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Bankruptcy trustees not entitled to injunctive relief that would give them priority to D&O policy proceeds

The United States Bankruptcy Court for the District of Massachusetts has denied injunctive relief requested by two bankruptcy trustees seeking to stay the prosecution and settlement of shareholder actions proceeding against various former officers and directors of a bankrupt corporation. In re Enivid, 2007 WL 806627 (Bankr. D. Mass. Mar. 16, 2007).

USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Shareholder, Debtor, Injunction, Security (finance), Breach of contract, Class action, Fiduciary, Board of directors, Preliminary injunction, Liquidation, US Code, Trustee, United States bankruptcy court, US District Court for District of Massachusetts
Bankruptcy Court denies approval of Adelphia policy buyback settlement

The United States Bankruptcy Court for the Southern District of New York has denied approval of a settlement between Adelphia and its D&O insurers pursuant to which the insurers would have bought back their interests in the relevant policies issued to Adelphia for $32.5 million "with claims of others to policy proceeds...attaching to the proceeds of the sale."

USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Conflict of laws, Debtor, Injunction, Warranty, Prejudice, Second Circuit, United States bankruptcy court, US District Court for Eastern District of Pennsylvania
Unwinding the deal when bankruptcy looms

Coping with the Insolvent Business Partner

USA, Insolvency & Restructuring, Wiley Rein LLP, Punitive damages, Bankruptcy, Debtor, Injunction, Breach of contract, Joint venture, Liquidation, Due diligence, Default (finance), Leverage (finance), Distressed securities, Title 11 of the US Code