Education & Information About Restructuring & Insolvency


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

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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...

Walrath Opinion on Avoidance Actions – Motion for Summary Judgment: Denied

April 15, 2017

In a 24 page decision released April 13, 2017, Judge Walrath of the Delaware Bankruptcy Court denied a motion for summary judgment in a preference action brought by Charles Stanziale as the chapter 7 Trustee of Powerwave Technologies against Superiour Technical Resources – Adversary Proceeding Case No. 15-50085.  Judge Walrath’s opinion is available here (the “Opinion”).  Judge Walrath held that...

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...

How to Get Involved with the ABI Consumer Commission

April 26, 2017

As Jason Kilborn noted last month, the American Bankruptcy Institute (ABI) has formed a Commission on Consumer Bankruptcy. More information about the Commission is available on its web site including the unfortunate news that it got saddled with me as the reporter. We very much invite input and suggestions about the Commission's work. Right now is an especially good time to get involved as the Commission sets its agenda. The ABI has charged the...

Courts Make Clear that General Objections are Generally Inappropriate

April 24, 2017

If your practice involves discovery, chances are you have been on the receiving end (and maybe the dispensing end) of prolix boilerplate general objections in response to interrogatories or document demands.  Whatever logic may have led to the development of a laundry list of blasé general objections, courts have made clear that they are ineffective for much more than wasting space and annoying judges and that lawyers should stop...



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...

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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...

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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...

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