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    Trustee in viashow bankruptcy commences avoidance actions
    2011-06-12

    Last month, the Chapter 7 trustee (the "Trustee") in the Viashow bankruptcy filed avoidance actions against several creditors of the bankruptcy estate.  One avoidance action in particular seeks to recover damages allegedly sustained by Viashow due to breaches of fiduciary duties by its officers and directors (the "D&O Action").  In addition to Viashow's officers and directors, the D&O Action seeks damages against defendants who allegedly "aided and abetted" the officers and directors in their breach.  

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Breach of contract, Fiduciary, Board of directors, Liquidation, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, Trustee
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in Advanced Marketing Services, Inc, reminds us - there is no "junk-mail defense"
    2011-04-06

    Summary

    In a 15 page decision signed yesterday, April 5, 2011, Judge Sontchi of the Delaware Bankruptcy Court determined that when a company receives pleadings in a bankruptcy case, even if served on their “doing business as” name, they have received proper service. Judge Sontchi’s opinion is available here.

    Background

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Vacated judgment, Default judgment, United States bankruptcy court
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Wolverine Tube files bankruptcy, hoping to confirm prearranged plan
    2010-11-20

    On October 31, 2010, Wolverine Tube, Inc. ("Wolverine") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Wolverine's President in Support of Debtors' Petitions (the "Declaration"), the company's bankruptcy filing resulted from several factors, most notably a drop in cash due to volatility in commodity prices and high debt obligations. See Declaration at pp. 2-3.

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Commodity, Debt, Balance sheet, Delaware General Corporation Law, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Chapter 7 Trustee in HRP Myrtle Beach Holdings files preference actions
    2010-09-23

    Recently, the Chapter 7 Trustee (the "Trustee") in the HRP Myrtle Beach Holdings bankruptcy, filed several avoidance actions pursuant to sections 547, 548, and 549 of the Bankruptcy Code. The avoidance actions, filed in the United States Bankruptcy Court for the District of Delaware, are before the Honorable Kevin J. Carey, Chief Judge of the Delaware Bankruptcy Court.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Marketing, Debt, Liquidation, Subsidiary, Parent company, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, Trustee
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Specialty Products Holding Corp. seeks bankruptcy protection in response to asbestos litigation
    2010-06-02

    Introduction

    On May 31, 2010, Specialty Products Holding Corp ("SPHC" or the "Debtor"), filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. This post is one of two posts regarding the SPHC bankruptcy. The first post will look at the Debtor's businesses and events leading up to the bankruptcy filing, while a second post will look at how SPHC intends to deal with the large volume of asbestos claims that forced it to file for bankruptcy.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Product Regulation & Liability, Fox Rothschild LLP, Bankruptcy, Credit (finance), Debtor, Holding company, Subsidiary, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Grocery retailer, Penn Traffic, files for bankruptcy with hopes of finding a buyer
    2009-11-23

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail, Debtor, Unsecured debt, Collateral (finance), Good faith, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Affirmative insurance - Dueling motions to dismiss, denied
    2017-03-30

    In a 33 page decision released March 29, 2017, Judge Sontchi of the Delaware Bankruptcy Court ruled on competing motions to dismiss the remaining claims and counterclaims in an adversary proceeding in the Affirmative Insurance bankruptcy – Adversary Proceeding Case No. 16-50425.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Subject-matter jurisdiction, Liquidator (law), Constructive trust
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Ninth Circuit requires debtors to pay interest at default rate to cure default
    2016-11-30

    In the recent decision of Pacifica L51 LLC v. New Invs., Inc. (In re New Invs., Inc.), No. 13-36194, 2016 WL 6543520 (9th Cir. Nov. 4, 2016), the Ninth Circuit held that Section 1123(d) of the Bankruptcy Code legislatively overruled Great W. Bank & Tr. v. Entz-White Lumber & Supply, Inc. (In re Entz-White Lumber & Supply, Inc.), 850 F.2d 1338 (9th Cir.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Interest, Ninth Circuit
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    ADI Liquidation, Inc. avoidance actions filed
    2016-09-12

    On September 7-8, 2016, various debtors in the ADI Liquidation, Inc. (f/k/a AWI Delaware, Inc.), et al. bankruptcy proceeding filed approximately 332 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 544 and/or 547, 548 and 550 of the Bankruptcy Code (depending upon the nature of the underlying transactions). The Debtors also seek to disallow claims of such defendants under Sections 502(d) and (j) of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Liquidation
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Executive’s unpaid stock-based compensation considered an equity security by the court
    2016-07-18

    On July 18, 2016, Judge Walrath issued a concise written opinion ruling upon whether an executive’s claim for unpaid stock-based compensation was an equity security or rather a general unsecured claim against the Debtors’ estate. The opinion is styled as GSE Environmental, Inc., et al. v. Sorrentino (In re GSE Environmental, Inc., et al.), Adv. Pro. No. 16-50377 (MFW) (Bankr. D. Del.

    Filed under:
    USA, Insolvency & Restructuring, Fox Rothschild LLP
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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