Public, political, and investor scrutiny on corporate governance and risk oversight has raised the bar on every public company board. Directors and general counsel are definitely in the hot zone, as our most recent national survey results show.www.fticonsulting.com/resources/documents/2010legalstudyresults-final.pdf

Included in this issue: - US “Ipso Facto” and UK “Anti-Deprivation”: the Lehman "Flip” Clause - Glimmers of Hope for Trademark Licensees - Revisions to Proposed Amendments to Bankruptcy Rule 2019 - Proceeds of D&O Insurance Policies: Property of the Estate? - “Silent Second Lender’s” Efforts to Seek the Appointment of an Examiner Are Sidelined by Its Prepetition Waiver - Automatic Stay may be Extended to Enjoin Non-Debtors - Avoidance Powers in Chapter 15 Proceedings - The Politics of Bankruptcy: California’s Struggle over Municipal Bankruptcy Access Read more:

Development of Comity and Assistance to Foreign Insolvency Courts 1. In December 2005 the Joint Receivers and Managers of the Consumers Trust (“TCT”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern district of New York. Although TCT is an English trust its assets and its business were in the USA. In the USA a business trust such as TCT is regarded as a corporate entity for the purposes of insolvency proceedings. No such process is available in the case of a trust in England where the trustees of TCT resided.

Cross-Border Insolvency, with a Discussion of Inbound and Outbound IssuesProf. Charles D. Booth, Moderator, Cosimo Borrelli, Van C. Durrer II, Hon. Allan L. Gropper, George M. Kelakos, John Matthew Marsden, Shinjiro Takagi.

Asian Insolvency LawStephen B. Darr, Moderator, Prof. Charles D. Booth, Cosimo Borrelli, George M. Kelakos, John Matthew Marsden, Dr. Shinjiro Takagi.

“Loan-to-own” is the process by which investors buy into a piece of distressed debt (that is, debt trading at a discount because the market considers that the debt is unlikely to be repaid in full and on time) with a view either to: (i) swapping the debt for a potentially more valuable equity stake in the company; or (ii) enforcing security over the company and/or its assets, with a view to taking control of the company as part of a debt restructuring.