REEDLAW’s Post

A Bailey Glasser litigation team shaved a multimillion-dollar claim down to only $1.00 on behalf of our clients Blackhawk Land and Resources LLC and Rockwell Mining, LLC. The matter involved a lease first executed in 1937 and a dispute that arose in 2020 related to credit agreements pledging the 1937 Lease as collateral. Ultimately, after several years of intense litigation including two rounds of summary judgment briefing, the federal court found that Pocahontas Land ("Poca") deserved only $1.00 in nominal damages. Specifically, the Court held, among numerous findings, that monetary damages were not appropriate because Poca actually benefitted from the merger at issue and that no legal damages were suffered because plaintiffs filed documents with the appropriate clerks’ offices stating that the mortgages did not place an encumbrance on the 1937 Lease. In light of these holdings, the Court held that the only remedy available to Poca was nominal damages in the amount of $1.00. The Bailey Glasser litigation team was led by founding partner Brian Glasser, and included partners Benjamin Schwartzman, Jennifer Fahey,Thanos Basdekis, Of Counsel The Hon. Thomas Bennett, and associate Laura Babiak. The case is Rockwell Mining, LLC and Blackhawk Land and Resources, LLC v. Pocahontas Land LLC, United States District Court for the Southern District of West Virginia, CA 2:20-cv-00487. #summaryjudgment #commerciallitigation #federalcourt

https://lnkd.in/ghjrfxDd Lots of chatter today that one of the mega deals may have difficulty closing. If you subscribe to the theory the Midland Basin is like a many layered wedding cake; a Vertical Pugh Clause is worth reading up on. In the allocated HZ's I know of some unleased and some Vertical Pugh Clause. Company XYZ has 20000 ac. HPB. If they go after Barnett Shale do they have 100%? A Memorandum of Lease can complicate matters also. Some are writing the Mega Deal has difficulties because of faulty due diligence. Personally I never liked the deal anyway,and have owned shares in both for many years.

#TI_OTD - 11022024 - CANADA - ONTARIO - #Kearney_Mine - AssetAssurance Monitoring - 10222024 S2 MSI 10M Tailings and Impoundments Reflectance Index view of the exposed TSF, water-filled pits, and area about the Kearney Mine -- formerly an Ontario Graphite company property.  Recent updates from 2018 #not_done_diligence - and fines: https://lnkd.in/dUG9Sitx . What is the at-risk status of the site -- with a new understanding that prescribed work to secure the then-#TSF- was not completed -- Who cares ? Who monitors? Who remediates?

Does working with contracts feel like navigating a minefield? Rise above inefficiencies, missed opportunities and compliance #risks with a #CLM system that helps you get more than just cost savings: https://hubs.ly/Q02XtdHW0

Perfecting security interests by possession and extending the time for valid registrations Courts can extend the time for a security interest to be perfected by registration, to stop them vesting on appointment of a VA/liquidator, if they haven’t been registered in time. If the creditor has already perfected an interest by possession (or has arguably done so), this may be a factor in favour of making an order to extend the time to register. The Court held this to be the case in Crushing Services International Pty Ltd trading as CSI Mining Services v Lithium Developments (Grants NT) Pty Ltd [2024] FCA 1138, where the creditor had a security interest in crushing equipment located at a mine site owned by a separate business. Without determining conclusively whether the creditor had a security interest or whether it had possession of the equipment such that its interest was perfected in that way, the Court noted that if possession may have already perfected the interest, this would diminish the risk of prejudice to unsecured creditors if the time for registration was extended. There is a copy of the decision below. The FCA website seems to be down so I will post a link a little later. #insolvency #corporations #ppsa

If you're considering buying a property with an underground oil tank, thorough due diligence is crucial. It's also a good idea to negotiate terms related to the tank's inspection, removal, and cleanup in your purchase agreement to protect your interests.

Herc issues $500 million in senior notes Herc is to open a $800 million aggregate principal amount of 6.625% senior unsecured notes, the company has announced. Herc said they will be used to repay a portion of the indebtedness outstanding under the company’s senior secured asset-based revolving credit agreement and to pay related fees and expenses. The notes, which were initially set at $500 million, are part of a private offering due by 2029 and will be senior unsecured obligations of the company, it said, with interest to be payable semi-annually in arrears. They will be guaranteed on a senior unsecured basis, subject to limited exceptions, by the company’s current and future domestic subsidiaries. The company added it plans to close the offering in June 7, subject to customary closing conditions. For more information on the Construction, Mining Equipment and Allied Industries, please reach us at www.equipmenttimes.in Herc Rentals Ramamurthy Mayavan Philip Varghese #constructionmachinery #infrastructure #constructionequipment #manufacturing #equipment #manufacturing #construction

#CDHAlert | In today's alert, Lucinde Rhoodie and Dipuo Titipana discuss the ball is in our courts: How section 20(9) of the Companies Act empowers courts to unmask corporate identity. Centaur Mining South Africa (Pty) Ltd v Cloete Murray N.O. and Others [2022] centres around the extent of judicial discretion to pierce the corporate veil. In this matter, the Supreme Court of Appeal emphasised that section 20(9) of the Companies Act 71 of 2008 affords the court the very widest powers to grant any consequential relief.  In particular, the provision asserts that if a court finds that a company's incorporation, use, or actions constitute an unconscionable abuse of the juristic personality of the company as a separate entity, the court is entitled to declare that the company is to be deemed not to be a juristic person in respect of any right, obligation, or liability of the company or of a shareholder of the company. Click here to read more - https://bit.ly/3JQzDJ9 #businessrescue #companiesact #corporatelaw #cdhexperts

Recovering money from bankrupt companies is time-consuming but possible! An industrial client approached me back in 2022 with a quite perilous case. They had invested a huge sum of money in a now-bankrupt company named Alchemist. The problem was complex as it was not only a problem of law and order but one of politics. I looked into the case and approached it from all angles possible. I suggested filing both civil and criminal actions. The client proceeded as suggested and we were invited by the new management to settle the matter amicably. They have now acknowledged the claim and agreed to pay some more over the originally invested amount as compensation. Now, a portion of the payment is already released and a final list is published. Hence, it is a precedent for me to point to in the future to my other clients that suggests that recovering money from bankrupt companies is time-taking but possible. https://lnkd.in/gxyb9x9X

Asbestos is mixed with nickel https://lnkd.in/gYXRnuJ4