Bankruptcy Fraudulent Transfers as Securities Claims: Opening the Door to Recovering D&O Insurance Proceeds
Herrick Restructuring and Finance Litigation co-chair Stephen B. Selbst, along with partner Steven B. Smith, served as faculty for a Strafford Live Webinar panel titled "Bankruptcy Fraudulent Transfers as Securities Claims: Opening the Door to Recovering D&O Insurance Proceeds."
This CLE webinar discussed the novel approach for accessing D&O insurance proceeds to repay fraudulent transfers in relation to the Delaware Superior Court ruling in Verizon Commc’ns. Inc., et al. v. Nat’l Union Fire Ins. Co. of Pittsburgh, et al.
Selbst and Smith examined the rationale of Verizon, whether the Bankruptcy Code's definition of securities in Section 510 must be the same as the definition of securities under an insurance policy, whether claims treated as securities for purposes of D&O coverage must be subordinated under Section 510 and how litigation trustees and committees can leverage the case to augment the estate.