In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
Bankruptcy Court Authority - A. Pre-Bankruptcy Code - B. The Bankruptcy Code - C. Marathon - D. The Bankruptcy Amendments and Federal Judgeship Act of 1984 - II. Stern v. Marshall - A. Majority Opinion - 1. Categorical Bases for Allowing Bankruptcy Court to Resolve State Common Law Claims Are Inapplicable - 2. Distinguishing Katchen and Langenkamp - 3. Bankruptcy Courts Are Not Adjuncts of Article III Courts - 4. That the Majority Opinion Restricts a Bankruptcy Court’s Ability to Enter Final Judgments on Certain State Law Counterclaims May Be Administratively Burdensome Does Not Change the Result - B. Scalia Concurrence - C. Dissent (Breyer, joined by Ginsburg, Sotomayor, and Kagan) - III. Issues and Implications - A. Are We Facing Marathon Problems Again? - B. Cases A...
NEW YORK (Reuters) - Dynegy Inc. warned it could seek bankruptcy protection if it is unable to amend or replace its existing loan facility, the latest twist in the power company's bumpy effort to restructure itself. Investors seemed to mostly shrug off the bankruptcy warning, made in a regulatory filing, as the company's shares edged 1.4 percent lower.
NEW YORK (Reuters) - Harry & David Holdings Inc., the mail-order gourmet food company, filed for bankruptcy protection on Monday [March 28] as a weak economy led consumers and businesses to cut spending on its signature fruit baskets. The "pre-arranged" Chapter 11 filing would give bondholders control of the company, whose roots date back a century when hotel owner Samuel Rosenberg bought some Oregon pear orchards. His sons, Harry and David Rosenberg, later came up with the idea of selling pears by mail.
About 500 municipalities have declared bankruptcy since Congress passed the Municipal Bankruptcy Act in 1937. Based on the experiences of these municipalities and the municipal bankruptcy literature, this paper develops a theory of why municipalities go bankrupt and discusses various ways to prevent other municipalities from going bankrupt. The paper identifies three-dimensional factors that may make municipalities go bankrupt: long-term and short-term, political and economic, and internal and external perspectives. The paper ends with an observation that government failure in the form of municipal bankruptcy can be reduced by strengthening the audit powers of the states and by utilizing more municipal band and liability insurance policies.
WILDWOOD - A ONE-TWO punch of red tape and the weak economy knocked out a condominium project, according to court papers filed in a bankruptcy case that's being argued in a Camden federal court. The tale of Marina Bay at Rio Grande LLC also highlights demo- graphic changes and market shifts that developers need to consider, experts say. WILDWOOD - A ONE-TWO punch of red tape and the weak economy knocked out a condominium project, according to court papers filed in a bankruptcy case that's being argued in a Camden federal court. [...] foreign investment in vacation homes has been declining due to the higher U.S. dollar value in exchange rates, the worldwide recession and concerns about falling home prices.
This article takes a first step in evaluating a commonly used assumption in recent quantitative analyses of unsecured household borrowing-the temporary exclusion of defaulting borrowers from credit markets. Exclusion from credit markets is an attractive modeling device for tractably modeling default on both consumer debt and sovereign debt. Nonetheless, such exclusion is not easily supported and deserves more justification than has been provided in the available literature. In particular, a key problem in choosing to punish default ex post by exclusion is that lenders and borrowers forgo opportunities for mutually beneficial trade that exist after default. In this paper we perform a set of experiments in a standard model of bankruptcy to clarify the circumstances in which exclusion is, ...
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