The Financial Accounting Standards Board (FASB) issued proposed amendments on June 26, 2013, to provide guidance about management's responsibilities in evaluating a company's going concern uncertainties in addition to the timing and content of related footnote disclosures. Even before a company’s liquidation is imminent, there may be uncertainties about a company’s ability to continue as a going concern and, therefore, about its going concern presumption (going concern uncertainties). Currently, there is no guidance in the U.S.
Earlier today, the U.S. District Court for the District of Maryland issued a decision vacating maritime attachments of a vessel on the grounds that the attachments were futile in view of the Vessel Owner's bankruptcy proceedings. In Evridiki Navigation v. The Sanko Steamship Co., Ltd., Civil No. JKB-12-1382 (ECF Doc. # 135)(D. Md. Jul. 27, 2012), a vessel had been attached in Baltimore, Maryland, by use of Rule B of the Supplemental Rules for Admiralty and Maritime Claims.
A federal judge sitting in New York but applying Maryland law recently held that a Directors and Officers (D&O) insurer is not required to provide insurance coverage because the policyholder breached the policy’s consent-to-settle provision when it settled a securities class action without obtaining the carrier’s prior approval. Federal Ins. Co. v. SafeNet, Inc., 2011 WL 4005353 (S.D.N.Y. Sept. 9, 2011).