Bankruptcy Law: What Duty Is Owed in Vicinity of Insolvency?

Size: px
Start display at page:

Download "Bankruptcy Law: What Duty Is Owed in Vicinity of Insolvency?"

Transcription

1 Bankruptcy Law: What Duty Is Owed in Vicinity of Insolvency? by Glenn E. Siegel, Stephen J. Gordon, and Eric S. O Malley February 19, 2002 This article is reprinted with permission from the February 19, 2002 edition of the New York Law Journal 2002 NLP IP Company. All rights reserved. Further duplication without permission is prohibited.

2 SERVING THE BENCH AND BAR SINCE 1888 Web address: VOLUME 227 NO. 32 TUESDAY, FEBRUARY 19, 2002 What Duty Is Owed in Vicinity of Insolvency? BY GLENN E. SIEGEL, STEPHEN J. GORDON, AND ERIC STEVEN O MALLEY IT HAS BECOME an increasingly common struggle. Public companies issue high-yield debt that starts to trade at a substantial discount when earning expectations are not met. The purchasers of the discounted debt see value in the company but fear management might engage in practices that jeopardize the noteholders investment in an effort to resurrect shareholder value. The company has not breached any covenants under its indenture, but the creditors have a concern that money is running out and default is impending. Must the creditors wait until disaster actually arrives before they can act to protect their interests? Justice Helen E. Freedman of the Supreme Court of New York, County of New York, recently had occasion to consider this question in Fir Tree Partners, L.P. v. MCG Communications, Inc., et al., No (Nov. 7, 2001). In Fir Tree, noteholders asked the court to declare that a corporation s board of directors owed a fiduciary duty to creditors where the company s financial statements strongly suggested that it would soon be insolvent. In a two-page decision, the court dismissed the complaint, finding that the no action clause contained in the applicable indenture precluded the holders of the public debt from taking action with respect to the indenture or the underlying notes. Despite this technical basis for the court s ruling, the litigation raises legal arguments that provide a glimpse at important issues that may arise between troubled companies and their creditors. Community of Interests The plaintiffs in Fir Tree were led by a self-described value oriented investment firm that works in a collaborative manner with management to increase shareholder Glenn E. Siegel is a partner in the New York office of Dechert. Stephen J. Gordon and Eric Steven O Malley are associates in that office. value[.] Fir Tree had purchased $69.9 million of 13 percent Senior Notes issued by defendant MCG Communications, Inc., a/k/a Mpower Holding Corporation (Mpower). The complaint described Mpower as one of the many companies in the telecommunications industry that had prospered substantially during the market boom, but was now en route to bankruptcy after the economic downturn. Fir Tree alleged that although noteholders had yet to suffer a tangible injury, heavy losses would occur unless the court intervened by declaring that the Mpower board of directors owed a duty to the distressed company s creditors rather than to its shareholders. 1 As support for this request for declaratory relief, Fir Tree used an important but infrequently litigated doctrine that imposes a fiduciary duty upon a board of directors of a corporation operating in the vicinity of insolvency. In Credit Lyonnais Bank Nederland, N.V. v. Pathe Communications Corp WL (Del. Ch. Dec. 30, 1991), 2 the Delaware Court of Chancery held that [a]t least where a corporation is operating in the vicinity of insolvency, a board of directors is not merely the agent of the residual risk bearers, but owes its duty to the corporate enterprise[.] Thus, a board must consider the community of interests, including those of the company s creditors. Id. at *43. Using this doctrine, Fir Tree sought a declaratory judgment that (i) Mpower was insolvent or in the vicinity of insolvency and (ii) that Mpower and its directors owed a fiduciary duty to Mpower s creditors, which stands in preference to any duties owed to Mpower s shareholders. The complaint alleged no specific instances of management malfeasance aside from refusing to engage in workout discussions with the plaintiffs, general wasting of assets, and jeopardizing Fir Tree and other creditors recovery of their investments. Nor did Fir Tree allege any breach of any specific financial covenant, apparently because the indenture did not contain any such covenants. 3 Nonetheless, Fir Tree argued that the company was in the vicinity of insolvency because even if Mpower was not already insolvent, it would be in due course. In the face of an auditor s finding that the company was not technically insolvent and had an asserted net worth of $324 million, the plaintiffs offered a technically sophisticated argument based on (i) Mpower s recent financial filings and projections and (ii) analogies to other similarly situated firms that were among the best managed and strongest telecommunications companies but were substantially more pessimistic than Mpower was about the industry s (and hence their own) near-term prospects. Fir Tree argued that Mpower s publicized intent to write off $200 million in goodwill and additional charges proved conclusively that the company, if not already insolvent, would be so within a matter of months. Mpower s motion to dismiss derided the complaint as a mere press release masquerading as a legal document. 4 Mpower asserted that, since it continued to meet its contractual obligations, the plaintiffs could not seek an involuntary bankruptcy. Accordingly, Mpower charged that Fir Tree was instead attempting to create an unprecedented, quasi-bankruptcy, quasi-receivership that would allow disgruntled (though as yet unharmed) creditors to execute a coup of the board of directors. The motion was supported by two primary arguments: first, a contractual argument that the no action clause in the indenture 5 expressly prohibited the noteholders lawsuit, and second, that the complaint failed to state an actionable claim. The complaint, in Mpower s view, gave no hint of what it might possibly mean by the vicinity of insolvency, nor of what standards a court might apply in making such a vague determination[,] and therefore sought a constitutionally impermissible advisory opinion. Also, according to the defendants, shifting the directors fiduciary duty from shareholders to creditors was improper absent actual corporate insolvency or a bankruptcy filing. Judge Freedman ruled solely on the basis of Mpower s first grounds for dismissal, holding that the no action clause in Fir Tree s indenture deprived noteholders of their cause of action. The plaintiffs had argued the no action clause did not bar the litigation

3 NEW YORK LAW JOURNAL Monday, February 19, 2002 because the complaint only sought a declaration of respective rights rather than an enforcement of rights and was therefore not a remedy under or with respect to the indenture. 6 The court rejected this contention, dismissing the complaint on the grounds that any rights Fir Tree held were created by the indenture, such that any suit thereon would be with respect to that agreement and were therefore barred by the no action clause. On Nov. 13, 2001, Fir Tree filed a notice of appeal. A Question of Duty Without any explicit financial covenants and obstructed by a broad no action clause precluding suits under and with respect to both the notes and the indenture, the Fir Tree plaintiffs were in a difficult position. The court s ruling was technically correct based on the papers before it. However, one should keep in mind that the court did not rule that the board owed no duty to the creditors. It only found that the no action clause precluded the bondholders from seeking a declaration of that duty in the absence of a default under the indenture. It does not appear, therefore, that the Fir Tree plaintiffs are precluded from bringing an action in the event that Mpower defaults under the bonds and cannot pay its creditors. This would be small consolation if an earlier suit would have avoided a loss of value, however. On the other hand, the creditors would still have to prove that the directors acted in violation of their duty to the creditors, i.e., that the company was insolvent or in the vicinity of insolvency when the directors acted in a way that harmed creditors. The court did not reach Mpower s second argument regarding the vicinity of insolvency doctrine. Currently, the general rule followed by most states is that directors do not owe creditors any duty beyond the terms of the company s contract except in special circumstances, such as fraud, violation of a statute, or (most importantly to this article) insolvency. In New York, the pertinent rule, known as the trust fund doctrine, is that once a company is insolvent, the officers and directors stand in the position of trustees, holding the assets in trust for the creditors benefit. See Credit Agricole Indosuez v. Rossiyskiy Kredit Bank, 708 N.Y.S.2d 25, 31 (N.Y. 2000). The unshakable problem is that by what standard is the vicinity of insolvency determined, and who will decide? 7 A company s assets could exceed its liabilities (legal insolvency) but nonetheless meet its interest obligations (equitable solvency), claiming all the while that it must be given a chance to recover (at least until the principal comes due). Prior to 1991, courts typically required a clear showing that a corporation was in default before its directors owed a fiduciary duty to creditors. Then came the Delaware case of Credit Lyonnais. In Credit Lyonnais, a director and majority shareholder attempted to retain control of a distressed billion-dollar entertainment company. The company s primary creditor had conditioned a loan of working capital on an agreement that the director cede control to a board of the creditor s choosing. When the owner-director refused to relinquish control, the creditors were forced into court to seek enforcement of their agreement. The court found that the director had breached his covenant of good faith and fair dealing, and held that because the corporate enterprise was in danger of becoming insolvent, the creditor-bank was entitled to keep its own managers in place. Otherwise, the court found the owner-director might be inclined to sell off assets at fire-sale prices to further his own interest at the creditors expense. In an oft-cited footnote, the court illustrated how the directors incentives shift as a once solvent corporation approaches insolvency because the benefits of risk-taking behavior will vary greatly for owners as opposed to creditors: directors will recognize that in managing the business affairs of a solvent corporation in the vicinity of insolvency, circumstances may arise when the right (both efficient and fair) course to follow for the corporation may diverge from the choice that the stockholders (or the creditors, or the employees, or any single group interested in the corporation) would make if given the opportunity to act. Credit Lyonnais, 1991 WL , at *34, n. 55. The decision s import lies with the notion that there is a middle ground between solvency, where the board s primary duty is to maximize shareholder value, and insolvency, where the board s primary duty is to ensure obligations to creditors are met to the best extent possible. In this middle ground, the board s primary obligation is to return the enterprise to long-term solvency, even to the short-term detriment of shareholders, so that both shareholders and creditors might benefit in the long run. Directors are encouraged to act conservatively, in a way that preserves assets with the hope that the enterprise can be kept out of liquidation. This entails avoiding making high-risk, high-return decisions that would mostly benefit shareholders who have little to lose if a nearly insolvent company is liquidated. The more traditional method for balancing the promotion of the long-term viability of corporations with shareholder rights and the rights of creditors is through financial covenants and no action clauses, which typically require suits to be instituted by a minimum number of noteholders. In the case of public subordinated debt, there are frequently no financial covenants to protect holders (although cross-defaults to senior debt may in some circumstances serve the same purpose). However, taking action to protect creditor rights can be cumbersome under no action clauses, especially if there are a large number of creditors or the minimum for commencement of suit is unusually high. Section 6.06(x) of the Fir Tree indenture, for example, required a majority of holders of the principal amount of the notes to institute an action. 8 The problem, therefore, is that while the vicinity of insolvency doctrine could be a superior alternative for protecting creditors of distressed companies, the no action clause can render it useless when it is most needed. Defining Standards New York courts are not generally reluctant to protect creditors rights. See, e.g., Clarkson Company Ltd. v. Shaheen, 660 F.2d 506, 512 (2nd Cir. 1981) (rejecting the argument that a fiduciary duty on behalf of creditors arises only when it becomes clear that the enterprise is entering liquidation because it flies in the face of the New York policy to preserve the assets of insolvent corporations for the creditors ). Moreover, the influential Delaware Court of Chancery has held that, under the vicinity of insolvency doctrine, it is not necessary for a party to institute formal bankruptcy or receivership proceedings in order for the corporation to be found insolvent for purposes of changing fiduciary obligations. See Geyer v. Ingersoll Publication Company, 621 A.2d 784, 789 (Del. Ch. 1992). Following this reasoning, a court should offer creditors some pre-emptive protection to deter directors who knowingly risk plunging distressed corporations into insolvency or further into the vicinity of insolvency by entering into imprudent transactions. 9 In the absence of provisions in the indenture, and because directors are unlikely to acknowledge that their corporation is in the vicinity of insolvency, the only effective means of giving the doctrine weight is by court declaration assuming the plaintiffs can show that default is imminent and to a reasonable certainty, inescapable. All too slowly, courts are defining the standards necessary to make the doctrine

4 NEW YORK LAW JOURNAL Monday, February 19, 2002 effective. Delaware has recently held that plaintiffs must show more than metaphysical doubt as to whether an auditor s assessment was accurate in stating that an enterprise was solvent. See LaSalle National Bank v. Perlman, 83 F.Supp.2d 279, 291 (D. Del. 2000). A Florida court, interpreting Delaware law, suggested that directors of a solvent enterprise who propose transactions knowing they will render the corporation insolvent, stand in a fiduciary relationship to creditors. See In re Shultz, 208 B.R. 723, 729 (M.D. Fla. 1997). More recently, a New York court applying Delaware law found sufficient evidence to sustain an argument that a corporation was in the vicinity of insolvency where its audited financial statements showed a negative shareholder equity of $29.6 million and a projection of more than double that the following year. See Pereira v. Cogan, 2001 WL , at *9 (S.D.N.Y. 2001). Other courts considering similar arguments have been less helpful. In Credit Agricole Indosuez v. Rossiyskiy Kredit Bank, 708 N.Y.S.2d 25, 31 (N.Y. 2000), for example, the court held that, at least for purposes of seeking temporary injunctive relief (to prevent a troubled company from stripping its assets before a judgment was imposed), the trust fund doctrine merely imposed liability on directors for dissipating assets in post-default actions brought by trustees, receivers, or judgment creditors. The Credit Agricole court might have found that the Fir Tree complaint was premature because no defaults had occurred and the plaintiffs did not cite an imminent, specific board action that might potentially affect their rights. On the other hand, the same court might appreciate the logic of extending director liability to include acts which caused a default in the first place. Lessons of Fir Tree The Fir Tree plaintiffs had bad facts. The indenture s no action provision was unusually broad, such that the plaintiffs might have had better luck attacking the clause itself rather than arguing that it did not apply. Or they might have argued that only suits brought for breach of a specific financial covenant would be under, or with respect to, the indenture, thereby circumventing the no action clause. However, this argument is complicated by the Mpower indenture s lack of explicit financial covenants. It might still have been argued that the indenture creates some rights (specifically in the covenants), and these are the rights addressed by the no action clause, but a suit seeking to declare a fiduciary duty based on the common law theory of vicinity of insolvency is based on rights external to, and independent of, the indenture. In other ways, the facts were good, but the plaintiffs may have asked the court to extend the law beyond the current doctrine. Specifically, Fir Tree sought a declaration preferring creditors interests over that of the shareholders. While a creditor s interest may be preferred once a debtor has defaulted on its debt, if the enterprise is merely in the vicinity of insolvency, the best the plaintiffs could In the absence of provisions in the indenture, and because directors are unlikely to acknowledge that their corporation is in the vicinity of insolvency, the only effective means of giving the doctrine weight is by court declaration assuming the plaintiffs can show that default is imminent and to a reasonable certainty, inescapable have hoped for was a duty by the directors to act both for their benefit and for the shareholders. 10 If the plaintiffs sought an aggressive extension of the law, then the defendants were equally aggressive in overstating the consequences of granting the requested relief. While the creditors were able to evict a director in Credit Lyonnais, it was done pursuant to written agreement. No such coup confronted Mpower. Moreover, although the focus of the duty may shift (or expand), at least one jurisdiction has found that the fiduciary obligation imposed still requires only that the directors act in an informed manner and in a good faith effort to maximize the corporation s long-term wealth-creating capacity. In re Ben Franklin Retail Stores, Inc., v. Kendig, 225 B.R. 646 (N.D. Ill. 1998), opinion amended and superceded on other grounds by Ben Franklin Retail Stores, Inc. v. Kendig, et al., 2000 WL (N.D.Ill. Jan. 12, 2000). If courts follow this logic, even if the company is in the vicinity of insolvency and the duty is to the corporate enterprise, so long as directors act on an informed basis, in good faith, and in the honest belief that their actions will serve the long-term welfare of the corporation, the directors will not be in breach of their fiduciary duties. (1) This strategy was not without risk since the court could have ruled that the company was not in the vicinity of insolvency and no duty was owed to creditors at all. (2) Although this case was brought in New York, Mpower is a Delaware corporation and Credit Lyonnais was the applicable standard. While New York courts have acknowledged the existence of the doctrine, it has yet to be tested with a New York corporation or under New York law. See, e.g., Management Technologies, Inc. v. Morris, 961 F.Supp. 640, 645 n.8 (S.D.N.Y. 1997) (holding that under English law, directors of corporations in perilous financial circumstances may owe a duty to creditors while also noting that Delaware, which may have the most fully developed body of corporate governance law, recognizes the vicinity of insolvency doctrine). (3) The Mpower indenture did contain a cross-default provision. Such provision could not help the Fir Tree plaintiffs, however, as the indenture created an event of default with respect to senior debt only where either there was a payment default on such senior debt or such debt was accelerated. Presumably, if Mpower was not delinquent to its subordinated bondholders, it would also be current in its obligations to its senior debtholders. (4) Fir Tree Partners, L.P. v. MCG Communications, Inc., et al., No (Nov. 7, 2001) (Reply Memorandum of Law in Further Support of Defendants Motion to Dismiss). (5) The clause in question provided in relevant part: [n]o holder of any note shall have any right to institute any proceeding with respect to this indenture or the Notes or any remedy thereunder (6) Such clauses have been avoided in other cases but only in special circumstances. In Envirodyne Industries, Inc., 174 B.R. at 993, for example, a court relied on a provision of the Trust Indenture Act of 1939, codified at 15 U.S.C. 77ppp(b), specifically protecting the rights of bondholders to seek recovery of delinquent principal or interest. (7) By New York statute, insolvency arises once the present fair salable value of his assets is less than the amount that will be required to pay his future liability of his existing debts as they become absolute and matured. New York Debtor and Creditor Law 271. See also, e.g., Geyer v. Ingersoll Publication Company, 621 A.2d 784, (Del.Ch. 1992) (In Delaware an enterprise is insolvent when it has liabilities in excess of a reasonable market value of assets held. ) (citing Harff v. Kerkorian, 324 A.2d 215, 222 (Del.Ch. 1974) (citations omitted)). (8) It should not be forgotten that the Indenture Trustee does have the power to take action under the indenture, but is highly unlikely to act without a default and indemnification. (9) See Steven L. Schwarcz, Rethinking a Corporation s Obligations to Creditors, 17 Cardozo L. Rev. 647, 671 (1996) ( It is not the corporation s closeness to insolvency that is relevant, but rather whether, under the circumstances, a corporation s contemplated action would cause insolvency, meaning that insolvency is one of the reasonably expected outcomes. ). (10) See Equity-Linked Investors, L.P. v. Adams, 705 A.2d 1040, 1042 n.2 (Del. Ch. 1997). In Equity-Linked, Chancellor Allen, the same judge who decided Credit Lyonnais, explained his earlier decision that when a corporation operates in the vicinity of insolvency an independent board may consider impacts upon all corporate constituencies in exercising its good faith business judgement for the benefit of the corporation (emphasis added). Some commentators suggest that the permissive language means that the rule does not create an affirmative right on behalf of creditors but rather a defense for board members against shareholders. See Andrew D. Shaffer, Corporate Fiduciary- Insolvent: The Fiduciary Relationship Your Corporate Law Professor (Should Have) Warned You About, 8 Am. Bankr. Inst. L. Rev. 479, 517 (2000).

5

Charter Exculpatory Provisions Preclude Bankruptcy Trustee from Suing on Breach of Duty of Care. September/October 2005. Ross S.

Charter Exculpatory Provisions Preclude Bankruptcy Trustee from Suing on Breach of Duty of Care. September/October 2005. Ross S. Charter Exculpatory Provisions Preclude Bankruptcy Trustee from Suing on Breach of Duty of Care September/October 2005 Ross S. Barr Among the powers conferred upon a bankruptcy trustee or chapter 11 debtor-in-possession

More information

FIDUCIARY DUTIES OF THE BOARD UPON THE FINANCIAL DISTRESS OF A COMPANY The dilemma whether to file for bankruptcy

FIDUCIARY DUTIES OF THE BOARD UPON THE FINANCIAL DISTRESS OF A COMPANY The dilemma whether to file for bankruptcy FIDUCIARY DUTIES OF THE BOARD UPON THE FINANCIAL DISTRESS OF A COMPANY The dilemma whether to file for bankruptcy HON. MARTIN GLENN U.S. BANKRUPTCY JUDGE SOUTHERN DISTRICT OF NEW YORK 1 OPERATING WHILE

More information

Insurance in Bankruptcy

Insurance in Bankruptcy Fear of Losing D&O Insurance in Bankruptcy Is Overblown B y P a t r i c i a J. V i l l a r e a l a n d D o u g l a s R. C o l e he typical D&O insurance policy covers not only a company s directors and

More information

May 22, 2002 THE ZONE OF INSOLVENCY: WHEN HAS A COMPANY ENTERED INTO IT, AND ONCE THERE, WHAT ARE THE BOARD S DUTIES?

May 22, 2002 THE ZONE OF INSOLVENCY: WHEN HAS A COMPANY ENTERED INTO IT, AND ONCE THERE, WHAT ARE THE BOARD S DUTIES? May 22, 2002 THE ZONE OF INSOLVENCY: WHEN HAS A COMPANY ENTERED INTO IT, AND ONCE THERE, WHAT ARE THE BOARD S DUTIES? KIRKLAND & ELLIS JAMES H.M. SPRAYREGEN, P.C. THEODORE L. FREEDMAN SHIRLEY S. CHO May

More information

Florida Bankruptcy Case Law Update

Florida Bankruptcy Case Law Update Florida Bankruptcy Case Law Update October 2014 Cases Editors of the Florida Bankruptcy Case Law Update Bradley M. Saxton and C. Andrew Roy Winderweedle, Haines, Ward & Woodman, P.A. This Month s Author

More information

FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY

FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY PRESENTATION TO CORONADO VENTURES FORUM March 18, 2004 1. Fiduciary Duty to Creditors. Craig M. Tighe Gray Cary Ware & Freidenrich LLP a. General

More information

INSURANCE POLICIES. by Bankruptcy Code Section 541. That section provides, in pertinent part:

INSURANCE POLICIES. by Bankruptcy Code Section 541. That section provides, in pertinent part: BANKING LAW JOURNAL by Bankruptcy Code Section 541. That section provides, in pertinent part: The commencement of a case under section 301, 302, or 303 of this title creates an estate. Such estate is comprised

More information

Forum Shopping and Limitations on Bankruptcy Court Jurisdiction

Forum Shopping and Limitations on Bankruptcy Court Jurisdiction Forum Shopping and Limitations on Bankruptcy Court Jurisdiction John D. Snethen Section Chief, Tax Litigation Office of the Attorney General of Indiana 1 Bankruptcy Background What is Forum Shopping? Taxpayer

More information

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy. Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency

More information

Secured Credit Committee ABI Committee News

Secured Credit Committee ABI Committee News Secured Credit Committee ABI Committee News In This Issue: Volume 8, Number 2/ March 2011 Creditors Derivative Standing on Shaky Ground with LLCs Fifth Circuit Reconciles Lenders Adequate Protection Requirement

More information

In re: Chapter 11. 824 SOUTH EAST BOULEVARD REALTY, INC., Case No. 11-15728 (ALG) MEMORANDUM OF DECISION AND ORDER. Introduction

In re: Chapter 11. 824 SOUTH EAST BOULEVARD REALTY, INC., Case No. 11-15728 (ALG) MEMORANDUM OF DECISION AND ORDER. Introduction UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x NOT FOR PUBLICATION In re: Chapter 11 824 SOUTH EAST BOULEVARD REALTY,

More information

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE By John E. Mitchell, Baker & McKenzie, LLP (Dallas) (john.mitchell@bakermckenzie.com) and Angela B. Degeyter,

More information

Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7

Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7 Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7 SO ORDERED. SIGNED this 12 day of January, 2012. Stephani W. Humrickhouse United States Bankruptcy Judge UNITED STATES BANKRUPTCY

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION. v. AP No. 08-70044 MEMORANDUM OF DECISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION. v. AP No. 08-70044 MEMORANDUM OF DECISION Document Page 1 of 16 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ALABAMA WESTERN DIVISION IN RE: DENISE L. EVANS, Case No. 08-71204-CMS-07 Debtor. PREMIER SELF STORAGE, LLC., Plaintiff,

More information

11th Circ. Sows Doubt Over Insolvent Bank Tax Refunds

11th Circ. Sows Doubt Over Insolvent Bank Tax Refunds Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com 11th Circ. Sows Doubt Over Insolvent Bank Tax Refunds

More information

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION FIVE B254585

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION FIVE B254585 Filed 2/26/15 Vega v. Goradia CA2/5 NOT TO BE PUBLISHED IN THE OFFICIAL REPORTS California Rules of Court, rule 8.1115(a), prohibits courts and parties from citing or relying on opinions not certified

More information

Payment System Override Deems Transaction Not Ordinary

Payment System Override Deems Transaction Not Ordinary Payment System Override Deems Transaction Not Ordinary Ames Merchandising Corp. v. Cellmark Paper Inc. (In re Ames Dept. Stores, Inc.), 2011 Bankr. LEXIS 969 (Bankr. S.D.N.Y. Mar. 28, 2011) In Ames Merchandising

More information

* Each Will Comply With LR IA 10 2 Within 45 days Attorneys for Plaintiff, Goldman, Sachs & Co.

* Each Will Comply With LR IA 10 2 Within 45 days Attorneys for Plaintiff, Goldman, Sachs & Co. Case :-cv-00-lrh -WGC Document Filed 0// Page of 0 Stanley W. Parry Esq. Nevada Bar No. Jon T. Pearson, Esq. Nevada Bar No. 0 BALLARD SPAHR LLP 00 North City Parkway, Suite 0 Las Vegas, NV 0 Telephone:

More information

Province of Alberta LIMITATIONS ACT. Revised Statutes of Alberta 2000 Chapter L-12. Current as of December 17, 2014. Office Consolidation

Province of Alberta LIMITATIONS ACT. Revised Statutes of Alberta 2000 Chapter L-12. Current as of December 17, 2014. Office Consolidation Province of Alberta LIMITATIONS ACT Revised Statutes of Alberta 2000 Current as of December 17, 2014 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 5 th Floor, Park Plaza

More information

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION MEMORANDUM OPINION

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION MEMORANDUM OPINION UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION In re: ) Case No. 04 B 26948 ) VICTOR AND LINDA WILSON, ) Chapter 13 ) Debtors. ) Judge Pamela S. Hollis MEMORANDUM OPINION

More information

DELAWARE SUPREME COURT RULES DIRECTORS OF A CORPORATION IN THE ZONE OF INSOLVENCY OWE NO FIDUCIARY DUTIES TO CREDITORS

DELAWARE SUPREME COURT RULES DIRECTORS OF A CORPORATION IN THE ZONE OF INSOLVENCY OWE NO FIDUCIARY DUTIES TO CREDITORS DELAWARE SUPREME COURT RULES DIRECTORS OF A CORPORATION IN THE ZONE OF INSOLVENCY OWE NO FIDUCIARY DUTIES TO CREDITORS COURT ALSO RULES CREDITORS HAVE NO DIRECT ACTION AGAINST DIRECTORS OF AN INSOLVENT

More information

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF KENTUCKY LOUISVILLE DIVISION MEMORANDUM-OPINION

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF KENTUCKY LOUISVILLE DIVISION MEMORANDUM-OPINION UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF KENTUCKY LOUISVILLE DIVISION IN RE: DEWAYNE ANTHONY POYNTER CASE NO.: 10-11608(1)(7) Debtor GREAT AMERICAN INSURANCE AP NO.: 11-1003 COMPANY Plaintiff

More information

Case 3:09-cv-01222-MMH-JRK Document 33 Filed 08/10/10 Page 1 of 8 UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA JACKSONVILLE DIVISION

Case 3:09-cv-01222-MMH-JRK Document 33 Filed 08/10/10 Page 1 of 8 UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA JACKSONVILLE DIVISION Case 3:09-cv-01222-MMH-JRK Document 33 Filed 08/10/10 Page 1 of 8 UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA JACKSONVILLE DIVISION PHL VARIABLE INSURANCE COMPANY, Plaintiff, vs. Case No. 3:09-cv-1222-J-34JRK

More information

EFiled: Apr 17 2008 4:11PM EDT Transaction ID 19456463 Case No. 3128-VCN IN TIlE COURT OF CHANCERY OF THE STATE OF DELAWARE ) )

EFiled: Apr 17 2008 4:11PM EDT Transaction ID 19456463 Case No. 3128-VCN IN TIlE COURT OF CHANCERY OF THE STATE OF DELAWARE ) ) EFiled: Apr 17 2008 4:11PM EDT Transaction ID 19456463 Case No. 3128-VCN IN TIlE COURT OF CHANCERY OF THE STATE OF DELAWARE ROBO11TI & COMPANY, LLC Plaintiff v. Civil Action No. 3128-VCN GULFPORT ENERGY

More information

Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy

Camouflaged Collateral: All Asset Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy Article contributed by Lawrence V. Gelber and James T. Bentley of Schulte Roth & Zabel LLP As

More information

Case: 1:10-cv-02125 Document #: 55 Filed: 02/03/11 Page 1 of 9 PageID #:411

Case: 1:10-cv-02125 Document #: 55 Filed: 02/03/11 Page 1 of 9 PageID #:411 Case: 1:10-cv-02125 Document #: 55 Filed: 02/03/11 Page 1 of 9 PageID #:411 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION GUARANTEE TRUST LIFE ) INSURANCE COMPANY, ) ) Plaintiff,

More information

Bankruptcy Remote Structuring

Bankruptcy Remote Structuring Bankruptcy Remote Structuring by David W. Forti April 1-3, 2001 Copyright 2001 Dechert. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should

More information

causes of actions based on Travelers own tortious conduct and not directly related to the Manville insurance policies.[12]

causes of actions based on Travelers own tortious conduct and not directly related to the Manville insurance policies.[12] Portfolio Media, Inc. 648 Broadway, Suite 200 New York, NY 10012 www.law360.com Phone: +1 212 537 6331 Fax: +1 212 537 6371 customerservice@portfoliomedia.com The Significance Of Travelers V. Bailey Law360,

More information

The Fiduciary Exception to the Attorney-Client Privilege and Its Application in Litigation. by George O. Peterson

The Fiduciary Exception to the Attorney-Client Privilege and Its Application in Litigation. by George O. Peterson The Fiduciary Exception to the Attorney-Client Privilege and Its Application in Litigation by George O. Peterson I. INTRODUCTION Trusts and estates attorneys who represent fiduciaries may have little occasion

More information

Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know

Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know April 30, 2010 By Paul A. Ferrillo While director and officer ( D&O ) liability insurance

More information

CASE 0:05-cv-00809-DWF Document 16 Filed 09/06/05 Page 1 of 7 UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA

CASE 0:05-cv-00809-DWF Document 16 Filed 09/06/05 Page 1 of 7 UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA CASE 0:05-cv-00809-DWF Document 16 Filed 09/06/05 Page 1 of 7 UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA Timothy D. Moratzka, Civil No. 05-809 (DWF) Appellant, v. Senior Cottages of America, LLC,

More information

INVOLUNTARY BANKRUPTCIES

INVOLUNTARY BANKRUPTCIES INVOLUNTARY BANKRUPTCIES Joseph S.U. Bodoff Bodoff & Associates, P.C. How It Works The statutory provisions dealing with involuntary bankruptcies are contained in section 303 of the Bankruptcy Code. There

More information

Jurisdiction and Venue in Chapter 15 Selected Issues

Jurisdiction and Venue in Chapter 15 Selected Issues Jurisdiction and Venue in Chapter 15 Selected Issues Prepared by: Jeanne P. Darcey Sullivan & Worcester LLP Boston, MA jdarcey@sandw.com October 8, 2013 Please visit us on our website at www.sandw.com

More information

Chapter 7 Liquidation Under the Bankruptcy Code

Chapter 7 Liquidation Under the Bankruptcy Code From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION In re: ) Chapter 7 Liquidation ) marchfirst, INC., et al., ) CASE NO. 01 B 24742 ) (Substantively Consolidated)

More information

Case: 04-16887 Doc #: 122 Filed: 10/14/2008 Page 1 of 9 OPINION DESIGNATED FOR ON - LINE PUBLICATION BUT NOT PRINT PUBLICATION

Case: 04-16887 Doc #: 122 Filed: 10/14/2008 Page 1 of 9 OPINION DESIGNATED FOR ON - LINE PUBLICATION BUT NOT PRINT PUBLICATION Case: 04-16887 Doc #: 122 Filed: 10/14/2008 Page 1 of 9 SO ORDERED. SIGNED this 14 day of October, 2008. ROBERT E. NUGENT UNITED STATES CHIEF BANKRUPTCY JUDGE OPINION DESIGNATED FOR ON - LINE PUBLICATION

More information

ERISA Causes of Action *

ERISA Causes of Action * 1 ERISA Causes of Action * ERISA authorizes a variety of causes of action to remedy violations of the statute, to enforce the terms of a benefit plan, or to provide other relief to a plan, its participants

More information

THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF GEORGIA MACON DIVISION

THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF GEORGIA MACON DIVISION Case 5:10-cv-00044-CAR Document 280 Filed 11/18/11 Page 1 of 14 THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF GEORGIA MACON DIVISION TERRY CARTRETTE TINDALL, : : Plaintiff, : v. : Civil Action

More information

The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015

The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015 2014 Volume VI No. 26 The purchaser of a tax lien is the holder of a tax claim under 11 U.S.C. 511(a) Andrew Reardon, J.D. Candidate 2015 Cite as: The purchaser of a tax lien is the holder of a tax claim

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: Chapter 11 EVERGREEN SOLAR, INC., Case No. 11-12590 (MFW Debtor. Jointly Administered U.S. BANK N.A., Plaintiff, v. Adv. No. 13-50486

More information

Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements

Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements Legal Update January 9, 2014 Lehman Bankruptcy Court Addresses Scope of the Bankruptcy Code s Safe Harbor for Liquidation, Termination and Acceleration of Swap Agreements In Michigan State Housing Development

More information

JOSEPH M. MCLAUGHLINF*F

JOSEPH M. MCLAUGHLINF*F DIRECTORS AND OFFICERS LIABILITY CONFLICTING REGULATION OF INTERNAL AFFAIRS JOSEPH M. MCLAUGHLINF*F SIMPSON THACHER & BARTLETT LLP AUGUST 10, 2006 Many directors and officers would confidently state that

More information

Case 2:14-cv-01214-DGC Document 38 Filed 08/25/14 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA

Case 2:14-cv-01214-DGC Document 38 Filed 08/25/14 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA Case :-cv-0-dgc Document Filed 0// Page of 0 WO Wintrode Enterprises Incorporated, v. PSTL LLC, et al., IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA Plaintiff, Defendants. No. CV--0-PHX-DGC

More information

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE IN RE: Chapter 7 GOLDEN GUERNSEY DAIRY, LLC, Case No. 13-10044 (KG Debtor. CHARLES A. STANZIALE, JR, in his capacity as Chapter 7 Trustee

More information

B usiness L aw S ection

B usiness L aw S ection B usiness L aw S ection Published by the Business Law Section of the Washington State Bar Association Volume 31, Number 2 Summer 2009 T ABLE OF C ON T EN T S Outgoing Chair s Report... 1 Incoming Chair

More information

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND MEMORANDUM

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND MEMORANDUM IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND IMPERIUM INSURANCE COMPANY f/k/a DELOS INSURANCE COMPANY v. Civil No. CCB-12-1373 ALLIED INSURANCE BROKERS, INC. MEMORANDUM This suit arises

More information

11 U.S.C. 109(e) Liquidated Debt Non-contingent debt. 7/24/95 PSH Unpublished

11 U.S.C. 109(e) Liquidated Debt Non-contingent debt. 7/24/95 PSH Unpublished 11 U.S.C. 109(e) Liquidated Debt Non-contingent debt In re Ronald L. and Linda E. Sailstad Case No. 395-30591-psh13 7/24/95 PSH Unpublished The debtors filed a chapter 13 petition in which they listed

More information

FEATURE ARTICLES. Closing Adjustment Provisions in M&A Transactions: Avoiding Common Disputes

FEATURE ARTICLES. Closing Adjustment Provisions in M&A Transactions: Avoiding Common Disputes Page 3 FEATURE ARTICLES Closing Adjustment Provisions in M&A Transactions: Avoiding Common Disputes By Kevin R. Shannon and Michael K. Reilly 1 In most M&A transactions, there is a delay (sometimes significant)

More information

ORDERED in the Southern District of Florida on November 17, 2011.

ORDERED in the Southern District of Florida on November 17, 2011. Case 11-01923-EPK Doc 38 Filed 11/17/11 Page 1 of 9 [Tagged Opinion] ORDERED in the Southern District of Florida on November 17, 2011. Erik P. Kimball, Judge United States Bankruptcy Court UNITED STATES

More information

Case 2:10-cv-02263-JAR Document 98 Filed 05/04/11 Page 1 of 8 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS

Case 2:10-cv-02263-JAR Document 98 Filed 05/04/11 Page 1 of 8 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS Case 2:10-cv-02263-JAR Document 98 Filed 05/04/11 Page 1 of 8 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS SANDRA H. DEYA and EDWIN DEYA, individually and as next friends and natural

More information

UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN MEMORANDUM DECISION AND ORDER

UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN MEMORANDUM DECISION AND ORDER UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF WISCONSIN In re: Chapter 13 Dawn L. Luedtke, Case No. 02-35082-svk Debtor. MEMORANDUM DECISION AND ORDER Dawn Luedtke (the Debtor ) filed this

More information

jurisdiction is DENIED and plaintiff s motion for leave to amend is DENIED. BACKGROUND

jurisdiction is DENIED and plaintiff s motion for leave to amend is DENIED. BACKGROUND IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA 1 1 1 1 1 TRICIA LECKLER, on behalf of herself and all others similarly situated v. Plaintiffs, CASHCALL, INC., Defendant. /

More information

15-11804-mg Doc 34 Filed 10/28/15 Entered 10/28/15 08:59:29 Main Document Pg 1 of 7. Debtor in a Foreign Proceeding.

15-11804-mg Doc 34 Filed 10/28/15 Entered 10/28/15 08:59:29 Main Document Pg 1 of 7. Debtor in a Foreign Proceeding. Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: BERAU CAPITAL RESOURCES PTE LTD, FOR PUBLICATION Chapter 15 Case No. 15-11804 (MG) Debtor in a Foreign Proceeding. A P P E

More information

Are State Preference Laws Preempted by the United States Bankruptcy Code? Not Necessarily! By: Bruce S. Nathan & Scott Cargill

Are State Preference Laws Preempted by the United States Bankruptcy Code? Not Necessarily! By: Bruce S. Nathan & Scott Cargill Reprinted from: "The Credit and Financial Management Review, A Journal for Credit and Financial Administrators"; Volume 13, Number 4 Fourth Quarter 2007. All Rights Reserved. Are State Preference Laws

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND at GREENBELT. In Re: Debtor Chapter 7. vs. Adversary No.

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND at GREENBELT. In Re: Debtor Chapter 7. vs. Adversary No. Entered: July 31, 2013 Case 13-00202 Doc 20 Filed 07/31/13 Page 1 of 10 Date signed July 31, 2013 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND at GREENBELT In Re: Fely Sison Tanamor

More information

The SemCrude Bankruptcy's Many Lessons For Energy Traders

The SemCrude Bankruptcy's Many Lessons For Energy Traders Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com The SemCrude Bankruptcy's Many Lessons For Energy

More information

Despite A Very High Income, Chapter 7 Debtor s May Succeed. Pamela Frederick, J.D. Candidate 2016

Despite A Very High Income, Chapter 7 Debtor s May Succeed. Pamela Frederick, J.D. Candidate 2016 Despite A Very High Income, Chapter 7 Debtor s May Succeed 2015 Volume VII No. 9 Despite A Very High Income, Chapter 7 Debtor s May Succeed Pamela Frederick, J.D. Candidate 2016 Cite as: Despite A Very

More information

I. The What, Who, Why and When of Plan Support Agreements

I. The What, Who, Why and When of Plan Support Agreements I. The What, Who, Why and When of Plan Support Agreements A. The What (12:15-12:30): An agreement setting forth the terms of a plan of reorganization signed by the Debtor and the Debtors' stakeholders

More information

Case: 2:07-cv-00039-JCH Doc. #: 20 Filed: 10/03/07 Page: 1 of 6 PageID #:

Case: 2:07-cv-00039-JCH Doc. #: 20 Filed: 10/03/07 Page: 1 of 6 PageID #: <pageid> Case: 2:07-cv-00039-JCH Doc. #: 20 Filed: 10/03/07 Page: 1 of 6 PageID #: UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MISSOURI NORTHERN DIVISION MARY DOWELL, Plaintiff, vs. Case No. 2:07-CV-39

More information

DELAWARE SUPREME COURT AFFIRMS DISNEY, CONTINUING VITALITY OF BUSINESS JUDGMENT RULE

DELAWARE SUPREME COURT AFFIRMS DISNEY, CONTINUING VITALITY OF BUSINESS JUDGMENT RULE August 2006 EXECUTIVE SUMMARY CORPORATE GOVERNANCE TASK FORCE DELAWARE SUPREME COURT AFFIRMS DISNEY, CONTINUING VITALITY OF BUSINESS JUDGMENT RULE Michael W. Peregrine, Esquire McDermott Will & Emery LLP,

More information

Case 6:14-bk-09462-CCJ Doc 48 Filed 07/20/15 Page 1 of 7

Case 6:14-bk-09462-CCJ Doc 48 Filed 07/20/15 Page 1 of 7 Case 6:14-bk-09462-CCJ Doc 48 Filed 07/20/15 Page 1 of 7 ORDERED. Dated: July 20, 2015 UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA ORLANDO DIVISION www.flmb.uscourts.gov In re: RICHARD S.

More information

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA MEMORANDUM. Ludwig. J. July 9, 2010

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA MEMORANDUM. Ludwig. J. July 9, 2010 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA KATHLEEN M. KELLY : CIVIL ACTION : v. : : No. 09-1641 NATIONAL LIABILITY & FIRE : INSURANCE COMPANY : MEMORANDUM Ludwig. J.

More information

Case 3:06-cv-00701-MJR-DGW Document 526 Filed 07/20/15 Page 1 of 8 Page ID #13631 IN THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF ILLINOIS

Case 3:06-cv-00701-MJR-DGW Document 526 Filed 07/20/15 Page 1 of 8 Page ID #13631 IN THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF ILLINOIS Case 3:06-cv-00701-MJR-DGW Document 526 Filed 07/20/15 Page 1 of 8 Page ID #13631 IN THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF ILLINOIS ANTHONY ABBOTT, et al., ) ) No: 06-701-MJR-DGW Plaintiffs,

More information

IN THE SUPREME COURT OF TEXAS

IN THE SUPREME COURT OF TEXAS IN THE SUPREME COURT OF TEXAS NO. 13-1006 IN RE ESSEX INSURANCE COMPANY, RELATOR ON PETITION FOR WRIT OF MANDAMUS PER CURIAM Rafael Zuniga sued San Diego Tortilla (SDT) for personal injuries and then added

More information

Case 2:06-cv-02026-CM Document 114 Filed 03/10/09 Page 1 of 10 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS

Case 2:06-cv-02026-CM Document 114 Filed 03/10/09 Page 1 of 10 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS Case 2:06-cv-02026-CM Document 114 Filed 03/10/09 Page 1 of 10 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS ) METROPOLITAN LIFE INSURANCE ) COMPANY, ) ) Plaintiff, ) ) CIVIL ACTION v.

More information

Foreign Representative Alert: Chapter 15 Gap Period Relief Subject to Preliminary Injunction Standard. September/October 2013

Foreign Representative Alert: Chapter 15 Gap Period Relief Subject to Preliminary Injunction Standard. September/October 2013 Foreign Representative Alert: Chapter 15 Gap Period Relief Subject to Preliminary Injunction Standard September/October 2013 Veerle Roovers Mark G. Douglas Unlike in cases filed under other chapters of

More information

Case 15-32294-thf Doc 3 Filed 07/17/15 Entered 07/17/15 07:00:15 Page 1 of 12

Case 15-32294-thf Doc 3 Filed 07/17/15 Entered 07/17/15 07:00:15 Page 1 of 12 Case 15-32294-thf Doc 3 Filed 07/17/15 Entered 07/17/15 07:00:15 Page 1 of 12 UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF KENTUCKY LOUISVILLE DIVISION ------------------------------------------------------x

More information

IN THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT

IN THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT IN THE UNITED STATES COURT OF APPEALS United States Court of Appeals FOR THE FIFTH CIRCUIT Fifth Circuit FILED March 3, 2016 No. 15-11188 In re: AMERICAN LEBANESE SYRIAN ASSOCIATED CHARITIES, INCORPORATED;

More information

Case 06-03280 Document 35 Filed in TXSB on 11/27/06 Page 1 of 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS

Case 06-03280 Document 35 Filed in TXSB on 11/27/06 Page 1 of 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS Case 06-03280 Document 35 Filed in TXSB on 11/27/06 Page 1 of 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION IN RE DAVID WIMBERLY, CASE NO. 05-81669-G3-13 Debtor,

More information

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY 6 Nevada Lawyer March 2014 Where to Look BY CANDACE C. CARLYON, ESQ. AND ADAM BOWLER, ESQ. A great starting point in a search for bankruptcy information

More information

FAMILY LAW NEWS & REVIEW

FAMILY LAW NEWS & REVIEW FAMILY LAW NEWS & REVIEW LOS ANGELES COUNTY BAR ASSOCIATION FIRST QUARTER 2010 assist in the making of the child custody decision, and further delay in proceedings would have resulted if a new child custody

More information

SIGNED this 31st day of August, 2010.

SIGNED this 31st day of August, 2010. SIGNED this 31st day of August, 2010. CRAIG A. GARGOTTA UNITED STATES BANKRUPTCY JUDGE IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF TEXAS AUSTIN DIVISION IN RE: ' CASE NO. 09-12799-CAG

More information

WHAT TO SAY WHEN YOUR PROOF OF CLAIM IS FILED AFTER THE BAR DATE 1

WHAT TO SAY WHEN YOUR PROOF OF CLAIM IS FILED AFTER THE BAR DATE 1 WHAT TO SAY WHEN YOUR PROOF OF CLAIM IS FILED AFTER THE BAR DATE 1 Bradley R. Hightower United States Bankruptcy Court, Southern District of Alabama Law Clerk to the Honorable Margaret A. Mahoney What

More information

Determining Tax Liability Under Section 505(a) of the Bankruptcy Code

Determining Tax Liability Under Section 505(a) of the Bankruptcy Code Determining Tax Liability Under Section 505(a) of the Bankruptcy Code Section 505(a) of the Bankruptcy Code (the Code ) provides the means by which a debtor or trustee in bankruptcy may seek a determination

More information

IN THE COMMONWEALTH COURT OF PENNSYLVANIA

IN THE COMMONWEALTH COURT OF PENNSYLVANIA IN THE COMMONWEALTH COURT OF PENNSYLVANIA Easton Condominium Association, : Inc. : : v. : No. 2015 C.D. 2014 : Submitted: August 28, 2015 Kristina A. Nash, : Appellant : BEFORE: HONORABLE DAN PELLEGRINI,

More information

United States Court of Appeals

United States Court of Appeals In the United States Court of Appeals No. 13-1186 For the Seventh Circuit IN RE: JAMES G. HERMAN, Debtor-Appellee. APPEAL OF: JOHN P. MILLER Appeal from the United States District Court for the Northern

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA JAMES MICHAEL WATSON 03-13355 DEBTOR CHAPTER 7

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA JAMES MICHAEL WATSON 03-13355 DEBTOR CHAPTER 7 UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA IN RE: CASE NO. JAMES MICHAEL WATSON 03-13355 DEBTOR CHAPTER 7 SECURITY RESOURCES, L.L.C. ADV. NO and INTERFACE SECURITY SYSTEMS, L.L.C. 04-1005

More information

Case 1:12-cv-06677-JSR Document 77 Filed 09/16/14 Page 1 of 8

Case 1:12-cv-06677-JSR Document 77 Filed 09/16/14 Page 1 of 8 Case 1:12-cv-06677-JSR Document 77 Filed 09/16/14 Page 1 of 8 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------x EDWARD ZYBURO, on behalf of himself and all

More information

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA : : : : : : : : : :

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA : : : : : : : : : : IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA PLAINTIFF, Successor-in-Interest to Plaintiff, vs. DEFENDANT, Defendant. CIVIL ACTION NO. MEMORANDUM OF LAW IN SUPPORT OF DEFENDANT'S

More information

Compliance & Foreclosure

Compliance & Foreclosure Compliance & Foreclosure June 19th, 2015 Hilton Hotel, Dedham, MA Erika J. Hoover, Esq. Compliance Counsel Life of a foreclosure default to post sale Pre-foreclosure compliance issues Obsolete mortgages

More information

Attorneys for Plaintiff One Lincoln Center Syracuse, New York 13202 MEMORANDUM-DECISION, FINDINGS OF FACT, CONCLUSIONS OF LAW AND ORDER

Attorneys for Plaintiff One Lincoln Center Syracuse, New York 13202 MEMORANDUM-DECISION, FINDINGS OF FACT, CONCLUSIONS OF LAW AND ORDER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF NEW YORK ----------------------------------------------------------- IN RE: MICHAEL A. LEMON CASE NO. 99-60083 LYNN M. LEMON Chapter 13 Debtors -----------------------------------------------------------

More information

2013 IL App (3d) 120130-U. Order filed September 23, 2013 IN THE APPELLATE COURT OF ILLINOIS THIRD DISTRICT A.D., 2013

2013 IL App (3d) 120130-U. Order filed September 23, 2013 IN THE APPELLATE COURT OF ILLINOIS THIRD DISTRICT A.D., 2013 NOTICE: This order was filed under Supreme Court Rule 23 and may not be cited as precedent by any party except in the limited circumstances allowed under Rule 23(e)(1). 2013 IL App (3d) 120130-U Order

More information

Case 12-51502 Doc 3203 Filed 03/13/13 Entered 03/13/13 17:19:29 Main Document Pg 1 of 7

Case 12-51502 Doc 3203 Filed 03/13/13 Entered 03/13/13 17:19:29 Main Document Pg 1 of 7 Pg 1 of 7 IN THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MISSOURI In Re: ) Chapter 11 ) Case No. 12-51502-659 PATRIOT COAL CORPORATION, et al., ) Jointly Administered ) Honorable Kathy Surratt-States

More information

Case 2:06-cv-02026-CM Document 104 Filed 01/23/09 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS

Case 2:06-cv-02026-CM Document 104 Filed 01/23/09 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS Case 2:06-cv-02026-CM Document 104 Filed 01/23/09 Page 1 of 7 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS METROPOLITAN LIFE INSURANCE COMPANY, Plaintiff, CIVIL ACTION v. No. 06-2026-CM

More information

SEC Receivers v. Bankruptcy Trustees: Liquidation by Instinct or Rule

SEC Receivers v. Bankruptcy Trustees: Liquidation by Instinct or Rule SEC Receivers v. Bankruptcy Trustees: Liquidation by Instinct or Rule Written by: Marcus F. Salitore Jackson Walker LLP; Dallas, Texas msalitore@jw.com Civil complaints filed by the Division of Enforcement

More information

IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT. No. 11-13737. D.C. Docket Nos. 8:10-cv-02360-VMC ; 8:90-bk-10016-PMG

IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT. No. 11-13737. D.C. Docket Nos. 8:10-cv-02360-VMC ; 8:90-bk-10016-PMG Case: 11-13737 Date Filed: 11/06/2012 Page: 1 of 6 IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT No. 11-13737 [DO NOT PUBLISH] D.C. Docket Nos. 8:10-cv-02360-VMC ; 8:90-bk-10016-PMG In

More information

LIMITATIONS. The Limitations Act. being

LIMITATIONS. The Limitations Act. being 1 LIMITATIONS c. L-16.1 The Limitations Act being Chapter L-16.1* of The Statutes of Saskatchewan, 2004 (effective May 1, 2005), as amended by the Statutes of Saskatchewan, 2007, c.28. *NOTE: Pursuant

More information

X Clauses: Meaning and Mutations

X Clauses: Meaning and Mutations X Clauses: Meaning and Mutations Article contributed by: J. Eric Wise & Theodore Sica of Gibson Dunn & Crutcher LLP In corporate restructurings, plan negotiation dynamics often turn on two basic fundamentals:

More information

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY DEAN SMITH, on behalf of himself and Others similarly situated, v. Michael Harrison, Esquire, Plaintiff, Defendant. OPINION Civ. No. 07-4255 (WHW) Walls,

More information

Securities Litigation

Securities Litigation Securities Litigation Alert July 2009 Eleventh Circuit Affirms Bar Order, in Connection with Partial Settlement of Class Action, Extinguishing Non-Settling Former CEO Defendant s Contractual Rights to

More information

4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION

4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION 4:13-cv-10877-MAG-LJM Doc # 16 Filed 07/03/13 Pg 1 of 7 Pg ID 126 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION MICHAEL BUSSARD, v. Plaintiff, SHERMETA, ADAMS AND VON ALLMEN,

More information

Beware The Constructive Trust Claim

Beware The Constructive Trust Claim Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com Beware The Constructive Trust Claim Law360, New York

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN. In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor.

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN. In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor. UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN In re Case No. 13-23483 JANICE RENEE PUGH, Chapter 13 Debtor. MEMORANDUM DECISION ON DEBTOR S OBJECTION TO INTERNAL REVENUE SERVICE S MOTION

More information

Case: 1:07-cv-04110 Document #: 44 Filed: 03/12/09 Page 1 of 5 PageID #:

Case: 1:07-cv-04110 Document #: 44 Filed: 03/12/09 Page 1 of 5 PageID #:<pageid> Case: 1:07-cv-04110 Document #: 44 Filed: 03/12/09 Page 1 of 5 PageID #: MARIO R. ALIANO, SR., IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION Plaintiff,

More information

KEY RULINGS FROM DELAWARE BANKRUPTCY COURT S REJECTION OF WASHINGTON MUTUAL S PLAN OF REORGANIZATION

KEY RULINGS FROM DELAWARE BANKRUPTCY COURT S REJECTION OF WASHINGTON MUTUAL S PLAN OF REORGANIZATION CLIENT MEMORANDUM KEY RULINGS FROM DELAWARE BANKRUPTCY COURT S REJECTION OF WASHINGTON MUTUAL S PLAN OF REORGANIZATION In a recent 139-page decision (the Decision ) with far-reaching implications for parties

More information

UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO

UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO In Re: JUDGE RICHARD L. SPEER Metropolitan Environmental, Inc. Debtor(s (Related Case: 01-35756 Bruce C. French, Trustee Plaintiff(s v.

More information

Case 6:12-cv-00914-RBD-TBS Document 136 Filed 07/16/14 Page 1 of 7 PageID 4525

Case 6:12-cv-00914-RBD-TBS Document 136 Filed 07/16/14 Page 1 of 7 PageID 4525 Case 6:12-cv-00914-RBD-TBS Document 136 Filed 07/16/14 Page 1 of 7 PageID 4525 TROVILLION CONSTRUCTION & DEVELOPMENT, INC.; and CASA JARDIN CONDOMINIUM ASSOCIATION, INC., UNITED STATES DISTRICT COURT MIDDLE

More information

Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F

Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 2 of 11 State Release I. Covered Conduct For purposes of this Release,

More information

Corporate Insolvency Law In Singapore

Corporate Insolvency Law In Singapore Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency

More information