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August 31, 2023 | Delaware Business Court Insider

SCOTUS' Purdue Pharma Position Could Shake Up Boy Scout Settlement, Objectors Say

Both Purdue Pharma and the Boy Scouts of America have approved plans that release the claims of third parties without requiring those parties' consent. In both cases, objectors say bankruptcy courts don't have the authority to approve plans that include that type of release.
5 minute read
August 23, 2023 | Delaware Business Court Insider

Agreeing to Wider Customer Notice, FTX to Settle Claims Out of Delaware Court

Sullivan & Cromwell partner Brian Glueckstein said the sheer volume of claims involved in the case—around nine million in total—makes it a candidate for keeping smaller settlements moving without court oversight as a way of avoiding spending more time and money than necessary.
4 minute read
August 10, 2023 | Delaware Business Court Insider

'That Was the Piggy Bank for Everyone': Lawyer for FTX Non-US Customers Weighs Bid for Recovery

Names of overseas creditors have been released by the bankruptcy court. The foreign creditors have formed an ad hoc committee represented by Eversheds Sutherland.
7 minute read
August 10, 2023 | Delaware Business Court Insider

Timing Is Everything: Bankruptcy Court Offers Guidance on When a Case Is Considered 'Filed'

The Bankruptcy Court thoroughly examined this issue and found that the "upload" time of a bankruptcy filing—and not the time physically "stamped" on a bankruptcy petition—determines when a case is commenced. In doing so, the Bankruptcy Court offered direction and guidelines that debtors and creditors will be well advised to observe in future cases.
8 minute read
August 07, 2023 | Delaware Business Court Insider

Kirkland & Ellis to Lead Trucking Firm Yellow Through Chapter 11

The company, with $1.5 billion in outstanding debt, is among several high-profile debtor representations for Kirkland this year.
2 minute read
Law Journal Press | Digital Book Wrongful Use of Civil Proceedings and Related Torts in Pennsylvania, Second Edition Authors: George Bochetto, David P. Heim, John A. O’Connell, Robert S. Tintner View this Book

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July 27, 2023 | Delaware Business Court Insider

BSA Plan Triggers Denial of Abuse Claims in Rockville Center Diocese Chapter 11

Chapter 11 cases involving mass tort and complex personal injury claims often require the resolution of novel legal issues that stretch the bounds of existing precedent. As these cases evolve, they can also impact claims against other debtors unrelated to the case at hand through court-approved injunctions, releases or settlements.
6 minute read
July 18, 2023 | Delaware Business Court Insider

Boy Scouts Settlement Trustee Sues Insurers to Enforce Terms as Appeals Continue

The opposing insurance companies sought relief from the U.S. Court of Appeals for the Third Circuit, but in April the appeals court denied a request by the plan's opponents to issue a stay while they appeal the federal court's approval of the plan. That appeal remains pending.
5 minute read
July 06, 2023 | Delaware Business Court Insider

Bankruptcy Transferring Control to Parent Was Filed in Good Faith

In recent years, as extensive pre-bankruptcy planning has evolved, bankruptcy filings frequently involve affiliates of larger companies, engineered with a structuring of liabilities in mind. This is especially relevant in the area of mass tort litigation. The question of whether these targeted filings are for a legitimate bankruptcy purpose or should be dismissed has been the subject of significant high-profile litigation.
10 minute read
June 29, 2023 | Delaware Business Court Insider

The Burden of Commercial Reasonableness Following a Default

Article 9 of the Uniform Commercial Code (UCC) governs secured transactions, and Part 6 of this article governs the rights and duties of the parties in the event of default. In the event of default by a debtor, a secured party may repossess the collateral and dispose of it through a sale, lease, license, or other form of disposition.
7 minute read
June 16, 2023 | Delaware Business Court Insider

Bankruptcy Judge Dismissed Fraudulent Transfer Claim in $7.2 Billion Purchase Led by Kohlberg Kravis Roberts

"It is black letter law in this Circuit that the gold standard for determining the value of an asset is to sell it in an open and fair market," stated U.S. Bankruptcy Judge Brendan Linehan Shannon. "A thing is worth what a willing buyer will pay to a willing seller following a proper marketing process.
4 minute read

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