Any student of securities laws knows that the Federal Deposit Insurance Corporation plays an important role in safeguarding the integrity of our financial markets. I’m very interested in the FDIC and I’m surprised there aren’t more histories written about it. Here is my brief summary of what is out there so far. The Federal Deposit…
This post provides broad general advice on (i) the duties owed by a director of a corporation in the U.S., and (ii) the steps directors should take to minimize the risk of a claim for breach of these duties. Given that most of my clients are Delaware corporations, I have focused primarily on Delaware law and…
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: LYONDELL CHEMICAL COMPANY, et al., Debtors. EDWARD S. WEISFELNER, AS LITIGATION TRUSTEE OF THE LB CREDITOR TRUST, Plaintiff, v. FUND 1., et al., Defendants. Chapter 11 Case No. 09-10023 Jointly Administered Adversary Proceeding Case No. 10-4609 (REG) DECISION AND ORDER ON MOTIONS TO DISMISS APPEARANCES: BROWN…
The National Law Review posted an article written about the Lyondell Shareholder Clawback Litigation. The Bradshaw Law Group represents individual defendants in this matter for a low annual flat fee. Contact Gil@bradshawlawgroup.com if you need representation in this lawsuit. Attacking LBO (Leveraged Buyout) Payouts as State Law Fraudulent Transfers The United States Bankruptcy…
Lyondell: Is the Safe Harbor Closed to Former Shareholders of LBOs (Leveraged Buyout)? In a recent decision by the United States Bankruptcy Court for the Southern District of New York, Weisfelner, v. Fund 1, et al. (In re Lyondell Chem. Co.), 2014 Bankr. LEXIS 159 (Bankr. S.D.N.Y. January 14, 2014), the Court determined, among other things, that Section 546(e)…
Former Lyondell shareholders may be set back by recent developments in the Lyondell bankruptcy case leaving Lyondell shareholders open to creditor fraudulent conveyance claims. Law360, New York (January 27, 2014, 1:17 PM ET). Lisa Schweitzer writes, “On Jan. 14, 2014, the U.S. Bankruptcy Court for the Southern District of New York held that the Bankruptcy…
Recent News on the Lyondell Clawback Litigation from Cadwalader, Wickersham & Taft: On January 14, 2014, Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York in Weisfelner v. Fund 1. (In re Lyondell Chemical Co.), Adv. Proc. No. 10-4609 (REG), 2014 WL 118036 (Bankr. S.D.N.Y. Jan. 14, 2014) held that…
Law360.com wrote a fantastic write-up on the Lyondell Shareholder Clawback decision: The Bradshaw Law Group represents defendant shareholders for a flat annual fee of $2,000 (which only covers 2 days of hearings per year). Lyondell Shareholders Can’t Shake Creditors Clawback Suit By Kat Greene Law360, Los Angeles (January 15, 2014, 7:14 PM ET) — A…
Judge Gerber released is opinion yesterday on the Lyondell Shareholder Clawback. The full text of the opinion will be put in my blog as soon as I can get it formatted appropriately on this blog. We represent shareholder defendants involved in this case for an annual flat fee of $2,000 (which only includes 2 full…
NYTimes Dealbook is reporting that last Friday, when the city of Detroit sought approval to borrow $350 million from Barclays Capital to pay payroll and to pay off their interest rate swap counterparties* Judge Rhodes ignored the Bankruptcy Code’s “Safe Harbor” provisions and sent two bank lenders into a confidential mediation through Christmas Eve so that…
