Liquidation

News & Analysis as of

Court Of Chancery Dismisses Derivative Complaint for Want Of Factual Support

This is an interesting decision because it illustrates what many do not understand - a complaint has to have some actual facts to support its claims, not just inferences. ...more

To waive or not to waive future claims in settlement agreements?

The decision of the Commercial Court in Khanty-Mansiysk Recoveries Limited v. Forsters LLP [2016] EWHC 522 (Comm) may not, at first sight, be of obvious importance to HR practitioners. However, this decision highlights...more

MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial...more

SEC and FDIC Propose Dodd-Frank Broker-Dealer Resolution Rules

Troubled financial institutions, some with substantial broker dealer operations, played a prominent role in the 2008 financial crisis. In an effort to protect the financial system from serious threats posed by significant...more

The Charitable Split Annuity – A Little Bit Country and a Little Bit Rock and Roll

I have written several articles discussing the powerful tax benefits of pooled income funds in the current low interest environment. I have also written on the tax benefits of charitable lead annuity trusts (CLAT). The pooled...more

March 2016 Securities & Structured Finance Litigation Update

Quinn Emanuel Obtains Significant RMBS Sampling Ruling. Quinn Emanuel recently won a significant ruling permitting the use of statistical sampling to prove liability and damages on loan repurchase claims brought by the...more

Asset Sale Transactions – Shareholder Approval Requirements

Canadian corporate statutes require approval by a special majority of shareholders (two-thirds) of the “sale, lease or exchange of all or substantially all of the property of a corporation other than in the ordinary course of...more

Considering an Asset Sale Transaction? Be Aware of Shareholder Approval Requirements

In the current economic climate, many companies are seeking alternative means of accessing capital for their businesses, including by selling assets when other means of financing may not be available. When considering an...more

The Oman Update - Official Gazette 1135

Sultani Decrees - Sultani Decree No. 7/2016 Appointing an advisor in the Ministry of Foreign Affairs Dr Musa bin Jaafar bin Hassan is to be appointed as an advisor in the MFA with the same rank and allowances that he...more

New Hampshire Court Approves Commutations Concerning The Home Insurance Company

In various posts, the latest of which was September 2, 2015, Reinsurance Focus has covered developments in the liquidation of The Home Insurance Company. Recently, the liquidation court entered orders approving three...more

SEC Charges Municipal Bond Issuer, Broker With Fraud

Municipal bond offerings have become a key focus of SEC Enforcement. The agency has brought a series of actions in addition to an initiative that encourages the self-reporting of underwriters in return for reduced sanctions....more

Ralls Builders Limited – clarification on directors' liability for wrongful trading

In February 2016, Mr Justice Snowden handed down his judgment in the High Court proceedings concerning Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch). This matter concerned an application by the liquidators of...more

Anatomy of a Term Sheet: Series A Financing

A key milestone in the lifecycle of many successful companies (and, admittedly, many unsuccessful companies) is obtaining financing from angel or venture capital investors, but in negotiating with experienced investors...more

California Supreme Court Weighs in on Standing

The California Supreme Court recently held that borrowers may have standing to challenge an assignment of a deed of trust in a wrongful foreclosure action where they assert that the assignment is void. The decision likely...more

Claims Bar Date Creates Trap for Unwary in Reliance Insurance Company Liquidation

The Commonwealth Court of Pennsylvania has established March 31, 2016, as the Claims Bar Date in the Reliance Insurance Company Liquidation. Policyholders and claimants may think that if they file a claim on March 31, 2016,...more

Financial Services Weekly News - February 2015 #4

Regulatory Developments - CFPB Announces No-Action Policy for Innovative Consumer Products - On Feb. 18, the CFPB issued a final policy statement that permits some companies with innovative consumer products to seek...more

Unlocking the SAFE – An Alternative to Convertible Notes

With the increasing level of investment in emerging companies, entrepreneurs are being presented with a wider range of financing documents. One of the relatively newer financing instruments is the “SAFE” (simple agreement for...more

Silicon Valley Venture Capital Survey - Fourth Quarter 2015

Background - We analyzed the terms of 152 venture financings closed in the fourth quarter of 2015 by companies headquartered in Silicon Valley. Overview of Fenwick & West Results - Valuation results in 4Q15...more

Financial Regulatory Developments Focus - February 2016 #2

Bank Prudential Regulation & Regulatory Capital US Federal Deposit Insurance Corporation Issues Proposed Rule to Facilitate Access to Deposits in Large Bank Failures On February 17, 2016, the US Federal Deposit Insurance...more

U.S. Bankruptcy Court in Delaware Makes Substantive Changes to Local Rules

As is customary, on Feb. 1, 2016, the United States Bankruptcy Court for the District of Delaware amended the Local Rules of Bankruptcy Practice and Procedure. This year's amendments, however, are more substantive than in...more

Policyholders Beware: Failure to Give Timely Notice, as Soon as Practicable During a Claims-Made Policy's Effective Dates or...

The New Jersey Supreme Court recently held that an insurer may disclaim coverage without showing it was prejudiced by a policyholder’s failure to comply with a claims-made policy’s notice provision. In Templo Fuente De...more

Reliance Insurance Company Final Claims Bar Date: March 31, 2016

The court overseeing the liquidation of Reliance Insurance Company, one of the largest insurance liquidations in history, has approved the liquidator’s request for a final claims bar date of March 31, 2016. Reliance’s...more

The Oman Update - Official Gazette 1134

Ministerial Decisions and Local Orders - Ministry of Regional Municipalities & Water Resources Ministerial Decision No. 13/2016 Amending some provisions of MD 124/93 (on the registration of...more

Liquidation Court Grants Receiver’s Application For Authority To Enter Into Reinsurance Settlements With Three Reinsurers

A Texas court presiding over the liquidation of Santa Fe Auto Insurance Company approved an application by the Special Deputy Receiver for the liquidating company (“SDR”) to enter into a reinsurance settlement with three...more

New Delaware Chapter 15 Filing – Madison Niche Assets Fund, LTD.

The official liquidators of Madison Niche Assets Fund, Ltd. and Madison Niche Opportunities Fund, Ltd., two Cayman Islands entities, have filed chapter 15 petitions on behalf of those entities (Case No. 16-10043).  The case...more

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