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
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