New Cases For the Week of September 22, 2008 - September 26, 2008

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September 25, 2008

Case

Court

Holding

In re: Adelphia Comm. Corp.
(DBN Subscription Required)
2nd Cir. A court may withdraw a committee's derivative standing and transfer the management of its claims, even in the absence of that committee's consent, if the court concludes that such a transfer is in the best interests of the bankruptcy estate.
     
September 22, 2008

Case

Court

Holding

Street v. End of the Road Trust
(DBN Subscription Required)
Bankr. DE

Indemnification of officers and directors is a separate concept and right from advancement of legal expenses pending adjudication. Simple indemnification does not include a right to advancement.

Where a Court-approved disclosure statement simply referred to a right of "indemnification" for the post-confirmation trustee, and the Court approved employment of the trustee on that stated basis, a post-confirmation employment agreement which purported to establish a right to mandatory advancement of legal expenses was void.

 

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