Education & Information About Restructuring & Insolvency


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...

Read Full Article

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 info@dailydac.com and we will try to answer it.    QUESTION: What is the first...

Read Full Article

90 Second Lesson: Personal Liability for Unpaid Taxes in Insolvency Cases

April 3, 2017

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.    QUESTION: Who can be liable for a...

Read Full Article
Commercial Bankruptcy Investors Commercial Bankruptcy Alternatives Commercial Bankruptcy Litigation



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...

DE Bankruptcy Court Dismisses Preference Complaint Against Former Insider in Part with Prejudice

April 12, 2017

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...

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...

Foreign companies filing for bankruptcy in the United States are not exempt from enforcement of American sanctions regulations by the Office of Foreign Asset Control.

March 11, 2017

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...

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”)...

Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees

March 15, 2017

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 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...

Judge Selection in Municipal Bankruptcy and PROMESA

April 24, 2017

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.

Delaware Organizational Meeting – Venoco, LLC

April 24, 2017

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...



An Introduction to Bankruptcy Claims Trading

March 27, 2017

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

90 Second Lesson: Application of Federal Income Tax Laws in Insolvency Cases

March 20, 2017

Editors’ Note:  This is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.    QUESTION: Are insolvent or...

Read Full Article

NOTICE OF ASSIGNEE SALE: of Rainbow Books, Inc. By Assignee Joshua E. Joseph of Frontline Real Estate Partners

March 13, 2017

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
Commercial Bankruptcy Investors Commercial Bankruptcy Alternatives Commercial Bankruptcy Litigation