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Safe Harbor Unavailable for Payments to Collateralize Letter of Credit in Bond Redemption
Section 546(e) of the Bankruptcy Code has engendered more than its fair share of litigation. Section 546(e) provides a safe harbor to exempt certain types of financial contracts from the reach of the automatic stay and the avoidance powers of the code.At the Intersection of Federal and Corporate Law: A Q&A with Lawrence Hamermesh
Lawrence Hamermesh is the Ruby R. Vale Professor of Corporate and Business Law at Widener Law and former director of the Widener Institute of Delaware Corporate and Business Law. Most recently, he spent 18 months working as senior special counsel with the Office of Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission.Parsons Denies Motion for Reargument in PharmAthene Case
Delaware Chancery Court Vice Chancellor Donald F. Parsons Jr. denied Siga Technologies' motion for a reargument in its dispute with PharmAthene Inc., which was decided in September. Siga filed the motion seeking to vacate Parsons' order that the company share half of its profits from a smallpox drug with PharmAthene once the product reaches $40 million in sales.In Drafting Plan Releases, Consider Your Enemies and Don't Be Greedy
A recent decision by the U.S. Bankruptcy Court for the District of Delaware may cause many Chapter 11 debtors to take a more measured approach in seeking plan releases, at least when the plan is contested.
Law Journal Press | Digital Book
Pennsylvania Causes of Action, 12th Edition
Authors: GAETAN J. ALFANO, RONALD J. SHAFFER, JOSHUA C. COHAN
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Chandler Influence Seen in Glasscock's Opinions, Temperament
Sam Glasscock's corporate governance judicial philosophy still remains a mystery to many even after the completion of his first year as a Delaware Court of Chancery vice chancellor. While legal analysts say it often takes several years for a vice chancellor's views to be apparent, they can see the influence of Glasscock's mentor, former Chancellor William B. Chandler, in both his decisions and temperament.Court of Chancery Issues New Rule to Govern Confidential Filings
On Monday, the Delaware Court of Chancery issued a new rule governing confidential filings with the court - Court of Chancery Rule 5.1 - to replace the longstanding Rule 5(g). Rule 5.1 will become effective January 1, 2013. This overhaul of Rule 5(g) reflects the court's historical concern with balancing the public's right of access to judicial proceedings with parties' interests in maintaining the confidentiality of certain information. (See the memorandum from the Delaware Court of Chancery, "Protecting Public Access to the Courts: Chancery Rule 5.1.") Rule 5.1 emphasizes at the outset that "proceedings in a civil action are a matter of public record," and, subject to the limitations outlined in the rule, all filings in the Court of Chancery "shall be available for public access." Notably, Rule 5.1 does not affect the practice of entering into confidentiality stipulations to govern discovery, and is unlikely to affect the designation of confidential and highly confidential material. Instead, Rule 5.1 focuses on confidential information that parties file with the court. Below is a description of the key provisions of Rule 5.1, including where the new rule deviates from the prior Rule 5(g).
What to Expect From Your Delaware Counsel
Recently, the Delaware Court of Chancery has set out what it expects from Delaware lawyers serving as co-counsel in litigation controlled by non-Delaware attorneys. The court explained: "The concept of 'local counsel' whose role is limited to administrative or ministerial matters has no place in the Court of Chancery. The Delaware lawyers who appear in a case are responsible to the court for the case and its presentation." This raises the related issues of what non-Delaware law firms should expect from their Delaware co-counsel in Delaware litigation and what the Delaware counsel should in turn expect from their non-Delaware co-counsel. Treating these issues openly can only help those relationships.A Great Migration of M&A Cases Out of Delaware?
Editor's note: This is the first in a two-part series examining the notion that cases arising under the Delaware General Corporation Law are increasingly being decided elsewhere.TRENDING STORIES
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