Delaware Court of Chancery Provides Additional Guidance On the Application of the Business Judgment Rule in the Context of a Controller Buyout

By | Louisiana Law Blog | March 20, 2017
stock By David P. Hamm, Jr. In In re Books-A-Million, Inc. Stockholders Litigation, the Delaware Court of Chancery dismissed a suit by minority stockholders (the “Plaintiffs”) alleging that several fiduciaries breached their duties in connection with a squeeze-out merger (the “Merger”) through which the controlling stockholders of Books-A-Million, Inc. View Full Post
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EPA Delays Effective Date of RMP

By | Louisiana Law Blog | March 15, 2017
chem By R. Lee Vail, P.E., Ph.D. On February 28, 2017, the EPA received a petition from the “RMP Coalition” for reconsideration and a request for a stay from the amendments to the RMP rule. The RMP Coalition consists of several affected industry trade groups, manufacturing groups, and the Chamber of Commerce of the United States of America. View Full Post
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Delaware Organizational Meeting – Sungevity, Inc.

Upcoming Committee Formation Meeting: Wednes., March 22, 2017, 10:00 a.m. Case Name: 17-10567 (LSS) Location: The Doubletree Hotel 700 King Street Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  See the petitionFirst Day Declaration, and press release for further information. View Full Post
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New Delaware Chapter 11 Filing – Bostwick Laboratories, Inc., Et Al.

Bostwick Laboratories, Inc. and its parent holding company have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-10570-BLS).  Bostwick, which is headquartered in Uniondale, New York, provides laboratory testing services to independent physicians nationwide, with a specific emphasis on urology services.  View Full Post
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Delaware Bankruptcy Court Issues Important Guidelines Concerning Payment of Indenture Trustee’s Professional Fees

By | Distressing Matters | March 15, 2017
In Nortel Networks, Inc., Case No. 09-0138(KG), Doc. No. 18001 (March 8, 2017), the Delaware Bankruptcy Court ruled on the objections of two noteholders who asked the Court to disallow more than $4.4 million of the $8.1 million of the fees sought by counsel to their indenture trustee.  View Full Post
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But I Didn’t DO Anything! — Can Non-action Violate the Automatic Stay?

Businessman Shrugging Shoulders It is commonly understood that, upon commencement of a bankruptcy case, section 362 of the Bankruptcy Code operates as an automatic statutory injunction against a wide variety of creditor actions and activities. The automatic stay enjoins (1) “commencement or continuation” of certain proceedings, (2) “enforcement” of a judgment, (3) “any act” to obtain possession of or exercise control over property, (4) “any act” to create, perfect or enforce a lien, (5) “any act” to collect assess or recover claim, (6) “set off” of any debt, and (7) “commencement or continuation” of certain tax proceedings. View Full Post
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New Delaware Chapter 11 Filing – Sungevity, Inc. Case No. 17-10561 (LSS)

Sungevity, Inc., one of the largest private residential solar installation companies in the U.S. with operations in Belgium, the Netherlands, Germany, and the United Kingdom, and three of its affiliates, have filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Lead Case No. View Full Post
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