Litigation in U.S. courts that involve Cayman investment funds, their shareholders, directors and service providers, in particular at the suit of shareholders and liquidators, is on the increase. This article gives an overview of some of the more important of those issues that are most frequently encountered—directors’ duties, shareholders’ derivative claims, reflective loss and indemnity and exculpation provisions for directors and service providers. In this article, the focus is on corporate Funds, although the same principles will apply generally to Cayman companies. Different considerations will apply in the case of partnerships.
Read the full article.
Two sections of the Bankruptcy Code seemingly stand at odds regarding the protections offered to lessees of real property owned by a bankrupt debtor. Section 365(h) strongly protects a lessee’s right to possession of real property in the face of debtor’s rejection of the lease. The legislative history of § 365(h) indicates that Congress had a desire to protect a lessee’s expectations in real estate transactions. However, § 363(f) allows a trustee or debtor in possession (DIP) to sell real property free and clear of “any interest” in such property, including a leasehold interest.
Read the full article.
by Monique A. Bair
Saul Ewing LLP; Philadelphia
Lauren J. Grous
Saul Ewing LLP; Philadelphia
In recent decades, with the emergence of the internet and development of technology, reading a newspaper printed on real paper has become a fleeting relic of daily life in this country. We can now get the news we want in a single click, from almost anywhere and at any time. This once daily ritual, however, may be of great importance to bankruptcy debtors and their attorneys, as well as creditors who may be unknown to the debtor at the time of its bankruptcy proceeding.
Read the full article.
by Marti P. Murray
Murray & Burnaman LLC; New York
I recently had the pleasure of attending two conferences sponsored by the American Bankruptcy Institute (“ABI”). First, the Valcon conference in Las Vegas, which focused primarily on issues relating to bankruptcy and valuation. Second, the yearly spring meeting of the ABI, held in Washington, D.C., during the annual cherry blossom weekend. Las Vegas was only slightly warmer than Washington, D.C. and while it was nice to visit the Capital and see all the tourists on their cherry blossom photo safaris, I noted that most of them were bundled up in their down parkas, shoulders hunched up against a chilling wind. At the risk of stating the obvious, while the calendar says it’s supposed to be spring, Mother Nature is not fully cooperating.
Read the full article.
by Jennifer E. Smith
Benesch, Friedlander, Coplan & Aronoff LLP; Wilmington, Del.
As a junior-level associate, business development is at once an alluring and daunting topic, shrouded in mystery. As a bright-eyed associate, it seems as though the firm rainmakers are always making rain and it is hard to imagine that their entire book was once comprised of representing Uncle Stu in his loan modification to keep the hardware store afloat. Sadly, my own relatives have not required workout or restructuring assistance in the three years I have been practicing, but I remain morbidly hopeful.
This article provides pointers for junior-level associates struggling to navigate the muddy waters of business development. It is often said that money begets money, and it makes sense that clients generate other clients, but how do you go about getting that first client and earning that first dollar that will be attributable to your book of business? The answer is simple: A three-pronged approach that any associate, no matter how junior, can employ to develop business for the future. [1]
Read the full article.
Volo now has more than 185 circuit court case summaries, which represent the most recent appellate court decisions. Opinions are summarized and posted within 24 hours of publication and the database is searchable by circuit and keyword. Summaries also include a link to the full text of the opinion for your convenience. ABI members can also subscribe to an RSS feed or email alert to receive summaries as soon as the are posted. Check out the latest summaries from the 1st and 4th circuits and be the first to know with Volo!
Are you intersted in becoming a Volo Editor? Click here to sign up.
ABI Young & New Members Task Force
Geoff Berman's task force to get young and new members more involved (and with an eye toward leadership positions) is off and running, having run a couple of focus groups to find out what the young and new members might find useful. Lynette Warman, Rudy Cerone, and Nancy Rapoport are still looking for additional comments and suggestions from the following groups: (1) senior professionals interested in getting their more junior professionals involved in ABI; (2) experienced bankruptcy professionals who are new to ABI; and (3) newer professionals who are interested in getting more involved. So far, the task force has heard about some possible ways to provide bite-sized training (and networking), and it has heard about some possible barriers to more involvement (cost and time). The more input the task force gets, the better the idea-generating it can do. Please contact Nancy Rapoport with any ideas or suggestions by email at nancy.rapoport@unlv.edu.
