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District court holds mandatory abstention applies to dispute between professional liability insurers

Wiley Rein LLP
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USA
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January 8 2008

The United States District Court for the District of New Jersey has abstained from hearing a dispute between a primary and an excess professional liability insurer related to a bankruptcy settlement based on the mandatory abstention doctrine

Unwinding the deal when bankruptcy looms

Wiley Rein LLP
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USA
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February 22 2007

Joint ventures and other modern forms of strategic partnerships have been criticized lately in the business media as being difficult to manage and ultimately difficult to unwind

Bankruptcy asset sales

Wiley Rein LLP
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USA
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January 19 2008

The Bankruptcy Code facilitates asset sales in chapter 11 by offering incentives to buyers and flexibility in structuring and timing the sale

11th Circuit rules that Celotex provided late notice for asbestos property damage claims

Wiley Rein LLP
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USA
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July 28 2008

The United States Court of Appeals for the 11th Circuit, applying Illinois law in an unpublished decision, has held that Celotex's failure to provide its excess insurers notice of lawsuits claiming more than $2 billion in property damage until after Celotex entered bankruptcy precluded coverage for asbestos-related property damage under numerous policies

Bankruptcy Court denies approval of Adelphia policy buyback settlement

Wiley Rein LLP
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USA
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April 16 2007

The United States Bankruptcy Court for the Southern District of New York has denied approval of a settlement between Adelphia and its D&O insurers pursuant to which the insurers would have bought back their interests in the relevant policies issued to Adelphia for $32.5 million "with claims of others to policy proceeds...attaching to the proceeds of the sale."

New bankruptcy law benefits trade creditors

Wiley Rein LLP
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USA
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July 26 2007

More than a year and a half has passed since the Bankruptcy Code was significantly revised pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which became effective (with some exceptions) on October 17, 2005

Proceeds of D&O policy are not property of the estate despite entity coverage

Wiley Rein LLP
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USA
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July 20 2007

In two related actions, the United States Bankruptcy Court for the District of Delaware ruled that the proceeds of a D&O policy are not property of the debtor's estate and refused to grant an injunction requested by a trustee to prevent the directors and officers from consummating a settlement that would exhaust the policy limits

Subordination and waiver of claims between creditors in Chapter 11

Wiley Rein LLP
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USA
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July 26 2007

While investors and lenders brace for the next wave of chapter 11 filings, those who are parties to intercreditor agreements need to take stock on how their relationship with their fellow creditors and the borrower may be impacted by a bankruptcy filing by the borrower

Excess D&O policy rescinded based on fraudulent representations regarding solvency

Wiley Rein LLP
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USA
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August 13 2007

The United States District Court for the Southern District of Ohio, applying Ohio law, has held that an insurer could rescind an insurance policy based on an individual's fraudulent statements that the insured company was not facing bankruptcy

Court holds notice of potential claim letter satisfies policy requirements

Wiley Rein LLP
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USA
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August 13 2007

The United States District Court for the District of Colorado, applying Colorado law, has denied an insurer's motion for summary judgment and granted in part motions for partial summary judgment by the policyholder's former CEO and a bankruptcy trustee as assignee of the policyholder's former directors

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