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Current decisions, news and commentary regarding commercial bankruptcy cases in Delaware.
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Trustee's Claims For Breach of Fiduciary Duty Survive Judgment On the Pleadings And Not Eliminated Because Governing Exculpation Provisions Preserved Causes Of Action
The Delaware Bankruptcy Court permitted the breach of fiduciary and related claims of a Chapter 7 Trustee to proceed over motions of defendants. Judge Kevin Gross was asked to dismiss the complaint following briefing on a motion for judgment on the pleadings. The opinion is styled as Stanziale v. Versa Capital Mgmt., LLC (In re Simplexity, LLC), No. 16-50212 (KG), 2017 WL 2385404 (Bankr. D. Del. June 1, 2017).
The motion for judgment on the pleadings followed a motion to dismiss the complaint that was decided in the Chapter 7 Trustee's favor in January and styled as Stanziale v. Versa Capital Mgmt., LLC (In re Simplexity, LLC), Case No. 14-10569 (KG), 2017 WL 65069 (Bankr. D. Del. Jan. 5, 2017). More ›
Morris James partner Eric J. Monzo and senior counsel Douglas N. Candeub will lead a group presentation regarding creditors' rights in sports retail bankruptcy cases. The presentation is offered through the Delaware Bankruptcy Inn of Court on Tuesday February 21, 2017. Issues subject to the discussion include those affecting commercial landlords, trade creditors, and the Bankruptcy Court's use of Consumer Privacy Ombudsmen to protect consumer privacy rights.
Morris James is uniquely situated to handle issues intersecting bankruptcy and privacy in Delaware and beyond through its bankruptcy/creditors' rights and data privacy practice groups.
Eric J. Monzo focuses his practice primarily on issues relating to business restructuring and insolvency. He regularly represents a wide range of stakeholders including corporate debtors, commercial creditors, official and unofficial committees, trustees, lender groups, agents to syndicated lending groups, financial institutions, principal financial and private equity sponsors, officers, insurers, accountants, and financial advisors.
Douglas N. Candeub has over twenty years of experience working to achieve effective outcomes for his clients in matters pertaining to bankruptcy, insolvency, corporate restructuring, and creditors’ rights. As a litigator, Doug represents business clients in both state and federal Court, at the trial and appellate level. As a business lawyer, he provides advice and representation to clients on business issues and disputes.
In overruling the lender's objection to a fee application, an unambiguous carve-out provision of a DIP Financing Order does not serve as a cap on professionals fees when plan of reorganization was confirmed. The Delaware Bankruptcy Court held that absent specific language in a DIP Financing Order, a dollar-amount cap on professionals' fee payment, or a carve out, does not come into play once a Chapter 11 plan is confirmed.
In In re Molycorp, Inc., Bankruptcy Judge Christopher Sontchi approved the Official Committee of Unsecured Creditors' professionals' fees, noting that a "fundamental statutory requirement of the Bankruptcy Code is that, unless the holder of a particular claim has agreed to a different treatment, allowed professionals' fees are administrative expenses that need to be paid in full under any confirmed plan." Op. at 2. The Court reviewed and accepted the Fee Examiner's recommendations that reflected reasonable compensation for actual and necessary expenses. More ›
In an interesting cross of bankruptcy and e-discovery/privacy law, the Bankruptcy Court for the District of Delaware denied the turnover motion of the foreign representatives (the "Foreign Representatives") of Chapter 15 debtor, Irish Bank Resolution Corporation Limited ("IBRC") seeking the contents of a Yahoo! email account. The Court ruled that the foreign representatives failed to present evidence that the contents of the account were property of the estate pursuant to section 542 of the Bankruptcy Code. More ›
On September 15, 2016, Delivery Agent, Inc. and three affiliates, Musictoday, LLC, Clean Fun Promotional Marketing, Inc., and Shop the Shows, LLC, filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The case has been assigned to The Honorable Laurie Selber Silverstein and has been docketed as case no. 16-12051. More ›
Noble Environmental Power, LLC filed a chapter 11 petition in the United States Bankruptcy Court for the District of Delaware on September 15, 2016. The case has been assigned to The Honorable Brendan Linehan Shannon, and has been docketed as case no. 16-12055. More ›
On September 14, 2016, Golfsmith International Holdings, Inc. and twelve affiliates filed a Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. The case, docketed as 16-12033, has been assigned to The Honorable Christopher S. Sontchi. More ›
Twenty Morris James attorneys in twenty-six practice areas were selected by their peers for inclusion in The Best Lawyers in America 2017 edition. Morris James also has been recognized in four new practice areas, Personal Injury Litigation – Defendants, Arbitration, Corporate Governance Law and Mediation. The Best Lawyers® list is based on an extensive survey involving detailed evaluations of leading lawyers by their peers. More ›
Morris James is pleased to announce that fourteen of its partners and five practice areas have been recognized by Chambers USA 2016. More ›
Morris James LLP is pleased to announce that partner Brett D. Fallon has been selected as a Fellow of the American Bar Foundation (ABF) in recognition of his extraordinary leadership in the profession, his service to society and outstanding dedication to the welfare of the community. More ›
On New Year's Eve 2015, Swift Energy Company and 8 affiliates filed a voluntary petition commencing a prepackaged chapter 11 case in the United States Bankruptcy Court for the District of Delaware. The case is docketed as case no. 15-12670, and has been assigned to The Honorable Mary F. Walrath. The petition lists assets of $1.024 billion and liabilities of $1.349 billion. More ›
Fuhu, Inc. has filed a Chapter 11 petition in Delaware in order to facilitate as sale of the company to Mattel, according to a statement listed on its website. The case is docketed in the United States Bankruptcy Court for the District of Delaware as Case No. 15-12465. The case is assigned to The Honorable Christopher S. Sontchi. Fuhu Holdings, Inc has filed an affiliated case. More ›
U.S. News - Best Lawyers Ranks Eighteen Morris James Practice Areas among 2016 “Best Law Firms” in Delaware
Eighteen Morris James practice areas were recognized in the 2016 “Best Law Firms” rankings by U.S. News – Best Lawyers®. These rankings complement the twenty-one Morris James attorneys who were selected by their peers for inclusion in the “The Best Lawyers in America” 2016 edition.
The practice areas recognized include: More ›
Morris James LLP was presented the Leadership Award at the Delaware State Bar Association’s Christopher W. White 2015 Distinguished Access to Justice Awards Breakfast on October 29th, 2015. The Leadership Award is given to the firm who has demonstrated outstanding leadership in the field of pro bono service to the impoverished in Delaware, and who fosters a culture which recognizes the value of Access to Justice service. More ›