Asbestos and Mass Tort Claims
November 29, 2004
Asbestos-related bankruptcies are prevalent for various reasons, including expense of traditional tort litigation, lack of either state or federal procedures to handle mass litigation, disputes between insurer and insured, and need for many companies' creditors and shareholders to achieve certainty with large current and contingent asbestos liabilities. Bankruptcy remains an attractive alternative and sometimes last resort because section 524(g) of the Bankruptcy Code provides a mechanism for companies faced with overwhelming asbestos liability to resolve current and future asbestos claims by channeling them to a trust, thereby allowing the effected company to avoid what could result in an inevitable liquidation. One necessary component of this channeling mechanism is section 524(g)(4)(B)(i) of the Bankruptcy Code which requires the Bankruptcy Court appoint "a legal representative for the purpose of protecting the rights of persons that might subsequently assert [asbestos claims] ..." 11 U.S.C. ' 524(g)(4)(B)(i), commonly referred to as a future claimants' representative (FCR).
Protecting Against Common Pitfalls Encountered By Landlords in Bankruptcy Cases
November 29, 2004
Since its enactment in 1978, the Bankruptcy Code has provided a means for debtors either to reorganize their financial affairs or to liquidate their assets. Within this framework, bankrupt tenants have often utilized the provisions of the Bankruptcy Code to the detriment of landlords, and landlords have increasingly become either involuntary creditors or financiers during a bankruptcy case or have suffered some type of unexpected loss.
Bankruptcy Lease Sales: Four Basic Rules to Play By
November 29, 2004
Bankruptcy presents a unique forum for a cash-strapped debtor to sell otherwise unassignable and unprofitable leases to third parties, for immediate cash, and free of liens, certain contract restrictions, certain transaction costs, and future liability. While the bankruptcy arena offers unique opportunities, it poses special risks. The primary players in a bankruptcy lease sale scenario are the debtor, the prospective buyers, and the landlord. A debtor's goal is getting as much value as fast as possible for its creditors. A prospective buyer wants to pay as little as possible, with sufficient due diligence, and have an unassailable sale with whatever lease modifications are necessary for it to remodel and reopen. A landlord's objective is timely lease compliance and a financially and operationally sound buyer. Each party can benefit from following these four basic rules of bankruptcy lease sales.
2004 e-Discovery Rulings Recap
November 29, 2004
The courts in 2004 issued a plethora of important rulings on e-discovery, most of which were not good for businesses. The rulings generally require companies to make greater efforts to protect potentially discoverable records, allow these records to be more easily obtained through discovery, and restrict the format in which these records must be produced.
Ethical Considerations in e-Discovery: 2004 and Beyond
November 29, 2004
During the last several years, courts and regulatory agencies have been hard at work issuing new standards, rules and court decisions in an attempt to clarify the obligations of counsel with regard to e-data. <br>But despite having its share of the limelight, e-discovery still poses difficult questions. In the past, the focal point of e-discovery consistently dealt with how to handle and manage information ' leaving attorneys to figure out the more ambiguous areas. Among the "untouched" areas of e-discovery are certain ethical considerations.
Technological e-Discovery Advancements In 2004
November 29, 2004
Electronic discovery ' the collection, review and production of e-mail and other electronically stored documents ' has dramatically changed the way lawyers handle document discovery. Law firms and their corporate clients, saddled with volumes of electronically stored information, have demanded the best technological solutions for collecting, retrieving and managing mountains of electronic evidence. As technology continues to evolve, e-discovery solutions continue to progress. This article summarizes 2004's most notable technology developments in the e-discovery arena.
How Safe Is The Store?
November 29, 2004
Given the now-common nature of e-commerce, new challenges face traditional firms and e-only businesses regarding adequate protection of the companies' computer systems, data and Web sites. These challenges are somewhat similar to those faced by a traditional retail business, but extend beyond those boundaries because of the Internet. For an e-business, a comprehensive disaster-recovery plan, including proper protection of computer systems and data, is critical to the success of the enterprise, and essential for daily operation.
