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...Read Full Article
Editors’ Note: This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to email@example.com and we will try to answer it. QUESTION: What is the first...Read Full Article
Editors’ Note: This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to firstname.lastname@example.org and we will try to answer it. QUESTION: Who can be liable for a...Read Full Article
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...
Not uncommonly, a preference complaint fails to adequately allege that the transfers sought to be recovered by the trustee were made “for or on account of an antecedent debt owed by the debtor before such transfer was made”, as required under Section 547(b) of the Bankruptcy Code. Thus, when faced with a complaint to recover alleged preferential transfers, a defendant can proceed in one of two ways: (i) file an answer and raise...
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...
Foreign companies have sought bankruptcy protection in the United States for decades. Their hope often is to restructure under the laws of the United States their obligations, including their obligations to pay creditors and investors based overseas. And sometimes obligations are extinguished and principals of foreign companies are given releases as a matter of U.S. law.Bankruptcy protection does not preclude regulatory action. Some...
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”)...
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the long-running Nortel chapter 11 case. The dispute has been watched closely by financial institutions that serve as trustees on bond issuances. (Kelley Drye & Warren LLP represented a large creditor in the Nortel...
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...
In light of the timeline on the Puerto Rico debt situation, I have just posted on SSRN a contribution to the ABLJ/ABA symposium last fall. The paper examines PROMESA's judicial selection requirements applicable to a Puerto Rico Title III filing (the equivalent of a bankruptcy), and puts them in the context of municipal bankruptcy history. This paper can be downloaded here.
Upcoming Committee Formation Meeting: Thursday, May 4, 2017, 1:00 pm Case Name: 17-10828 (KG) Location: Office of the US Trustee 844 King Street, Room 3209 Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the voluntary petitions for relief, press release, proposed claims agent for further details. Contact Norman L. Pernick...
Upon the filing of a bankruptcy petition by a debtor in a U.S. chapter 11 proceeding, any attempts to collect debt by a creditor are halted. As a result, creditors face the daunting prospects of either waiting out the debtor’s bankruptcy...Read Full Article
Editors’ Note: This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to email@example.com and we will try to answer it. QUESTION: Are insolvent or...Read Full Article
NOTICE OF ASSIGNEE SALE RAINBOW BOOKS, INC. NOTICE IS HEREBY GIVEN that March 22, 2017 at 10:00 a.m., at the office of Frontline Real Estate Partners, LLC, 477 Elm Place, Highland Park, IL 60035, Joshua E. Joseph, not individually, but solely...Read Full Article
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According to Fortune Magazine, one time teen retail chain Rue21 is set to file for bankruptcy.
According to the Wichita Eagle, Sanitary and Improvement District No. 290 filed for Chapter 9 bankruptcy after debt built up from infrastructure construction.
Barons reports on analysts at S&P Global Market Intelligence who have been closely following the downturn in U.S. retail.
AJC.com reports that the Norcross based solar panel maker has filed bankruptcy after falling victim to falling prices for solar power cells.
Seeking Alpha reports that the fraudulent conveyance bankruptcy issue ends July 8.
Reuters reports that the supplier to independent grocery stores in the Midwestern United States, struggles with its debt.
The Sun investigates whether the City of San Bernardino, California could face a future bankruptcy filing.
Utility Dive reports that seven utilities warned a bankruptcy court this week that they believe nuclear developer Westinghouse Electric will need additional funds to continue operating.
According to news reports, the downtown bar has not opened for more than six weeks and was sued for months of unpaid rent.
KREM Channel 2 reports that the local hypnosis services franchise has filed for bankruptcy.
According to the Dallas News, after a string of financial losses, Adeptus Healthcare files for bankruptcy.
The Napa Valley Register reports that the NiFi Music Fest has filed bankruptcy.
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