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Emergency Appeal in Fisker Bankruptcy Denied
A federal judge has blocked Hong Kong billionaire Richard Li's emergency motion to overturn a Delaware bankruptcy court decision limiting how much he could bid for defunct hybrid-sports-car manufacturer Fisker Automotive Holdings Inc.
Effect of Post-Petition Payments on 'New Value' Defense
The U.S. Court of Appeals for the Third Circuit's recent decision in Friedman's Liquidating Trust v. Roth Staffing Companies LP (In re Friedman's), No. 13-1712 (3d Cir. Dec. 24, 2013), provides bankruptcy practitioners with long-awaited guidance on the effect that the post-petition payment of prepetition claims has on the calculation of the "new value" defense for purposes of determining preference liability.
Bids for Fisker Capped at $25 Mil. by Bankruptcy Judge
A secured creditor's bid for defunct hybrid-sports-car manufacturer Fisker Automotive Holdings Inc. must be limited to $25 million, the U.S. Bankruptcy Court for the District of Delaware has ruled.
Bankruptcy Filing Evidence Prejudicial in Merger Case
The Delaware Court of Chancery has refused to reopen the record in a lawsuit filed by shareholders of ambulance service provider Rural/Metro Corp. alleging that company's financial adviser, RBC Capital Markets LLC, aided and abetted Rural/Metro's board members' breach of fiduciary duty in the company's $438 million sale to Warburg Pincus LLC in 2011. Rural/Metro's shareholders sought to include a 2013 declaration by the company's new chief financial officer in a suggestion of bankruptcy filing that the company could not accurately forecast revenue, but the court said permitting the evidence would be prejudicial to the defendants.
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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Courts, Not Arbitrator, to Distribute Nortel's $7.5 Bil. in Assets
The distribution of the $7.5 billion in cash raised by insolvent Nortel Networks Inc. during an asset auction will be decided by joint proceedings in the Delaware and Canadian courts, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential opinion.
Electricity Not a Good for Administrative Priority Claims
Is electricity a good for purposes of establishing an administrative priority claim under Section 503(b)(9) of the U.S. Bankruptcy Code?Relation-Back Doctrine Applied in Adversary Actions
Two recent bankruptcy cases decided on the same day by the same judge dealt with motions to amend the complaints in preference actions. Both cases illustrate the court's application of the relation-back doctrine, with differing results. Along the way, the court addressed the requirements for proper service and equitable tolling of the statute of limitations.
Once-Denied Motion for Partial Final Judgment Granted
Delaware Court of Chancery Vice Chancellor Sam Glasscock III has granted a motion for partial final judgment filed by the debt holders of an insolvent pharmaceutical company, despite denying a similar motion last year. Glasscock opted to grant the motion after fellow Vice Chancellor J. Travis Laster, upon remand from the Delaware Supreme Court, reinstated eight of 10 claims he had dismissed with prejudice last year in a case with similar facts. The decision will enable the Supreme Court to simultaneously hear appeals from plaintiffs in both cases on the issue of no-action clauses in indenture agreements.Single-Employer Test Emphasizes De Facto Control Factor
The Worker Adjustment and Retraining Notification Act (WARN Act) provides that an employer may not order a plant closing or mass layoff until the end of a 60-day period after the employer serves written notice of such an order to each affected employee. The purpose of the act is to protect workers and their families by providing them with advance notice of a layoff. Because employee layoffs are a necessary condition to WARN Act liability, and layoffs frequently presage a corporation's demise, plaintiffs frequently attempt to recover from affiliates like a parent company or lender. Two recent decisions from the Delaware bankruptcy and district courts illustrate how the courts deal with such suits.TRENDING STORIES
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