First Circuit Provides Clarity to Puerto Rico Creditors Seeking Relief

The First Circuit’s recent opinion on the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”, 48 U.S.C §§ 2101-2241) outlines initial guidelines for possible future actions against the Puerto Rican government as a result of the Commonwealth’s ongoing debt crisis. View Full Post
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Smelting the Assets (directors’ Duties/transactions at Undervalue and to Defraud Creditors)

By | eSQUIRE Global Crossings | February 23, 2017
Dickinson v NAL (Realisations) Staffordshire Ltd is a useful case on how directors’ duties are looked at following a formal insolvency and ways in which an office holder can challenge transactions if there is evidence of wrongdoing or a concerted strategy to frustrate creditors’ recourse to a Company’s asset base which would ordinarily be available to them in an insolvency, subject of course to valid security and/or third party rights. View Full Post
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The Power of Three Overcomes a Putative Debtor Who Can Count to Twelve

By | Creditors' Sidebar | February 23, 2017
The Sixth Circuit BAP has reversed the denial of a motion to dismiss an involuntary petition.  A single petitioning creditor initiated the case of In re Zenga based on the putative debtors’ responses to interrogatories which identified 10 creditors.  The putative debtors sought to introduce evidence of additional creditors.  View Full Post
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Kean Miller Data Security Alert: W-2 Phishing Scam Returns for Tax Season

By | Louisiana Law Blog | February 22, 2017
  The IRS has sent an urgent alert to employers this month that a W-2 phishing scam that many companies fell victim to in 2016 is back in full force for 2017. The IRS warns that this scam is emerging earlier this year and is targeting school districts, tribal organizations, and nonprofits in addition to businesses. View Full Post
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Contract Rejection – As Interpreted in Outer Harbor Terminal’s Bankruptcy

By | Delaware Bankruptcy Litigation | February 22, 2017
On February 21, 2017, Judge Silverstein of the Delaware Bankruptcy Court issued an opinion (the “Opinion”) in the Outer Harbor Terminal bankruptcy proceeding – Bankr. D. Del., Case 16-10283.  The Opinion is available here.  This Opinion decided the Debtor’s objection to a claim for breach of contract filed by Kawasaki Kisen Kaisha, Ltd. View Full Post
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Employers Respond to “a Day Without Immigrants”

By | Louisiana Law Blog | February 22, 2017
Last week, thousands of employees throughout the county skipped work as part of “a day without immigrants” demonstration. The employees were protesting the Trump administration’s recent actions regarding immigration. The stated intent was to negatively impact the nation’s economy in an effort to highlight the contributions of immigrant labor. View Full Post
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New Delaware Chapter 11 Filing – Pursuit Holdings (NY), LLC

By | Bankruptcy & Restructuring Law | February 21, 2017
Pursuit Holdings (NY), LLC f/k/a Pursuit Holdings, LLC has filed a chapter 11 petition before the United States Bankruptcy Court of the District of Delaware (Case No. 17-10389).  Pursuit Holdings appears to be affiliated with hedge fund Sanford Partners, L.P. The petition, which includes a list of the debtor’s largest creditors, is available here. View Full Post
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