmountable financial difficulties can often turn to chapter 11 for relief. Some of the key advantages of filing chapter 11 to successfully resolve a company’s financial woes...more

MF Global: US Update as of November 9, 2011 - SIPC Trustee Announces Transfer of Additional Commodity Accounts

On November 7, 2011, the SIPC Trustee (the "Trustee") announced that MF Global Inc. ("MFGI") commodity customer accounts that had not yet been transferred by the Trustee can now be transferred provided that the account holder...more

London Digest - Autumn 2011

In This Issue: Main Articles: Unfair Prejudice: An Abuse of Process?; Recent ISDA Cases; Working Towards Implementation: Jackson and the CJC; Supreme Court Clarifies the Anti-Deprivation Rule; Contractual and...more

Mexican Legal Framework of Business Insolvency

Introduction All of a debtor’s assets are subject to account for the performance of its obligations, except for those assets which, pursuant to law, are inalienable or cannot be attached. Insolvency is an economic...more

In Re Tousa: District Court Reverses Bankruptcy Court's Order Requiring Lenders To Disgorge $480 Million As Fraudulent Transfer

On February 11, 2011, the Hon. Alan Gold of the United States District Court for the Southern District of Florida issued a 113 page opinion and order quashing the bankruptcy court's order requiring the lenders involved in...more

Altered Ego: New Ninth Circuit Opinion Overrules Previously Well-Settled Law Regarding Exclusive Standing Of Bankruptcy Trustees...

On October 21, 2010, the Ninth Circuit overruled what many thought to be well-settled law, and held that a bankruptcy trustee does not have standing to pursue alter ego claims, at least in cases governed by California law....more

Fact Inquiry Necessary to Determinate Which Sales of Securities Were "By Means Of" Misstatements

The U.S. Bankruptcy Court for the District of Massachusetts recently denied a motion for summary judgment on the issue of damages by investors in Access Cardiosystems, Inc. against one of the defendants, Randall Fincke. The...more

Ninth Circuit Declares No General Alter Ego Claim Exists In CA Law

When alter ego is alleged, the question may arise as to whether the theory is to be applied generally (i.e., for all of the creditors) or specifically (i.e., in the particular case presented by the creditor). This...more

California Court Of Appeal Holds That Shareholders Have Standing To Pursue Derivative Actions After Dissolution Of A Corporation

In Favila v. Katten Muchin Rosenman LLP, 188 Cal. App. 4th 189 (2d Dist. 2010), the California Court of Appeal reversed the trial court’s denial of plaintiff’s motion for leave to amend its complaint and dismissal of...more

Enforcing Judgment Debts in England and Wales

In this article, Susannah Robinson, a Solicitor in Druces LLP's commercial litigation department, describes the most significant processes available to Judgment Creditors to enforce Judgment Debts....more

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