Corinne Ball

June 27, 2013 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes that the Ninth Circuit recently joined the reasoning of the Fifth Circuit in 'Lothian Oil' in holding that a bankruptcy court may re-characterize debt as equity

By Corinne Ball

12 minute read

April 25, 2013 | New York Law Journal

In her Distress Mergers & Acquisitions column, Jones Day partner Corinne Ball writes: Litigation over affiliate transactions arising in failed portfolio companies continues to provide guidance on core common issues such as breach of fiduciary duties, avoidance actions, equitable subordination and recharacterization. A recent bankruptcy case illustrates how at least one court will analyze allegations regarding affiliate transactions in the context of a motion to dismiss a recovery action based on a failed leverage buyout.

By Corinne Ball

12 minute read

December 22, 2011 | New York Law Journal

In her Distress Mergers and Acquisitions column, Corinne Ball, a partner at Jones Day, examines some of the risks (and opportunities) the current fiscal crisis in the Eurozone are creating, and particularly examines lex monetae issus that may arise if the nation where the investment is located should cease using the Euro and relaunch a separate currency.

By Corinne Ball

11 minute read

October 25, 2012 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes that although a Texas bankruptcy court recently found non-debtor releases contrary to U.S. bankruptcy policy, there is little doubt that a combination of factors - using a bankruptcy proceeding in which only the holding company was a debtor, relying upon insider votes to establish creditor consent, preserving equity holders' value at the expense of senior creditors - contributed to the result.

By Corinne Ball

12 minute read

October 27, 2011 | New York Law Journal

In her Distress Mergers and Acquisitions column, Jones Day partner Corinne Ball writes: With the Seventh Circuit's recent holding in In re Longview Aluminum, LLC, it behooves LLC members to assume that the one-year look back period for preferential transfers under the Bankruptcy Code will now be applicable to them as well. But LLC members in complex corporate structures must also be aware of the numerous other consequences that come with the "insider" label.

By Corinne Ball

9 minute read

June 28, 2012 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball of Jones Day writes: Just about a month ago, Residential Capital and certain of its affiliates commenced their Chapter 11 cases with two proposals for the sale of substantially all of their assets. Last week, during the hearing to approve bidding procedures, ResCap faced challenges to both proposed sales as to price and the terms of the stalking horse sale agreements. Concurrently, one of the competing bidders successfully sought the appointment of an examiner to investigate ResCap's pre-bankruptcy actions, especially regarding transactions with its affiliates.

By Corinne Ball

11 minute read

December 27, 2012 | New York Law Journal

In her Distress Mergers & Acquisitions column, Jones Day partner Corinne Ball review a recent case where the court was confronted with allegations, which, if proven, suggested that the extraordinary efforts of the parties to achieve a price almost double the originally selected bid would also enable the disgruntled, losing bidder to take advantage of the sale structure, claim its break-up fee, and still gain the assets at a lesser price.

By Corinne Ball

13 minute read

August 22, 2013 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes: A company searching for debt relief with the support of an overwhelming majority of its debt holders may have an option to bind dissenters even when Chapter 11 is not available, provided that the company has ties to England sufficient to utilize an English law scheme of arrangement. The evolution of this alternative, often premised upon the choice of law of the relevant debt documents, will have wide ranging effects on debt investors looking to acquire a position to influence or block restructuring of a company's debt.

By Corinne Ball

11 minute read

October 24, 2013 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes: Unfunded pension and retiree health obligations are a frequent driver of the so-called 363 sales. But as demonstrated by the recent ruling against Japanese firm Asahi Tec following the 363 sale of its U.S. subsidiary Metaldyne, the Pension Benefit Guaranty Corporation will assert unfunded pension liability against members of the bankrupt seller's control group, even if they are domiciled offshore.

By Corinne Ball

15 minute read

February 23, 2012 | New York Law Journal

In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes the success of the sale process under �363 is premised upon the breathing space achieved through the automatic stay, a fundamental protection prohibits "all entities" from commencing or continuing virtually any action or proceeding based on prepetition activity against the debtor, or from attempting to recover on a claim against the debtor that arose prepetition.

By Corinne Ball

12 minute read