On February 13, 2013, the U.S. Bankruptcy Court for the Southern District of New York approved a stipulation between LightSquared and, among others, its lenders to extend until July 15, 2013 LightSquared’s exclusive right to file a Chapter 11 plan of reorganization. That right was due to expire on January 31, 2013, and then was extended until the court ruled on LightSquared’s motion to extend that date.
In re S. White Transp., Inc., 473 B.R. 695 (S.D. Miss. 2012)
CASE SNAPSHOT
In re American Capital Equipment, LLC, 688 F.3d 145 (3d Cir. 2012)
CASE SNAPSHOT
On January 17, 2013, the United States Bankruptcy Appellate Panel for the First Circuit (the “First Circuit BAP”) rendered its opinion in Massachusetts Department of Unemployment Assistance v. OPK Biotech, LLC (In re PBBPC, Inc.), BAP No. MB 12-042 (B.A.P. 1st Cir. Jan.
In preparing a statement supporting the determination that recusal from a bankruptcy proceeding was unnecessary, U.S. Bankruptcy Court Judge Richard E. Fehling quoted Master Sergeant Georg Hans Shultz from the television sitcom Hogan’s Heroes: “I KNOW NOTHING! NOTHING!”
In re Sea Trail Corporation, Case No. 11-07370- 8-SWH (Bankr. E.D.N.C., Oct. 23, 2012)
CASE SNAPSHOT
In this opinion, the Court of Chancery denied a motion for judgment on the pleadings by certain asbestos claimants (the “Claimants”) seeking appointment of a receiver under 8 Del. C. § 279, holding that the dissolved corporation was not amenable to suits commenced more than ten years after its dissolution and, therefore, the insurance liability contracts held by the dissolved corporation were valueless, rendering appointment of a receiver unnecessary. The Court also granted an opposing motion for summary judgment on behalf of the dissolved corporation.
Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to disclose all of the financial terms of a loan transaction in the mortgage.
On December 31, 2012, Strategic Growth Bancorp Inc. (“Strategic Growth”), an El Paso, Texas-based bank holding company, acquired Mile High Banks (the “Bank”), a Colorado community bank, from the Bank’s parent, Big Sandy Holding Company (“Big Sandy”), through an auction process conducted pursuant to section 363 of the Bankruptcy Code. Davis Polk represented Strategic Growth and advised on the complex and overlapping bankruptcy, mergers and acquisitions, credit, tax and bank regulatory issues presented by the transaction.
Rejecting the formalistic approach, the Delaware Bankruptcy Court in Indianapolis Downs, LLC1 focused on the policies underlying the idea of the disclosure statement to uphold a post-petition lock-up agreement, entered into before approval of a disclosure statement, with sophisticated financial players who had access to the material information that the disclosure statement would have provided.