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Watchdog Questions Imerys Talc s Ch. 11 Asset Buy Plans
Law360 (June 15, 2021, 6:18 PM EDT) The Office of the United States Trustee has objected to a proposal from bankrupt talc miner Imerys Talc America to acquire small businesses in its Chapter 11 to serve as investment vehicles for its funds, saying the debtor must show the investments are a proper use of estate resources.
In the objection filed late Monday, the U.S. trustee argues that Imerys must comply with Section 345 of the federal bankruptcy code, which requires an accounting of the costs and risks associated with a debtor s acquisition of assets.
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Tort Claimants Can t Alter Committee Makeup In Cyprus Ch. 11
Law360 (May 18, 2021, 4:08 PM EDT) A Delaware bankruptcy judge Tuesday denied a request by a group of talc personal injury claimants to change the makeup of the tort claimants committee in Cyprus Mines Corp. s Chapter 11, saying she did not see any conflicts of interest involving its current members.
While U.S. Bankruptcy Judge Laurie Selber Silverstein expressed concern that committee members may be delegating their responsibilities to their counsel, the fact that those attorneys also represent parties involved in the creation of a settlement with Cyprus parent Imerys Talc America does not in and of itself create a conflict of interest, she ruled.
Talc supplier Imerys Talc America asked a Delaware bankruptcy judge for permission to enact its plans to buy up small operating businesses to help generate revenue for its claimants, including authorization to move quickly in putting down cash deposits without further court approval.