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Credit swap agreement ipso facto clause struck
The bankruptcy filing of any party or guarantor constituted an event of default under the Master Agreement, and default under the Master Agreement altered the defaulting party's priority status and capped its distribution. Following the bankruptcy of
Updated: 09/19/2011 12:08P
Director's motion to dismiss breach of duty of good faith claim denied
The court ruled that Florida law applied because the bankruptcy case was pending in Delaware, and Delaware's choice-of-laws principles regarding corporate governance required the court to look to the state of incorporation, which was Florida.
Updated: 09/19/2011 12:08P
Drafting tips for trademark licenses: is your trademark agreement a trademark
Section 365(c)(1) of the Bankruptcy Code limits the assignment of an executory contract of the debtor if “applicable law” authorizes the other party to the contract to refuse to accept performance from an assignee “whether or not such
Updated: 09/19/2011 12:06P
Split in courts continues—private stock purchase payments not protected by
and even more so when such transfers are void ab initio or per se illegal under applicable law. Relying heavily on the legislative history, the Bankruptcy Court found that applying the plain language of section 546(e) under the facts of this case
Updated: 09/19/2011 12:06P
Subrogation to 'claims' entitles subrogee to vote on behalf of itself and subrogor
The court held that, under the Bankruptcy Code, the definition of a “claim” does not include a right to vote. The right to vote, however, is a derivative right of the holder of a claim, under section 1126(a). Subrogation places one party (the subrogee)
Updated: 09/19/2011 12:06P
Unable to show 'indubitable equivalence' where property appraisals diverge
Prosperity Park, LLC and its affiliate, 10120 Prosperity Park Drive, LLC, were each self-identified single asset real estate entities. Prosperity Park owned six building pad sites, and 10120 owned two vanilla shell condominium units.
Updated: 09/19/2011 12:06P
20 (tie). SemGroup Corp.: SemGroup's good name restored
New leadership at SemGroup Corp. has worked hard to restore the midstream energy company's good name after SemGroup LP's descent into bankruptcy in 2008. Maybe their efforts are paying dividends, symbolically speaking. The Tulsa-based oil,
Updated: 09/19/2011 12:03P
IMF, EU warn Greece to cut, privatise as default threatens
ATHENS — The IMF and EU warned Greece to tighten austerity measures and ramp up asset state sales ahead of talks on rescue funds needed to stave off bankruptcy early next month. The International Monetary Fund criticised Greece for wasting time,
Updated: 09/19/2011 12:00P
Swedish Bankruptcy Court Denies Saab's Bankruptcy Petition (September 19, 2011)
Swedish automaker Saab has submitted a bankruptcy petition to Sweden's bankruptcy court and had it rejected, according to BBC News. Now, a Swedish appeals court has given Saab the right to appeal the bankruptcy court's decision that it did not have
Updated: 09/19/2011 11:57A
Bank of America to let Countrywide file for bankruptcy (www.bankfofamerica.com)
There are now talks of a possibly that the Bank of America will allow the Countrywide company to file for bankruptcy, although the bank is reluctant to do this at the present time. The Bank of America investors are extremely concerned about the future
Updated: 09/19/2011 11:52A
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