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Can The Illegality Defence Bar A Claim Against A Dishonest Director?

In Jetivia SA & anr v Bilta (UK) Ltd (in liquidation) & ors [2015] UKSC 23, 22 April 2015, the Supreme Court ruled on the law of corporate attribution and the "illegality defence", which holds that a party cannot pursue a...more

Can The Illegality Defence Bar A Claim Against A Dishonest Director?

In Jetivia SA & anr v Bilta (UK) Ltd (in liquidation) & ors [2015] UKSC 23, 22 April 2015, the Supreme Court ruled on the law of corporate attribution and the "illegality defence", which holds that a party cannot pursue a...more

U.S. Supreme Court: Attorney’s Fees Provisions Must be Strictly Construed

“Our basic point of reference when considering the award of attorney’s fees is the bedrock principle known as the American Rule: Each litigant pays his own attorney’s fees, win or lose, unless a statute or contract provides...more

A Look at the Friendly Foreclosure Option

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

Bankruptcy Blog Re: Debtor’s Funds When Case Is Converted From Chapter 13 To Chapter 7

The Supreme Court of the United States was recently asked whether, when a debtor in good faith converts a bankruptcy case to Chapter 7 after confirmation of a Chapter 13 plan, undistributed funds held by the Chapter 13...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

Insolvency: What Every Technology Company Needs to Know About Claims Against Bankrupt Customers And Business Partners

Every year, otherwise successful technology companies lose untold sums of money and valuable intellectual property rights because they do not act when a customer or business partner files for bankruptcy protection. Far less...more

The Golf Channel Needs a Mulligan

“Mulligan,” in golf parlance, is the opportunity to hit a golf shot, a “do over,” when the previous shot was not quite the one desired by the golfer. The “Mulligan” replaces the previous shot, which then does not count toward...more

Bankruptcy Beat: Single Asset Real Estate Debtor Could Not Show That Plan with Substantial Balloon Payment had a Realistic Chance...

At issue in GRG Acquisitions, LLC v. MDM Golf of Gillette Ridge, LLC (In re MDM Golf of Gillette Ridge, LLC), Case No. 14-21565 (ASD) (December 23, 2014), was whether relief from the automatic stay should be granted to a...more

What to Make of a Diminished Thing: Tobacco Bond Defaults and Restructurings

There is little poetry in tobacco bonds these days. Cigarette consumption has declined beyond projections, and the advent of e-cigarettes may exacerbate the decline. Payments under the Master Settlement Agreement (MSA) are...more

Client Alert: Oil & Gas Bankruptcies on the Horizon: Beware of Statutory Liens

The recent drop in crude oil prices has been a boon to consumers and businesses alike. However, sustained lower crude prices will invariably have a negative impact on drilling activity in those states where oil and gas...more

When Your Customer Files Bankruptcy and Your Factor Has not Approved the Orders: Reclamation, Administrative Claims and Other...

Consider the plight of a manufacturer of women’s blouses who sells to every major department store and specialty chain in the country. One of her highest volume customers is a 150 store chain of boutiques. Let’s call the...more

December 2014: Bankruptcy and Restructuring Update

Bankruptcy Code Section 502(d): Getting Back to Basics. Traders in distressed debt face a myriad of questions and issues when acquiring claims against a company in distress. One common issue that traders should always ensure...more

Alert: Ninth Circuit Expands the Limits of Post-Confirmation Injunctions and Non-Debtor Releases Under A Chapter 11 Plan

For years, it has been the rule in the Ninth Circuit that a chapter 11 plan cannot discharge or otherwise affect the obligation of a non-debtor owed to a third party. This view interprets section 524(e) of the Bankruptcy...more

Addressing an issue of first impression, Connecticut Supreme Court concludes that Insurance Guaranty Association is not estopped...

In Connecticut Ins. Guaranty Association v. Joshua Drown, the Connecticut Supreme Court addressed, as an issue of first impression, whether an insurer’s preinsolvency breach of its duty to defend a claim during an underlying...more

Cayman Islands Case Notes, October 2014

Caribbean Islands Development Ltd. (in Official Liquidation) v First Caribbean International Bank (Cayman) Limited (unreported) - In a ruling handed down on 8 October 2014, the Cayman Islands Court sent a strong...more

Bankruptcy Court Finds Tenant Cannot Assume Commercial Lease After Waiving Rights to Seek Relief From Forfeiture Under California...

The US Bankruptcy Court for the Central District of California (the "Court") recently upheld the validity of a commercial lease provision by which a debtor/tenant waived its rights to seek relief from forfeiture (i.e.,...more

Appellate Court Notes

SC19151, SC19158 - Weiss v. Smulders - Plaintiff sued the defendant claiming it violated an oral agreement to form a new company by merging their existing companies as a joint venture to sell food products. After a...more

UK Court Decision Demonstrates Importance of Compliance With ISDA Market Quotation Procedures

The High Court of England and Wales (Commercial Court) recently decided in favor of Lehman Brothers Finance S.A. (in liquidation) (LBF) against Sal. Oppenheim Jr. & Cie. KGAA (Oppenheim). The matter involved a dispute over...more

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

When Winding Up A Corporation Don't Do This

I don't know any lawyers who specialize in winding up corporations, but if any of you are out there, you should read this post. It is important to remember, when winding up a corporation, that "principals and directors...more

Lease Termination: Do You Really Mean It?

A commercial landlord sought relief from the automatic stay so that it could complete prepetition eviction proceedings against the debtor. The debtor objected, arguing that it had a right to assume the lease. The case turned...more

Some Days, A Stay Is Easier to Obtain Than Others

In A&F Enterprises v. IHOP Franchising LLC, 742 F.3d 764 (Seventh Cir. 2014), Chapter 11 debtors appealed a determination that their building leases were deemed rejected because they were not timely assumed. Both the...more

Historic Award in the Yukos Majority Shareholders Arbitration

In this issue: - Background of dispute - Tax reassessments - Harassment of Yukos - Settlement offers - “Rigged” auction - Harassment of PwC - Bankruptcy - Legal...more

Keeping the Benefit of Your Bargain: Strengthening Your Right to Prepayment Premiums

Anyone involved in commercial lending transactions is familiar with provisions of loan agreements that provide for compensation to the lender in the event the indebtedness is paid in advance of the contemplated due date....more

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