Delaware Business Bankruptcy Report : Delaware Business Bankruptcy Report : Morris James LLP Lawyers & Attorneys

Morris James LLP is pleased to announce that five of its partners have been recognized among the top Delaware litigation attorneys in Benchmark Litigation 2011 - The Guide to America's Leading Litigation Firms and Attorneys.

Morris James’ Litigation Stars

Rich Galperin 
Clark Collins
Richard Herrmann
Lewis Lazarus
Edward McNally 

Benchmark Litigation focuses exclusively on litigation lawyers and firms in the United States.  Recommendations are based on extensive face-to-face and telephone interviews with the nation’s leading private practice lawyers and in-house counsel.

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Morris James LLP is pleased to announce that ten of its partners have been ranked among the leading Delaware lawyers in the 2010 edition of Chambers USA:  America’s Leading Lawyers for Business - an increase of two rankings from last year.    In addition, four practice areas including Bankruptcy/Restructuring, Chancery, Intellectual Property and Employment Law were identified among the leading practices in Delaware.   The Morris James partners selected for inclusion in the 2010 edition are:

Bankruptcy/Restructuring

• Brett Fallon
• Carl N. Kunz
• Stephen M. Miller

Chancery

• Edward M. McNally
• Lewis H. Lazarus
• P. Clarkson Collins, Jr.

Intellectual Property

• Mary M. Matterer
• Richard K. Herrmann

Labor and Employment

• David H. Williams

Real Estate: Zoning/Land Use

• A. Kimberly Hoffman

Chambers & Partners is a highly respected and influential London-based research and publishing company that provides rankings of leading business lawyers and law firms throughout the world.  Rankings are based on technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities most valued by clients. 

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Morris James LLP is pleased to announce Peter B. Ladig has joined the firm as of June 1, 2010.  The majority of Mr. Ladig’s practice is in the Delaware Court of Chancery, although he has extensive experience in the other state and federal courts in Delaware and has been involved in over 50 published decisions. 

David Williams, the firm’s managing partner stated “We are delighted Peter Ladig has joined the Firm as a partner in our Corporate/Commercial Litigation Group. Peter adds his considerable skill and experience to a talented Group. We continue to look for opportunities to grow our Firm by adding accomplished laterals, particularly in the IP practice.”   

Mr. Ladig has represented both stockholders and directors in litigation in the Court of Chancery in cases involving, among other things, advancement of legal fees and expenses, contested elections of directors, requests to inspect books and records and claims for breaches of fiduciary duties.  He has also represented corporations and other entities in commercial disputes involving breach of contract claims and claims arising under the General Corporation Law of the State of Delaware. 

Mr. Ladig has authored several articles pertaining to corporate and commercial litigation in Delaware and he is a frequent speaker before groups of professionals regarding Delaware laws affecting LLCs and other business entities.  Mr. Ladig graduated with distinction from Emory University School of Law and has been a member of the Delaware Bar since 1996.

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Super Lawyers® magazine has named 7 Morris James partners as top legal counsel in Delaware.  The multiphase selection process is handled by Law & Politics who evaluates each candidate on 12 indicators of peer recognition and professional achievement. Selections are made on an annual, state-by-state basis and include only 5 percent of the licensed attorneys in a state. 

Morris James’ 2010 nominations include:

• David H. Williams - Employment & Labor, Government/Cities/Municipalities
• P. Clarkson Collins, Jr. - Business Litigation, Business/Corporate, Mergers & Acquisitions
• Richard Galperin - Personal Injury Defense: Medical Malpractice
• Lewis H. Lazarus - Business Litigation
• Edward M. McNally - Business Litigation, Business/Corporate
• James W. Semple - Business Litigation, General Litigation, Insurance Coverage
• Richard Herrmann – Intellectual Property Litigation
 

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It's Not Double-Counting: Using §503(b)(9) Invoices as New Value Defense to Preferences.  ABI Journal, Vol XXIX, No. 3, April 2010.  Authored by Carl N. Kunz, III.

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The Local Rules of Civil Practice and Procedure of the United States District Court for the District of Delaware have been amended and are set to become effective on April 30, 2010.

The last amendments to the District Court Local Rules were made three years ago.  The new amendments are meant to reflect changes to the Fed. R. Civ. P. that became effective last year as well as address other practices of the Court and of the Bar.

A link to the new District Court Local Rules can be found on the website for the United States District Court for the District of Delware, linked here.

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On March 30, 2010, Eigen, Inc. a developer of imaging tools and products for healthcare professionals, filed for chapter 11 protection in Delaware. The petition lists assets and liabilities of between $10-50 million each.

According to the declaration filed in support of the case by Richard Edick, Chief Restructuring Officer of the debtor, Eigen products have, for more than 30 years, allowed physicians to obtain high-definition views of moving image studies. Mr. Edick counts the debtor’s intellectual property for such products as perhaps its most valuable asset.

Mr. Edick indicates that the debtor’s lender had attempted to commence an asset sale prior to the filing under Article 9 of the UCC. Certain of the debtor’s former employees were able to obtain a temporary restraining order blocking the sale. Under the circumstances, the lender was unwilling to fund the debtor any further and the debtor was unable to obtain any equity investment which prompted the filing.

The case has been assigned to The Honorable Peter J. Walsh, and has been docketed as Case No. 10-11061.

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Mervyn’s LLC v. Lubert-Adler Group IV, LLC (In re Mervyn’s Holdings, LLC), Adv. Pro. No. 08-51402 (KG) (March 12, 2010) (K. Gross).

The Official Committee of Unsecured Creditors (the “Committee”) asserted a subsequent transferee claim pursuant to 11 U.S.C. § 550(a)(2) against Bank of America (in its capacity as successor trustee of a trust) to recover certain liens granted to the former trustee on transferred real estate. Due to numerous omissions in the original Complaint, which Bank of America addressed in a timely filed motion to dismiss, the Committee sought to amend its Complaint. Bank of America opposed the amendments, arguing that they would prove futile because Bank of America was not a “transferee” for purposes of 11 U.S.C. § 550.

The Court agreed with Bank of America, denying the Committee’s Motion to Amend as futile and granting Bank of America’s Motion to Dismiss.

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Early this morning, March 30, 2010, Xerium Technologies, Inc. and 15 affiliated debtors filed Chapter 11 in Delaware. The petition lists total assets exceeding $1 billion, and liabilities between $500 million and $1 billion. The main case number is 10-11031 and Judge Kevin J. Carey has been assigned to the case.

According to the declaration in support of the filing made by Stephen Light, CEO and Chairman of the Board of Xerium Technologies, the debtors are “a leading global manufacturer and supplier of two categories of consumable products used in the production of paper products and roll technology products installed in paper-making machines.”  Mr. Light’s declaration points to “decreased demand for [paper producers’] products . . . due to the increasing prevalence of electronic media” as part of the reason for the filing. “The drop in global demand for paper products has resulted in a surplus of paper inventory at paper-making companies and corresponding curtailments and idling of paper-making machines. In addition, as Xerium’s customers have experienced difficulty raising funds in the capital markets, customers’ demands for Xerium’s products and services has [sic] necessarily contracted.”

On March 2, 2010, the debtors commenced a pre-petition solicitation of votes in favor of a pre-packaged plan and disclosure statement. Mr. Light’s declaration indicates that the plan has been overwhelmingly supported by the two classes entitled to vote. Accordingly, the debtors will be seeking to exit bankruptcy in mid-May, 2010.

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