Second Circuit and Delaware Bankruptcy Court Take Different Views of Whether a Foreign Debtor Must Have Assets in the United States to Be Eligible for Recognition under Chapter 15
Courts in the two circuits, which saw the majorityof 2013’s Chapter 15 recognition proceedings,recently addressed—and came to oppositeconclusions about—a novel issue: whether anentity is required to have property in the UnitedStates to qualify for relief as a debtor underChapter 15 of the United States BankruptcyCode. Chapter 15 is the equivalent of a proceedingunder Part IV of…
Judge Robinson Issues New Form Scheduling Order as a Result of Feedback from the Patent Study Group
On Monday, March 24, Judge Robinson issued two new form Orders: (i) an Order directing the parties to confer on certain matters prior to a Scheduling Conference and (ii) a form Scheduling Order.
Kahn v. M&F Worldwide Corp.: Delaware Supreme Court Affirms In re MFW, Holds that Controlling Stockholder Buyouts Can Receive Business Judgment Review if Conditioned Ab Initio on Dual Procedural Protections
In Kahn, et al. v. M&F Worldwide Corp., et al., the Delaware Supreme Court affirmed the Court of Chancery’s decision in In re MFW Shareholders Litigation.
In re Rural Metro Corporation Stockholders Litigation: Court of Chancery Holds Financial Advisor Liable for Aiding and Abetting Breaches of Fiduciary Duty
In In re Rural Metro Corporation Stockholders Litigation, the Delaware Court of Chancery held RBC Capital Markets, LLC liable for aiding and abetting breaches of fiduciary duty by the board of directors of Rural/Metro Corporation in connection with Rural’s acquisition by Warburg Pincus LLC.
An Overview of the Real Estate Finance Opinion Report of 2012
Many state bars and other professional groups have provided reports on opinion practices, both general and specific. Although the Delaware State Bar Association has not yet produced such a report, a recent report by three national lawyer associations should be of interest to lawyers in Delaware who issue opinions in Delaware real estate transactions. The Real…
Recent Developments in Delaware Corporate Law
This publication contains recent court decisions affecting Delaware corporations and other business entities, as well as the 2013 amendments to Delaware’s corporate and alternative entity law.…
Legislation Would Address Abusive Patent-Litigation Tactics
On the heels of the Leahy-Smith America Invents Act, Congress is currently considering a number of bills designed to address abusive patent-litigation tactics associated with nonpracticing entities, often referred to as "patent trolls."
Effect of Post-Petition Payments on ‘New Value’ Defense
The U.S. Court of Appeals for the Third Circuit's recent decision in Friedman's Liquidating Trust v. Roth Staffing Companies LP, provides bankruptcy practitioners with long-awaited guidance on the effect that the post-petition payment of prepetition claims has on the calculation of the "new value" defense for purposes of determining preference liability.
Is a Foreign Debtor with No Assets in the U.S. Eligible for Chapter 15 Relief?
This article first sets forth the statutory provisions that led to the differing results in Barnet and Bemarmara and then explores the reasoning of the two opinions.
Restoring Equity: Delaware’s Legislative Cure for Defects in Stock Issuances and Other Corporate Acts
The Delaware legislature has adopted amendments to the General Corporation Law of the State of Delaware, which amendments will become effective on April 1, 2014, that are designed to overrule the existing precedents requiring that defective stock and acts be found void.
