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Mealey's Bankruptcy - 1st Circuit: T&N Bankruptcy Plan Didn't Extend Stay; Trust's Claims Untimely

WORCESTER, Mass. - T&N Ltd.'s bankruptcy plan envisions claims against it for the purpose of accessing nontransferable asbestos-insurance assets, but provides no extension of the bankruptcy stay past discharge, a panel of the First Circuit U.S. Court of Appeals held Feb. 11 (Nora M. Barraford...

Mealey's Bankruptcy - Florida Panel Reverses Trial Court Ruling Regarding Appraisal In Sinkhole Case

LAKELAND, Fla. - A Florida appellate panel on Feb. 20 reversed and remanded a lower court, holding that ordering the state's insurance guarantor to participate in an appraisal of a home's sinkhole damage is at odds with the guarantor's statutory mandate (Florida Insurance Guaranty Association...

Mealey's Bankruptcy - Florida Judge Orders Ancillary Receivership Of Nevada Insurer

TALLAHASSEE, Fla. - A Florida judge on Feb. 19 ordered a Nevada-domiciled insurer into an ancillary receivership after the insurer was put into liquidation in its home state (State of Florida, ex rel., the Florida Department of Financial Services v. Sensible Home Warranty, LLC, No. 2015-CA-0273, Fla...

Mealey's Bankruptcy - 3rd Circuit Halts Lawyer's Action Against Trusts Pending Motion To Dismiss

PHILADELPHIA - The Third Circuit U.S. Court of Appeals on Feb. 23 stayed an appeal by an attorney seeking to force six asbestos trusts to resume processing his claims until the court decides whether to dismiss the appeal at the request of the trusts for lack of jurisdiction (Michael J. Mandelbrot, et...

Payment Of Attorneys For Defending Fee Requests Debated In Supreme Court

WASHINGTON, D.C. — (Mealey’s) There is no basis in the law for categorically denying payment to lawyers for successfully defending their fee applications in bankruptcy cases, attorney Aaron M. Streett of Texas law firm Baker Botts LLP told the U.S. Supreme Court Feb. 25 in a case in which...

Mealey's Bankruptcy - West Virginia Senate Adopts Bankruptcy Trust Transparency Legislation

CHARLESTON, W.Va. - The West Virginia Senate on Feb. 27 unanimously adopted legislation requiring plaintiffs to submit sworn statements disclosing asbestos bankruptcy trust submissions and taking other measures that will allegedly contribute to transparency in the process.

Mealey's Bankruptcy - 8th Circuit Says Bank Did Not Prove That $2 Million Loss Was Caused By Forgery

ST. LOUIS - An Eighth Circuit U.S. Court of Appeals panel on March 3 affirmed a lower court decision in favor of an insolvent insurer, holding that a bank did not prove that a purported forgery on a lease guaranty instrument caused the bank's loss of more than $2 million (BancInsure, Inc. v. Highland...

Mealey's Bankruptcy - Judge Refuses To Transfer Garlock's Fraud, RICO Actions Against Law Firms

CHARLOTTE, N.C. - The most efficient forum for Chapter 11 debtor Garlock Sealing Technologies LLC's four adversary complaints accusing several asbestos plaintiff law firms of fraud is in North Carolina, where Garlock's bankruptcy case is pending, a federal judge in that state ruled March 9 in...

Golf Channel Must Repay Nearly $6M in TV Ad Money to Stanford Receiver, Says Appeals Court

A federal appeals court has ordered The Golf Channel to repay nearly $6 million it received as payment for TV advertisement services from convicted Ponzi schemer Allen Stanford, finding that the advertisement services provided no value to Stanford's victims and thus could not defeat a court-appointed...

Mealey's Bankruptcy - Flintkote Gets Extensions To Seek Plan Confirmation, Remove Actions

WILMINGTON, Del. - With a second confirmation hearing for The Flintkote Co.'s plan of reorganization set for August, the Delaware federal bankruptcy judge overseeing the case on March 13 gave the debtor more time to file a plan, solicit votes on it and remove bankruptcy prepetition causes of action...

Mealey's Bankruptcy - With Insurance Suit Planned, Law Firm's Duties Expanded In Rapid-American Case

NEW YORK - A New York federal bankruptcy judge on March 16 expanded the services of the special insurance counsel for asbestos personal injury creditors in the Chapter 11 case of Rapid-American Corp. to include insurance coverage litigation expected to be filed against the debtor's remaining excess...

Mealey's Bankruptcy - Florida Panel Reverses Order Compelling Appraisal In Sinkhole Coverage Dispute

LAKELAND, Fla. - A Florida appeals panel on March 13 found that a lower court erred in holding that insureds were entitled to appraisal of their claim for sinkhole damage, reversing, remanding and certifying two questions to the Florida Supreme Court (Florida Insurance Guaranty Association Inc., v. Daniel...

Mealey's Bankruptcy - Florida Panel: State's Insurance Commissioner Cannot Be Compelled To Testify

TALLAHASSEE, Fla. - A Florida appellate panel on March 12 issued a writ of certiorari and quashed a trial court's order compelling the deposition of the state's insurance commissioner in a suit against the accounting firm of three insolvent insurers (Florida Office of Insurance Regulation v....

Mealey's Bankruptcy - West Virginia Governor Signs Bankruptcy Trust Transparency Legislation

CHARLESTON, W.Va. - West Virginia Gov. Earl Ray Tomblin on March 18 signed legislation that proponents hope encourages transparency in asbestos bankruptcy trust filings.

Mealey's Bankruptcy - Pittsburgh Corning's Plan Of Reorganization 'Fatally Flawed,' Insurers Argue

PHILADELPHIA - The Third Circuit U.S. Court of Appeals should reverse approval of Pittsburgh Corning Corp.'s (PCC) plan of reorganization because it improperly relieves PCC's corporate parents and hundreds of affiliates of asbestos liability while establishing a trust controlled by plaintiffs'...

Mealey's Bankruptcy - Bankruptcy Court Judge Denies Conduit Installer's Motion To Reconsider Ruling

RALEIGH, N.C. - A federal bankruptcy court judge in North Carolina on March 27 denied an electrical conduit subcontractor's motion to reconsider or amend a previous ruling denying its motion for summary judgment in a third-party suit brought by a subcontractor that installed a post-tension system...

Mealey's Bankruptcy - 'Each And Every Exposure' Testimony, Garlock Order At Issue In In Limine Motions

LOS ANGELES - A couple asked a federal judge in California on March 30 to exclude a bankruptcy trust estimation order critical of asbestos litigation, while three defendants sought to exclude expert testimony that "each and every exposure" contributes to a disease (Howard Utech, an individual...

Mealey's Bankruptcy - Receiver Asks Court To Certify Order As Final And Appealable

FRESNO, Calif. - The receiver of an insolvent insurer asked a federal court in California on April 1 to certify one of the court's previous orders as final (Thomas T. Hawker, et al. v. BancInsure, Inc., et al., No. 12-cv-01261, E.D. Calif.).

Mealey's Bankruptcy - Bankruptcy Judge Confirms Yarway's $325 Million Chapter 11 Plan

WILMINGTON, Del. - A Delaware federal bankruptcy judge on April 8 confirmed a reorganization plan for Chapter 11 debtor Yarway Corp. that establishes a $325 million trust to process and pay thousands of asbestos injury and wrongful death claims (In re: Yarway Corporation, No. 13-11025, D. Del. Bkcy....

Mealey's Bankruptcy - Bankruptcy Judge Approves Garlock's Disclosure Statement

CHARLOTTE, N.C. - A North Carolina federal bankruptcy judge on April 10 approved the disclosure statement for Chapter 11 debtor Garlock Sealing Technologies LLC's plan of reorganization, established a bar date for asbestos personal injury claims against Garlock, allowed the future claimants'...

Mealey's Bankruptcy - Garlock's Review Procedures For Settled Asbestos Claims Not Needed, Committee Says

CHARLOTTE, N.C. - Garlock Sealing Technologies LLC's proposed procedures for objecting to and disallowing claims of 2,333 people seeking payment for asbestos-related injuries under prepetition settlements with Garlock should be rejected because the procedures are one-sided, unreasonable and unnecessary...

Mealey's Bankruptcy - Allowed Asbestos Claims To Be Paid In Energy Future's Reorganization Proposal

WILMINGTON, Del. - Holders of allowed asbestos personal injury claims against Chapter 11 debtor Energy Future Holdings Corp. (EFH) will be paid in full for their claims, according to a plan of reorganization and disclosure statement filed by the energy company April 14 in Delaware federal bankruptcy...

Mealey's Bankruptcy - New York Bankruptcy Judge Finds Suits Against GM Barred By Sale Order

NEW YORK - A sale order and injunction issued pursuant to Section 363 of the U.S. Bankruptcy Code shields General Motors LLC (New GM) from liability for the majority of ignition-switch suits stemming from conduct on the part of General Motors Corp. (Old GM), a bankruptcy judge in New York held April...