Directors of solvent Delaware corporations typically hope and expect to look to what has been referred to as the "three-legged stool" of protection against loss: (i) exculpation from liability for money damages caused by a breach of the fiduciary duty of care; (ii) advancement of defense expenses, and end-of-the-matter indemnification of defense expenses...
This is a modified version of the original update of YCST Bankruptcy Updates , edited on a rotating basis by members of the Wilmington, Delaware firm's Bankruptcy and Corporate Restructuring Section. The following cases have relevance to in-house counsel dealing with related bankruptcy matters.
U.S. Court Of Appeals For The Third Circuit
On December 29, 2005, the United States Court of Appeals for the Third
Circuit rendered its decision in In re Armstrong World Industries, Inc.
The issue considered by the Court of Appeals involved the appeal by Armstrong
World Industries (" AWI ") of the decision of the United States District
Court for the District of Delaware denying confirmation of AWI's...