Many potential buyers of assets out of bankruptcy assume that making a deposit gives them an option to walk away from the deal and lose nothing more than the amount they put down. In a recent case in the Southern District of New York, that assumption proved to be unwarranted — and costly to the reneging buyer, who ended up liable for damages equal to the difference between the price it had agreed to pay and the assets’ value as of the time of the purchaser’s breach.
With the increase of bankruptcies among retailers, online merchants and other consumer companies, the accumulated marketing and ordering information embedded in these companies databases are growing more and more valuable. These firms have built sophisticated analytics to improve sales results by massaging the acquisition data of each and every customer.
It doesn't take too much experience in the world of bankruptcy to learn that most of the time, when the proverbial train is leaving the station, it stops for no one. The bankruptcy court approves the transaction over objection and the objecting parties are unable to obtain a stay pending appeal.
Rule 502 of the Federal Rules of Evidence (FRE), which became law in 2008, addresses whether a party’s disclosure of materials protected by the attorney-client privilege or the work-product rule effects a waiver and if so, whether that waiver should be considered a subject-matter waiver.
On December 1, 2006, the Federal Rules of Civil Procedure were amended to establish rules to govern discovery of electronically stored information (ESI).[1] Courts nationwid
Until the U.S. Supreme Court’s recent 5-4 decision in Stern v.
Nothing is more frustrating to a creditor collecting on a promissory note than having the defendant object to the authenticity and/or admissibility of the note—particularly, in response to a creditor’s summary-judgment motion.
Picture the typical bankruptcy case. The decision is made to sell the assets, and debtor’s counsel drafts bidding procedures to create a framework to generate the highest and best bid for a particular estate asset. The committee and the secured creditors make comments and the court approves the bidding procedures.
Asset sales of substantially all of the assets of a corporate debtor early in a chapter 11 case have become routine.
