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    Weathering the storm: Qimonda, patent licenses and § 365(n)
    2011-11-08

    On October 28, 2011, the United States Bankruptcy Court for the Eastern District of Virginia issued an opinion in the Chapter 15 case of Qimonda AG (“Qimonda”).1 The bankruptcy court held that the application of § 365(n) to executory licenses to U.S. patents was required to sufficiently protect the interests of U.S. patent licensees under Chapter 15 of the Bankruptcy Code and that the failure of German insolvency law to protect patent licensees was “manifestly contrary” to United States public policy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patents, Haynes and Boone LLP, Royalty payment, Bankruptcy, Debtor, Patent infringement, Discrimination, Testimony, Samsung, Title 11 of the US Code, United States bankruptcy court, US District Court for Eastern District of Virginia
    Authors:
    Robin E. Phelan , Randall E. Colson , Andrew S. Ehmke , Autumn D. Highsmith
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Arizona insurance department places PMI Mortgage Insurance Company into receivership
    2011-11-08

    On October 20, 2011, the Director of the Arizona Department of Insurance filed a Complaint to place PMI Mortgage Insurance Company (PMI) into receivership in Arizona. In an interim Order, the court required the director, as Receiver, to take possession and control of PMI, which had been under the formal supervision of the insurance department since August 19, 2011. The court also directed that certain related affiliates of PMI be placed under administrative supervision.

    Filed under:
    USA, Arizona, Banking, Insolvency & Restructuring, Insurance, Reed Smith LLP, Bankruptcy, Debtor, Interest, Debt, Mortgage loan, Liability (financial accounting), Reinsurance, Liquidation, Default (finance), Form 8-K, Delaware General Corporation Law, United States bankruptcy court
    Location:
    USA
    Firm:
    Reed Smith LLP
    A Pennsylvania district court finds that a non-compete agreement is not subject to automatic stay in bankruptcy
    2011-11-08

    Once triggered by a debtor's bankruptcy petition, the automatic stay suspends a parties' right to commence or continue an action against property of the debtor’s estate. In general, a party can seek relief from the automatic stay for a variety of reasons, including for cause, lack of adequate protection or that the debtor has no equity in the property and the property is not necessary for reorganization. In a case of first impression, a district court in Pennsylvania has found that an injunction enforcing a non-compete provision in a franchise agreement was not a "claim" against t

    Filed under:
    USA, Pennsylvania, Employment & Labor, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Bankruptcy, Debtor, Injunction, Preliminary injunction, Non-competes, Cease and desist, Franchise agreement, United States bankruptcy court
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Fairpoint creditors file suit against Verizon
    2011-11-04

    FairPoint Communications’ 2008 purchase of New England landlines from Verizon Communications is the subject of a $2 billion fraudulent transfer lawsuit, filed late last week by a litigation trust formed by FairPoint creditors, who claim that the $2.3 billion acquisition forced FairPoint into bankruptcy just 18 months later. North Carolina-based FairPoint, which emerged from bankruptcy in January but continues to struggle financially, provides wireline telephony and Internet services to nearly two million customers in 18 states.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, ISP, Debt, Due diligence, Verizon Communications
    Authors:
    Patrick S. Campbell
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Account transfer in the event of an FCM liquidation
    2011-11-04

    This Client Alert addresses the impact on a customer of a futures commission merchant (FCM) with respect to his or her accounts held by that FCM prior to a filing for bankruptcy under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the Bankruptcy Code) by the FCM.

    Summary

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bankruptcy, Debtor, Commodity, Futures contract, Commodity broker, Liquidation, Pro rata, Commodity Futures Trading Commission (USA), US Code, Title 11 of the US Code, Trustee
    Authors:
    Peter Y. Malyshev , Jonathan T. Ammons , Mark A. Broude , Emily B. Menchel
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Allstate RMBS suit against Credit Suisse remanded to New York State Court
    2011-10-31

    Judge Buchwald of the U.S.

    Filed under:
    USA, New York, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Bankruptcy, Remand (court procedure), Credit Suisse
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Junior noteholder gets “ZING’d” as Bankruptcy Court allows involuntary filing of CDO issuer by senior noteholder
    2011-10-31

    The Bottom Line:

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Liquidation, Collateralized debt obligation, Bank of New York Mellon, Trustee, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lauren Macksoud
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy Court partially grants objections arising out of captive reinsurance program
    2011-11-02

    Frontier Insurance, in rehabilitation, filed proofs of claim following the Chapter 11 bankruptcy of Black, Davis & Shue Agency. The claims related to captive reinsurance program with Frontier. In turn, Westport Insurance, which had issued a professional liability insurance policy to BDS, objected to Frontier’s claims, asserting affirmative defenses and counterclaims. Frontier moved to dismiss those objections, or in the alternative, for a stay pending a ruling on BDS’s own objections to Frontier’s claims.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Interest, Standing (law), Negligence, Reinsurance, Involuntary dismissal, Computer program, Professional liability insurance, United States bankruptcy court
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Bankruptcy court upholds patent protections in cross-border case
    2011-11-02

    On October 28, 2011, the United States Bankruptcy Court for the Eastern District of Virginia issued an opinion with significant ramifications for any holder of a patent license that operates internationally.  At issue was an important protection afforded to patent licensees under the United States Bankruptcy Code, § 365(n), which limits a debtor's right to reject intellectual property licenses in bankruptcy and generally provides that, in the event of a rejection, the licensee may elect either to treat the license as terminated or retain its rights for the duration of the license.

    Filed under:
    USA, Virginia, Insolvency & Restructuring, Litigation, Patents, Wiley Rein LLP, Bankruptcy, Debtor, Patent infringement, Remand (court procedure), Title 11 of the US Code, United States bankruptcy court, US District Court for Eastern District of Virginia
    Authors:
    James H. Wallace, Jr. , H. Jason Gold , Scott A. Felder , Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Case study: in re Qimonda
    2011-11-02

    On Oct. 28, 2011, the United States Bankruptcy Court for the Eastern District of Virginia issued an opinion with significant ramifications for any holder of a patent license that operates internationally. At issue was an important protection afforded to patent licensees under the United States Bankruptcy Code - § 365(n).

    Filed under:
    USA, Virginia, Insolvency & Restructuring, Litigation, Patents, Wiley Rein LLP, Bankruptcy, Debtor, Patent infringement, Remand (court procedure), US Congress, Title 11 of the US Code, United States bankruptcy court, Fourth Circuit, US District Court for Eastern District of Virginia
    Authors:
    Dylan G. Trache , Scott A. Felder
    Location:
    USA
    Firm:
    Wiley Rein LLP

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