Business Organization, Bankruptcy, Civil Procedure

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

District Court Limits the Collection of Withdrawal Liability Against Private Equity Funds

by Anthony Cacace, Neal Schelberg | Proskauer - ERISA Practice Center on 5/9/2013

In Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, 2012 WL 5197117 (D. Mass. Oct. 18, 2012), a federal district court in Massachusetts concluded that a private equity fund was not a...more

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines...

by Walter Greenhalgh | Duane Morris LLP on 5/3/2013

In AMR Corporation, et al., Debtors, Case No. 12-3967, 2013 WL 1339123 (S.D.N.Y. April 3, 2013), the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic...more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more

Bankruptcy Court Rejects Forum-Shopping Ploy

by Irve J. Goldman | Pullman & Comley, LLC on 3/22/2013

Originally published in the Connecticut Law Tribune on March 11, 2013. It has become a reality of bankruptcy practice that most large or complex Chapter 11 cases are filed and administered in one of two so-called...more

Supreme Court Holds California’s Survival Statute Inapplicable To Delaware Corporation

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 2/25/2013

Section 278 of the Delaware General Corporation in effect limits suits against dissolved corporations to a period of three years from dissolution. In contrast, Section 2010 of the California Corporations Code sets no time...more

In the Matter of Krafft-Murphy Co., Inc., C.A. No. 6049-VCP (Del. Ch. Feb. 4, 2013) (Parsons, V.C.)

by Potter Anderson & Corroon LLP on 2/15/2013

In this opinion, the Court of Chancery denied a motion for judgment on the pleadings by certain asbestos claimants (the “Claimants”) seeking appointment of a receiver under 8 Del. C. § 279, holding that the dissolved...more

Fourth Circuit Holds Bankruptcy Trustee Cannot Pursue Former Directors Of Bankrupt Holding Company For Alleged Mismanagement Of...

by BuckleySandler LLP on 1/14/2013

On December 28, the U.S. Court of Appeals for the Fourth Circuit affirmed a district court holding that a bankruptcy trustee lacked standing to sue former directors of an insolvent bank holding company for alleged...more

"Thinking Outside the Box - Using the Companies’ Creditors Arrangement Act to Resolve a Prospective Class Action"

by Deepshikha Dutt, Norm Emblem | Dentons on 12/10/2012

Originally published in the Ontario Bar Association's Class Action Law Section, Volume 3, No. 1 – December 2012. The Companies' Creditors Arrangement Act ("CCAA") has long been lauded as a flexible tool that lends...more

Bankruptcy Court Surprises Observers and Transfers Venue of Patriot Coal Chapter 11 Cases to Missouri

by King & Spalding on 12/4/2012

In an important opinion released on November 27, 2012, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York transferred the Patriot Coal Corporation (Patriot Coal) chapter 11...more

Commercial Restructuring & Bankruptcy Alert - October 2012

by Reed Smith on 10/22/2012

In This Issue: - Announcing Our New Cross-Border Insolvency and Restructuring Practice, and New Singapore Office - ‘Unfinished Business’ Doctrine in Law Firm Dissolutions is the Subject of Recent Opposing Decisions...more

Asbestos Alert: Corporations Formed Other than in California Which Have Dissolved May Be Able to Win Summary Judgment in...

by Low, Ball & Lynch on 9/26/2012

Robinson v. SSW, Inc. California Court of Appeal, First District (September 21, 2012) Douglas Robinson died from mesothelioma and his family filed a wrongful death action. SSW, Inc., a Nebraska corporation, sought...more

Dissolution Does Not Preclude Entry Of Default Judgment Against Nevada Corporation(?)

by Allen Matkins Leck Gamble Mallory & Natsis... on 9/25/2012

Stephens Media, LLC is the publisher of the Las Vegas Review-Journal. In 2009, Stephens Media filed a lawsuit in the U.S. District Court against Citihealth, L.L.C. alleging a variety of trademark related claims. Citihealth...more

Mongols Nation Finds No Xanadu In Lancaster

by Allen Matkins Leck Gamble Mallory & Natsis... on 8/6/2012

In July 2009, the Mongols Nation Motorcycle Club, Inc. planned to hold its annual convention in Lancaster, California. Allegedly, the mayor was not pleased with the prospect of hosting a social and fraternal organization...more

Approval of Key Employee Retention Plans: Did Global Aviation Get It Right?

by Cadwalader, Wickersham & Taft LLP on 7/31/2012

We recently commented here on the standard for reviewing key employee incentive plans (KEIPs) and the approval of the KEIP in the Velo Holdings chapter 11 cases pending in the Southern District of New York. On July 24,...more

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

by Cadwalader, Wickersham & Taft LLP on 6/26/2012

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

What’s Yours is Mine, and What’s Mine is Mine? SDNY Expands the “Unfinished Business” Doctrine to Include Non-Contingency Client...

by Cadwalader, Wickersham & Taft LLP on 6/18/2012

The recent chapter 11 case of the storied New York law firm, Dewey & LeBoeuf LLP, will raise a host of issues attendant to the dissolution of a modern day “big law” firm partnership. Chief among these issues is likely to be...more

Case Study: In Re Lower Bucks Hospital

by Loeb & Loeb LLP on 6/15/2012

Originally published in Law360, New York (June 13, 2012, 12:29 PM ET) A recent decision by a Philadelphia bankruptcy judge highlights the obstacles faced by an indenture trustee seeking to obtain, through a Chapter 11...more

Bankruptcy Court Determines that Property Transfer by Corporation in Which Debtor Holds a 50% Interest Does Not Constitute a...

by Katten Muchin Rosenman LLP on 6/5/2012

The United States Bankruptcy Court for the District of New Jersey recently found that a debtor’s transfer of property owned by a corporation in which the debtor allegedly held a 50% interest did not automatically constitute a...more

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Business Organization › Bankruptcy › Civil Procedure