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Part III: Issues When Dealing with a Failed Corporation — Analysis and Conclusion

(April 26, 2010): Part III:  Analysis and Conclusion In the midst of an economic downturn, headlines are filled with accounts of failed corporations and bankruptcies as well as notorious government bailouts.  There are many threatened lawsuits directed at officers and Directors of corporations for breaches of their fiduciary duties or seeking judicial declarations that corporations …

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Part II: The “Zone of Insolvency” — the Delaware Example

(April 26, 2010): This is the second installment of a three-part article by David P. Parker examining the fiduciary duties of officers and directors of insolvent corporations and corporations operating in the so-called “Zone of Insolvency.” In Gheewalla, a significant Delaware law decision regarding creditors’ ability to sue corporate fiduciaries, the Delaware Supreme Court addressed …

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Part I: The Fiduciary Duties of Officers and Directors of an Insolvent Corporation

(April 23, 2010): This is the first installment of a three part article by David Parker examining the Fiduciary Duties of Officers and Directors of Insolvent Corporations and Corporations operating in the so called “Zone of Insolvency.” Part I:  The Fiduciary Duties of Officers and Directors of an Insolvent Corporation: Over the next few days, …

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HEAT Strike Force Update: Prosecutions in Texas Increased in March 2010

(April 3, 2010):  The Federal government is taking considerable steps to stop Medicare fraud and abuse. Notably, the number of publicly-disclosed HEAT Strike Force investigations and prosecutions in Texas significantly increased last month.  Two of the cases disclosed involved mental health professionals:     A Psychologist was convicted of health care fraud and money laundering, …

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D&O Insurance Coverage: Understanding the Role of Outside Directors

(March 29, 2010):  A Federal court recently preliminarily approved a $55.95 million settlement involving securities claims against outside directors in a case against Peregrine Systems, Inc.  This is one of the largest ever recorded settlements involving outside directors, and is significant in D&O insurance issues.  Pursuant to the settlement, several former Peregrine directors agreed to settle …

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