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In re Weinstein and Mallinckrodt: Implications for Royalty Financings, M&A Earn-Outs, and Other Transactions Involving Future Payment Obligations

Deal structure matters, particularly in bankruptcy. The Third Circuit recently ruled that a creditor’s right to future royalty payments in a non-executory contract could be discharged in the counterparty-debtor’s bankruptcy. The decision highlights the importance of properly structuring M&A, earn-out, and royalty-based transactions to ensure creditors receive the benefit of their bargain — even (or especially) if their counterparty later encounters financial distress.

Background

USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Creditors' rights, Asset purchase agreement , United States bankruptcy court, Third Circuit
Court of Appeal summaries (April 15 - April 19)

Following are this week’s summaries of the Court of Appeal for Ontario for the week of April 15, 2024.

Canada, Ontario, Company & Commercial, Family, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Personal Injury, Professional Negligence, Blaney McMurtry LLP, Abbott Laboratories, European Securities and Markets Authority, Supreme Court of Canada, Court of Appeal for Ontario
Court of Appeal summaries (January 15 - January 19)

Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of January 15, 2024.

Canada, USA, Ontario, Banking, Company & Commercial, Derivatives, Family, Insolvency & Restructuring, Litigation, Real Estate, Blaney McMurtry LLP, Due diligence, Barclays, Commodity Futures Trading Commission (USA), FERC, HSBC, Bank of Nova Scotia, Competition Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Court of Appeal summaries (December 18-22)

Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of December 18, 2023.

Canada, Ontario, Banking, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Insurance, Litigation, Personal Injury, Real Estate, Blaney McMurtry LLP, Due diligence, ESG, Court of Appeal for Ontario
Default Rate Interest in the Wake of Golden Seahorse Chapter 11 Decision

Can a debtor reinstate a defaulted loan under a Chapter 11 plan without paying default rate interest? This question was analyzed thoroughly in a recent Southern District of New York Bankruptcy Court decision by Judge Philip Bentley.

USA, Banking, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Holiday Inn
Court of Appeal summaries (September 4 - September 8)

Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.

In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.

Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.

Canada, USA, Ontario, Family, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Bankruptcy, Court of Appeal for Ontario
Court of Appeal summaries (August 28 - September 1)

Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of August 28, 2023.

I hope everyone is enjoying the last long weekend of the summer.

Chippewas of Nawash Unceded First Nation v. Canada (Attorney General) is a 125-page decision dealing with the claim of the Saugeen Ojibway Nation to submerged lands in Lake Huron and Georgian Bay. The claim was mostly unsuccessful.

Canada, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, Litigation, Public, Real Estate, Blaney McMurtry LLP, Confidential information, Court of Appeal for Ontario
Court of Appeal summaries (July 17 - July 21, 2023)

Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

Canada, USA, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Due diligence, Court of Appeal for Ontario, British Columbia Supreme Court
Court of Appeal summaries (may 22, 2023 - may 26, 2023)

Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of May 22, 2023.

Canada, Ontario, Banking, Capital Markets, Company & Commercial, Employment & Labor, Human Rights, Insolvency & Restructuring, Litigation, Public, Blaney McMurtry LLP, Mediation, Litigation funding, Anti-bribery and corruption, Corruption of Foreign Public Officials Act 1998 (Canada), Court of Appeal for Ontario
Court of Appeal summaries (April 24, 2023 - April 28, 2023)

Following are our summaries of the civil decisions of the Ontario Court of Appeal for the week of April 24, 2023.

Canada, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, IT & Data Protection, Litigation, Real Estate, Blaney McMurtry LLP, Insolvency