Setting the Record (Date) Straight

A record date, often viewed in the merger context as a mere mechanic to be quickly checked off a “to do” list, creates a frozen list of stockholders as of a specified date who are entitled to receive notice of, and to vote at, a stockholders’ meeting.
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First Distribution Expected in Dutch Bankruptcy of Lehman Brothers Treasury Co. B.V. (“LBT”)

Sanctioning of LBT Composition Plan Becomes Final: Following a consent solicitation process (unprecedented in the Netherlands) which ended on 25 January 2013, the LBT Composition Plan, as proposed by the debtor LBT in its Dutch bankruptcy, was accepted by an overwhelming majority (of 99 percent in number and 96 percent in amount) at the so-called Claims Admission Meeting (verificatievergadering) (“CAM”) held in the Amsterdam District Court on 7 March 2013.
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Appellate Division Decision Favors MBIA Against Its Remaining Bank Policyholders

n the continuing fight between MBIA and a bank group that has dwindled to two members, it appears that, due to another court decision, MBIA is ahead on points; however, some believe the insurer is running out of gas. On April 2, 2013, the New York Appellate Division, First Department, affirmed the trial court's decision holding that an underlying loan does not need to be in default to trigger the policyholder's repurchase obligation to MBIA if the insurer can prove that inaccurate information provided by the policyholder materially and adversely affected the insurer's interest.
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Village at Camp Bowie: The Fifth Circuit Weighs In on Artificial Impairment

A key tenet of reorganization under Chapter 11 is that if the debtor's plan impairs creditors, at least some of those creditors must agree to the plan. More specifically, "if a class of claims is impaired under the plan, at least one class of claims that is impaired under the plan has accepted the plan, determined without including any acceptance of the plan by any insider."
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