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Bankruptcy Law
Confirmed Plan No Bar to Later Asbestos Personal Injury Claim
Friday, July 18, 2008
Over the last 20 years, a number of manufacturing and distribution companies plagued with asbestos tort liabilities have reorganized using the model established in the Manville bankruptcy case.
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N.Y. Court Refuses to Appoint Equity Committee
Friday, June 20, 2008
Large Chapter 11 cases seem to bring out the best in formulating creative reasons for appointing official committees. Sometimes it seems that every group with a commonality of interests requests the status of an official committee.
Court Imposes $650,000 in Sanctions on Lender, Servicer and Counsel
Friday, June 6, 2008
In Nosek v. Ameriquest Mortgage Company, the United States Bankruptcy Court for the District of Massachusetts imposed $650,000 in sanctions under Federal Rule of Bankruptcy Procedure 9011 on Ameriquest Mortgage Company, Ameriquest's local law firm, one of the firm's partners, Ameriquest's national law firm and Norwest Bank, Minnesota, N.A. (now known as Wells Fargo Bank, N.A.), on the basis that these parties misrepresented and/or failed to clarify the role Ameriquest played with respect to a mortgage and mortgage note.
GCs Have Fiduciary Duty to Implement Corporate Oversight
Friday, May 16, 2008
In the wake of well-publicized corporate fraud cases like Adelphia, Enron, Tyco and Worldcom, the climate surrounding corporate oversight has heated considerably.
Case Involves Challenge to Patient Care Ombudsman Appointment
Friday, May 2, 2008
With an abundance of medical schools, teaching hospitals and related businesses, and an aging population with an attendant increase in the number of long-term care facilities, this area has plenty of health care businesses, and has seen more of its share of health care business insolvency proceedings.
Bankruptcy Court Decides Indemnification Claims Against Debtors' Directors, Officers
Friday, April 18, 2008
In In re Touch America Holdings Inc., 381 B.R. 95 (Bankr. D. Del. 2008), the U.S. Bankruptcy Court for the District of Delaware was called on to decide whether to subordinate and disallow various reimbursement and indemnification claims filed by former directors and officers of the debtors in connection with two civil actions pending against these directors and officers.
Success Fees Under Section 328: Be Reasonable and Specific
Friday, April 4, 2008
In complex business reorganizations, debtors and other major parties-in-interest (including trustees, examiners and creditors committees) will typically retain a small army of professionals, such as attorneys, financial advisers, accountants and the like, to assist in the case. Not surprisingly, such professionals are entitled to be compensated by the bankruptcy estate.
Waiver of the Automatic Stay Revisited by Court
Friday, March 21, 2008
Over the years, bankruptcy courts around the country have been faced with cases involving forbearance agreements containing a waiver of the automatic stay, i.e., a provision in a pre-petition agreement between a borrower and a secured lender stating that in the event of a Chapter 11 bankruptcy filing by the borrower, the lender would immediately be entitled to relief from the automatic stay to allow the lender to pursue its rights against the collateral.
Tainted by the Sins of Former Management: Section 1104(e) of the Bankruptcy Code
Friday, March 14, 2008
In furtherance of its effort to protect the public from fraud committed by a business debtor's management, Congress enacted Section 1104(e) of the Bankruptcy Code as part of the 2005 Bankruptcy Amendments, commonly known as BAPCPA. In general, Section 1104 of the code governs the appointment of a Chapter 11 trustee.
Court: Shareholders Meeting Does Not Violate Automatic Stay
Friday, February 15, 2008
Although the automatic stay effectively bars most actions against a debtor at the commencement of bankruptcy, when matters related to corporate governance must be undertaken, there remains some question as to whether stay relief is needed in advance.
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