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Companies Mentioned
Pacific Energy Wins Approval For Alaska Sale
Thursday, Jul 02, 2009
Setting aside creditor concerns, the judge overseeing Pacific Energy Resources Ltd.'s Chapter 11 case has approved the sale procedures for some of the energy company's assets.
Ion Media Gets Green Light For $150M DIP Package
Thursday, Jul 02, 2009
Ion Media Networks Inc. has won approval for its $150 million debtor-in-possession financing after having reached a settlement with its committee of unsecured creditors and overcome a second objection to the package.
$33M Midway Sale To Warner Bros. Gets Green Light
Thursday, Jul 02, 2009
A bankruptcy judge has cleared the way for Warner Bros. Entertainment Inc. to purchase substantially all of video game maker Midway Games Inc.'s assets, including all previously released titles and games based on the hit Mortal Kombat series, in a $33 million all-cash deal.
Lehman Creditors Ask To Curb Probe Of Barclays Sale
Thursday, Jul 02, 2009
Concerned about costs, the official committee of unsecured creditors in the Lehman Brothers Holdings Inc. bankruptcy has asked a judge to direct an independent examiner investigating the sale of brokerage operations to Barclays Capital PLC to keep focused on narrow questions concerning the transaction.
Accredited Home Sale To Vericrest Gets Judge's OK
Thursday, Jul 02, 2009
Over creditor objections, a judge has approved the controversial sale of the mortgage servicing platform of bankrupt Accredited Home Lenders Holding Co. to Vericrest Financial Inc.
WaMu, JPMorgan Still Fighting Discovery Battle
Thursday, Jul 02, 2009
Despite a bankruptcy judge's order greenlighting the request, Washington Mutual Inc.'s bid to get its hands on JPMorgan Chase & Co. records for evidence of sabotage continues, with WaMu now fighting the bank's request to have the order overturned.
Arent Fox Nabs Bankruptcy Pro For Growing LA Office
Thursday, Jul 02, 2009
The bankruptcy and financial restructuring group at Arent Fox LLP has gotten a lift with the addition of Aram Ordubegian, who has joined the firm's Los Angeles office as a partner.
Ion Defends DIP Proposal Against Creditors' Objection
Wednesday, Jul 01, 2009
Ion Media Networks Inc. defended its proposed $150 million debtor-in-possession loan facility as "fair and reasonable" on Wednesday, after Ion's creditors committee lodged an objection arguing that the terms of the DIP facility give them short shrift.
Eddie Bauer $202M Asset Sale To CCMP Approved
Wednesday, Jul 01, 2009
The bankruptcy judge overseeing the Chapter 11 proceedings of Eddie Bauer Holdings Inc. has signed off on the retailer's proposed $202 million asset sale to an affiliate of global private equity firm CCMP Capital Advisors LLC, as a slew of utility companies have balked at the debtors' plans for paying their bills.
Accredited Home Tries To Block Conversion To Ch. 7
Wednesday, Jul 01, 2009
Mortgage lender Accredited Home Lenders Holding Co. has balked at a bid by creditors — led by a unit of JPMorgan Chase & Co. — to convert its bankruptcy to Chapter 7, arguing that its liquidation plans have moved expeditiously and efficiently to eliminate significant expenses.
Chrysler Seeks To Clarify Lemon Law Provision
Wednesday, Jul 01, 2009
The former Chrysler LLC has asked the bankruptcy court to approve a process to ease the implementation of the lemon law provision in Italian carmaker Fiat SpA's $2 billion agreement to purchase the company.
Transmeridian, United Energy Reach Ch. 11 Plan Deal
Wednesday, Jul 01, 2009
A bankruptcy judge approved Transmeridian Exploration Inc.'s disclosure statement for a liquidation plan after the energy company agreed to make changes to the plan as part of an effort to appease objecting creditor United Energy Group Ltd.
Anchor Blue's Exec Bonus Plan Wins Approval
Wednesday, Jul 01, 2009
A judge has approved $800,000 in bonuses for executives at bankrupt clothing retailer Anchor Blue Retail Group Inc. despite objections from a U.S. trustee, who claimed the bonus plan was really a retention plan in disguise that improperly compensated the company’s executives regardless of performance.
Coal Co. Objects To CDX Gas Disclosure Statement
Wednesday, Jul 01, 2009
A major producer of coal in northern and central Appalachia has objected to CDX Gas LLC's latest disclosure statement, claiming the bankrupt Houston-based natural gas exploration company has not made it clear how certain contracts will be treated.
Trial Ordered Over JPMorgan Role In Enron Dispute
Wednesday, Jul 01, 2009
A bankruptcy judge has called for a trial to determine the exact role J.P. Morgan Securities Inc. played in a complex web of big-dollar commercial paper transactions between Enron Corp. and other entities in the months leading up to the energy giant's dramatic 2001 collapse.
Car Seat Maker Lear Buckles Up For Prepack Ch. 11
Wednesday, Jul 01, 2009
Lear Corp., the world’s second-largest automotive seat manufacturer, is set to enter Chapter 11 for an expedited restructuring and has obtained $500 million in debtor-in-possession and exit financing.
Trustee Gets Brooke Ch. 11 Converted To Ch. 7
Tuesday, Jun 30, 2009
The court overseeing insurance agency Brooke Corp.'s bankruptcy has granted a trustee's motion to convert the company's Chapter 11 proceedings to Chapter 7, noting that nearly all the debtors' employees have been terminated and that there is no prospect of reorganization.
MSX, Chrysler Strike $9.7M Deal Over Outsourcing
Tuesday, Jun 30, 2009
The estate of the former Chrysler LLC has reached an agreement with MSX International Inc. in which the outsourcing services firm will pay $9.7 million to settle outstanding contract-related disputes between the companies, along with providing continued service to the restructured debtor.
Q&A With Morgan Lewis' Howard S. Beltzer
Tuesday, Jun 30, 2009
The Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005 includes a number of provisions that are quite burdensome and particularly hostile to retailers, says Howard S. Beltzer, co-chair of Morgan Lewis & Bockius LLP's firmwide restructuring group.
Bankrupt KB Toys Seeks Permission To Sell Off IP
Tuesday, Jun 30, 2009
KB Toys Inc., which concluded its going-out-of-business sale in February, is seeking court approval to sell off its intellectual property, including trademarks, logos, and Web and e-mail addresses.
Creditors' Standing To File Involuntary Petitions
There has been anecdotal evidence of a marked increase over the past year in involuntary bankruptcies, but it raises the question of whether an unstayed final judgment subject to a pending appeal constitutes a claim subject to a bona fide dispute for the purpose of filing an involuntary petition, says Scott H. Bernstein of Hunton & Williams LLP.
Making The Most Of Rule Of Evidence 502
It is foreseeable that, if used strategically, the new Federal Rule of Evidence 502 should alleviate the burdens of costly electronic discovery and post-production privilege review and should ultimately reduce the billions of dollars spent each year in litigation to protect against the inadvertent disclosure of privileged materials, says Otilia Gabor of Miles & Stockbridge PC.
Creditors Beware: Choose Your Words Carefully!
Giant Screen Sports v. Canadian Imperial Bank of Commerce has made it clear that a slip of a creditor’s tongue about one of its debtors can lead to a claim for millions of dollars. All of this from a dispute that — with good communication on the front end — should have never reached the courthouse steps in the first place, says Kurt M. Carlson of Much Shelist Denenberg Ament & Rubenstein PC.
Section 363 On Steroids
If it seems that the road chosen for Chrysler was most recently traveled by scores of retail cases, you are partially right. While the process is similar, there are a few very stark differences that highlight how this “Chapter 3” process is like having Section 363 on steroids, says John D. Penn of Haynes and Boone LLP.
The Benefits Of Shutting Down A Corporation
When a company is doomed, instead of filing for bankruptcy, a simple “turn off the lights and close the door” approach is usually the fastest, cheapest and easiest way to avoid lawsuits, personal liability for company debts, and management or stockholder entaglements, say David H. Oden and Christina W. Marshall of Haynes & Boone LLP.
Fiduciary Duties And Insolvency: Limiting Liability
At all times, but certainly as your company enters the zone of insolvency or actually becomes insolvent, there are measures you can take to limit your risk of personal liability on account of a claim for breach of fiduciary duty, according to the insurance bankruptcy practice group at Mintz Levin Cohn Ferris Glovsky and Popeo PC.
Section 363 Sales: Who Doesn’t Like A Bargain?
With thorough due diligence and careful drafting of the asset purchase agreement, the advantages to purchasing assets out of a bankruptcy estate typically outweigh any risks associated with such a sale, says Ronald S. Gellert of Eckert Seamans Cherin & Mellott LLC.
544(b)(1) Revisited: Silverman V. Sound Around
The Silverman v. Sound Around Inc. decision is significant because it squarely rejects the identical claim requirement that defendants in Section 554(b)(1) actions have been arguing in favor of for years, without imposing an evidentiary burden on the estate representative to prove the existence of an ongoing debtor-creditor relationship, says Scott H. Bernstein of Hunton & Williams LLP.