Lessor of Equipment and Licensor of Intellectual Property In re Edscha North America, Inc. (Bankr. N.D. Ill.) Case no. 09-39055
The United States District Court for the Central District of California, applying California law, has granted summary judgment in favor of an insurer because a lawsuit against the insured actuarial services firm was a claim "arising out of the insolvency" of the insured's client and therefore was barred by the policy's insolvency exclusion. Zurich Global Corp. U.K. v. Bickerstaff, Whatley, Ryan & Burkhalter, Inc., 2009 WL 2827969 (C.D. Cal. Aug. 26, 2009).
Retail Seminar Business In re Telligenix Corporation (Bankr. M.D. Fla.) Case no. 09-15238
Residential Lots in Mississippi In re South Marsh Developers, LLC(Bankr. N.D. Fla.) Case no. 09-32148
United States Supreme Court
Washington, D.C.
November 3, 2009
We have attached the latest Distressed Assets Opportunities lists prepared by our colleagues in the Business Reorganization and Bankruptcy Group and the Real Estate Group. The lists can be accessed by clicking the hyperlinks.
On October 25, commercial real estate financing company Capmark Financial Group Inc., together with over 40 of its affiliates, filed a voluntary petition for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The debtors cite among the reasons for their filing the declined values of their loan portfolio, tightening of credit markets and a heavy debt burden. Capmark, formerly a part of GMAC's residential mortgage business until 2006, listed $20.1 billion in assets and $21 billion in liabilities on its petition.
Property in oroville and susanville, california : in re gumba investors, llc (bankr. e.d. cal.) case no. 09-40571
363 Asset Sales: The Latest Restructuring Tool
Introduction
The dearth of credit available for companies in financial distress means an asset sale may be the only way to save the business and jobs. It also presents unusually attractive investment opportunities for public and private companies, private equity and hedge funds, and other investors with capital and an ability to move expeditiously.
The U.S. Bankruptcy Court for the District of Delaware approved debtor Magna Entertainment Corp.’s proposed bidding procedures for the sale of Maryland’s Pimlico Race Course, home to the Preakness Stakes, and Laurel Park race course over the objections from former owners and state authorities. The former owners, together with Baltimore’s mayor and city council and the state of Maryland, objected to the expedited time frame, arguing that the debtor failed to provide parties in interest with sufficient time to respond to the proposed procedures.