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    WARN Act class action status sought in Aegis Mortgage Company bankruptcy
    2007-09-07

    One week after Aegis Mortgage Corp. filed for chapter 11 in Delaware, a group of former employees filed their complaint seeking class certification over allegations that Aegis Mortgage Corporation, Aegis Wholesale Corporation and Cerberus Capital Management, L.P.—all allegedly acting as their employer—violated the Worker Adjustment and Retraining Notification (WARN) Act when they failed to give over 400 employees 60 days' notice prior to a mass termination by Aegis Mortgage on August 7, 2007.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Wage, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, Unsecured debt, Class action, Mortgage loan, Debtor in possession, Worker Adjustment and Retraining Notification Act 1988 (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court declines to review equitable mootness standard
    2013-05-03

    On April 29, 2013, the Supreme Court of the United States declined to hear an appeal of the Second Circuit's decision dismissing, as equitably moot, appeals arising out of the bankruptcy of Charter Communications and let stand the opinion in In re Charter Communications, Inc., 691 F.3d 476 (2d Cir. 2012). As a result, the application of the equitable mootness doctrine, as it applies to bankruptcy appeals, will continue to vary among jurisdictions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bond (finance), Debtor, Federal Reporter, SCOTUS, Second Circuit
    Authors:
    Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy preference actions-an updated primer
    2010-12-10

    In November of 2010, the trustee for the Circuit City Stores, Inc., liquidating trust filed more than 500 adversary proceedings against creditors seeking the recovery of alleged preferential payments. The extent of the trustee's success in recovering these payments will impact the overall distribution to creditors. Creditors in bankruptcy cases should be aware that preference litigation allows a trustee or debtor-in-possession to recover payments received by a creditor during the period immediately preceding the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Interest, Division of property, Debt, Legal burden of proof, Liquidation, Balance sheet, US Code, Title 11 of the US Code, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Chapter 11 permits modification and extension of loans without consent of the lender
    2009-01-09

    As a result of the meltdown of the financial markets, lenders are severely constricting new credit facilities and refusing to renew expiring facilities. The Bankruptcy Code's chapter 11 provides a powerful mechanism for an otherwise viable business to restructure and extend its outstanding debt and in many cases, reduce interest rates on loan facilities.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Discrimination, Interest, Debt, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    New bankruptcy law benefits trade creditors
    2007-07-26

    More than a year and a half has passed since the Bankruptcy Code was significantly revised pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which became effective (with some exceptions) on October 17, 2005. While the full impact of BAPCPA will not be fully realized for years to come, it is already apparent that trade creditors stand to benefit significantly as a result of these amendments.

    Expanded Administrative Expense and Reclamation Rights

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Contractual term, Bankruptcy, Debtor, Consumer protection, Debt, Debtor in possession, Uniform Commercial Code (USA), US District Court for SDNY, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Priority of payments provision allows insurer to make settlement payments on covered claims against directors and officers
    2012-10-25

    The United States Bankruptcy Court for the District of Nebraska has held that an insurer may make settlement payments for claims against a debtor’s directors and officers where any claims of the debtor are subordinate to those of the directors and officers under the terms of the policy.  The court stated that under these circumstances “the issue of whether the policies are property of the bankruptcy estate is irrelevant.”  In re TierOne Corp., 2012 WL 4513554 (Bankr. D. Neb. Oct. 2, 2012).

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Debtor, Federal Deposit Insurance Corporation (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    The effective bankruptcy examiner
    2010-12-10

    Pursuant to § 1104 of the United States Bankruptcy Code, the court may appoint a bankruptcy examiner to investigate the debtor with respect to allegations of fraud, dishonesty, incompetence, misconduct or mismanagement. A qualified examiner, with a clearly defined mission, can drastically affect the outcome of the bankruptcy case and directly impact the return to creditors. The difference between a successful financial restructure or liquidation and an investigation yielding little value to the creditors often depends on the approach taken by the examiner and his professionals.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Conflict of interest, Bankruptcy, Debtor, Unsecured debt, Fraud, Debt, Liquidation, Bankruptcy of Lehman Brothers, Lehman Brothers, Enron, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Executive compensation in bankruptcy
    2008-10-17

    The recent downturn in the financial sector and related bankruptcy filings have shed light on issues involving executive compensation, particularly in chapter 11 cases. Specifically, bankrupt companies often have paid substantial bonuses to executives prior to filing for bankruptcy protection and desire to retain those executives throughout the bankruptcy process through additional bonus payments and similar schemes. These types of payments have been criticized as giveaways to management.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Consumer protection, Executive compensation, Business judgement rule, Benchmarking, Severance package, United States bankruptcy court, Chief executive officer
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Subordination and waiver of claims between creditors in Chapter 11
    2007-07-26

    While investors and lenders brace for the next wave of chapter 11 filings, those who are parties to intercreditor agreements need to take stock on how their relationship with their fellow creditors and the borrower may be impacted by a bankruptcy filing by the borrower. If the borrower is in financial extremes, the primary lender who is secured by all the business assets may be unwilling or unable to extend additional credit to the troubled borrower.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Waiver, Debt, Maturity (finance), United States bankruptcy court, US District Court for Northern District of Illinois
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Court lifts automatic stay to allow insurers to pay defense costs
    2012-04-26

    The United States Bankruptcy Court for the Southern District of New York has lifted the automatic stay in bankruptcy to permit D&O and E&O insurers to advance or reimburse insured directors,’ officers’ and employees’ reasonable defense costs incurred in underlying litigation arising out of the insured company’s collapse.  In re MF Global Holdings Ltd., et al., No. 11-15059 (MG) (Bankr. S.D.N.Y. Apr. 10, 2012)

    Filed under:
    USA, New York, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Debtor, Security (finance), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP

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