Education & Information About Restructuring & Insolvency

Beneath the Surface: Finding Truth in Income Statements

Beneath the Surface: Finding Truth in Income Statements

May 15, 2017

An income statement, one component of a set of financial statements, provides a snapshot of a company’s profitability over a specific period of time by deriving net income from sales. While an income statement may help its user obtain a general...

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PUBLIC NOTICE OF SALE: Return of Bids Sale of Assets of General Loose Leaf Bindery Co., Inc.

May 1, 2017

Assignee’s Return of Bids Sale GENERAL LOOSE LEAF BINDERY CO., INC. 3811 HAWTHORN CT. WAUKEGAN, IL 60087 SALE OF ASSETS:  On Wednesday, May 10, 2017 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors...

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Dealing With Distress for Fun & Profit – Installment #15 – How to Protect Your Claim

Dealing With Distress for Fun & Profit – Installment #15 – How to Protect Your Claim

May 1, 2017

A written tour of business bankruptcy and its alternatives This series was started (click here to read from the beginning) with a broad overview of business bankruptcy but our last few installments have focused on unsecured creditors (click...

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Best Bankruptcy Blogs

eSign & Commercial Finance: A License to Trash the Original Note?

January 26, 2016

Are “electronic document” provisions appearing in your commercial loan documents?  This is the second in a series examining two provisions recently reviewed by me in commercial real estate transactions.   Unfortunately, the two provisions have serious problems: for UCC Article 3 notes, making a copy of it will not clothe the copy with Article 3 protections. Copy & Trash the Original Note: No No & No Electronic...

If a Committee Steps into the Debtor’s Shoes – Just How Good is the Fit?

May 10, 2017

On May 8, 2017, Judge Gross ruled on a Motion to Compel Production of Documents in the Haggen bankruptcy.  Judge Gross’ opinion (the “Opinion”) addresses the conflict when a party is acting on another’s behalf and that entity claims “the oldest of the common law privileges”.  Opinion at *5.  A copy of the Opinion is available here. In the Haggen bankruptcy, the Committee, the Debtors and the...

Sally Yates Should be Disbarred

January 31, 2017

I/m no fan of President Trump or his immigration policy, bit I don't know if there has ever been as massive and blatant a departure from professional responsibility as Sally Yates' instruction to all DOJ lawyers this week not to defend their client in pending lawsuits because, while conceding that the client had taken an action that was "lawful on its face", she did not believe the "policy choice embodied in [the relevant] executive order is wise...

According to a Piece in the Opinion/Op-Eds Section of the Hartford Courant "Nobody Wins if Hartford Goes Bankrupt"

May 8, 2017

Recent news concerning the possibility of a bankruptcy for Hartford, Connecticut has inspired a number of people to weigh in.  For more see:

No Contradiction in Contribution: Tenth Circuit Finds that Bankruptcy Court Approval of Settlement of CERCLA Environmental Claims Does Not Estop Subsequent CERCLA Contribution Claim

April 7, 2017

Overview In Asarco, LLC v. Noranda Mining, Inc., the Tenth Circuit Court of Appeals held that representations made to the bankruptcy court that the Debtor’s settlement of environmental claims reflected only the Debtor’s share of the cleanup costs did not judicially estop the Debtor from brining a contribution claim against another potentially responsible party for those same costs. Background Asarco, LLC (“Asarco”)...

Millenium Lab Holdings – Ruling on Third Party Releases Highlights Continuing Constitutional Questions Regarding Power of Bankruptcy Courts

May 16, 2017

In Millenium Lab Holdings, Delaware District Court Judge Leonard Stark, on an appeal from a bankruptcy court order confirming a plan of reorganization, recently upheld a challenge to the bankruptcy court’s constitutional authority to release claims against non-debtor third parties under the plan.  Judge Stark’s opinion demonstrates the extent to which the constitutional questions raised by the Supreme Court six years ago in Stern...

Orrick Assists in the Restructuring of Leading French Digital Media Group SoLocal

March 17, 2017

Orrick assisted GLAS Trust Corporation Limited in the recent financial restructuring of SoLocal Group S.A., the leading French provider of digital local media and marketing. The main creditors involved were the lenders of around €835 million in senior secured bank debt and the holders of €350,000,000 8.875% senior secured notes due 2018 (the “Notes”). The restructuring agreed between the company, its shareholders and its...

Taking Online Dispute Resolution To The Next Level

May 26, 2017

Yesterday I purchased a travel alarm clock through Amazon. This morning, the manufacturer emailed me with instructions for its use, including a very important point about switching the travel lock button off to activate the clock. The clock apparently arrives in the locked condition, which has caused some customers confusion and led them to think that the clock was defective when it was not. The email made me think of a recently published book,...

New Delaware Chapter 11–Delaware Sports Complex, LLC

May 24, 2017

Delaware Sports Complex, LLC, which operates an 180 acre indoor and outdoor sports facility and the 190 acre St. Annes golf course in Middletown, Delaware, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11175).  According to the Petition, the Debtor is filing as a small business debtor.  The Petition estimates the Debtor’s assets and liabilities to both be...

90 Second Lesson: When To Request Relief From the Automatic Stay

April 24, 2017

QUESTION: How do I know if I should request relief from a debtor’s automatic stay? Learn the answer in 90 seconds or less. The post 90 Second Lesson: When To Request Relief From the Automatic Stay appeared first on Commercial Bankruptcy...

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Can an Executive Exert Control of Corporate Attorney-Client Privilege?

April 17, 2017

What exactly does it mean when a company’s attorneys represent the company, not the company’s executives?  Suppose an executive consults with company attorneys to determine if the company’s course of action is legally...

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90 Second Lesson: First Step When Purchasing a Distressed Business

April 10, 2017

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to and we will try to answer it.    QUESTION: What is the first...

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Commercial Bankruptcy Investors Commercial Bankruptcy Alternatives Commercial Bankruptcy Litigation