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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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- Delaware Court of Chancery
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Recent Posts
- Getting Noticed in the Digital Age: Delaware Bankruptcy Court Finds Email Notice Satisfies Due Process but Not Rule 2002
- Third Circuit Reversal Paves the Way For NextEra to Potentially Recover Administrative Expenses Incurred in Connection With Failed Merger
- Delaware District Court Disagrees with Bankruptcy Court’s Ruling and Holds That Committee’s Challenge Rights Survived Entry of the Sale Order and Consummation of Sale
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On a Mission: Supreme Court Clarifies Effect of Rejection of Executory Contract
Mission Prod. Hldgs., Inc. v. Tempnology, LLC, No. 17-1657 (2019).
In Mission Prod. Hldgs., Inc. v. Tempnology, LLC, the United States Supreme Court resolved a long-standing Circuit Court split in holding that a debtor’s rejection of an executory contract does not eliminate a contract counterparty’s right to use certain debtor trademarks provided thereunder. Rather, according to the Court, following the debtor’s rejection of such contract, the counterparty retains the rights it received pursuant to the terms of the underlying agreement and applicable nonbankruptcy law.
Generally, Mission Product Holdings, Inc. (“Mission”) entered into a contract with Tempnology,… Read More
District Court Finds a Series of Agreements to be One – Reverses and Remands to Bankruptcy Court
Huron Consulting Servs., LLC v. Physiotherapy Holdings, Inc. (In re Physiotherapy Holdings, Inc.), No. 14-693 (LPS), 2015 WL 4205146 (D. Del. July 13, 2015)
In the spring of 2014, the Delaware Bankruptcy Court was presented with a contested assumption dispute involving six agreements between Physiotherapy Holdings Inc. and its various affiliates (together, the “Debtors”) and Huron Consulting Services, LLC (“Huron”). While the Debtors sought to assume just one – a Licensing Agreement necessary to ongoing operations – Huron argued that all six agreements were integrated and must be assumed together or not at all. For reasons discussed in our previous
Third Circuit’s Hypothetical Test Wins The Day As Bankruptcy Court Grants Donald And Ivanka Trump Relief From The Automatic Stay
In re Trump Entm’t Resorts, Inc., No. 14-12103 (KG), WL (Bankr. D. Del. Feb. 20, 2015)
On February 20, 2015, the Honorable Kevin Gross granted relief from the automatic stay so that Donald and Ivanka Trump (the “Trumps”) may continue their action against Trump Entertainment Resorts, Inc. and certain affiliated debtors (the “Debtors”) seeking to terminate a trademark license agreement (the “Trademark License Agreement”) and remove, among other things, the “Trump” name from the Debtors’ buildings. Following Third Circuit precedent, Judge Gross ruled that under the “hypothetical test” the Trademark License Agreement could not be assumed or assigned by… Read More
Bankruptcy Court Determines Multiple Agreements are Not Integrated; Allows Debtor-Licensee to Assume License Agreement Over Objection of Licensor
In re Physiotherapy Holdings, Inc., No. 13-12965 (KG), 2014 WL 1053117 (Bankr. D. Del. March 19, 2014)
When faced with the question of whether a debtor-licensee was entitled to assume a software license agreement (the “License Agreement”) while rejecting five other agreements with the licensor, the Honorable Kevin Gross held in the affirmative, relying upon the express language of the various agreements and the necessity of the License Agreement to the debtors’ ability to successfully reorganize.
Prior to the petition date, Physiotherapy Holdings Inc. and its various affiliates (together, the “Debtors”) entered into six agreements with Huron Consulting… Read More