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Asbestos Trusts May Leave Insurers Out In Cold
By Shane Dilworth
On August 23, 2022, College Park, Georgia-based ExpressJet Airlines LLC, a leading regional airline connecting millions of passengers to North America monthly, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10787). The company reports $10 million to $50 million in both assets and liabilities.
In In re Rehabilitation of Scottish Re (U.S.), Inc., C.A. No. 2019-0175-JTL (Del. Ch. Apr.18, 2022), the Delaware Court of Chancery ruled, as a matter of first impression, that in a delinquency proceeding for an insurance company under Delaware law, there is no per se requirement that a rehabilitation plan meet a “liquidation standard” to obtain court approval. Under the “liquidation standard,” a rehabilitation plan must provide claimants at least “liquidation value,” or the value they would have received in a liquidation proceeding.
On August 23, 2022 (the “Petition Date”), Rochester, New York-based Carestream Health, Inc.
Three scholars published a new analysis of Chapter 7 and Chapter 11 consumer bankruptcy filings that is likely both the broadest and the most targeted study of consumer bankruptcy filing since Teresa A. Sullivan, Elizabeth Warren and Jay Lawrence Westbrook published The Fragile Middle Class: Americans in Debt. The new study by Professors Pamela Foohey, Robert M. Lawless and Deborah Thorne is titled
The major cryptocurrencies have experienced significant declines in 2022; with the crypto market shedding $2 trillion of its peak $3 trillion market capitalization in November 2021. Amid this “crypto winter,” Terra Luna and its algorithmic stablecoin collapsed, triggering a domino effect of losses and illiquidity throughout the crypto industry. The hedge fund Three Arrows Capital was the first big domino to fall, defaulting on $1 billion in loans including $650 million owed to Voyager Digital (“Voyager”).
On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts.
Portfolio Media. Inc. | 111 West 19th Street, 5th Floor | New York, NY 10011 | www.law360.com Phone: +1 646 783 7100 | Fax: +1 646 783 7161 | [email protected]
Insurance Fights Can Complicate The Bankruptcy Labyrinth
By Shane Dilworth
I’m on a curiosity-quest to find the first-ever U.S. Supreme Court opinion on the subject of bankruptcy.
Excitement arises, for a moment, upon discovering Gibbs v. Gibbs, 1 U.S. 371 (1788). After all, Gibbs v. Gibbs:
SUMMARY