"Bankruptcy courts often address causes of action and claims arising under or governed by state law. Often presented is the question of which state’s laws to apply. To be discussed here is the further question raised: how does a bankruptcy court make a choice of law determination?
"The modern trend in chapter 11 is to liquidate the business as a going concern through a sale under section 363. This is particularly true in cases where the primary secured lender’s debt exceeds the value of the business.
"Most observers are familiar with the old aphorism that “there is law and there is asbestos law”—the notion being that legal protections for defendants were stripped away over time by both Federal and state courts attempting to deal with asbestos litigation.
This article is the first in a series about how bankruptcy trustees and advisors can create cash from assets that have traditionally been difficult to monetize. This installment focuses on generating cash from both highly-aged and previously written-off commercial receivables.
The sale of a debtor's assets outside of a confirmed plan of reorganization is accomplished pursuant to §363(b) of the Bankruptcy Code.
This case study discusses Wellington Leisure Products Inc. (WLP) (seller), a consumer products manufacturer with diverse product lines: cordage (rope), both commercial and retail; PDFs - life vests; pool toys; patio furniture (wood furniture, umbrellas, and replacement cushions); and hunting products (deer hunting scents/lures).
The Asset Sales Committee had a very lively session at the 15th Annual Winter Leadership Conference held on Dec. 4-6, 2003 in beautiful La Quinta, Calif. The first half of the session was devoted to a discussion of intellectual property issues in bankruptcy asset sales.
