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February 06, 2002 |

Sun's Medicare Settlement Clears

Bankrupt nursing home chain Sun Healthcare Group could emerge from Chapter 11 after a Delaware judge confirmed its reorganization plan on Tuesday. Judge Mary Walrath in the U.S. Bankruptcy Court in Wilmington, Del., approved the plan after Sun received final approval from the federal government for an $11 million settlement involving Medicare overpayments made to the company.
3 minute read
May 22, 2013 |

Tracing Del. Bankruptcy Court's Unclear Tracing Rules

An inherent tension exists between the Bankruptcy Code and the common-law doctrine of constructive trust. On the one hand, the Bankruptcy Code provides a broad scheme for ratable distribution among creditors. On the other hand, constructive trust law allows a creditor to recover from outside that scheme — and often in full — while its peers receive cents on the dollar. Yet, unlike an express or "real" trust, a constructive trust is a mere fiction, a remedy that courts invent after the fact to redress cases of unjust enrichment. From a creditor's perspective, constructive trusts are a tantalizing remedy, so it is important for both debtors and creditors to know when this remedy can be imposed.
5 minute read
August 14, 2013 |

Sources: 13-Month Deadline Reason for Dell Rescheduling

Carl Icahn's lawsuit challenging a proposed $24.7 billion buyout of Dell Inc. was rescheduled for Friday because the activist investor wouldn't have had a claim under Delaware corporate law until Tuesday, the date that would mark 13 months from Dell's last annual meeting, according to sources in the Delaware legal community.
5 minute read
April 24, 2013 |

Court Orders JPMorgan to Disclose Litigation Reserve Numbers

JPMorgan Chase must disclose its litigation reserve numbers for its arbitration with American Century, the Delaware Court of Chancery has ruled. Although Vice Chancellor John W. Noble held that the financial giant's litigation reserve could be protected under the work-product doctrine, he ruled that JPMorgan forfeited that defense by making the numbers an issue in the case.
5 minute read
July 03, 2013 |

Conclusive Presumption of Good Faith in MLP Agreements

The Delaware Supreme Court provided helpful guidance on the operation of the conclusive presumption of good faith in master limited partnership agreements in three recent decisions: Brinckerhoff v. Enbridge Energy, No. 574, 2011 (Del. May 28, 2013); Norton v. K-Sea Transportation Partners L.P., No. 238, 2012 (Del. May 28, 2013); and Gerber v. Enterprise Products Holdings LLC, No. 46, 2012 (Del. June 10, 2013). These decisions validate the use of conclusive presumption provisions in accordance with the intent of the Delaware Revised Uniform Limited Partnership Act (DRULPA) to give "maximum effect to the principle of freedom of contract and to the enforceability of partnership agreements," yet demonstrate that such contractual freedom is not without limits.
4 minute read
May 02, 2000 |

Cash Carries the Day

Delaware Court of Chancery judges have quietly approved two separate shareholder lawsuits that netted plaintiffs' attorneys million-dollar fees. Unlike recent cases in which judges sliced attorneys' fees and criticized the amount requested versus benefits earned for shareholders, the two Delaware suits -- In Re Sun Energy L.P. and In Re Intek Global Corp. -- are classic examples of attorneys winning substantial cash benefits for a class.
5 minute read
July 30, 2008 |

The Wheel of Fortune Hasn't Landed on Bankruptcy Yet

Reports on bankruptcy filings and searches for bankruptcy attorneys have suggested work is picking up for the practice, but other reports say the wave of filings expected to crest over the past nearly two years has yet to hit. So what is a firm to do?
5 minute read
July 24, 2013 |

Child-Support Limitation Ruling May Head to High Court

The Delaware Supreme Court may soon wrestle with the issue of whether, under the state's Probate Code, child-support claims against a decedent's estate must be filed within eight months after death and cannot be tolled until the child's birth.
5 minute read
October 19, 2011 |

Glasscock Dismisses Shareholder Suit Against Goldman Sachs

The Delaware Court of Chancery has dismissed a case that claimed Goldman Sachs breached its fiduciary duty to shareholders through a compensation structure that encouraged employees to take undue risks.
4 minute read

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