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Features
Many bankruptcy practitioners are at least somewhat familiar with the highly publicized proceedings involving Life Partners Holdings Inc. (LPHI), a company that sold fractional ownership interests in life insurance policies — referred to as life settlements. This case was as complex as any could imagine and, as the Trustee appointed to manage this bankruptcy, the author had a front-row seat.
Features
In <I>In re AE Liquidation</I>, the Third Circuit held that a WARN Act notice only must be given when mass layoffs are probable, not when merely foreseeable. As a result, a debtor that was attempting to effectuate a going concern sale under Bankruptcy Code Section 363 was not liable for failing to give a WARN Act notice until the day it determined it could no longer wait for approvals from the buyer to close.
Features
<b><I>Considerations for Bankruptcy Counsel</I></b><p>Substantive non-consolidation opinion letters have long been a regular “check-the-box” item in large commercial real estate transactions. While substantive consolidation jurisprudence has not changed materially over the past decade, these opinion letters should not be treated lightly by borrowers or their counsel.
Features
For the remainder of 2017, due in part to the current uncertainty in the healthcare industry and its legislative oversight, more financially distressed providers are considering Chapter 11 bankruptcy to effectuate closures, consolidation, restructurings and related transactions.