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Feeling Left Out: The Debate over Insurer Participation in Prepackaged Bankruptcy Plans
In recent years, an increasing number of companies have sought to resolve current and future liability for long-tail exposures, such as asbestos or silica, by filing prepackaged bankruptcy cases. These bankruptcy filings raise numerous insurance-related issues.
In a typical prepackaged bankruptcy case, a company facing asbestos liabilities and the law firms representing the asbestos claimants engage in extensive negotiations regarding the potential resolution of the company's liabilities, in which insurers are not permitted to participate. These negotiations ultimately result in a settlement of the company's current and future asbestos liabilities that is memorialized in a prepackaged bankruptcy plan. Prior to filing the bankruptcy case, the company seeks and obtains support for the proposed plan from its creditors. Once the requisite creditor support is attained, the company files its prepackaged bankruptcy case seeking to significantly streamline the normal Chapter 11 bankruptcy process.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.