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In Solvency
When Is The Stalking Horse Break-up Fee A Benefit To The Bankruptcy Estate: Another Look at Calpine v. O’Brien Environmental Energy
By Fox Rothschild LLP, Fox Rothschild LLP
Today in the PPI Holdings bankruptcy, the PPI debtors presented their bid procedures motion which sought approval of the procedures by which PPI would sell substantially all of its assets. PPI's motion also…
Georgia Bankruptcy Blog
11th Cir. – Trustee Can’t Avoid Security Deed When BFP On Inquiry Notice Prior To 90-Day Reachback
By Sunghee Sohn
Watts, Ch. 7 Trustee v. Argent Mortgage Company, LLC, No. 07-14615, 2008 WL 5257157 (11th Cir. December 18, 2008). The facts are as follows: On July 8, 2004, debtor Santrice Hunt…
Delaware Bankruptcy Update
Oil Retailer Flying J Files for Bankruptcy Following Drop in Oil Prices
Introduction Flying J Inc., the oil refiner and retailer, and one of the largest privately held companies in the United States, filed for bankruptcy on December 22, 2008. Flying…
Delaware Bankruptcy Update
Using the Solvency Defense in a Preference Action: In re Bernard Technologies
By Fox Rothschild LLP, Fox Rothschild LLP
Introduction In a recent opinion issued by the Honorable Kevin Gross of the United States Bankruptcy Court, District of Delaware, the Court addressed the issue of whether a debtor was…
Georgia Bankruptcy Blog
Bankruptcy Court Pleadings Show How Michael Vick Spent Millions Of Dollars
By Sunghee Sohn
Alan Judd at the Atlanta Journal has an article about Michael Vick's spending in the time leading up to his imprisonment, including millions of dollars transferred just before his incarceration. …
In Solvency
National Wholesale Liquidators Intends to Sell or Liquidate its Business Soon After Filing for Bankruptcy
By Fox Rothschild LLP, Fox Rothschild LLP
Introduction On November 10, 2008, National Wholesale Liquidators (“NWL” or the “Debtor”), filed a chapter 11 petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware…
Creditors' Resource
Financial Bailouts – A Letter To Congressman Brian Bilbray
Dear Sir: The goal of federally financed bailouts should only be to augment feasible plans of reorganization, not to prolong the life of businesses beyond hope. Bailout recipients should be…
Delaware Bankruptcy Update
Shopping Centers Receive Preferred Treatment Under the Bankruptcy Code
By Fox Rothschild LLP, Fox Rothschild LLP
Introduction When a company files for bankruptcy, often it will reject some or all of its commercial leases. Alternatively, some debtors in bankruptcy choose to assume and assign their leases…
New Jersey Law Blog
Insolvency in Franchise Businesses: Minimizing Risk and Maximizing Recovery Under the Bankruptcy Code
Timothy P. Duggan, Shareholder and member of Stark & Stark's Bankruptcy & Creditor's Rights group, will present a seminar entitled Insolvency in Franchise Businesses: Minimizing Risk and Maximizing Recovery Under…
In Solvency
Decision in Powermate Holding Corp. Declines to Grant Administrative Claim Status to Employee WARN Act Claims
By Fox Rothschild LLP, Fox Rothschild LLP
Introduction In a decision that the Court deemed “one of first impression for this Circuit,” the Honorable Kevin Gross of the United States Bankruptcy Court for the District of Delaware,…