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    Distressed asset sales - navigating to the upside
    2012-05-21

    There are many aspects to the purchase of distressed assets that make this type of an acquisition a unique challenge for a buyer. However, the upside of such an acquisition can be great for the educated and patient buyer.

    Distressed M&A certainly has risks and it is complicated by the fact that third parties, like judges, receivers and lenders, actively participate in the sale process, which brings uncertainty and a loss of control to the process. Nevertheless, an opportunistic buyer has the potential to acquire assets at a great value and free of many claims.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Calfee Halter & Griswold LLP, Bankruptcy, Shareholder
    Location:
    USA
    Firm:
    Calfee Halter & Griswold LLP
    Tactical delay of bankruptcy filing backfires on debtor's principal
    2012-04-30

    A recent opinion from the United States Bankruptcy Court for the Western District of New York shows that even the best laid strategies can return to haunt the insiders of a debtor.  In Wallach v.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Trustee, United States bankruptcy court
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    EMAK Worldwide, Inc. v. Kurz, et al., No. 512, 2011 (Del. Apr. 17, 2012)
    2012-04-17

    In this appeal, the Delaware Supreme Court affirmed an interim fee award of $2.5 million to plaintiff’s attorneys, which the Court of Chancery granted following its decision in Kurz v. Holbrook, 989 A.2d 140 (Del. Ch. 2010), and the Delaware Supreme Court’s decision on appeal in Crown EMAK Partners, LLC v. Kurz, 992 A.2d 377 (Del.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Potter Anderson & Corroon LLP, Shareholder, Delaware Supreme Court
    Location:
    USA
    Firm:
    Potter Anderson & Corroon LLP
    The absolute priority rule: an endangered species in individual Chapter 11 cases?
    2012-04-09

    The absolute priority rule of Section 1129(b) of the Bankruptcy Code is a fundamental creditor protection in a Chapter 11 bankruptcy case. In general terms, the rule provides that if a class of unsecured creditors rejects a debtor’s reorganization plan and is not paid in full, junior creditors and equity interestholders may not receive or retain any property under the plan. The rule thus implements the general state-law principle that creditors are entitled to payment before shareholders, unless creditors agree to a different result.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Shareholder, Debtor, Unsecured debt, Ninth Circuit, Bankruptcy Appellate Panel
    Authors:
    Robert J. Miller , Brian C. Walsh , Gwendolyn Godfrey
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Court finds exigent circumstances warrant appointment of receiver for an insolvent, closely held corporation
    2012-03-23

    The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company at issue had $1.9 million in tax debt and was at risk of losing a favorable settlement opportunity with the IRS due to an impasse between voting and non-voting shareholders.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Shareholder, Delaware General Corporation Law, Delaware Court of Chancery
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.)
    2012-03-12

    In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Potter Anderson & Corroon LLP, Shareholder, Interest, Tax lien
    Location:
    USA
    Firm:
    Potter Anderson & Corroon LLP
    Reorganization and consolidated rulings issued
    2012-02-27

    The usual Friday release of a large number of letter rulings by the IRS included several rulings of interest on reorganizations and consolidated return issues.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP, Shareholder, Debtor, Security (finance), Liquidation, Holding company, C corporation, Internal Revenue Service (USA)
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Insolvent foreign subsidiaries
    2011-12-29

    Generic Legal Advice Memorandum AM 2011-003 (August 18, 2011)

    Overview

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP, Shareholder, Liability (financial accounting), Tax deduction
    Location:
    USA
    Firm:
    Alston & Bird LLP
    U.S. senator plans investigation of MF Global bankruptcy and role of its primary regulator
    2011-11-30

    U.S. Sen. Chuck Grassley, R-Iowa, is leading an investigation into the bankruptcy of brokerage MF Global Holdings Ltd. and the role that its primary regulator, the Commodities Futures Trading Commission (CFTC), played leading up to its recent bankruptcy.  MF Global collapsed as a result of holding more than $6 billion in European sovereign debt, which rating agencies recently downgraded to just above junk status. In addition, more than $600 million in client cash is reportedly missing from MF Global's books.

    Filed under:
    USA, Capital Markets, Derivatives, Insolvency & Restructuring, Sedgwick LLP, Shareholder, Commodity Futures Trading Commission (USA), US Senate
    Authors:
    Eric C. Scheiner , Jennifer Q. Broda , Thomas R. Orofino , Jennifer Hamilton , Matthew M. Ferguson
    Location:
    USA
    Firm:
    Sedgwick LLP
    Failure to determine board meeting formalities leads to six figure court sanctions against attorney
    2011-11-28

    The fundamentals of corporate action can seem about as interesting as flossing.  Yet, the failure to attend to either is likely to result in unpleasant consequences as one lawyer recently discovered in Winterton v. Humitech of No. Cal., LLC, 2011 Bankr. LEXIS 4164 (9th Cir. BAP 2011).

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Allen Matkins Leck Gamble Mallory & Natsis LLP, Shareholder
    Authors:
    Keith P. Bishop
    Location:
    USA
    Firm:
    Allen Matkins Leck Gamble Mallory & Natsis LLP

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