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The Legal Intelligencer

The Burden of Commercial Reasonableness Following a Default

Article 9 of the Uniform Commercial Code (UCC) governs secured transactions, and Part 6 of this article governs the rights and duties of the parties in the event of default. In the event of default by a debtor, a secured party may repossess the collateral and dispose of it through a sale, lease, license, or other form of disposition.
7 minute read

National Law Journal

Appellate Ruling Underscores Divide on Limits of Bankruptcy Protections

Judges are divided on the use of the "Texas two-step," in which companies facing potential mass tort liability attempt to gain Chapter 11 protection from claims.
6 minute read

Law.com

4 Days of Hearings Begin Over Dismissal of J&J's Talc Bankruptcy 2.0

Starting on Tuesday, U.S. Chief Bankruptcy Judge Michael Kaplan will hear four days of arguments and testimony on whether to dismiss the second Chapter 11 case of Johnson & Johnson subsidiary LTL Management.
4 minute read

Daily Business Review

With a Growing Number of Businesses In Distress, Fla. Lawyers Are Looking at Alternatives to Bankruptcy Filings

The commercial real estate market in particular is getting choppier, and practitioners are increasingly taking advantage of receiverships and assignment for benefit of creditors.
4 minute read

The Recorder

$25M Check in Porter Ranch Attorney Fees Delivered to Girardi Keese Bankruptcy Trustee

The $25 million, sent last week to bankruptcy trustee Elissa Miller, comes from attorney fees owed to the Girardi Keese estate from the $1.8 billion settlement over the 2015 gas leak in the Porter Ranch neighborhood of Los Angeles.
3 minute read

Delaware Business Court Insider

Bankruptcy Judge Dismissed Fraudulent Transfer Claim in $7.2 Billion Purchase Led by Kohlberg Kravis Roberts

"It is black letter law in this Circuit that the gold standard for determining the value of an asset is to sell it in an open and fair market," stated U.S. Bankruptcy Judge Brendan Linehan Shannon. "A thing is worth what a willing buyer will pay to a willing seller following a proper marketing process.
4 minute read

The American Lawyer

'Sponsors Are Getting More Aggressive' as Private Equity Turns to Bankruptcy to Increase Yields

In the Instant Brands bankruptcy and others, private equity firms are using high interest rates and supply-chain disruptions as cover to clean up their balance sheets, bankruptcy lawyers said.
5 minute read

International Edition

US Law Firms Guide Brazilian Miner Samarco to $3B Restructuring Agreement

The negotiations that took place over more than four years involved Cleary Gottlieb, Davis Polk, Sullivan & Cromwell, Norton Rose and more than a dozen Brazilian law firms. 
3 minute read

Delaware Business Court Insider

Guidance on Drafting Proxies Under Delaware Law

A recent opinion from the U.S. Bankruptcy Court for the District of Delaware, In re CII Parent, provides helpful guidance on drafting proxies and highlights potential pitfalls for the unwary, including in relation to the proxyholder's power to execute and deliver stockholder consents.
7 minute read

Litigation Daily

Litigators of the (Past) Week: S&C and MLB Get Bankruptcy Ruling Forcing Diamond Sports to Pay Full Broadcast Fees

Jim Bromley and Ben Walker of Sullivan & Cromwell helped persuade a bankruptcy judge that MLB had offered to reacquire telecast rights from Diamond Sports Group, which owns regional sports networks that broadcast multiple teams' games.
5 minute read

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