http://www.law360.com/ Latest articles for organization: Chrysler Copyright 2009 Portfolio Media, Inc. en-US http://www.law360.com/images/headings/logo.gif http://www.law360.com/ http://www.law360.com/articles/134624 A U.S. trustee has asked that a bankruptcy court hold back part of any interim compensation to professionals in the Metaldyne Corp. Chapter 11 proceedings, including Jones Day, Foley & Lardner LLP and Reed Smith LLP, until the cases are resolved. http://www.law360.com/articles/134624 http://www.law360.com/articles/132242 While GWLS, Chrysler and Metaldyne answered affirmatively the question of whether a collateral agent could bind minority, dissenting secured lenders, the ruling in Electroglas clarified that secured noteholders cannot credit bid their own debt without action by the indenture trustee, say G. Larry Engel, Justin L. Bastian, James J. DeCristofaro and Vincent J. Novak of Morrison & Foerster LLP. http://www.law360.com/articles/132242 http://www.law360.com/articles/133896 Old Carco LLC — Chrysler LLC's castoff — won permission from a bankruptcy judge Thursday to sell a shuttered Newark, Del., assembly plant, currently the site of environmental remediation, for $24 million to the University of Delaware. http://www.law360.com/articles/133896 http://www.law360.com/articles/132118 Representatives of foreign debtors are increasingly relying on Chapter 15 as a means of protecting a foreign debtor’s U.S. assets pending a determination as to whether such assets (or their proceeds) should be repatriated abroad to be administered in the venue of the debtor’s foreign main proceeding, which serves as a centralized forum to resolve all claims against the debtor or its assets, say Pedro A. Jimenez and Mark G. Douglas of Jones Day. http://www.law360.com/articles/132118 http://www.law360.com/articles/133330 Dealers ditched by Chrysler when it reorganized after bankruptcy have filed an appeal in federal district court, seeking to overturn the bankruptcy court order that ended their legal battles. http://www.law360.com/articles/133330 http://www.law360.com/articles/131936 Restructuring the obligations of a distressed borrower requires compromise and consensus building; the larger the constituency needed to reach a deal, the greater the risk of holdouts. Courts have sought to mitigate this problem by inferring an intent to act collectively when interpreting loan documents. Three recent cases have illustrated that courts will apply this collective action model of contract interpretation in the credit bidding context, says Paul H. Zumbro of Cravath Swaine & Moore LLP. http://www.law360.com/articles/131936 http://www.law360.com/articles/133221 Attorney Matthew Feldman has rejoined Willkie Farr & Gallagher LLP after a successful term leading the legal team that helped develop and implement the restructuring and recapitalization of General Motors Corp. and Chrysler LLC. http://www.law360.com/articles/133221 http://www.law360.com/articles/133078 Lev Dassin, a former acting U.S. attorney for the Southern District of New York, is joining the litigation practice of Cleary Gottlieb Steen & Hamilton LLP. http://www.law360.com/articles/133078 http://www.law360.com/articles/132035 Texas' highest court has found that Chrysler Insurance Co. owes no defense or indemnity coverage to a Dodge dealership for litigation over alleged defamation of a former employee who claimed managers called him a “thieving Mexican” who stole cars. http://www.law360.com/articles/132035 http://www.law360.com/articles/131059 China has reportedly notified the United States of a formal anti-dumping and countervailing duty investigation that could result in new import duties on automobiles made by Chrysler Group LLC, Ford Motor Co. and General Motors Co. http://www.law360.com/articles/131059 http://www.law360.com/articles/130272 Motors Liquidation Co. — what's left of the former General Motors Corp. in bankruptcy — has urged a federal judge to reject an appeal from product liability claimants who say a bankruptcy court should not have allowed General Motors LLC, or “New GM,” to buy the bankrupt automaker's assets free and clear of their tort claims. http://www.law360.com/articles/130272 http://www.law360.com/articles/129962 Top executives at seven companies still receiving assistance from the U.S. government's $700 billion Troubled Asset Relief Program — including Bank of America Corp., General Motors Co. and American International Group Inc. — will see their pay slashed starting in November, the official charged with monitoring executive compensation at bailout companies said Thursday. http://www.law360.com/articles/129962 http://www.law360.com/articles/129745 Old Carco LLC — Chrysler LLC's castoff — and Safeco Insurance Co. of America are trying to prevent plaintiffs from amending a $24 million settlement the parties entered in September to resolve a wrongful death suit. http://www.law360.com/articles/129745 http://www.law360.com/articles/129690 The Obama administration's executive pay czar has reportedly decided to cut compensation by as much as 90 percent for the 25 top executives at seven companies — including Bank of America Corp., Citigroup and General Motors Co. — that received large amounts of federal bailout money from the Troubled Asset Relief Program. http://www.law360.com/articles/129690 http://www.law360.com/articles/129580 Private equity firm Cerberus Capital Management LP has announced plans to hold a $200 million initial public offering for gun and ammunition maker Freedom Group Inc. http://www.law360.com/articles/129580 http://www.law360.com/articles/129216 We expect the two Bankruptcy Court opinions for Chrysler and GM, and particularly the Second Circuit opinion in Chrysler, to serve as the standard by which all asset sales in the Second Circuit — and possibly throughout the United States — are measured, say John J. Rapisardi, Peter M. Friedman, Doug Mintz, Zachary Smith, Audrey Aden and Thomas M. Donigan of Cadwalader Wickersham & Taft LLP. http://www.law360.com/articles/129216 http://www.law360.com/articles/129239 The U.S. trustee overseeing the liquidation of Chrysler castoff Old Carco LLC has signed off on professional service cost applications filed by more than a dozen law firms and consultants for the first fee period of the company's bankruptcy, forging agreements with the applicants to reduce a total of $48 million in requests by $110,000 and to defer an additional $282,000. http://www.law360.com/articles/129239 http://www.law360.com/articles/128927 Several former Chrysler LLC dealers have lost a bid to immediately appeal to a circuit court a stay of several actions over the loss of their franchise agreements during the car manufacturer's restructuring and sale to Fiat SpA, with a bankruptcy judge ruling their motion was improperly made. http://www.law360.com/articles/128927 http://www.law360.com/articles/128466 The U.S. Treasury is haggling over $33 million in professional fees in the Old Carco LLC liquidation, claiming the firms are not entitled to payment for services outside the wind-down — especially as the cast-off Chrysler entity has not repaid the U.S. government's $3.8 billion loan. http://www.law360.com/articles/128466 http://www.law360.com/articles/128176 San Francisco-based law firm Farella Braun & Martel LLP has hired bankruptcy expert Gary M. Kaplan, formerly of Howard Rice Nemerovski Canady Falk & Rabkin PC. http://www.law360.com/articles/128176