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Bloomberg and CNN reported on the potential impact the pause
in the use of Johnson & Johnson s Covid-19 shot could
have. In the wake of the announcement, stay-at-home company
stocks bounced, while travel company stocks fell as investors
worried about the potential long-term impact. [Bloomberg;
April 13, 2021 & CNN; April 14, 2021]
The Wall Street Journal reported on an
intensifying bidding war for Hertz as previously-outbid investors
returned to the table with a counteroffer for the car rental
company in chapter 11 with a valuation of $6.2 billion. The revised
bid by Knighthead Capital Management LLC and Certares Management
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In its recent opinion arising out of the Orexigen
Therapeutics Inc. bankruptcy case, the US Court of Appeals for the
Third Circuit affirmed that while a creditor retains its direct
setoff rights against a debtor under Section 553 of the Bankruptcy
Code when both it and the debtor owe debts to one another, so
called triangular setoffs - setoffs relating to
affiliated third party debts - are not similarly protected, even if
provided for contractually.
1 In so holding, the Third Circuit
became the first US circuit court of appeals to reach the issue and
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The historic rise and fall of St. Louis-based US Fidelis is a
tale so legendary that the media keeps retelling it – often
with the help of our bankruptcy co-chair
Dave Warfield, who had a
front-row seat for the legal drama as lead counsel for the
creditors committee in the US Fidelis bankruptcy.
Dave s latest rapt audience is the listeners of NPR s
Planet Money podcast. The popular financial podcast s April 9
episode,
About Your Extended
Warranty, features Dave extensively in the first
half of the episode, available from the NPR website or wherever you
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With 2019 seeing modest slowdowns in both M&A deal volumes
and deal values compared to 2018, industry participants entered
2020 cautiously optimistic about the potential for automotive
M&A deal growth. Although 2020 wasn t predicted to be a
breakout year for M&A deals, many saw autonomous and
electrification technologies driving industry activity as consumers
continued to warm to the thought of self-driving cars and the idea
of replacing gas stations with charging stations. In the
background, consolidation of suppliers and producers in the
internal combustion engine sector were likely to continue driving
Kelley Drye & Warren LLP
The much-ballyhooed COVID relief bill passed by Congress at the end of last year, in addition to providing for $600 checks to millions of people, includes several COVID-related amendments.
Kelley Drye & Warren LLP
A recent decision by Judge Jed Rakoff of the Southern District of New York highlights the risks faced by directors and officers of companies in financial distress who fail to undertake properly.
Fisher Broyles
Starting on October 8, 2020, Kmart Holding Corporation, Sears, Roebuck & Co. and other affiliated debtors of Sears Holdings Corporation ( Debtors ) collectively filed over 400 complaints in the.
Kelley Drye & Warren LLP
The U.S. Court of Appeals for the Third Circuit recently became the first circuit court to address the question of whether a corporate parent can set off an obligation.