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The Delaware Bankruptcy Insider is a premier blog designed to bring its readers a comprehensive analysis of the latest Delaware corporate bankruptcy news and rulings.  Brought to you by Ashby & Geddes, P.A.

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Bankruptcy Court Disallows Employee’s Claims for Severance Benefits; Debtor’s Interpretation of Employee Benefit Plan Given Deference

In re The PMI Group, Inc., et al., No. 11-13730 (BLS) (Bankr. D. Del. June 23, 2014)

Judge Shannon recently sustained a debtor’s objection to benefits sought by a former employee pursuant to the debtor’s salary continuation plan (the “Salary Continuation Plan”).  The case centered on whether the implementation of insurer solvency protection provisions under the laws of the state of Arizona constituted a “change in control” as defined by the Salary Continuation Plan.

By way of background, The PMI Group, Inc. (the “Debtor”) and its subsidiaries were involved in the residential mortgage industry and thus,… Read More

Lengthy Service Oversight Causes the Bankruptcy Court to Dismiss Preference Claims

Forman v. Mentor Graphics Corp. (In re Worldspace, Inc.), Adv. No. 10-53286 (PJW), (Bankr. D. Del. June 5, 2014)

On June 5, 2014, Judge Walsh granted a motion to dismiss filed by a preference defendant, holding that the amended complaint which added the defendant to the proceeding could not relate back to the date of the original complaint under Federal Rule of Civil Procedure 15(c)(1)(C) so as to avoid the expiration of the applicable statute of limitations.  In rendering his decision, Judge Walsh found significant the plaintiff’s failure to properly serve the original defendant with five… Read More

More Opinions Addressing Pro Se Claimants in New Century TRS Holdings, Inc

Konar v. New Century TRS Holdings, Inc (In re New Century TRS Holdings, Inc), Adv. No. 12-50187 (KJC), 2014 WL 2198247 (Bankr. D. Del. May 23, 2014); In re New Century TRS Holdings, Inc, No. 07-10416, 2014 WL 2511339 (Bankr. D. Del. May 30, 2014) (“Cromwell”); In re New Century TRS Holdings, Inc, No. 07-10416, 2014 WL 2446823 (Bankr. D. Del. May 30, 2014) (“Russell”)

In In re New Century TRS Holdings, Inc, the Honorable Kevin J. Carey has spent significant time adjudicating pro se claimants’ late-filed proofs of claims that assert various alleged injuries relating to their respective mortgages.  In fact, in… Read More

Stern Claims Should be Treated as Non-Core Under Section 157(c)(1); Ability to Consent Under Section 157(c)(2) Reserved For Another Day

Executive Benefits Insurance Agency v. Arkison, Chapter 7 Trustee of the Estate of Bellingham Insurance Agency, Inc., 573 U.S. ___ (2014)

Writing for a unanimous Court, Justice Thomas explained in Executive Benefits Insurance Agency v. Arkison, 573 U.S. ___ (2014) that a Stern claim (i.e. a proceeding that is defined as core under 28 U.S.C. § 157(b) but that may not, as a constitutional matter, be adjudicated as such) should proceed as non-core within the meaning of section 157(c)(1) so long as it otherwise satisfies the criteria of such section (i.e. “is not a core proceeding but . . . is… Read More