Corinne Ball

October 22, 2009 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes: Assuming that there is no immediate need for new cash, chapter 11 has the potential to be an owner-controlled process, from the commencement of a voluntary case to being in sole control of the decision to sell assets under Section 363 of the Bankruptcy Code. This control, for at least some time, even provides the owner with the exclusive right to file a reorganization plan which may reinstate or impair and potentially cramdown debt, particularly over-secured debt. In response, lenders have sought to limit their risk of bankruptcy, through isolating their borrower, as well as their collateral, from business operations. The clash of these two perspectives is the focal point of a recent decision, General Growth Properties.

By Corinne Ball

10 minute read

August 25, 2011 | New York Law Journal

In her Distress Mergers and Acquisitions column, Jones Day partner Corinne Ball writes that while the Seventh Circuit's recent decision in River Road, which explicitly agreed with the dissent in Philadelphia Newspapers, may bring uncertainty, and indeed sheer contradiction, to the way secured claims are dealt with under specific sale circumstances in bankruptcy, the decision is ultimately a positive omen for clearly under-secured creditors.

By Corinne Ball

11 minute read

February 23, 2006 | New York Law Journal

Corinne Ball, a partner at Jones Day, reviews a recent Delaware Court of Chancery decision that highlights the importance of an effective special committee process when directors are faced with approving a merger or acquisition transaction which is likely to be reviewed under the entire fairness standard. A truly independent, fully informed special committee with the freedom to negotiate at arms' length will shift the burden of proving entire fairness to plaintiffs in a breach of fiduciary duty claim.

By Corinne Ball

11 minute read

October 26, 2006 | New York Law Journal

Corinne Ball, a partner at Jones Day, analyzes a recent decision addressing the fiduciary duties of a subsidiary's directors and officers in the zone of insolvency. The case involved a subsidiary's pre-bankruptcy real estate divestitures to certain of its insiders for what was later determined to be less than fair market value.

By Corinne Ball

11 minute read

April 28, 2011 | New York Law Journal

Corinne Ball, a partner at Jones Day, reviews a pair of decisions in the bankruptcy case of Innkeepers USA Trust that together showcase the practical application, in a large and complex case involving insider or affiliate transactions, of enhanced judicial review over whether the debtors have met their fiduciary duties and thus acted in the interests of creditors.

By Corinne Ball

13 minute read

August 28, 2008 | New York Law Journal

Corinne Ball and Chip MacDonald, partners at Jones Day, writye that the closure of Metropolitan Savings Bank on Feb. 2, 2007 ended the unprecedented two-and-a-half year period without a U.S. bank failure. This failure was followed by another two failures in 2007 and eight additional failures through Aug. 14, 2008, including the recent collapse of IndyMac Bancorp, which is expected to be the costliest bank collapse in U.S. history. While analysts do not anticipate bank failures at the levels seen in the early 1990s, some predict that another 300 banks could collapse in the next three years. The opportunity for a distressed investor commences well before a bank's seizure by the FDIC. There may be advantages to acting in the early stages of developing distress at a bank, regardless of whether it survives or fails.

By Corinne Ball and Chip MacDonald

13 minute read

August 23, 2007 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes that the Third Circuit Court of Appeals recently provided much-needed guidance on avoiding the potentially damaging consequences that may flow from the activities of counsel to both parent and subsidiary prior to their separation and subsequent litigation.

By Corinne Ball

11 minute read

June 24, 2005 | Law.com

Restructurings and rescues involving United Kingdom businesses have been radically affected by new legislation on United Kingdom pension plans. Any restructuring involving an entity with a defined benefit pension plan in the United Kingdom now needs to be considered in the light of this legislation, which may result in the redesign of transactions and can also result in plan liabilities falling on those involved in the rescue.

By Corinne Ball

11 minute read

April 26, 2007 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes that the use of spin-offs has become an increasingly important tool for companies to divest non-core or underperforming businesses. In addition to the attendant tax concerns, she points out, a spin-off may give rise to a host of issues relating to state law fiduciary duty and state and federal fraudulent transfer claims.

By Corinne Ball

11 minute read

August 24, 2006 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes that a recent Third Circuit decision arguably eases and certainly clarifies the showing required for distress termination of multiple pension plans and establishes the bankruptcy court as the "expert" and "equitable" forum for such determinations.

By Corinne Ball

13 minute read