Searching Content indexed under Insolvency/Bankruptcy/Re-structuring by Cozen O'Connor ordered by Published Date Descending.
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Bankruptcy Court For The District Of Delaware Approves The Use Of Post-Petition Lock-Up Agreements And Permits Release Of Non-Debtor Parties By Non-Voting Creditors
The Delaware Bankruptcy Court recently issued an opinion in the Indianapolis Downs Chapter 11 case that is worth reading in its entirety for its impact on numerous plan confirmation issues.
United States
28 Feb 2013
When Does An Insurers Right To Indemnity Arise? The Third Parties (Rights Against Insurers) Act
The Third Parties (Rights Against Insurers) Act 1930 confers on third parties rights against insurers of third party risks when certain events regarding the solvency of the insured occur.
United States
7 Sep 2011
Rhode Island Superior Court Approves First Commutation Plan For Solvent Reinsurer Under Rhode Island’s Voluntary Restructuring Of Solvent Insurers Act
On April 25, 2011, the Rhode Island Superior Court, per Justice Silverstein, made history by approving the first solvent commutation plan under Rhode Island’s Voluntary Restructuring of Solvent Insurers Act (Restructuring Act), GL 1956 Section 27 – 14. 15 – 1, et seq.
United States
27 May 2011
En Banc 3rd Circuit Declares Insurers Have Broad Standing In Bankruptcy To Object To Plans That Implicate Insurer Rights
Over the past decade, insurers have waged an uphill battle to protect their rights in mass-tort bankruptcy cases. On May 4, 2011, in a 6-4 en banc decision in In re Global Industrial Technologies, Inc. (GIT), the U.S. Court of Appeals for the 3rd Circuit vindicated the constitutional and statutory rights of insurers to object and to be fully heard in bankruptcy plan confirmation proceedings.
United States
10 May 2011
Preparation and Filing of Financing Statements/Let the Secured Party Beware!
A creditor that takes a security interest in assets of a debtor to secure the debtor’s obligations will, for most types of assets, "perfect" the security interest by filing one or more financing statements in the appropriate filing office.
United States
23 Nov 2010
D&O Policies in Bankruptcy - Delaware Bankruptcy Court Rules that Directors and Officers May Access Eroding Policy Notwithstanding Company's Bankruptcy Filing
A company’s bankruptcy filing affects its D&O insurers and the insured directors and officers in significant ways.
United States
5 Jul 2010
Insult to Injury: Dealing with Preference Exposure When a Customer Goes Bankrupt
Especially in our current economic climate, the financial woes of a customer can have painful repercussions for your business. The following scenario is one you may have experienced.
United States
20 Apr 2010
Creditors Do Not Have an Absolute Right to Credit Bid When Their Collateral is Sold Pursuant to a Plan of Reorganization
In a case lauded as a major victory for debtors in bankruptcy, and viewed as a setback to secured creditors, the Third Circuit Court of Appeals, in a 2-1 decision, held Monday that secured creditors cannot use what they are owed to bid on the bankrupt company’s assets in an auction, a practice known as "credit bidding."
United States
14 Apr 2010
Second Circuit Reaffirms That Bankruptcy Courts Lack Subject Matter Jurisdiction to Enjoin Independent Tort Claims Against Non-Debtors in Asbestos Bankruptcy Cases
In what may be the final chapter of a six-year appellate saga that has reached all the way to the Supreme Court, on March 22, 2010, Cozen O’Connor attorneys Jacob C. Cohn and William P. Shelley won an important victory in the Second Circuit on behalf of Chubb Indemnity Insurance Company (Chubb) in "Travelers Cas. and Sur. Co. v. Chubb Indemnity Insurance Company (In re Johns-Manville Corporation)".
United States
30 Mar 2010
Under New Jersey Law, Tax Sale Certificate Purchasers Do Not Hold A "Tax Claim" And, Therefore, Applicable Interest Rate May Be Modified
The state of New Jersey has gained a reputation as being a desirable state in which to purchase tax sale certificates, due in part to the 18% statutory interest rate that a certificate holder could obtain on his or her investment.
United States
9 Mar 2010
Pennsylvania Supreme Court Restricts Use Of "In Pari Delicto" Defense By Outside Auditors
On February 16, 2010, the Pennsylvania Supreme Court issued an opinion of first impression under Pennsylvania law as to whether an imputation-based "in pari delicto" defense in an auditor-liability context may be asserted.
United States
22 Feb 2010
SEC Director Of Enforcement Discusses Changes Within The Division
In a speech before the New York City Bar Association on August 5, 2009, Robert Khuzami, the director of the U.S. Securities and Exchange Commission’s (the “SEC”) Division of Enforcement (the “Division”), discussed the restructuring of and changes in operations within the Division, as well as recent enforcement actions that the Division has initiated.
United States
21 Aug 2009
Chrysler/GM Bankruptcies Increase Insurer Risks, Decrease Potential Subrogation Recoveries
The restructurings of Chrysler and General Motors are moving through the bankruptcy court at a dizzying pace.
United States
12 Jul 2009
New Cancellation Of Indebtedness Rules
The recently enacted American Recovery and Reinvestment Tax Act contains new rules for cancellation of indebtedness ("COD") income, which could be of major importance for you.
United States
30 Mar 2009
New York Insurance Department Issues Opinion On Treatment Of Collateral Held By An Insurer In Liquidation Or Rehabilitation
Certain insurance programs, particularly workers’ compensation programs with large deductibles, require the insured to deposit collateral with the insurer as security for performance by the insured of its payment obligations.
United States
3 Feb 2009
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