Corinne Ball

December 23, 2010 | New York Law Journal

In her Distrssed Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes that a recent opinion out of the Court of Chancery of Delaware has surprised "wizened veterans of the debates over corporate creditor standing."

By Corinne Ball

12 minute read

September 02, 2005 | Law.com

In recent weeks, the courts in Delaware have issued several rulings that have stern messages for directors to take action and be accountable in their governance, which may ultimately accelerate directors' decisions to pursue a merger, sale or other transaction to save a distressed company. Directors and officers can take some comfort that the courts do not expect them to make perfect decisions. However, the rulings regarding directors' liabilities provide a new twist for future litigation.

By Corinne Ball

13 minute read

October 28, 2010 | New York Law Journal

In her Distressed Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, analyzes a solvency report in the Tribune Bankruptcy which raises questions as to the level of responsibility the board has to oversee the process, the activities of management in connection with such a key matter, and the extent to which the board should have undertaken its own diligence.

By Corinne Ball

12 minute read

December 24, 2009 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes: The past year has been extraordinary for distressed M&A. Although 2009 will be remembered as the year of mega-363 sales in Chrysler and General Motors, 2009 also saw a unique twist in Lehman, and multiple cases, including Delphi and Metaldyne, giving rise to the "collective action" doctrine. Lyondell set the record for compensating prepetition lenders extending new credit as rollover debtor-in-possession financing, Charter broke new ground on reinstatement of prepetition debt, and Tousa voided the "savings" provision used in many complex enterprise financings to insulate upstream guaranties from fraudulent conveyance attack. Finally, responsibilities of the board of a troubled company as established in North American Catholic provided the key support for a critical decision in General Growth Properties and will likely be revisited in the Capmark chapter 11 case.

By Corinne Ball

13 minute read

September 07, 2010 | New York Law Journal

Corinne Ball, a partner at Jones Day, and Samuel Estreicher, the Dwight D. Opperman Professor of Law at New York University School of Law and of counsel to Jones Day, analyze the recent decision that threatens significantly to hamper the ability of industrial companies - who in better times took on unfunded, non-contractual obligations to retired employees - to restructure their affairs.

By Corinne Ball and Samuel Estreicher

11 minute read

April 28, 2005 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes that bankruptcy specialists are encountering a new twist on the high yield capital structure: junior lien bonds, which are either widely held or privately placed issues.

By Corinne Ball

11 minute read

June 23, 2005 | New York Law Journal

Corinne Ball, a partner at jones Day, writes that restructurings and rescues involving United Kingdom businesses have been radically affected by new legislation on pension plans. Any restructuring involving an entity with a defined benefit pension plan in the U.K. 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

February 26, 2009 | New York Law Journal

Corinne Ball, a partner at Jones Day, writes: Recent decisions from the Third Circuit have seemingly eroded at the sense of security directors, officers and, by extension, controlling shareholders and their affiliates, once placed in the landmark holding from Trenwick Am. Litig. Trust v. Billet. While Trenwick still stands for the proposition that deepening insolvency is not recognized as an independent cause of action in Delaware, plaintiffs have resurrected the concept as they pursue independent causes of action rooted in a breach of fiduciary duty of loyalty.

By Corinne Ball

14 minute read

February 28, 2008 | New York Law Journal

Corinne Ball, a partner at Jones Day, reviews a recent Delaware court of Chancery case in which the defendant admitted it was in breach of a $7 billion merger agreement, but argued that the remedy of specific performance was not available to the plaintiff. The decision demonstrates the importance of reducing uncertainty and the risks associated with ambiguity in the language of an agreement.

By Corinne Ball

11 minute read

October 23, 2008 | New York Law Journal

Corinne Ball, a partner at Jones Day, analyzes a recent ruling which denied a motion to dismiss claims of breach of fiduciary duties brought against corporate officers and directors and a very experienced and nationally recognized restructuring professional in connection with a sale of substantially all of the company's business.

By Corinne Ball

12 minute read