Bankruptcy

  • December 2, 2016

    5 Insights From Airbus Group's Joshua Walker

    Technology so quickly outpaces regulation, and it’s imperative governments at every level find that sweet spot where the public is reasonably protected but innovation isn’t stifled. If the U.S. doesn’t get this balance right, other governments will, says Joshua Walker, general counsel and project executive for A3 by Airbus Group.

  • December 1, 2016

    EFH Floats Revised Ch. 11 Plan That Draws Immediate Fire

    Energy Future Holdings Corp. floated a revised Chapter 11 plan Thursday to address the Third Circuit’s bombshell ruling allowing roughly $800 million in secured noteholder make-whole claims, a move that drew immediate rebuke from unsecured noteholders and is scheduled to be considered by the bankruptcy court in February.

  • December 1, 2016

    IRS Flags Abeinsa Ch. 11 Plan On $19M Tax Claim, Releases

    The Internal Revenue Service objected Thursday to alternative energy firm Abeinsa Holding Inc.’s plan for Chapter 11 reorganization and affiliated company liquidation, saying Abeinsa owes an estimated $18.9 million in back taxes on years of unfiled returns.

  • December 1, 2016

    House Passes Bill To Overhaul Systemic Risk Designations

    The U.S. House of Representatives passed a bill Thursday aimed at the systemic risk designations of financial institutions in the Dodd-Frank Financial Reform Act, in the face of a White House veto threat.

  • December 1, 2016

    American Apparel Clashes With Creditors Over Auction Plan

    American Apparel clashed with its unsecured creditors committee Thursday over the struggling clothier’s intellectual property auction plans, with the committee arguing it has a better way that could save some of the company’s operations and the debtor claiming the alternate path is too expensive to be successful.

  • December 1, 2016

    Trustee Wants Abeinsa Ch. 11 Plan Rejected Over Releases

    The trustee overseeing Abeinsa Holding Inc.’s Chapter 11 proceedings has objected to the alternative energy firm’s plan to exit bankruptcy, saying it wrongly releases third parties from liability without the express consent of all creditors.

  • December 1, 2016

    Baseball Analyst Seeks Review For Gawker Defamation Claim

    A New York bankruptcy judge Thursday reserved judgment on lifting a stay to let baseball analyst Mitch Williams challenge a New Jersey state court's award of judgment to Gawker Media LLC over his $50 million defamation claim, requesting transcripts from the case to help determine if the claim is precluded.

  • December 1, 2016

    Bennu Oil & Gas Files For Ch. 7 Bankruptcy In Texas

    Bennu Oil and Gas LLC, a 3-year-old company focused on offshore production in the Gulf of Mexico, on Wednesday filed a voluntary Chapter 7 bankruptcy in Texas, saying it has shuttered operations.

  • December 1, 2016

    Nortel Ch. 11 Disclosure Cleared For $7.3B Bankruptcy Plan

    Nortel Networks Inc. won approvals Thursday for a long-delayed disclosure and confirmation schedule for the American share of a $7.3 billion global bankruptcy distribution, over muted objections in Delaware from the Pension Benefit Guarantee Corp. and a handful of other creditors.

  • December 1, 2016

    Judge Denies Enron Investors' Bid To Retry UBS Suit

    A Texas federal judge has declined to rethink her dismissal of a proposed class action claiming UBS Financial brokers hid Enron's fraud from retail investors, saying that investors waited too long to try to fix their claims.

  • November 30, 2016

    Travelers Says Miners' Wage Claims Hinge On Coverage Call

    Travelers Indemnity Co. said Tuesday that a wage suit by employees of a bankrupt coal company is being handled improperly, and filed to remove the suit to West Virginia federal court.

  • November 30, 2016

    Watchdog Says NJOY Ch. 11 Bonus Info Should Be Public

    The federal bankruptcy watchdog objected Wednesday to an attempt by e-cigarette maker NJOY Inc. to seal details of its employee bonus plan, saying that there is no reason to keep the amounts being paid to employees hidden from the public.

  • November 30, 2016

    Chrysler Says UCI Ch. 11 Plan Suffers From Claims Haze

    Fiat Chrysler Automobiles joined other tentative objectors to a Delaware Chapter 11 plan filed by auto parts supplier UCI International LLC, saying Tuesday that its filings are vague as to the fate of Chrysler’s claims against the estate.

  • November 30, 2016

    McKool Smith Adds New Dallas Bankruptcy Principal

    Nick Foley, a 25-year veteran of bankruptcy and follow-on litigation, is joining McKool Smith PC as a principal at its Dallas office after leaving a smaller firm where he was a name partner, the firm announced on Wednesday.

  • November 30, 2016

    Fresh & Easy Class Settlement Gets Bankruptcy Judge's OK

    The Delaware bankruptcy judge presiding over Fresh & Easy LLC's Chapter 11 has given initial approval to a proposed class action settlement with former employees claiming the grocery chain shorted them on paid time off, weeks after labeling a class action waiver in the company’s arbitration agreement illegal.

  • November 30, 2016

    Coliseum Capital Considering Performance Sports Buy

    Coliseum Capital Management LLC is the latest investment firm to express interest in purchasing Performance Sports Group Ltd., a sports equipment company that filed for bankruptcy protection in late October, announcing Tuesday that the company’s financial adviser signed off on talks for a potential purchase.

  • November 29, 2016

    Implant Sciences Equity Holders Get Challenge Extension

    The official committee of equity security holders in the Chapter 11 case of bomb detector maker Implant Sciences received court approval in Delaware on Tuesday for another month to investigate and file challenges to prepetition secured claims.

  • November 29, 2016

    PacSun Gets OK To Pay $12.8M In Ch. 11 Professional Fees

    Pacific Sunwear of California Inc. received court approval in Delaware on Monday to pay nearly $13 million in professional fees incurred during the administration of its Chapter 11 bankruptcy case following a debt-for-equity swap that reduced the company’s secured debt by $88 million.

  • November 29, 2016

    Men's Clothing Biz Wants Ch. 11 Shield For Top Execs

    Men’s clothing company Hampshire Group Ltd. asked the Delaware bankruptcy court late Monday to extend Chapter 11’s litigation shield to two of the company's top executives to protect them from more than $3 million worth of collection efforts by their South Korean supplier.

  • November 29, 2016

    Woman In Sex Case Pans Rural/Metro's Ch. 11 Bid To Nix Suit

    A woman who says she was sexually assaulted by an employee of a Rural/Metro Corp. subsidiary asked a Delaware bankruptcy court Monday to allow her to prosecute her claim for prepetition injury after an Arizona state judge declared her a “known creditor,” which required the company to notify her of its bankruptcy petition.

Expert Analysis

  • Stormy Seas For Indenture Trustees

    Karol K. Denniston

    An Illinois bankruptcy judge in the case of Caesars Entertainment recently denied payment of indenture trustee Wilmington Trust’s attorneys’ fees and costs in connection with the debtors’ motion to approve a settlement. The strict interpretation of the Bankruptcy Code in this case will hamper the timing and implementation of settlements with bondholders in large, complex cases, says Karol Denniston of Squire Patton Boggs LLP.

  • The Ethical Risks Of A Multijurisdictional Practice

    Melinda Gentile

    As law firms and clients conduct more business on a regional or national scale, multijurisdictional practice is becoming more prevalent for practicing attorneys. Attorneys engaged in both private practice and as in-house counsel need to be aware of the ethical risks of practicing across jurisdictions — including the implications of engaging in the unauthorized practice of law, say Melinda Gentile and Monique Cardenas of Peckar & Abramson PC.

  • And Now A Word From The Panel: MDL Venue Choices

    Alan Rothman

    A critical — and arguably the least predictable — facet of the Judicial Panel for Multidistrict Litigation's practice is the selection of the venue for a new MDL proceeding. In this installment of his bimonthly series on the panel, Alan Rothman of Kaye Scholer LLP looks at the panel’s reasoning for its selection of particular venues, as well as arguments advanced by the parties, over the past year.

  • How Law Firms Are Using Analytics To Reduce Write-Offs

    Haley Altman

    It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.

  • REVIEW: The Missing American Jury

    Judge William Young

    Face it, the American jury system is dying. The arguments Professor Suja Thomas makes in her new book deserve consideration by everyone interested in how our government actually works and how it might recapture the unifying communitarian experience of direct democracy and actual trial by one’s peers, says U.S. District Court Judge William Young of the District of Massachusetts.

  • Is Momentive Losing Momentum?

    Michael Friedman

    The Third Circuit’s decision last week in the Energy Future case rejected the logic of Momentive that a make-whole provision is not enforceable post-acceleration without specific contractual language to that effect. The decision is a clear break from a recent trend and may give noteholders greater leverage, say Michael Friedman and Stephen Tetro II of Chapman and Cutler LLP.

  • Avoiding Law Firm BYOD Risks: Tips For Securing Devices

    Everett Monroe

    Many believe that the solutions to the security problems created by using smartphones for work are primarily technological, but a much larger piece of the puzzle involves the human factor. To achieve reasonable security around mobile devices, law firms must go back to basics — clear policies, effective training and thoughtful oversight, says Everett Monroe of Hanson Bridgett LLP.

  • 4 Ways Lawyers Can Improve Their Marketing

    Mike Mellor

    Attorneys may not realize the breadth of services that their marketing, design and library teams offer. One of the things I like to do when attorneys start at our firm is give them a download of the kinds of problems we can solve for them so they know how to work with us most effectively, says Mike Mellor, director of marketing at Pryor Cashman LLP.

  • Beyond Bean Counting: How Legal Can Add True Value

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    For legal departments to stay in front of the crowd, cost-cutting alone is not enough. Neither is claims-driven revenue generation, nor running endless analytics of outside legal spend. This is short-term, passive, scarcity-based thinking that keeps legal departments from offering their corporate clients the greatest possible value — competitive advantage, says David Wallace of Herbert Smith Freehills LLP.

  • The Landlord-Tenant Relationship Post-Bankruptcy

    Stuart Brown

    The New Jersey bankruptcy court’s recent ruling in IDEA Boardwalk v. Polo North Country Club clarifies the rights and obligations of landlords and tenants under Section 365(h) of the Bankruptcy Code. The ruling will likely have a significant impact on third-party purchasers looking to acquire distressed real estate assets “free and clear,” say Stuart Brown and Grace Imafidon of DLA Piper.