Effective October 16, 2014, all electronic transmissions of documents to the U.S. District Court for the District of Delaware (including motions, briefs, appendices, and discovery responses), with the exception of initial pleadings, must be completed by 6:00 p.m. Eastern Time in order to be considered timely filed and served that day.
On September 18, the U.S. Senate approved S. 2101, which would amend the Interstate Land Sales Full Disclosure Act (ILSA) to exempt condominium developments from its registration requirements. The U.S. House of Representatives had previously approved identical legislation. The bill will now go to the President for signature, which it is expected he will do. This…
While Chapter 11 remains an attractive mechanism for selling distressed assets, some purchasers and sellers looking to avoid the costs or oversight associated with the Chapter 11 process instead choose to effectuate a pre-bankruptcy sale followed by filing a Chapter 7 petition. There is no denying that Chapter 11 can be expensive and that there may…
Delaware Passes Legislation Protecting Pregnant Workers from Discrimination and Retaliation and Requiring Accommodations On September 9, 2014, Governor Markell signed into law Senate Bill No. 212, as amended, which enacts new provisions to the Delaware Discrimination in Employment Act. These amendments clarify that it is unlawful for an employer to refuse to hire, to discharge, or…
Under an opinion dated August 6, 2014, the Delaware Bankruptcy Court denied a motion to compel the production of post-sale financial information. The plaintiff’s claims were for breach of fiduciary duty and aiding and abetting thereof arising from the debtor’s pre-petition sale of certain assets to the defendants. The defendants were the former officers of the…
In City of Providence v. First Citizens Bancshares, Inc., et al., the Court of Chancery granted a motion to dismiss a challenge to a bylaw, adopted by the board of directors of First Citizens Bancshares, Inc., that requires, to the extent permitted by law, certain intra-corporate claims to be brought exclusively in the United States District Court for the Eastern District of North Carolina, or, if that court lacks jurisdiction, then in any North Carolina state court that possesses jurisdiction.
In Burtch v. Masiz, the United States Bankruptcy Court for the District of Delaware granted the plaintiff-trustee’s motion for contempt as against a judgment-debtor who did not comply with the terms of a discovery-related order earlier entered by the court.
The suggestion in In re Revlon Shareholders Litigation, that forum-selection bylaws may be enforceable and the subsequent enforcement of such bylaws in Boilermakers Local 154 Retirement Fund v. Chevron, has resulted in the strategic adoption of forum-selection bylaws in connection with major transactions, such as mergers.
In Comerica Bank v. Global Payments Direct, the Delaware Court ofChancery appointed a liquidating trustee to assist with and oversee the winding up of Global Payments ComericaAlliance LLC pursuant to Section 18-803(a) of the Delaware Limited Liability Company Act.
In Stanziale v. Heico Hldgs., Inc., et al., the United States Bankruptcy Court for the District of Delaware granted a motion to dismiss deepening insolvency and Texas statutory fiduciary duty claims with prejudice but granted the chapter 7 trustee 30 days to file an amended complaint sufficient to state a common law breach of fiduciary duty claim under Texas law.