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    Actions based on same course of conduct are related claims; application of I v. I exclusion unclear where claims brought by trustee on behalf of debtor and subsidiaries
    2011-09-19

    The United States Bankruptcy Court for the District of Delaware, applying federal law, has held that certain lawsuits brought by a bankruptcy trustee were related claims, even though they alleged unique causes of action, because they were based upon the same course of conduct.  The court also found that the trustee was pursuing claims both on behalf of the policyholder-debtor and its subsidiaries, and therefore the application of the insured versus insured exclusion was “unclear.”  Nonetheless, the court found that the individual insureds were entitled to 100% of their defense cos

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Debtor, Board of directors, Liquidation, Subsidiary, Causality, Westlaw, Racketeer Influenced and Corrupt Organizations Act 1970 (RICO) (USA), Trustee, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Wiley Rein LLP
    It's important to record the trustee's deed promptly after foreclosure
    2011-09-13

    The United States Bankruptcy Court for the Central District of California recently held that the filing of a bankruptcy petition by a borrower can void a trustee sale even where the petition is filed after the trustee sale, so long as the borrower files the petition before the execution of the trustee's deed upon sale. In re: Gonzales 2011 WL3328508 (Bkrtcy. C.D.Cal. August 1, 2011).

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Litigation, Jeffer Mangels Butler & Mitchell LLP, Bankruptcy, Debtor, Collateral (finance), Option (finance), Foreclosure, Deed, Default (finance), Capital punishment, Deed of trust (real estate), Secured loan, California Civil Code, Trustee, US District Court for Central District of California, United States bankruptcy court
    Location:
    USA
    Firm:
    Jeffer Mangels Butler & Mitchell LLP
    Enron’s prematurity redemptions of commercial paper are not avoidable in bankruptcy
    2011-09-13

    The U.S. Court of Appeals for the Second Circuit recently held that prematurity redemptions of commercial paper made by Enron Corp. shortly before it filed for bankruptcy were protected from avoidance by 11 U.S.C. § 546(e)’s safe harbor for securities transaction settlement payments. In re Enron Creditors Recovery Corp. v. Alfa., No. 09-5122-bk (2d Cir. June 28, 2011). In so doing, the Second Circuit resolved a clash between the Bankruptcy Code’s interest in avoiding preferential debt repayment and the securities industry’s interest in preserving transaction finality.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Security (finance), Safe harbor (law), Debt, Maturity (finance), Fair market value, Broker-dealer, Line of credit, Accrued interest, Coercion, Commercial paper, Enron, US Code, Second Circuit, United States bankruptcy court
    Authors:
    Scott S. Balber , Marcelo M. Blackburn
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Drafting tips for trademark licenses: is your trademark agreement a trademark license, a service agreement—or both? The answer could affect the ability of a licensee in bankruptcy to assign rights regarding the trademark.
    2011-09-14

    In re XMH Corp., Nos. 10-2596, 10-2597, 10- 2598 and 10-2599 (7th Cir. July 26, 2011)  

    CASE SNAPSHOT

    The Seventh Circuit Court of Appeals recently answered the following questions: (a) whether, under the Bankruptcy Code, a trademark license is assignable (that is, salable) without the licensor’s permission, in the absence of a clause in the agreement stating that it is assignable (NO); and (b) whether a trademark license can be “implied” in an agreement that does not say it’s a trademark license (NO).

    FACTUAL BACKGROUND

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Conflict of laws, Debtor, Federal Reporter, Marketing, Constitutional amendment, United States bankruptcy court, Seventh Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    Unable to show ‘indubitable equivalence’ where property appraisals diverge significantly
    2011-09-14

    In re Prosperity Park, LLC, 2011 WL 1878210 (Bankr. W.D.N.C. May 17, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Discrimination, Limited liability company, Debt, Legal burden of proof, Liquidation, Deed of trust (real estate), Secured loan
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    A closer look at the NewPage bankruptcy
    2011-09-11

    On September 7, 2011, NewPage Corporation ("NewPage" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in NewPage's Declaration in Support of First Day Motions (the "Declaration" or "Decl."), filed with the Bankruptcy Court, NewPage produces coated paper used in magazines, brochures catalogs and textbooks.  NewPage manufactures its products in paper mills located in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and in Nova Scotia, Canada.  Decl. at *4.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Trade union, Packaging and labeling, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Second Circuit adopts net investment method to determine net equity in Madoff bankruptcy case
    2011-09-13

    On August 16, 2011, the Second Circuit held that Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("Trustee"), utilized the correct methodology to determine the "net equity" of each Madoff investor under the Securities Investor Protection Act ("SIPA").

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Share (finance), Bankruptcy, Debtor, Security (finance), Fraud, Limited liability company, Option (finance), Liquidation, Broker-dealer, Investment funds, Market value, Title 11 of the US Code, Trustee, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Copyright troll Righthaven near bankruptcy
    2011-09-13

    After filing more than 275 copyright infringement lawsuits, it now turns out that Righthaven was not the owner of the copyrights asserted in the lawsuit, and as a result is now on the verge of bankruptcy. The copyright infringement claims were made for reposting pictures and stories previously published by the Las Vegas Review-Journal, owned by Stephens Media.

    Filed under:
    USA, Copyrights, Insolvency & Restructuring, Foley & Lardner LLP, Bankruptcy, Copyright infringement, Electronic Frontier Foundation
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Securing a loan to a broadcaster, Part 2 - bankruptcy cases and liens on licenses
    2011-09-06

    When an FCC licensee goes bankrupt, the question of how to treat the interests of secured lenders is the one that, from time to time, comes up for debate. Two recent cases deal with this issue – one appearing to be an aberration that would make lending to a broadcast licensee difficult if not impossible, while the second providing a more lender-friendly interpretation after a detailed analysis of the history of FCC and court precedent on this issue, affirming what most in the broadcast community have assumed, for most of the last two decades, is settled law. We

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, Davis Wright Tremaine LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Broadcasting, Intangible asset, Default (finance), Secured creditor, Federal Communications Commission (USA), United States bankruptcy court
    Authors:
    David D. Oxenford
    Location:
    USA
    Firm:
    Davis Wright Tremaine LLP
    Solyndra files bankruptcy in Delaware after shutting down operations
    2011-09-06

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Solar energy, Bankruptcy, Collateral (finance), Landlord, Accounts receivable, Option (finance), Debt, Liquidation, Debtor in possession, Preferred stock, Bridge loan, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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