On July 18, 2013, the City of Detroit (the “City”) petitioned the United States Bankruptcy Court for the Eastern District of Michigan for relief under chapter 9 of the Bankruptcy Code. Detroit’s bankruptcy is the largest U.S. municipality chapter 9 filing to-date. The City is in the process of marshaling its property in hopes of monetizing some assets to...
Continue ReadingAt the beginning of the fourth quarter of 2015, the price of crude oil fell below $50 a barrel. Natural gas prices were similarly low. At the same time, the price per share of Chesapeake Energy Corporation (“Chesapeake Energy”), a natural gas and oil exploration and production company based in Oklahoma City, was approximately $8, a share price decline...
Continue ReadingThe oil and gas industry is in a state of uncertainty. The price of crude oil, which is depressed and fluctuating, has fallen significantly from 2014 to 2015. Some exploration and production (E&P) and services companies in the industry have filed for bankruptcy protection while others are experiencing operational distress and may soon follow suit. One consequence of the decline...
Continue ReadingThere is a strong public policy in the U.S. favoring the settlement of disputes using alternative dispute resolution tools such as mediation. This is so because mediating disputes before an impartial mediator allows for the confidential and expedient resolution of disputes and avoids costly, time consuming and uncertain in-court litigation. Not surprisingly, therefore, mediation is one tool bankruptcy practitioners...
Continue ReadingIn 2012, Iowa-based Dahl’s Foods Inc. was ranked in the Top 100 of the largest majority employee-owned companies in the United States. Two years later, it filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Iowa. At the time of its bankruptcy filing, Dahl’s was 97% owned by its Employee Stock Ownership...
Continue ReadingFirm founder Camisha L. Simmons has been named by The National Black Lawyers as one of its “Top 40 Under 40.” The honor is bestowed upon outstanding Black attorneys under the age of 40 who exemplify superior leadership, reputation, influence, stature and profile as a black lawyer. Only 40 black lawyers from each state or region are selected for membership each...
Continue ReadingIn 2016, the European Union (“EU”) enacted the General Data Protection Regulation (“GDPR”), a sweeping privacy law granting individuals within the EU enhanced privacy protections. GDPR took effect on May 25, 2018. The mandates and scope of enforcement of GDPR, including imposition of severe monetary penalties, were written to apply beyond the geographical boundaries of the EU member countries....
Continue ReadingShareholder activism is on the rise. And, shareholder litigation against public company boards and management often increases when a public company is underperforming in relation to its industry competitors and/or is experiencing financial distress. Bankruptcy and insolvency practitioners should, therefore, take note of recent shareholder litigation against company boards and lenders challenging “proxy put” provisions in debt agreements (“Loan Agreements”). If...
Continue ReadingThe article discusses a recent decision in the bankruptcy case In re Trump Entertainment Resorts, Inc., the United States Bankruptcy Court for the District of Delaware ruled that the automatic stay in bankruptcy was inapplicable to, and, accordingly, did not bar a labor union from contacting the bankrupt casino hotel’s customers and potential customers and discouraging them from doing business with...
Continue ReadingThe oil and gas industry is in a state of uncertainty. The price of crude oil, which is depressed and fluctuating, has fallen significantly in the past year. Some exploration and production (E&P) and services companies in the industry have filed for bankruptcy protection while others are experiencing operational distress and may soon follow suit. One consequence of the decline in...
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