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    Delaware’s high court affirms dismissal of creditor’s suit against directors
    2007-05-25

    The Delaware Supreme Court affirmed on May 18, 2007, the Delaware Chancery Court’s dismissal of a breach of fiduciary duty suit brought by a creditor against certain directors of Clearwire Holdings Inc. North American Catholic Educational Programming Foundation, Inc. v. Gheewalla, C.A. No. 1456-N (May 18, 2007).

    Whether a creditor may assert a direct claim against corporate directors for breach of fiduciary duty when the corporation is insolvent or in the so-called “zone of insolvency.”

    Answer: No.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Breach of contract, Fraud, Fiduciary, Board of directors, Limited liability company, Beneficiary, Standing (law), Good faith, Commercial law, Derivative suit, Westlaw, Delaware Court of Chancery, Delaware Supreme Court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Third Circuit relies on market capitalization to value assets in upholding dismissal of fraudulent transfer suit
    2007-04-09

    A district court judgment dismissing a $500 million fraudulent transfer and breach of fiduciary duty suit against Campbell Soup Co., the former parent of Vlasic Foods International (“VFI” or “the debtor”), was affirmed by the United States Court of Appeals for the Third Circuit, on March 30, 2007. VFB, LLC v. Campbell Soup Co., 2007 WL 942360 (3d Cir. 3/30/07).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Shareholder, Market capitalisation, Debtor, Breach of contract, Fiduciary, Debt, Liability (financial accounting), Subsidiary, Valuation (finance), Leverage (finance), Title 11 of the US Code, Third Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Court denies hedge funds' motion to seal confidential trading information
    2007-03-12

    Members of the ad hoc shareholders’ committee in the Northwest Airlines reorganization case lost their attempt on March 9 to seal “the amounts of claims or interest [they] owned …, the times when acquired, the amounts paid therefor, and any sales or other disposition thereof.” So held Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York in In re Northwest Airlines Corp., following his earlier ordering of the disclosure of trading details.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Confidentiality, Bankruptcy, Shareholder, Interest, Discovery, Hedge funds, Motion to compel, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Decision in DBSI Inc., reminds us that district courts have personal jurisdiction throughout the United States
    2011-08-08

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Interest, Federal Reporter, Personal jurisdiction, Debt, Pro rata, Federal Rules of Civil Procedure (USA), United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in point blank solutions helps define "Core" and "Non-core"
    2011-05-24

    Summary

    In an opinion published May 20, 2011, Judge Walsh held that a settlement agreement which is rejected in a bankruptcy proceeding is “Core” and will be decided by the Bankruptcy Court, even when it contains a jurisdictional clause that requires the agreement to be interpreted according to the laws of New York. Judge Walsh’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Federal Reporter, Liability (financial accounting), Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Xerium Technologies files bankruptcy, hoping to cut its debt by $160 million
    2010-04-05

    Equipment maker, Xerium Technologies, filed chapter 11 petitions for bankruptcy on March 30th in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Debt, Pro rata, United States bankruptcy court, US District Court for District of Delaware, Chief executive officer
    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
    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
    Ireland increases bank bailout commitments
    2010-10-01

    On Thursday, Ireland's Finance Minister Brian Lenihan released a "Minister's Statement on Banking" announcing new commitments to troubled Irish banks. The statement began: "It is an urgent and immediate priority to reinforce international market confidence in our ability and commitment to restore our banking system to health and to secure the long-term sustainability of our fiscal position." Toward that end, Mr. Lenihan announced increased commitments to banks and building societies.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Alston & Bird LLP, Shareholder, Bailout, Underwriting, Preferred stock, Building society
    Location:
    Ireland
    Firm:
    Alston & Bird LLP
    European Commission approves restructuring of Parex
    2010-09-15

    Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008.

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Trade & Customs, Alston & Bird LLP, Shareholder, Subsidy, Subordinated debt, European Commission
    Authors:
    David E Brown
    Location:
    European Union, Latvia
    Firm:
    Alston & Bird LLP

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