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377 results found


Adams and Reese LLP | USA | 22 Aug 2016

Too Clever by Half: Bankruptcy Court Re-characterizes Debt Owed to Insider as Equity

In a new, unpublished decision in the U.S. Court of Appeals, the Fourth Circuit affirmed a bankruptcy court’s order re-characterizing a portion of a


Mayer Brown | USA | 5 Oct 2011

New York district courts differ regarding the scope of the Bankruptcy Code’s “safe harbors” for protected contracts

The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC), which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather than constructive, fraud.


Reed Smith LLP | USA | 14 Sep 2011

Director’s motion to dismiss breach of duty of good faith claim denied

The liquidating trustee appointed by the confirmed chapter 11 plan brought an adversary proceeding against a minority investor of the debtor, and a former director of the debtor, alleging that: the investor and the director had breached the fiduciary duties owed to the debtor, and the investor had defrauded the debtor.


Roetzel & Andress | USA | 10 May 2011

Don’t let bankruptcy scare you away from a good opportunity

A recent bankruptcy case in Pennsylvania, In re Shubh Hotels Pittsburgh, LLC, 439 B.R. 637 (Bankr. W.D. Pa. 2010), held that as long as the “debtor-in-possession” exercises its sound business judgment when making its decision, the “debtor-in-possession” can enter into a new 15-year franchise agreement over the objection of the secured lender.


Haynes and Boone LLP | USA | 19 Oct 2010

Weathering the storm: Delaware bankruptcy court rules bid procedures in Section 363 sale were unfair and unreasonable

On September 30, 2010, in In re American Safety Razor, LLC, et al, Case No 10-12351 (MFW), the United States Bankruptcy Court for the District of Delaware ruled that the debtors' proposed bid procedures for the sale of the business were unfair and unreasonable.


Herrick Feinstein LLP | USA | 30 Jul 2010

NY Court of Appeals confirms lenders can rely on borrower representations in loan agreements

The New York State Court of Appeals held that lenders may rely on borrower representations and warranties and that they have no affirmative duty to conduct independent investigations of their borrowers' books and records.


Squire Patton Boggs | USA | 28 Apr 2010

Third Circuit reaffirms 1999 O’Brien decision regarding application of Bankruptcy Code Section 503(b) to break-up fees of stalking horse bidders

In 1999 the Third Circuit Court of Appeals rendered its decision in Calpine Corp. v. O’Brien Environmental Energy, Inc. (In re O’Brien Environmental Energy, Inc.), 181 F.2d 527, denying Calpine Corporation’s request for the payment of a break-up fee after Calpine lost its effort to acquire the assets of O’Brien Environmental Energy out of bankruptcy.


Reed Smith LLP | USA | 27 Apr 2009

Fifth Circuit upholds bad faith sanctions

Troubled economic times predictably result in an escalation in bankruptcy filings.


Jones Day | Germany | 29 May 2008

Management liability based on inadequate due diligence in corporate acquisitions

In the context of corporate acquisitions, the managing directors of the acquiring company are regularly faced with the question of the scope of the “due diligence,” the review of the target company.

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