August 29, 2007 | Law.com
Implications of 3rd Circuit 'Teleglobe' Ruling on Attorney-Client PrivilegeThe 3rd Circuit's recent Teleglobe decision involving a dispute between a parent corporation and a subsidiary has significant application to attorney-client privilege in such corporate suits. Attorney Corinne Ball writes that while the 3rd Circuit reinforced the principle that the privilege cannot be invaded simply where the company uses the same in-house counsel on matters unrelated to the challenged conduct, it may have opened new avenues of attack for a subsidiary's disgruntled creditors.
By Corinne Ball
11 minute read
July 09, 2008 | Corporate Counsel
Credit Crisis Enables Bold Strikes by InvestorsThe credit crisis is creating vulnerabilities in many companies that may be exploited by distressed investors, says attorney Corinne Ball. Failing to anticipate the impact of the credit crisis and the reaction of the well-advised, well-funded distressed investing community may yield a series of value-destructive events, Ball says, including an unwanted takeover, a very expensive waiver or even an unnecessary Chapter 11 case for the unprepared and unwary company.
By Corinne Ball
12 minute read
September 30, 2004 | New York Law Journal
Distressed Mergers And AcquisitionsCorinne Ball, a partner at Jones Day, writes that credit bidding enables a holder of a claim secured by a lien to use its claim as currency in a sale of a debtor's assets. One of the theories in support of the practice is that it protects secured creditors against having their collateral sold too cheaply.
By Corinne Ball
11 minute read
October 25, 2007 | New York Law Journal
Distressed Mergers and AcquisitionsCorinne Ball, a partner at Jones Day, analyzes a recent bankruptcy which points to potentially precedential factors for spinoffs or divestitures which have ongoing contractual relationships or transitional arrangements with the seller or former parent.
By Corinne Ball
11 minute read
December 22, 2005 | New York Law Journal
Distressed Mergers And AcquisitionsCorinne Ball, a partner at Jones Day, analyzes a recent case that highlights the evolving tensions among first lienholders, second lienholders, and distress investors, underscoring the need for cash consideration, consent of senior lenders, or a confirmed chapter 11 plan for sales of assets in bankruptcy.
By Corinne Ball
11 minute read
April 28, 2006 | Law.com
'Delphi' May Encourage Formation of Equity PanelsThe appointment of an equity committee is a rare exception in Chapter 11 cases, yet, recently, in In re Delphi Corp., et al., the court directed just such an appointment -- at the request of a 9 percent shareholder and at the expense of the Delphi estate. The full impact of Delphi depends on who has the burden of proof on a subsequent motion to disband the committee and what level of proof will be required regarding the potential for a meaningful distribution to equity.
By Corinne Ball
11 minute read
December 27, 2007 | New York Law Journal
Distressed Mergers And AcquisitionsCorinne Ball, a partner at Jones Day, writes that today's events reveal distress investors buying mortgage company assets out of Chapter 11 and reports of private equity firms diluting the public shareholders of leading monoline insurers. Critical to understanding these developments in distress investing is an understanding of the chain of investment events.
By Corinne Ball
12 minute read
April 24, 2008 | New York Law Journal
Distressed Mergers and AcquisitionsCorinne Ball, a partner at Jones Day, writes that after two and one-half years operating as a chapter 11 debtor, Delphi has failed to consummate its plan of reorganization. Its equity investor, Appaloosa, walked away on April 4, 2008. That failure should cause its constituents and other potential investors to retreat to the core distressed M&A inquiries: does Delphi have a reason to continue as a global enterprise and who among its constituents has any interest in its survival?
By Corinne Ball
12 minute read
July 29, 2004 | New York Law Journal
Distressed M&ACorinne Ball, a partner at Jones Day, writes that, in some cases, an asset sale under Section 363 of the Bankruptcy Code may provide a viable option for potential acquirers to purchase the assets of a bankrupt entity without assuming any or all of the pension plans and related liabilities.
By Corinne Ball
11 minute read
February 24, 2005 | New York Law Journal
Distressed Mergers And AcquisitionsCorinne Ball, a partner at Jones Day, writes that almost 15 years ago, the Delaware Court of Chancery rendered its decision in Credit Lyonnais Bank Nederland, N.V. v. Pathe Communications Corp., launching substantial debate regarding the impact of insolvency upon a board of directors and their responsibility to creditors. Recently, that court has further explained its rationale, stressing that protection of directors, not exposure to a new set of creditor duties, was the focus of its decision.
By Corinne Ball
12 minute read
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