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U.S. District Court Finds Coverage Survives Procedural Changes of Bankruptcy
A bankrupt insured, particularly one with significant mass tort liability and assets primarily restricted to its insurance policies, should pay close attention to coverage issues during the bankruptcy proceedings to minimize subsequent difficulties in securing insurance recovery. Bankruptcy proceedings may complicate a bankrupt insured's access to its third-party liability insurance coverage, but, properly executed, the proceedings can be structured to safeguard access to coverage
For example, a 2009 decision, the United States District Court for the District of Maryland brought some clarity to the coverage-neutral aspects of bankruptcy by addressing efforts by a liability carrier to justify its denial of coverage upon the procedural changes wrought by bankruptcy. See Nat'l Union Fire Ins. Co. v. Porter Hayden Co., 408 B.R. 66, 2009 U.S. Dist. LEXIS 61992 (D. Md. July 7, 2009). The insured, the Porter Hayden Company, had sold and installed asbestos-containing insulation products for decades and, more recently, had emerged from bankruptcy proceedings with an injunction that channeled all asbestos claims to a trust for possible resolution with Porter Hayden's pre-discharge assets. The District Court rejected the argument by National Union Fire Insurance Company of Pittsburgh, Pennsylvania and American Home Assurance Company (collectively “National Union”) that somewhere between the injunction and the creation of the trust, National Union's obligation to provide coverage for the third-party claims against Porter Hayden had evaporated.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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.
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.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.