The M&A Word of the Day® from the Book of Jargon® – Global Mergers & Acquisitions Is Distressed Sale
Reuters, Bloomberg and Debtwire are all reporting negative financial information about your customer:
"Bond ratings are down-graded, bond prices are falling, a likely “restructuring” to address the bond debt,...more
Chapter 15 of the Bankruptcy Code provides mechanisms for dealing with cases of cross-border insolvency. On Oct. 6, 2014, the U.S. Supreme Court, in Jaffé v. Samsung Electronics Co., Ltd., denied review of a decision of the...more
In this issue:
- Judge Says That Stockton, California Can Cut Pension Obligations
- Third-Party Releases – Better Make Sure They Are Adequately Disclosed
- Lawyers Who Sign Proofs of Claims for Clients...more
Statute of Limitations for Submitting a Claim Against CIGA -
Court Of Appeal, First Appellate District (September 17, 2014) -
The California Insurance Guarantee Association (“CIGA”) has a statutory duty to pay...more
Court Permits Customer and IB Claims to Proceed Against U.S. Bank Over Peregrine Collapse -
A US federal court in Illinois authorized two lawsuits arising from the collapse of Peregrine Financial Group to proceed...more
In HR European Ventures LLP & ors v Cedar Capital Partners LLC  UKSC 45, 16 July 2014, the Supreme Court held that bribes and secret commissions, received by an agent, should be treated as the property of the principal...more
A second round of material reforms should encourage the viability of distressed companies in Spain.
Royal Decree Law 11/2014 (the New Reform) is another clear effort to decrease the number of insolvent companies which...more
A New Jersey appellate court recently addressed that state’s “direct action statute,” concluding that it did not prevent judgment creditors from pursuing a coverage action arising out of an LMX reinsurance spiral. The...more
Italian legislative amendments promote rescue over liquidation for companies facing insolvency, in line with this year’s European Commission recommendation.
Italian lawmakers have passed two decrees which will provide...more
On August 29, the UK PRA issued an update on the implementation of the Solvency II Directive (2009/138/EC), which is planned for January 1, 2016. The current PRA Update focuses on:
- the relationship between the risk...more
Insurance receivers have the unenviable job of liquidating failed insurance companies: collecting the insolvent insurers’ assets and paying claims against the failed insurers in accordance with a statutory claim priority...more
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
The intersection of bankruptcy law and intellectual property law is not a very nice neighborhood. Anyone dealing with intellectual property license agreements must think about how these agreements are affected if one party to...more
Dealing a major blow to the trustee’s efforts to recover fraudulent transfers on behalf of the bankruptcy estate of the company run by Bernard Madoff, Judge Jed S. Rakoff of the United States District Court for the Southern...more
As the wave of litigation spawned by the 2008 financial crisis begins to ebb, insurance-coverage litigation arising out of the credit crisis continues unabated. Financial institutions have successfully pursued insurance...more
A California District Court recently held that a bankruptcy trustee could not claim a property interest in the hourly fee matters pending at the now-dissolved Heller Ehrman LLP law firm. This June California decision was...more
Proceedings from the courts’ seminar address some material uncertainties, but ambiguities — especially over Social Security — remain.
Catalonian Mercantile Courts recently held a seminar and reached a common...more
BANKRUPTCY & INSOLVENCY -
In Canada, an “insolvent company” (or “person”) refers to an entity which is not bankrupt and which resides, carries on business or has property in Canada; and which is unable to meet or has...more
U.S. Bank Wins Coverage Under Delaware Law For $55 Million Overdraft-Related Settlement -
Why it matters:
In a victory worth tens of millions of dollars, a Minnesota federal court ruled that U.S. Bank is...more
In This Issue:
- WHAT DOES THE DELAWARE CHANCERY COURT’S RURAL/METRO RULING MEAN FOR ADVISORS TO DISTRESSED COMPANIES?
- US: OUTLOOK FOR CORPORATE RESTRUCTURING
- RABOBANK DECISION — SPECIAL DUTY OF...more
Chapter 15 of the United States Bankruptcy Code is a relatively recent addition to the American bankruptcy statute and it incorporates the United Nations Commission on International Trade Law Model Law on Cross-Border...more
The UK has long-since established itself as a jurisdiction of choice for complex cross-border restructurings involving corporate groups whose principal operations are overseas. Typically, the English Court has accepted...more
Allegheny County Court of Common Pleas Senior Judge R. Stanton Wettick Jr.'s recent ruling in Red Vision Systems v. National Real Estate Information Services, No. 14-0411 (Comm. Pls. Feb. 26, 2014), that the attorney-client...more
Can a foreign person exclude foreign-situs assets in determining insolvency exception to cancellation of indebtedness income?
With the worldwide global default rate on corporate debt continuing to rise, a taxpayer’s...more
Update on Case Law Developments in English Restructuring
This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for...more
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