Search Results for: "Creditor"
The ABCs of ABCs, Business Bankruptcy, & Corporate Restructuring/Insolvency Who are you? Maybe your company needs to file chapter 11. Or one of your customers recently filed. Or maybe a competitor is in (or is rumored to be close to filing) chapter 11. Maybe you’re thinking about getting into the corporate restructuring industry yourself. Regardless of your answer, if what you’re after is a tour of the turnaround, restructuring, and insolvency industry (the “Industry”), you came to the right place. A Little History About Law & Economics The Industry began […]
What Can An Ancient Greek Playwright Tell Us About Bankruptcy? Some of the best lessons on fraud and deceit in bankruptcy were written around 2,500 years ago. Yes, all the way back in 423 B.C., the Greek playwright Aristophanes offered his thoughts for posterity in his comic play “The Clouds,” which tells the story of Strepsiades, a man unable to even sleep because of the huge debts his son has incurred. The play chronicles his various attempts to learn the art of “Unjust” argument from Socrates and the sophists, so […]
A Series on the ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency Since a judge presides over a chapter 11 proceeding, one might assume that a chapter 11 case is like any other commercial litigation matter, with one party on each side of the case: a plaintiff and a defendant. One would be wrong (Felix Unger taught us what happens when we “ass-u-me”). In this installment of our series on business bankruptcy, restructuring and insolvency, we look at debtors, chapter 11 trustees, types of creditors and other parties involved in […]
A Series on the ABCs of ABCs, Business Bankruptcy & Corporate Restructuring/Insolvency Greetings, Dear Reader: It seems you’re interested in learning how to deal with corporate distress, and we’re glad you’re here. But let’s first make sure you got on the right plane. Maybe you… Are a C-suite executive of a business that’s considering buying a failing competitor on the cheap Manage a private equity or hedge fund Are a junior associate in the restructuring or special situations group of a law, investment banking, or accounting firm Are a credit […]
Editors’ Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. QUESTION: How do I know if I should request relief from a debtor’s automatic stay? ANSWER: What is the Automatic Stay? Section 362 of the Bankruptcy Code provides for the automatic stay. The automatic stay, triggered immediately upon the debtor’s filing of a bankruptcy petition, bars nearly all actions against the debtor and its property, including actions to exercise […]
Public Notice of Asset Sale: Intellectual property & Assets of The Education Insurance Corporation DSI ABCs LLC (“DSI”), as assignee (the “Assignee”) for the benefit of creditors of The Education Insurance Corporation, an insurance technology company, announces the public sale of EIC’s intellectual property and substantially all its other the assets (the “Auction Assets”). All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020. Location: An auction will be held on March 6, 2020. Only qualified competing bidders will be permitted to attend the auction. The auction will take place at DSI’s office at 10 South LaSalle Street, Suite 3300, Chicago, IL 60603. Seller: Assignee. About the Education Insurance Corporation and Assets to be Sold: EIC is a Delaware corporation headquartered in Stamford, Connecticut. EIC was formed with the goal of developing a new insurance product which would enable colleges and universities […]
A Practical Guide to Assessing Legal Risk and Potentially Fraudulent Transfers “One man’s rubbish is another man’s treasure.” -William & Robert Chambers Journal of popular literature, science and arts (1879) “A little learning is a dangerous thing” -Alexander Pope, An Essay on Criticism (1709) Buying operating assets from a financially distressed seller can present a fantastic opportunity to buy low. Before doing so, however, any buyer must take into account a host of considerations. These include, but aren’t limited to, operational, competitive, integration and legal issues, such as […]
Assignee Howard Samuels & Rally Capital Announce Public Sale of the Assets of M&M Pump & Supply, Inc. There will be a public auction (“Auction”) on Friday, January 31, 2020 at 2:00 pm, CST ( “Auction Date”) of substantially all of the assets of M&M Pump & Supply, Inc. (“M&M Pump”). Location. The Auction will take place in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654. Seller. Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors of M&M Pump (“Assignee“) is the seller. Assets to be Sold. As noted above, the Assignee will sell substantially all of the assets of M&M Pump (“Auction Assets”). The Auction Assets include all of the Assignee’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or leased (including indirect […]
The Petition Date is the date a debtor files a petition for relief under the Bankruptcy Code. The debtor’s assets as of the petition date become property of the estate. The petition date also determines the date by which all creditors’ claims are measured. Any claim occurring prior to the petition date is deemed to have occurred pre-petition. Any claims occurring after the petition date occur post-petition.
When a debtor files for Chapter 11 or Chapter 7 bankruptcy, often a creditor’s only remedy is to wait for a sale or reorganization, the claims resolution process and other actions to be taken before the debtor or trustee can make distribution on the claim.