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Insurers' Standing in Three Asbestos-Related Bankruptcy Cases
Asbestos-related litigation has forced at least 70 companies into bankruptcy, with more than 30 filing since 2000 alone. RAND Institute for Civil Justice, Asbestos Litigation Costs and Compensation: An Interim Report (2002); The Asbestos Alliance, Asbestos by the Numbers (2004). Meanwhile, the outlook remains uncertain for a federal legislative solution. In the bankruptcy courts, companies, insurers, claimants and judges will be forced to grapple with a variety of issues regarding the appropriate use of Section 524(g) of the Bankruptcy Code. Central to these disputes is the extent to which insurers have standing to raise issues regarding the debtors' bankruptcy filings and the provisions of their reorganization plans. In this article, we discuss recent rulings addressing insurers' standing in three asbestos-related bankruptcies: In re Mid-Valley, Inc., In re Congoleum Corporation, and In re Western Asbestos Company.
The Mid-Valley court ruled that the insurers lacked standing to seek dismissal of the debtors' bankruptcy petition and to challenge the appointment of the future claims representative, but found that the insurers had standing to be heard at the confirmation hearing regarding whether the plan impacted their rights. In Congoleum, the court ruled that the insurers did not have standing to object to the disclosure statement, but did have a practical stake in the debtors' proposed plan and would be allowed to take discovery and be heard on a variety of issues at the confirmation hearing. The debtors responded by modifying their plan to attempt to make it “insurance neutral,” but the court reaffirmed its earlier ruling and held that the insurers remained parties in interest. In Western Asbestos, the court ruled as part of its confirmation decision on an issue-by-issue basis regarding the insurers' standing to raise certain objections. Overall, the court concluded that the insurers had standing to raise a variety of issues regarding their rights and the amounts made available by the debtors to compensate the asbestos claimants.
In re Mid-Valley, Inc.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.