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    Delaware Bankruptcy Court weighs in on creditor groups' disclosure and possible fiduciary obligations
    2009-12-18

    Hedge funds and other investors in debt or equity securities often form unofficial “ad hoc” committees through which they actively participate in chapter 11 cases. Recent decisions affirm that such ad hoc committees must comply with the disclosure requirements of Bankruptcy Rule 2019 – including the nature and amounts of claims or interests held by members and other details. What about a “group” that says it’s a lot less than an ad hoc committee and therefore, outside the Rule?

    Filed under:
    USA, Delaware, Capital Markets, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bankruptcy, Fiduciary, Discovery, Hedge funds, Debt, United States bankruptcy court, US District Court for Southern District of Texas
    Authors:
    Alan W Kornberg , Stephen J. Shimshak
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    SemCrude court provides clarification on treatment of Section 503(b)(9) claims for goods received by debtors in the 20 days prior to bankruptcy
    2009-12-17

    In a recent order entered in In re SemCrude, L.P., Case No. 08-11525, the Delaware bankruptcy court (1) clarified the application of Bankruptcy Code section 503(b)(9) to creditors’ priority claims arising from the delivery of goods in the 20 days before a bankruptcy filing and (2) amended a previously entered procedures order to allow for the resolution of disputed “Twenty Day Claims” on their merits.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Interest, Liability (financial accounting), US Congress, Title 11 of the US Code, Uniform Commercial Code (USA), United States bankruptcy court
    Authors:
    Sherri L. Dahl
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy Rule 2019 redux – Delaware Bankruptcy Court holds that informal committee is not subject to Rule 2019
    2010-01-22

    Two decisions (one only weeks ago) have held that the scope of Bankruptcy Rule 2019 encompasses “informal committees” of bondholders and that such committees must comply with the extensive disclosure requirements of Bankruptcy Rule 2019.1 In a recent decision, Bankruptcy Judge Christopher Sontchi of the Delaware Bankruptcy Court came out the other way, ruling that such a committee was not a “committee representing more than one creditor” and, consequently, is not subject to Rule 2019.2 In so doing, Judge Sontchi considered but declined to follow the two decisions addressing the same issue:

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bond (finance), Bankruptcy, Discovery, Consideration, Consent, Motion to compel, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Alan W Kornberg , Stephen J. Shimshak
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Delaware Bankruptcy Court decisions highlight split on Rule 2019 disclosure
    2010-01-28

    In a Jan. 20, 2010, opinion, Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware held that a group of investors who had together proposed a plan of reorganization for the debtor did not have to comply with the disclosure requirements of Federal Rule of Bankruptcy Procedure 2019 (“Rule 2019”) In re Premier International Holdings, Inc., No. 09-12019 (Bankr. D. Del. Jan. 20, 2010) (Sontchi, J.) (“Six Flags”). In Six Flags, Judge Sontchi expressly disagreed with two prior decisions on the subject of Rule 2019 disclosure, one by Judge Mary K.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Interest, Discovery, Debt, Motion to compel, United States bankruptcy court, US District Court for District of Delaware, US District Court for the Southern District of New York
    Authors:
    Lawrence V. Gelber , Jonathan D. Blattmachr
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    The second-largest newspaper publisher in the US, Affiliated Media, files for bankruptcy in Delaware
    2010-01-30

    On January 22nd, Affiliated Media, Inc. (the "Debtor" or "Affiliated"), filed a chapter 11 petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to documents filed with the Bankruptcy Court, the Debtor's operations include daily and weekly newspapers, "niche publications," internet websites, four radio stations and a television station in Alaska. Affiliated's bankruptcy follows a drop in revenue from $1.3 billion in 2007 to $1.06 billion in 2009.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Media & Entertainment, Fox Rothschild LLP, Bankruptcy, Debtor, Advertising, Debt, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Third Circuit affirms rejection of $15 million break-up fee in Section 363 bankruptcy sale
    2010-02-11

    On January 15, 2010, in In re Reliant Energy Channelview LP, the Third Circuit Court of Appeals affirmed the decision of the U.S. Bankruptcy Court for the District of Delaware denying payment of a $15 million break-up fee to the initial bidder of a power plant in conjunction with the debtor’s Section 363 bankruptcy asset sale. The Court based its ruling on the fact that it did not consider the fee necessary to preserve the value of the bankruptcy estate.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, Debtor, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Cline v. Grelock, et al., C.A. No. 4046-VCN
    2010-03-02

    In this case, the Court of Chancery found that it would not impose or order remedies, whether legal or equitable, for the plaintiff’s claims pertaining to membership in, and wrongful dissolution of, American Asset Recovery, LLC, a Delaware limited liability company (the “Company”), because the plaintiff did not prove the extent of the remedies to which he was entitled.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Potter Anderson & Corroon LLP, Limited liability company, Legal burden of proof, Court of Chancery
    Location:
    USA
    Firm:
    Potter Anderson & Corroon LLP
    Decision in Spansion bankruptcy addresses when court should appoint a special committee of creditors or equity holders
    2010-03-02

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Interest, Legal burden of proof, Valuation (finance), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Chp. 7 trustee files preference actions in HomeBanc Mortgage bankruptcy
    2010-03-01

    George Miller, the Chapter 7 Trustee in the HomeBanc Mortgage bankruptcy, recently filed approximately 400 preference actions against various defendants under section 547 of the Bankruptcy Code. According to a Summons filed in one of the adversary actions, the first pre-trial conference is scheduled in the United States Bankruptcy Court for the District of Delaware on April 21, 2010. The HomeBanc bankruptcy, along with these adversary actions, are before the Honorable Kevin J.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail, Debtor, Mortgage loan, Mortgage-backed security, Title 11 of the US Code, Trustee, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    A closer look at the Orleans Homebuilders bankruptcy
    2010-03-15

    On March 1, 2010, Orleans Homebuilders filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Construction, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Option (finance), Cashflow, 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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