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The Treatment of the Debtors' Insurance in Recent Asbestos Bankruptcy Cases
Since the 1980s, dozens of asbestos bankruptcy cases have been filed. In many of these cases, issues relating to the treatment of the debtor's insurance coverage for asbestos claims have been heavily litigated. To comprehensively discuss the handling of the debtor's insurance in these cases would be daunting and lengthy. This article provides an overview of the principal options and variations with respect to treatment of insurance in asbestos-related Chapter 11 proceedings and focuses on four recent asbestos bankruptcy cases.
In bankruptcies, insurance proceeds for asbestos claims generally have been handled in one of two ways. First, and most frequently, insurance proceeds are assigned to an asbestos personal injury claims trust established under '524(g) of the Bankruptcy Code, as in the Babcock & Wilcox, Combustion Engineering and Western MacArthur cases discussed below. Second, and less frequently, the debtor retains rights to insurance proceeds, and the reorganization plan does not assign such rights to the trust. This option is realistic only for debtors or corporate families able to contribute substantial non-insurance assets, such as in the Mid-Valley/Halliburton case discussed below.
Regardless of how insurance proceeds are handled, insurers reliably object to confirmation of asbestos bankruptcy plans of reorganization. These objections delay plan confirmation and in some cases have led courts to deny confirmation. Therefore, companies considering restructuring to address asbestos liabilities should be aware of and carefully consider how insurance proceeds for asbestos claims have been and can be handled.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
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.