The committee representing Sabine Oil & Gas unsecured creditors urged a New York bankruptcy judge Wednesday to reject the company’s proposed restructuring plan, saying it hinges on a “flawed” valuation of the debtor’s prepetition collateral that significantly shortchanges junior creditors’ potential recoveries.
Samson Resources Corp. has turned to Delaware’s bankruptcy court for a ruling on its right to continue docking Bakken Hunter LLC for costs of shared gas wells currently not producing enough to cover expenses, with a $12.5 million tab already pending.
New Jersey legislation that aims to help Atlantic City financially recover from a crippling spate of poor gaming revenue and successful tax appeals now awaits Gov. Chris Christie’s signature, after passing both houses of the state Legislature on Thursday.
Emerald Oil Inc. asked a Delaware bankruptcy judge Wednesday to approve its $73 million stalking horse agreement with CL Energy Opportunity Fund LP and SSC Emerald LP, the offer it selected out of four final bids.
KaloBios Pharmaceuticals Inc. is looking to award equity bonuses to board members the company brought on after the drugmaker filed for bankruptcy late last year following the arrest of former CEO Martin Shkreli, saying in court papers filed Wednesday in Delaware that their leadership stabilized the business under challenging circumstances.
An involuntary Chapter 11 bankruptcy case filed against residential real estate firm Metrogate LLC was dismissed Thursday by a Delaware bankruptcy judge, who accused the petitioning creditors of forum shopping their claims against the company.
Hedge fund Brigade Capital Management LP netted a rare $112,000 fee Thursday from surfwear retailer Quiksilver's bankruptcy case in a judge's nod to the beneficial side effects of an unsuccessful Brigade loan offer.
A Florida heart surgeon is nearing a settlement in a False Claims Act suit alleging he ordered unnecessary tests on patients in exchange for Medicare payments, according to recent Florida federal court filings.
American Eagle Energy senior noteholders are fighting to keep the company’s remaining assets from being liquidated after a government watchdog and unsecured creditors moved to convert the oil driller’s bankruptcy to a Chapter 7, saying Wednesday that the added cost of a trustee would reduce recoveries.
Buchanan Ingersoll & Rooney PC is trying to create confusion about the viability of its efforts to drag accounting firm Bollenback & Forret PA into a bankrupt Florida surgeon’s legal malpractice suit over a football team purchase, the accountants argued Wednesday, doubling down on their dismissal bid.
The Pennsylvania Supreme Court ruled Wednesday that a debtor in bankruptcy can add the bankruptcy trustee as a plaintiff in civil lawsuits, upholding a Superior Court decision favoring a health care consulting firm that had accused a former employee and a credit union of an embezzlement scheme.
A U.S. affiliate of Spanish alternative energy company Abengoa SA received approval from Delaware bankruptcy court Wednesday to sell its membership stake in a project partnership to build a pipeline supplying San Antonio with a significant portion of its water.
The federal government on Wednesday told the U.S. Supreme Court that the Second Circuit was wrong in deciding that state usury caps should be enforced when a national bank sells debt, but experts say that investors will need to see the certainty of a court decision to revive the stalled securitization market.
Sabine Oil & Gas objected Wednesday to an attempt by its former midstream service provider Nordheim Eagle Ford Gathering to stay a New York bankruptcy court ruling that nixed gathering contracts between the companies, saying the dispute could disrupt Sabine’s ongoing effort to restructure its debt.
An independent trading adviser and an executive from now-defunct Peregrine Financial Group Inc. had permission to conduct commodities future trades on an investor's behalf that ultimately went south, the Ninth Circuit ruled Wednesday, affirming the U.S. Commodity Futures Trading Commission.
The committee representing Samson Resources Corp.’s unsecured creditors on Tuesday sought to wrest control of the oil driller’s Delaware Chapter 11 case from the company’s secured lenders, accusing Samson of using tools in the restructuring to secure broad liability releases for private equity owners over a 2011 leveraged buyout.
The U.S. Securities and Exchange Commission asked a federal bankruptcy judge in Texas on Tuesday to clarify that an automatic stay in the case involving billionaire and fraudster Samuel Wyly doesn't keep the SEC from collecting the funds to satisfy its judgment.
The Ninth Circuit on Tuesday refused to reconsider its ruling in favor of a bankrupt California attorney looking to avoid paying a former client’s arbitration award, despite her allegations that the court’s opinion included remarks “publicly shaming” an attorney seeking bankruptcy protection.
Intervention Energy LLC’s $140 million Chapter 11 took a first-day detour Wednesday in Delaware bankruptcy court into a dismissal action, sought by secured creditors who accused the company of acting without authority, ducking a foreclosure and breaching its limited liability company agreements.
The Eleventh Circuit refused on Tuesday to rehear part of its decision that a Florida attorney’s suit challenging the state Supreme Court’s denial of her admission to the Florida bar over bankruptcy and character issues is barred under sovereign immunity.
Courts often require parties to develop a joint e-discovery plan. But even when they are not court-imposed, parties should consider using joint e-discovery plans to promote transparency and streamline the discovery process, say Anthony Rospert and Jake Evans of Thompson Hine LLP.
It emerges from a North Carolina federal court decision in the bankruptcy case of Construction Services that the allowed amount of a secured claim under Section 506(b) is not identical to the amount of secured claim that is entitled to protection under Section 507(b) of the Bankruptcy Code. This likely was not the governing assumption prior to the issuance of this decision, say Steven Wilamowsky and Michael Benz of Chapman and Cutler LLP.
When partners dissolve a business or are forced to part with property, it’s not uncommon that one party is too stubborn to try to work things out. Byron Moldo of Ervin Cohen & Jessup LLP describes the role a court-appointed partition referee can play under California law in pushing past the stubbornness.
Nowhere is the attractiveness of law firms as cybercrime targets more evident than the recent Mossack Fonseca hack, believed to be the most significant data theft event in history. Firms represent a treasure trove of information and historically have had dreadful cybersecurity practices. There has been some progress, but firms can also commit to better defending their information by taking a simple, three-step approach, says Sean D... (continued)
Although the recently adopted amendments to Rule 3002.1 clarify when a notice of payment change is required, they do not address the difficulties of calculating timely payment amounts for daily simple interest accounts and home equity lines of credit, and the burdens associated with filing PCNs for the often de minimis monthly changes on these types of accounts, say attorneys with K&L Gates LLP.
It seems fair to conclude that all the U.S. Supreme Court actually decided in Husky International Electronics v. Ritz was that a fraudulent transfer could be an example of actual fraud, not whether Daniel Ritz’s particular obligation was actually nondischargeable. The Fifth Circuit will have to decide that question, says G. Eric Brunstad Jr. of Dechert LLP.
In calling for mandatory pro bono service, U.S. Supreme Court Justice Sonia Sotomayor is effectively using her bully pulpit to advance the cause of access to justice for the poor. Her courageous leadership is a clarion call to action that must be heeded. But bold as it may be, the pronouncement is incomplete, says David Lash, managing counsel for pro bono at O’Melveny & Myers LLP and a member of the Association of Pro Bono Counsel.
Joining two firms with long histories meant not only combining cultures, philosophies and deeply rooted ways of doing business, but also combining two IT systems, two accounting systems, and two ways of handling many other administrative functions. It didn't help that the firms had different fiscal year ends, says John Langan, managing partner of Barclay Damon LLP.
Many power generation companies are experiencing difficulties under current market conditions. As restructuring discussions commence across the capital structure, creditors seeking to improve their recoveries should bear in mind lessons learned from recent cases such as Dynegy and Edison Mission Energy, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
On May 20, 1996, the U.S. Supreme Court held that a $2 million punitive damages award imposed for a tort that caused $4,000 in economic harm was unconstitutionally excessive. In the ensuing 20 years, BMW v. Gore has proved to be a foundational case in punitive damages jurisprudence. We were fortunate enough to have played a role in this historic decision, say Mayer Brown LLP partners Andrew Frey and Evan Tager and Maserati North Am... (continued)