Morrison Cohen hired Bruce P. Levine as its newest lateral partner in the Corporate Department. Immediately prior to joining Morrison Cohen, Levine was a partner in the Corporate Department of Herrick, Feinstein.
Paul Hastings announced that the firm represented HIG Capital and its credit affiliate Bayside Finance as a lender in connection with a $65 million term loan facility for specialty pharmaceutical company Acella Pharmaceuticals and its affiliates.
The Pittsburgh Post-Gazette reported that former Le-Nature’s president Robert B. Lynn was sentenced to 15 years in prison for his role in the company’s financial fraud. Tammy Andreycak, the accounting director whose cooperation with federal agents was key for the prosecution, was sentenced to five years in prison.
A federal jury returned guilty verdicts against Courtney Dupree, the former CEO of GDC Acquisitions. Dupree was found guilty of bank fraud against Amalgamated Bank, GDC’s asset-based lender, of $21 million in fraudulent loans.
With certain precautions, a secured lender can include healthcare insurance receivables and accounts as collateral for a loan. In general, private healthcare insurance receivables are treated in the same manner as other accounts under the UCC while collateralizing government healthcare accounts is more risky due to federal anti-assignment provisions. With the aid of plain English, three Winstead attorneys shed light on the issues and differences.
Two recent Supreme Court decisions — Bell Atlantic Corp. v. Twombly and Ashcroft v. Iqbal — have threatened to dramatically change the framework under which federal complaints are analyzed for sufficiency. These decisions will place a substantial burden on plaintiffs in federal suits.
In the case of Ogle, Liquidating Trustee of the Agway Liquidating Trust v. Fidelity & Deposit Co. of Maryland, The United States Court of Appeals for the Second Circuit held on November 2009 that a creditor was entitled to its post-petition legal fees incurred on a pre-petition indemnity agreement. In affirming the lower courts, the Second Circuit explained that the Bankruptcy Code (Code) “interposes no bar to recovery.”