Bankruptcy has never been a popular subject, or at least never something to brag about, but the rap it's received recently from regulators, legislators and the press has been somewhat vicious. While legislators and debtors themselves may find these controversial precepts of the Bankruptcy Code unhelpful or perhaps even damning, unsecured creditors, often the lenders of last resort, still face the prospect of customers reorganizing, leading a creditor to believe that it could, in the end, still rely on this debtor for business. Mark Berman, a partner at Nixon Peabody LLP, noted, there are ways to get a better idea of whether or not a debtor will make it out of reorganization and continue to be a customer, or if they're just going to shut their doors. Knowledge of the debtor's economic st...
Due diligence is a fact-finding mission or investigative exercise designed to provide the information required to meet a specific goal or objective. Typically, it is used when a business is involved in a purchase or sale or requires financing. However, distressed organizations also require due diligence to address the decision to attempt a turnaround or to liquidate the organization. Most organizations move along a continuum. At one end is the custodial environment of a relatively healthy or robust organization. At the other is distress or even crisis. There are many points in between, and they are not static. The organization in decline represents a special challenge to the process of due diligence. It is a harsh, extreme, ambiguous and exigent environment. In this setting, time is sho...
NEW YORK - Borders Group is seeking court approval to liquidate its 399 stores after it failed to receive any bids that would keep the 40-year-old chain in operation and canceled an auction process. Liquidation sales could start as soon as Friday. The U.S. Bankruptcy Court of the Southern District of New York is set to approve the move on Thursday.
One of the last of the turn-of-the-century mansions that once lined Union Avenue was at home in an era that knew gas lights, horsehair sofas, horse-drawn buggies and marble busts. It began as a private home completed in 1909 by a lumberman whose name sounded like a soap-opera character. Roland Darnell had an eye for fine domestic oaks, Caribbean mahogany and European architecture. His house had arched windows, double front doors, exposed beams and a grand entry hall, with a dramatic, double- cantilever staircase fit for Scarlett O'Hara.
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....
CHICAGO (Reuters) - Bankrupt brokerwas allowed to resume liquidating customers' positions on major U.S. futures exchanges on Tuesday [Nov. 1], providing a marginal bit of relief for some anxious clients. Trade sources said the broker had begun processing grains and livestock orders on the Chicago Mercantile Exchange around midday. ICE Futures USA said in a statement that MF Global was able to liquidate outstanding open positions.
NEW YORK (HedgeWorld.com) - D.B. Zwirn & Co. LP will liquidate two of its largest funds, which combined have $4 billion in assets, after investors attempted to redeem more than $2 billion from the New York-based hedge fund firm, according to the Financial Times, which broke the news on Friday [Feb. 22]. The two funds to be liquidated account for 80% of D.B. Zwirn & Co.'s $5 billion in assets, according to the report, which cites a letter the firm sent on Thursday [Feb. 21] to its investors confirming the news.
John Kemp is a Reuters market analyst. The views expressed are his own. Poor use of language reflects muddled thinking and compounds mistakes. No phrase in the debate about financial reform is more wrong-headed and pernicious than the description of certain institutions as "too big to fail." It should be expunged from the lexicon.
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