Mealeys

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9th Circuit Vacates Asbestos Bankruptcy Reorganization; Says Trust Isn't In Control
Posted on 29 Oct 2013 by Mealeys

SAN FRANCISCO - The Ninth Circuit U.S. Court of Appeals on Oct. 28 vacated the bankruptcy reorganization plan for a former asbestos insulator, finding that the plan failed to satisfy the requirements of Section 524(g) of the Bankruptcy Code dealing with... Read More

Creditor Of Solar Energy Company: Trustee's Deal With Insurer Should Be Denied
Posted on 23 Jan 2014 by Mealeys

WILMINGTON, Del. - A creditor of bankrupt alternative energy company Abound Solar Manufacturing LLC on Jan. 22 moved in the U.S. Bankruptcy Court for the District of Delaware to oppose the trustee's motion to approve a settlement with the company's... Read More

Md. Bankruptcy Judge Declines To Reconsider Lifting Stay To Settle Asbestos Claims
Posted on 3 Apr 2013 by Mealeys

BALTIMORE - A Maryland federal bankruptcy judge on March 29 denied a request to reconsider her decision to lift the automatic stay in Lloyd E. Mitchell Inc.'s (LEM) Chapter 11 case so a confidential settlement among the debtor, two insurers and a... Read More

Alternative Dispute Resolution Proposal By Hostess Should Be Changed, Insurers Say
Posted on 25 May 2012 by Mealeys

NEW YORK - An insurance company and its affiliate on May 24 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to a motion by bankrupt Hostess Brands Inc. that seeks to use alternative dispute resolution (ADR) as... Read More

Md. Federal Judge Interprets Insurance Coverage In Favor Of Asbestos Defendant
Posted on 7 Jan 2014 by Mealeys

BALTIMORE - While two insurance companies are correct that Maryland follows the horizontal exhaustion rule for determining primary and excess policy coverage, the rule must be applied based on the theory of pro-rata allocation, as a former insulation... Read More

Dewey & LeBoeuf Executives: $19.5M Deal With Insurer Lacks 'Supportable Basis'
Posted on 3 May 2013 by Mealeys

NEW YORK - Two former executives with bankrupt law firm Dewey & LeBoeuf on May 2 filed a brief objecting to the more than $19.5 million settlement reached among the Dewey & LeBoeuf Liquidation Trust, XL Specialty Insurance Co. and Steven H. Davis... Read More

Bankruptcy Judge: Insurance Carriers May Pay Defense Costs In MF Global Case
Posted on 11 Apr 2012 by Mealeys

NEW YORK - The federal bankruptcy judge presiding over the Chapter 11 proceeding of MF Global Holdings Ltd. (MFGH) in the U.S. Bankruptcy Court for the Southern District of New York on April 10 ruled that the automatic stay could be lifted in the case... Read More

Bankruptcy Judge Denies Reconsideration Of Pittsburgh Corning Plan Confirmation
Posted on 13 Nov 2013 by Mealeys

PITTSBURGH - A Pennsylvania federal bankruptcy judge on Nov. 12 mostly denied a motion by two insurance companies to reconsider confirmation of Pittsburgh Corning Corp.'s Chapter 11 plan of reorganization, granting the request only to make clear what... Read More

Bankruptcy Judge Nixes Garlock Appeal Of Pittsburgh Corning's Plan Confirmation
Posted on 26 Jul 2013 by Mealeys

PITTSBURGH - An appeal of confirmation of Pittsburgh Corning Corp.'s Chapter 11 plan of reorganization by fellow asbestos bankruptcy debtor Garlock Sealing Technologies LLC was rejected July 23 by a Pennsylvania federal bankruptcy judge, who found... Read More

Judge Dismisses As Moot Insurers' Appeal Of Settlement In Plant Bankruptcy
Posted on 16 Sep 2013 by Mealeys

SAN FRANCISCO - An appeal by nonsettling insurance companies of a $70 million settlement between Chapter 11 debtor Plant Insulation Co. and two other insurers is moot because the settlement is authorized by the U.S. Bankruptcy Code and was consummated... Read More

Supreme Court Declines To Hear Case Involving Arbitration Issues In Bankruptcy
Posted on 1 Oct 2012 by Mealeys

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 1 denied certiorari to an insurer that had asked the court to hear its claim that arbitration agreements should be honored in bankruptcy proceedings (Continental Insurance Company v. Thorpe Insulation... Read More

California Federal Judge Rejects Insurers' Appeals Of Reorganization, Settlement
Posted on 12 Oct 2012 by Mealeys

SAN FRANCISCO - A California federal judge on Oct. 9 overruled all objections filed on appeal by 13 insurance companies to Plant Insulation Co.'s Chapter 11 plan of reorganization and affirmed confirmation of the plan, finding that the bankruptcy... Read More

Judge Orders Accounting Firm's Insurer To Pay $10M To Bankruptcy Estate
Posted on 11 Apr 2012 by Mealeys

FORT LAUDERDALE, Fla. - A Florida federal bankruptcy judge on April 9 granted a motion by the Chapter 11 trustee of the law firm once headed by convicted Ponzi scheme operator Scott Rothstein to compel the insurer of an accounting firm, which allegedly... Read More

Insurer Objects To Filene's Chapter 11 Reorganization Plan, Says Rights Affected
Posted on 24 Aug 2012 by Mealeys

WILMINGTON, Del. - Liberty Mutual Insurance Co., a creditor in the Chapter 11 bankruptcy of Filene's Basement LLC, on Aug. 22 filed a brief in the U.S. Bankruptcy Court for the District of Delaware, objecting to Filene's second amended plan of... Read More

Health Plans Seek Reimbursement From Pfizer For Asbestos Medical Care
Posted on 9 Sep 2013 by Mealeys

NEW YORK - Thirty-two insurers and health care plans on Sept. 5 sought relief in New York federal bankruptcy court from an injunction in the Chapter 11 case of Quigley Co. Inc. so they can sue Quigley parent Pfizer Inc. for reimbursement of millions of... Read More