D&O Insurance Issues in Bankruptcy
August 29, 2012
In a D&O policy, the definition of "Claim" can significantly affect the scope of coverage. Disputes can arise when the insured, whether voluntarily or involuntarily, files for bankruptcy or becomes insolvent.
Unscheduled Rights of Action
August 29, 2012
Debtors occasionally attempt to assert property rights that existed at the time of their bankruptcy filing. When those rights were not fully disclosed in the debtor's schedules, there is a problem.
Disagreement over Absolute Assignments of Rents Reappears
August 29, 2012
Reviewing the impact under New York law of what appeared to be absolute assignments of rents, and whether Chapter 11 debtors can spend property rents to support their reorganization efforts despite such assignments.
Pinnacle Airlines' Chapter 11
July 26, 2012
On April 1, 2012, Pinnacle Airlines became the 11th smaller airline to file Chapter 11 since BAPCPA. But this time, there's a difference.
In re Grumman
June 26, 2012
A recent decision by the United States District Court for the Southern District of New York explores the tension between the duty to maximize the value of the estate in bankruptcy and the due process rights afforded to future claimants in the context of a sale under ' 363 of the Bankruptcy Code.
Secured Creditors Secure Win
June 26, 2012
In a major victory for secured creditors, the United States Supreme Court unanimously held that a Chapter 11 plan involving a sale of secured property free and clear of a creditor's lien must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code. In so holding, the Court resolved the split that had emerged among the United States Circuit Courts of Appeals.
TOUSA Case Takes Another Twist
June 26, 2012
The closely watched TOUSA, Inc. case took another twist on May 15, when the Eleventh Circuit Court of Appeals reversed the decision of the United States District Court for the Southern District of Florida and reinstated the bankruptcy court opinion in its entirety. The decision reinforces the level of diligence and care that lenders must undertake in cases involving borrower subsidiaries, especially with respect to upstream loan transactions.
The Distressed Shipping Market Attracts Private Equity
June 26, 2012
Since the collapse of Lehman Brothers, private equity has explored the distressed markets to find hidden value. With the decline in world demand, the workhorse of the transportation sector, shipping, is an obvious target. This article explores some of the risks in an investment in shipping.
