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For both distressed companies and their directors and officers (D&Os), insolvency is often complex and fraught. D&Os owe ongoing fiduciary duties to the company, and must often make difficult decisions that impact the enterprise and its creditors, shareholders, employees and other stakeholders. There are various reasons to serve as a D&O of a distressed company, many that mirror the reasons people first chose to serve.
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Can a Debtor That Has No Ongoing Business Operations Reorganize Under Chapter 11 In Good Faith?
By Lawrence J. Kotler and Roxanne J. Indelicato
In a recent decision, the U.S. Bankruptcy Court for the Southern District of Texas (the court) addressed whether a debtor that has no independent assets or ongoing business operations can reorganize under Chapter 11 in good faith.
J&J Gets Stay In Talc Chapter 11 Dismissal
By Amanda Bronstad
Johnson & Johnson’s talc bankruptcy may be on its last legs, but it’s still standing — at least for a while. On February 13, Johnson & Johnson subsidiary LTL Management petitioned the U.S. Court of Appeals for the Third Circuit to rehear its Jan. 30 decision dismissing its Chapter 11 case
Fifth Circuit Adds Color to Abstention Issue
By Francis J. Lawall and Brenden Dahrouge
Rules Bankruptcy Court Lacked Jurisdiction to Decide State-Governed Question
Jurisdictional boundaries within the federal system as between bankruptcy and district courts as well as various federal agencies can be a maze that is at times nearly impossible to navigate. Further complicating matters are those cases involving state-regulated issues that add abstention to the mix.
Rights of Tenant to Security Deposit When Landlord Files for Bankruptcy
By Andrew C. Kassner and Joseph N. Argentina Jr.
As we debate whether there will be a “soft” or “hard” landing of the economy and the resulting effect of different landings on the volume of bankruptcy filings, it is helpful to review how a bankruptcy filing affects not only rights between a creditor and the debtor, but also the respective rights of creditors against property held by the debtor.