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    Successor employers - meet the new boss, same as the old boss
    2010-09-29

    Suppose a retailer declares bankruptcy. Several of its leases are sold off to another retail chain, which then remodels the stores, stocks them with its own merchandise, and opens them under its own name. If this retailer hires some of the bankrupt company's employees, are those employees new hires under the FMLA, or might they have the right to take FMLA leave immediately, without waiting 12 months or working 1250 hours for the new company?

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Franczek Radelet PC, Bankruptcy, Retail, Interest, Margin (finance), Family and Medical Leave Act 1993 (USA), Ninth Circuit
    Authors:
    William R. Pokorny
    Location:
    USA
    Firm:
    Franczek Radelet PC
    Indiana Court of Appeals: arbitration provisions in loan agreements are enforceable after discharge in bankruptcy
    2010-09-27

    The Indiana Court of Appeals ruled on an issue of first impression inGreen Tree Servicing, LLC v. Brough, 930 N.E.2d 1238 (Ind. Ct. App. 2010) that arbitration provisions in consumer loan agreements survive discharge in the borrower’s bankruptcy proceeding.

    Filed under:
    USA, Indiana, Arbitration & ADR, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Credit (finance), Debtor, Waiver, Debt, Default (finance), Bankruptcy discharge, Fair Credit Reporting Act 1970 (USA), Ninth Circuit, Indiana Court of Appeals
    Authors:
    Michele Lorbieski Anderson
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    White Collar Roundup, October 2010
    2010-10-28

    The Slippery Slope to Fraud

    In this detailed and insightful report, the Center for Audit Quality details how financial-accounting fraud can sometimes creep up on a company that would never have expected to become so embroiled in it.

    Big, Broad Bankruptcy Bill

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Day Pitney LLP, Bankruptcy, Consumer protection, Fraud, Audit, Money laundering, US Securities and Exchange Commission, US Department of Justice, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Foreign Corrupt Practices Act 1977 (USA), Freedom of Information Act (1967) (USA), Second Circuit, Ninth Circuit
    Location:
    USA
    Firm:
    Day Pitney LLP
    Altered ego: new Ninth Circuit opinion overrules previously well-settled law regarding exclusive standing of bankruptcy trustees to pursue general claims on behalf of the estate
    2010-10-27

    On October 21, 2010, the Ninth Circuit overruled what many thought to be well-settled law, and held that a bankruptcy trustee does not have standing to pursue alter ego claims, at least in cases governed by California law. The court first held that California state law does not recognize a general alter-ego cause of action that allows an entity and its equity holders to be treated as alter egos for purposes of all of the entity’s debts.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Debtor, Injunction, Class action, Debt, Standing (law), Trustee, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    FDIC brings second action against directors or officers of failed banks
    2010-11-16

    Industry observers have been waiting to see when bank failures arising out of the recent financial crisis would produce a wave of Federal Deposit Insurance Corporation (“FDIC”) litigation similar to that seen in the early 1990s after the savings and loan crisis. With its second suit in recent months, the FDIC has shown that it will aggressively pursue claims against directors and officers in connection with failed depository institutions.

    Filed under:
    USA, Banking, Company & Commercial, Insolvency & Restructuring, Dechert LLP, Surety, Breach of contract, Fiduciary, Board of directors, Interest, Federal Reporter, Credit risk, Negligence, Depository institution, Underwriting, Gross negligence, Federal Deposit Insurance Corporation (USA), US Code, Ninth Circuit
    Authors:
    Thomas P. Vartanian , Robert H. Ledig
    Location:
    USA
    Firm:
    Dechert LLP
    Funds ‘earmarked’ for bondholders not property of the estate and not subject to avoidance
    2010-12-01

    Cooper v Centar Investments LTD, et al. (In re Trigem America Corporation), 431 B.R. 855 (C.D. Cal. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bond (finance), Debtor, Fraud, Accounts receivable, Interest, Swap (finance), Stock exchange, Convertible bonds, Ninth Circuit
    Authors:
    Christopher O. Rivas
    Location:
    USA
    Firm:
    Reed Smith LLP
    U.S. Supreme Court clarifies that Chapter 13 debtors may not deduct car ownership expenses when they make no loan or lease payments
    2011-01-18

    In Ransom v. FIA Card Servs., N.A., --- S.Ct. ----, 2011 WL 66438 (U.S. 2011), the United States Supreme Court took up the question of whether a Chapter 13 debtor who owns his or her vehicle outright (“free and clear”) may claim an allowance for car ownership costs and thereby reduce the amount that he or she will repay creditors. In her first opinion, Justice Kagan answered simply—no. The Ransom opinion has been seen as a victory for not only credit card companies like the one involved but other creditors, as well.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Costs in English law, Debtor, Unsecured debt, Debt, Tax deduction, Internal Revenue Service (USA), Supreme Court of the United States, Ninth Circuit, Bankruptcy Appellate Panel
    Authors:
    Kyle Melloan
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    In a major change to bankruptcy practice, Ninth Circuit holds that creditors of a bankrupt corporation may sue its shareholders on alter ego theories
    2011-01-28

    The US Court of Appeals for the Ninth Circuit recently held that a creditor of a bankrupt corporation may assert alter ego claims against the corporation’s sole shareholders. The California Court of Appeals for the Second Appellate District not only supports the Ninth Circuit’s decision but has recently taken it one step further, holding that alter ego allegations are not even subject to the automatic bankruptcy stay.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bankruptcy, Shareholder, Debtor, Arbitration award, Standing (law), Corporate bond, Ninth Circuit, California courts of appeal
    Authors:
    Mette H. Kurth , Andy S. Kong
    Location:
    USA
    Firm:
    ArentFox Schiff
    Bankruptcy court applies Section 552 to invalidate lender’s security interest in proceeds of FCC license
    2011-01-31

    Recently, a Colorado bankruptcy court considered for the first time the effects of Bankruptcy Code Section 552 on a lender’s security interest in the proceeds of an FCC broadcast license. The court held that a prepetition security interest would not extend to proceeds received from a post-petition transfer of the debtor’s FCC license because the debtor did not have an attachable, prepetition property interest in the proceeds. Such an interest does not arise until the FCC approves an agreement to sell the license.

    Filed under:
    USA, Colorado, Insolvency & Restructuring, Litigation, Media & Entertainment, Winston & Strawn LLP, Bankruptcy, Debtor, Interest, Broadcasting, Intangible asset, Unsecured creditor, Federal Communications Commission (USA), Title 11 of the US Code, Ninth Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Upcoming cases in the United States Supreme Court’s 2010 term: Volume II
    2011-02-15

    The Supreme Court’s 2010-2011 term began in October, and it is expected to conclude by the end of April. We have been monitoring the decisions of our nation’s highest court and you may have already read some of the summaries of the major decisions written by Larkin Hoffman attorneys. This update provides a brief look at some of the cases that have been scheduled for oral argument since our last update in November.

    Filed under:
    USA, Capital Markets, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Intellectual Property, IT & Data Protection, Litigation, Product Regulation & Liability, Public, Telecoms, Larkin Hoffman Daly & Lindgren Ltd, Bankruptcy, Information privacy, First Amendment, Negligence, Federal Communications Commission (USA), AT&T, Freedom of Information Act (1967) (USA), Supreme Court of the United States, Ninth Circuit, Third Circuit
    Authors:
    Ashlee M Bekish , John Kvinge
    Location:
    USA
    Firm:
    Larkin Hoffman Daly & Lindgren Ltd

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