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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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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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Trustee’s Claims Against Insiders For Their Action (or Inaction) in the Face of Insolvency Survives Motion to Dismiss Despite Exculpation, Business Judgement, and Deeping Insolvency Defenses
Stanziale v. Versa Capital Mgmt., LLC (In re Simplexity, LLC), Case No. 14-10569 (KG), 2017 WL 65069 (Bankr. D. Del. Jan. 5, 2017)
According to the Chapter 7 Trustee of Simplexity, LLC (“Simplexity” and together with its affiliated debtors, the “Debtors”), numerous insiders of Simplexity (the “Defendants”) breached their fiduciary duties by refusing to seek bankruptcy protection for Simplexity when faced with actions by Simplexity’s lender, including the threat to sweep all available funds, thereby failing to preserve the value of the Debtors and exposing Simplexity to employment related claims. In this Memorandum Opinion, the Delaware Bankruptcy Court… Read More
Practice Point: Substance Matters – Recent Rulings Confirm and Clarify Pleading Standards under Section 547
THQ, Inc. v. Starcom Worldwide, Inc. (In re THQ, Inc.), No. 14-51079 (MFW), 2016 WL 1599798 (Bankr. D. Del. Apr. 18, 2016).
Giuliano v. Haskett, (In re MCG Ltd. P’ship), No. 14-50536 (CSS), 545 B.R. 74 (Bankr. D. Del. Jan. 28, 2016).
Two recent rulings by the Delaware Bankruptcy Court confirm the well-known pleading standards that a preference complaint must do more than “merely parrot[] the language of section 547” to survive a motion to dismiss. The cases also clarify the type of particularized facts that must be alleged to state a claim under section 547.
In THQ, Inc. v. Starcom Worldwide, Inc…. Read More
“Thread-bare” Complaint Alleging Collective and Non-Specific Breaches of Fiduciary Duty Dismissed Against Individual Officers and Directors
Stanziale v. Heico Holdings, Inc. (In re Conex Holdings, LLC), Adv. No. 13-50941 (CSS), 2014 WL 3883712 (Bankr. D. Del. Aug. 8, 2014)
In this short Memorandum Opinion, the Bankruptcy Court dismissed a chapter 7 trustee’s claims for breaches of fiduciary duties against certain officers and directors under Texas common and statutory law. In doing so, Judge Sontchi held that the trustee failed to plead facts with any specificity as to how each officer and director breached his duties. However, the Court allowed the trustee leave to amend his complaint within 30 days to allege… 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