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Bankruptcy Court Weighs in on Delaware's Prohibition on Deepening Insolvency Claims and Claims Against Directors Based on Relationship with Majority Shareholder

This article explores a decision of a bankruptcy court involving an overwhelming insolvent corporate debtor, where the court accepted Delaware's prohibition against a deepening insolvency claim, and the court relied upon the business judgment rule in rejecting the trustee's claims for breach of fiduciary duties by the debtor's directors that were closely related to a majority shareholder.
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This article explores a decision of a bankruptcy court involving an overwhelming insolvent corporate debtor, where the court accepted Delaware's prohibition against a deepening insolvency claim, and the court relied upon the business judgment rule in rejecting the trustee's claims for breach of fiduciary duties by the debtor's directors that were closely related to a majority shareholder.

Adam M. Lavine is an associate in the Business Finance & Restructuring group at Weil, Gotshal & Manges LLP. He received his J.D. from the New York University School of Law, cum laude, and his B.A., magna cum laude, from the University of Pennsylvania. He may be contacted at adam.lavine@weil.com.

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