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The Legal Intelligencer

Profit Sharing Ruled an Unenforceable Anti-Assignment Restriction

A fundamental benefit of Chapter 11 is a debtor's ability to assume and assign executory contracts and unexpired leases over the objection of a nondebtor counterparty, even when the contract contains otherwise valid ­anti-assignment provisions. Moreover, as demonstrated in a recent decision by the U.S. District Court for the District of Delaware, this statutory tool can be used despite its negative ­impact upon the underlying economics of the original contract, as in Antone v. Haggen Holdings (In re Haggen Holdings), 2017 U.S. Dist. LEXIS 139272 (D. Del. Aug. 30).
5 minute read

The American Lawyer

Kobre & Kim Continues Expansion With Hire of Insolvency Partner in NY

International disputes law firm Kobre & Kim has continued its string of recent hires with the addition of Daniel Saval, a cross-border insolvency partner who joins the firm's New York office from Brown Rudnick.
3 minute read

The Legal Intelligencer

Court Adopts 'Probable' Standard for WARN Act Noticing

Bankruptcy cases are often filed after a distressed company has ­determined the only way for the business to survive as a going concern is to pursue a sale. The sale process is conducted prior to the filing, and the case is filed, together with a request that the court approve the sale of the company pursuant to the terms of the negotiated sale agreement unless a higher offer is received. Often there is no alternative, and the question is whether the sale to the bidder will be approved and closed. If it does not close and the company is forced to liquidate, other federal laws may come into play.
18 minute read

The Recorder

In the Matter of Spanish Peaks Holdings II, LLC

9th Cir.; 15-35572 The court of appeals affirmed a judgment. The court held that the bankruptcy court properly authorized the sale of the debtor’s…
3 minute read

International Edition

Ashurst picks up key role as Bell Pottinger calls in administrators

Hogan Lovells advising Lloyds Banking Group as collapsed PR agency's biggest lender
2 minute read

The American Lawyer

Madoff-Related Fees Grow to $925M for Baker & Hostetler

It's been nearly a decade since Irving Picard was appointed trustee of the funds recovered for victims of Bernard Madoff's massive Ponzi scheme. The matter is still generating payouts for victims and Baker & Hostetler, where Picard is a partner in New York.
23 minute read

Texas Lawyer

Fifth Circuit Rules Bankruptcy Trustees Can't Have Chapter 7 Debtors' IRA Funds

In an important personal bankruptcy decision, the U.S. Court of Appeals for the Fifth Circuit has ruled that once a Chapter 7 debtor claims an exemption for their individual retirement account, a trustee is not allowed to claim that money — even if the debtor cashes out their IRA during the bankruptcy.
8 minute read

Delaware Business Court Insider

Food for Thought: Supermarket, Grocer and Distributor Chapter 11 Filings

This article focuses on filings in the grocery and food distribution sector as companies struggle in the face of pricing fluctuations and increasing online competition. The column delves into the bankruptcy proceedings of Central Grocers, Rupari Food Services and Marsh Supermarkets.
19 minute read

The Recorder

DLA Piper Picks Up Jones Day Insolvency Pro

Joshua Morse, who joined Jones Day five years ago from now-defunct Dewey & LeBoeuf, is headed to DLA Piper in the Bay Area.
35 minute read

The Recorder

In re DBSI, Inc.

9th Cir.; 16-35597 The court of appeals affirmed a district court judgment. The court held that sovereign immunity does not bar a bankruptcy trustee’s…
5 minute read

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