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    Nonprofit governance and fiduciary duties: court holds directors personally liable for mismanagement
    2015-04-07

    A recent court ruling highlights the need for robust governance practices for nonprofits, particularly those facing financial difficulties.  The Third Circuit Court of Appeals affirmed a jury’s award of $2.25 million in compensatory damages against former directors and officers of a bankrupt nonprofit corporation - personal liability for breach of fiduciary duties and “deepening insolvency.”1  The court also affirmed punitive damages against the officer defendants, but vacated the award of punitive damages against the director defendants.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Non-profit Organizations, Seyfarth Shaw LLP, Punitive damages, Fiduciary
    Authors:
    Ofer Lion , Douglas M. Mancino , Christian Canas
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    General Assembly considers municipal/local government bankruptcy legislation
    2015-04-07

    Illinois legislators are considering a bill that would amend the Illinois Municipal Code to allow municipalities and other local government entities to file for bankruptcy. Representative Ron Sandack (R-Downers Grove) has called it a “measure of last resort” for municipalities with increasing debts, including police and firefighter pension obligations. Governor Rauner has indicated previously that he supports the concept, and local leaders are evaluating the need for such protection in light of dire fiscal projections. 

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Public, Franczek Radelet PC, Bankruptcy, Illinois General Assembly
    Authors:
    Patrick M. DePoy , Jennifer A. Dunn
    Location:
    USA
    Firm:
    Franczek Radelet PC
    What do I need to bring to 341 meeting?
    2015-04-07

    Clients always ask what to bring to their 341 Meeting of Creditors.  This question is often asked multiple times by the same person.  The 341 Meeting of Creditors is often an unknown.  Most of my clients, it is their first time filing bankruptcy and they are nervous about the meeting. Never fear. When attending your 341 Meeting of Creditors, you need to bring with you:

    Filed under:
    USA, Insolvency & Restructuring, DelCotto Law Group PLLC
    Authors:
    Clair Edwards
    Location:
    USA
    Firm:
    DelCotto Law Group PLLC
    Recent case law impacting debt transactions
    2015-04-08

    Two recent decisions of the US District Court for the Southern District of New York may complicate future debt exchange offers. The cases address the validity, under the Trust Indenture Act of 1939, as amended (the Act), of indenture amendments that delete substantive covenant protections in the context of out-of-court debt restructurings. Such amendments are a common feature of debt exchange and cash tender offers and are often essential to achieve a restructuring outside of bankruptcy court.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Arnold & Porter, Debt
    Authors:
    Christopher J. Konieczny , Christopher P. Peterson
    Location:
    USA
    Firm:
    Arnold & Porter
    Everyware Global, Inc., leading global marketer of food preparation products, files prepackaged bankruptcy case
    2015-04-08

    On April 7, 2015, Everyware Global, Inc. and 12 affiliates filed a prepackaged chapter 11 case in Delaware.  Affiliates include such names as Oneida, Anchor Hocking, Kenwood Silver, Sakura and Universal Tabletop.  The case is docketed as case no. 15-10743 and has been assigned to the Honorable Laurie Selber Silverstein.  A chapter 11 plan and disclosure statement has been filed with the petition.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Morris James LLP
    Authors:
    Carl "Chuck" N. Kunz III
    Location:
    USA
    Firm:
    Morris James LLP
    Distressed debt: loan to own investment strategies after Fisker
    2015-04-07

    In a “loan-to-own” investment, an investor acquires secured debt at a discount to leverage the face amount of the debt in an asset purchase or debt-to-equity swap. For example, if an investor can buy US$50 million worth of debt for US$25 million, it can, in a bankruptcy proceeding, bid on the underlying assets that secure the debt at a 50 percent discount, because the investor can credit bid the face value of the debt as the equivalent of cash in a sale of collateral in bankruptcy, thus creating a competitive advantage over cash or strategic bidders.

    Filed under:
    USA, Insolvency & Restructuring, Dentons, Bankruptcy, Debt, Secured loan
    Authors:
    Oscar N. Pinkas
    Location:
    USA
    Firm:
    Dentons
    9th Circ. panel bolsters trustees’ reach-back powers
    2015-04-07

    Editor’s note: this post originally appeared in Law360.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Greenberg Glusker Fields Claman & Machtinger LLP, Bankruptcy, Statute of limitations, Trustee, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Greenberg Glusker Fields Claman & Machtinger LLP
    The (not just) Small Business, Enterprise and Employment Act 2015
    2015-04-07

    The Small Business, Enterprise and Employment Act (the “Act”) became one of the last acts of the current Parliament when it received Royal Asset on 26 March 2015.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Weil Gotshal & Manges LLP
    Authors:
    Mark Lawford
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Challenges for the US retail sector, inside and outside bankruptcy
    2015-04-07

    In recent months, the US has seen a staggering increase in the number of retailers, both large and small, filing for bankruptcy. Among others, Dots, Alco Stores, Radio Shack, Deb Shops, Wet Seal, and Delia’s have each filed for bankruptcy protection in the past six months alone.

    Filed under:
    USA, Insolvency & Restructuring, DLA Piper, Bankruptcy, Retail
    Authors:
    Daniel M. Simon
    Location:
    USA
    Firm:
    DLA Piper
    The Fifth Circuit shifts the risk of doing business with fraudulent enterprises to trade creditors
    2015-04-07

    When a debtor pays the market cost for goods and services provided to it by third-party vendors, these payments normally cannot be recovered as fraudulent transfers in the U.S. That is because the debtor receives reasonably equivalent value for the payments to its vendors and because the unsuspecting vendors can assert a good faith defense based on the value provided.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Dechert LLP, Debtor, Fraud, Fifth Circuit
    Location:
    USA
    Firm:
    Dechert LLP

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