August 21, 2024 | New York Law Journal
Distressed M&A: Surprises All Around Following a Creditor's Enforcement of a Pledge to Effect Change of ControlBeyond the precision that should be present in the pledge agreement, actually divesting control of a company may have unintended consequences.
By Corinne Ball
10 minute read
June 27, 2024 | New York Law Journal
Caution: Disputes Among Buyers at a Bankruptcy Sale Survive, 'Go Global Retail v. Dream on Me'As recently discovered by a bidder following a bankruptcy sale, the 'Go Global Retail v. Dream on Me' decision once again confirms that there are limits to the protection provided by statutory mootness and bankruptcy court sale orders.
By Corinne Ball
8 minute read
April 24, 2024 | New York Law Journal
Has the Seventh Circuit Opened the Door for Distressed Investors Through Limiting the Risk of Failed LBOs or Other Stock Sales?In March, the Seventh Circuit held that the same safe harbor provisions in the Bankruptcy Code may also extend to leveraged acquisitions structured as a purchase of privately held stock.
By Corinne Ball
10 minute read
February 21, 2024 | New York Law Journal
Creditor Remedies Prevail in DelawareThis article addresses how a Creditor's Committee may sue members of an LLC, despite Delaware law limitations, and how prebankruptcy exercise of proxy rights in reliance on Delaware law are upheld in a subsequent bankruptcy case.
By Corinne Ball
12 minute read
December 27, 2023 | New York Law Journal
Texas Bankruptcy Court Holds Code Overrides State Law on ExpulsionIn her Distress Mergers and Acquisitions column, Corinne Ball discusses the recent case "In re Envision Healthcare Corp," where the Bankruptcy Court for the Southern District of Texas confronted an apparent conflict between applicable Delaware law and the Bankruptcy Code, determining that the Bankruptcy Code overrides state law and protects a debtor from expulsion by its fellow LLC members.
By Corinne Ball
12 minute read
October 25, 2023 | New York Law Journal
The Calculus of Default, Cure and Reinstatement of a Loan in Chapter 11 Gains Clarity in New YorkDistress investors ought to take heed from the analysis set forth in 'In re Golden Seahorse.' The Bankruptcy Court for the United States Southern District of New York confronted a legacy of divergent cases, arguments among commentators and a somewhat ambiguous legislative history on the issue of cure requirements for reinstatement of a loan with favorable terms to its prepetition status
By Corinne Ball
14 minute read
August 23, 2023 | New York Law Journal
PETs, Winner Take All and New Protections for Independent Directors/Serta Confirms PlanIn her Distressed Mergers and Acquisitions column, Corinne Ball discusses 'In re Serta Simmons Bedding,' where, "ruling on the validity of the PET, the court addressed the role of equity, as well as the covenant of good faith and fair dealing, emphasizing that lender versus lender warfare is a "winner-take-all battle."
By Corinne Ball
15 minute read
April 25, 2023 | New York Law Journal
Fifth Circuit Recognizes Finality of Bankruptcy Sale OrdersFifth Circuit lauds bankruptcy courts, pointing to the importance of finality for bankruptcy sale orders and the damaging impact of COVID-19 on the debtor's business, to affirm good faith purchaser status of an affiliated purchaser.
By Corinne Ball
13 minute read
February 22, 2023 | New York Law Journal
Fifth Circuit Orders Bankruptcy Court to Abstain from Deciding Issues Relating to Public Electricity MarketIn her latest Distress M&A column, Corinne Ball discusses the recent decision in 'Elec. Reliability Council of Texas v. Just Energy,' which she believes participants in state-regulated industries, such as utilities, should pay special attention to. The decision, ordering abstention, "raises the possibility that a state-regulated debtor may face real challenges in a reorganization if it seeks to dramatically alter its obligations to a state or quasi-state agency."
By Corinne Ball
13 minute read
December 21, 2022 | New York Law Journal
Second Circuit Weighs In on Whether the Bankruptcy Code Requires Payment of Post-Petition Interest on Unsecured ClaimsThe Bankruptcy Code 502(b)(2) provision has been a point of contention when a solvent debtor prosecutes and confirms a plan that does not provide for the payment of post-petition interest.
By Corinne Ball
16 minute read
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