Adananc

On February 28, 2011, Adanac Molybdenum Corporation announced that it successfully implemented its plan of compromise and arrangement and emerged from CCAA protection. It was announced that, on implementation, Adanac’s outstanding common shares were consolidated on a 150 to 1 basis with 24,698,888 post-consolidation common shares issued to creditors.

Adanac owns the Ruby Creek Project, located in northwest British Columbia.

Ambrilia Biopharma

The leading international insolvency practitioners and thought leaders in the world will convene for the 11th Annual Conference of the International Insolvency Institute at Columbia University in New York on June 13-14, 2011. The Conference will feature reports and analyses of the world’s most important current international insolvency issues and controversies described by speakers who are recognized globally as preeminent in their field.

A United States Magistrate Judge in the United States District Court for the Western District of North Carolina has denied a motion to compel discovery of all claims for which the insurer had denied coverage based on the desire of an insolvent insured to forfeit coverage.Lane v. Endurance American Specialty Insurance Co., 2011 WL 1791343 (W.D.N.C. May 10, 2011). The court granted, however, the plaintiff’s motion to compel the insurer to provide information about all other claims noticed under the policies at issue.

Wiley Rein LLP partner H. Jason Gold, the chapter 11 bankruptcy trustee in the mortgage fraud and Ponzi scheme case of Vijay Taneja, announced today that he has reached settlements with 11 defendants in the 60 lawsuits he filed last year seeking to recover tens of millions of dollars for the benefit of Mr. Taneja's creditors.

Trustees play a critical role in the bankruptcy process.

INTRODUCTION

As international trade grows, financial institutions and manufacturers of equipment recognize that international sales or globalization of their business is a requirement to staying competitive.

The United States District Court for the Northern District of California, applying California law, has granted summary judgment in favor of a bankruptcy plan administrator for the estate of an insured, holding that the plan administrator is entitled to recover premiums paid to an insurer after the insurer rescinded the policy. In re SONICblue Inc., 2011 WL 839401 (N.D. Cal. Mar. 4, 2011). The court also held that the insurer is entitled to reimbursement for defense costs paid to the insured prior to the policy’s rescission.

The Commonwealth Court of Pennsylvania, which is overseeing the liquidation of the insurer in the coverage dispute, entered an order approving the insurer’s denial of coverage under an excess policy for a $20 million settlement that two individual insureds paid into a Federal Trade Commission (FTC) redress fund. The court adopted the recommendation of the referee appointed to hear the coverage dispute, who applied California law and concluded that the insurer was entitled to summary judgment following briefing and oral argument. Wiley Rein represented the insurer before the referee.

The United States Court of Appeals for the Ninth Circuit has held, under California law, that an insurer had no duty to defend an insured actuarial services firm in litigation alleging that the insured’s reserve reviews and rate level recommendations contributed to the insolvency of a medical malpractice self-insurance fund. Zurich Specialties London Limited v. Bickerstaff, Whatley, Ryan & Burkhalter, Inc., 2011 WL 1118463 (9th Cir. Mar. 28, 2011).

May a deceased person who dies in bankruptcy having failed to complete his duties under the Bankruptcy and Insolvency Act be discharged from bankruptcy?

This was the question that the British Columbia Supreme Court wrestled with earlier this year in a reported decision that began by noting that there was no jurisdiction on point.