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    Insurers granted relief from automatic stay to pursue a coverage action against Federal-Mogul Global
    2007-05-17

    In an April 24, 2007 order, the United States Bankruptcy Court for the District of Delaware granted certain insurers' motion for leave to pursue a coverage action against the debtor, Federal-Mogul Global, Inc., in New York state court regarding the debtor's asbestos liability. In re Federal-Mogul Global, Inc., No. 01-10578 (Bankr. D. Del. Apr. 24, 2007). The insurer had filed a declaratory judgment action in New York state court against the debtor. In response, the debtor filed an identical action in New Jersey state court.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy court rejects Congoleum bankruptcy plans: appeal to the United States District Court for the District of New Jersey filed
    2007-05-17

    The United States Bankruptcy Court for the District of New Jersey rejected the pre-packaged bankruptcy plan presented by the debtors and asbestos claims representatives. In re Congoleum Corp., No. 03-51524, 2007 WL 328694 (Bankr. D.N.J. Jan. 26, 2007). In addition, the court rejected a plan proposed by a group of insurers. In re Congoleum Corp., No. 03-51524, 2007 WL 328700 (Bankr. D.N.J. Feb. 1, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Injunction, Adoption, Unsecured creditor, United States bankruptcy court, US District Court for District of New Jersey
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy trustees not entitled to injunctive relief that would give them priority to D&O policy proceeds
    2007-05-15

    The United States Bankruptcy Court for the District of Massachusetts has denied injunctive relief requested by two bankruptcy trustees seeking to stay the prosecution and settlement of shareholder actions proceeding against various former officers and directors of a bankrupt corporation. In re Enivid, 2007 WL 806627 (Bankr. D. Mass. Mar. 16, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Shareholder, Debtor, Injunction, Security (finance), Breach of contract, Class action, Fiduciary, Board of directors, Preliminary injunction, Liquidation, US Code, Trustee, United States bankruptcy court, US District Court for District of Massachusetts
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Congoleum pre-packaged settlement is unreasonable and unenforceable against insurers
    2007-05-25

    The Superior Court of New Jersey has ruled that Congoleum's pre-packaged bankruptcy plan settling asbestos claims is not enforceable against its insurers. The court found that the plan was unreasonable and that, under the terms of the plan, insurance obligations are not triggered because it was not shown that Congoleum was "legally obligated to pay" the claimants who would receive payments. Congoleum Corp. v. Ace American Insurance Co., No. MID-L-8908-01 (N.J. Super. Ct. May 18, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Fraud, Statute of limitations, Federal Reporter, Good faith, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Congoleum bankruptcy court refuses to approve insurer settlement
    2007-05-17

    In the ongoing bankruptcy action involving the Congoleum Corporation (Congoleum), the bankruptcy court refused to approve a settlement and policy buyback between Congoleum and one of its insurers, ruling that the lack of creditor support for the settlement and the lack of evidence regarding the volume and type of claims covered by the settlement precluded the court's ability to approve the settlement. In re Congoleum Corporation, No. 03-51524 (Bankr. D.N.J. May 11, 2004).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Legal burden of proof, Good faith, Collusion, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurer properly rescinded policy where application did not disclose that employees were stealing money
    2007-06-14

    The United States District Court for the District of New Jersey, applying New Jersey law, has held that a bankruptcy court properly rescinded an insurance policy where the application denied any knowledge of occurrences that might give rise to claims despite the company's knowledge that employees were stealing money from the company. In re Tri-State Armored Services, Inc., 2007 WL 1196558 (D.N.J. Apr. 23, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Fraud, Negligence, Underwriting, Trustee, United States bankruptcy court, US District Court for District of New Jersey
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Notice of circumstances was too general to satisfy policy
    2007-06-14

    A federal district court in Illinois has held that a policyholder failed to provide sufficient notice of circumstances that could potentially give rise to a claim to trigger coverage under a D&O policy where the policyholder informed the insurers that it was "contemplating" filing for bankruptcy and expected claims to be filed against its directors and officers. Chatz v. Nat'l Union Fire Ins. Co. of Pittsburgh, PA, 2007 WL 1119282 (N.D. Ill. Apr. 12, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Discovery, Remand (court procedure), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    National Insurance Act/optional federal charter legislation reintroduced in Senate
    2007-06-06

    On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD). A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks. The bill closely resembles the original legislation filed last year by the same co-sponsors. The major changes in the new bill are provisions concerning surplus lines/nonadmitted insurers and the insolvency/guaranty funds.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Locke Lord LLP, Federal preemption, Voluntary association, Casualty insurance, US Federal Government, US Congress, US House of Representatives
    Location:
    USA
    Firm:
    Locke Lord LLP
    Massachusetts Insurers Insolvency Fund not implicated until uninsured motor vehicle coverage is exhausted
    2007-07-27

    On July 12, 2007, the Massachusetts Supreme Judicial Court held that, where a vehicle causing an accident is owned by a governmental entity and is insured by an insolvent insurer, the Massachusetts Insurers Insolvency Fund is not obligated to compensate the injured individual unless and until the injured individual's own uninsured motor vehicle coverage has been exhausted. Massachusetts Insurers Insolvency Fund v. Premier Ins. Co., 07-SJC-09793 (July 12, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Voluntary association, Vehicle insurance, Massachusetts Supreme Judicial Court
    Location:
    USA
    Firm:
    Locke Lord LLP
    Proceeds of D&O policy are not property of the estate despite entity coverage
    2007-07-20

    In two related actions, the United States Bankruptcy Court for the District of Delaware ruled that the proceeds of a D&O policy are not property of the debtor's estate and refused to grant an injunction requested by a trustee to prevent the directors and officers from consummating a settlement that would exhaust the policy limits.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Shareholder, Debtor, Injunction, Board of directors, Standing (law), Trustee, United States bankruptcy court, US District Court for District of Delaware, US District Court for Western District of Pennsylvania
    Location:
    USA
    Firm:
    Wiley Rein LLP

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