Overseas Shipholding Group Inc. submitted a Chapter 11 plan Friday that envisions the oil tanker giant and its subsidiaries emerging from bankruptcy as a reorganized entity owned primarily by its largest lenders.
A junior Dewey & LeBoeuf LLP staffer hit with criminal charges for his alleged role in a scheme to misstate the firm’s financial position serves as a cautionary tale for any BigLaw employees who feel shielded from liability for the actions of their lawyer bosses, experts say.
A Pennsylvania federal judge on Friday doled out an 18-month prison sentence to a Bucks County, Pa., lawyer convicted of conspiracy and fraud charges over mortgage loans to distressed homeowners, in a case in which she cut the government's $14 million loss estimate to about $400,000.
The trustee for the producers of the “Girls Gone Wild” video series' Chapter 11 bankruptcy case asked a California federal judge on Thursday to stave off a tenant's attempts to evict the company units from their Los Angeles office, saying it violated the terms of a lease agreement that was likely destroyed by GGW founder Joe Francis.
A Georgia federal judge on Wednesday held for the second time that a 1989 federal law blocked him from deciding whether OneBeacon Midwest Insurance Co. owed coverage for the Federal Deposit Insurance Corp.'s claims that former directors and officers of a failed bank caused $15 million in losses.
The Backstreet Boys have requested additional time to resolve a dispute with their former Ponzi-scheming manager's bankruptcy trustee over $3.5 million in legal fees, seeking to push back a scheduled March 24 hearing on the matter.
Detroit retirees on Thursday took to bankruptcy court to air their fears about the city’s proposed plan of adjustment, which could force them to swallow hefty cuts to their pensions, with many noting that such measures would force them to seek public assistance.
A male in-house counsel once told me I had not been "nice" to him when I approached him about a business opportunity and would therefore not get the business. To add insult to injury, one of my male partners told me I should be flattered by the interest paid to me by the in-house counsel, says Paulette Brown, chief diversity officer at Edwards Wildman Palmer LLP.
Several people have told me that they had a lot of trepidation when they found out they would be working for a woman. To be effective, you need to be able to eliminate or address the conscious or unconscious bias colleagues may have about having a female boss, says Nancy Mitchell, chairwoman of Greenberg Traurig LLP's New York business reorganization and financial restructuring practice.
The city of Detroit sought approval from a Michigan bankruptcy court Thursday for $120 million in new financing from Barclays Capital Inc. to use for public service upgrades as the city strives to exit bankruptcy, according to court filings.
Employers that hired two of the former Dewey & LeBoeuf LLP executives charged Thursday with misrepresenting the bankrupt firm’s finances aren’t likely to face liability related to the criminal charges, experts told Law360 on Thursday, but they could very well suffer damage to their reputations despite their efforts to mitigate the harm.
Bankrupt Fisker Automotive Holdings Inc. won interim approval Thursday for a new $10.5 million debtor-in-possession package designed to cover the electric-car maker's expenses while it finalizes the sale to a unit of China's Wanxiang Group Corp.
A New Jersey bankruptcy judge on Wednesday approved a Chapter 11 reorganization plan filed by five HealthBridge Management LLC-run health care centers, ending a battle with the National Labor Relations Board, which fought HealthBridge’s rejection of expired collective bargaining agreements covering the centers’ employees.
Bankrupt oil services company Green Field Energy Services Inc. said Thursday that it would go with a Gordon Brothers Group LLC affiliate's stalking-horse bid and sell some equipment in a deal that would give the debtor $50 million up front and the first $17.5 million of any proceeds afterwards.
Criminal allegations unveiled Thursday that Dewey & LeBoeuf LLP executives had systematically cooked their books over several years to hide a dire financial position will likely send some BigLaw leaders running to the ledgers to ensure their own accounting can withstand the closest scrutiny, experts told Law360.
Thursday’s criminal charges against the former top brass of the now-defunct Dewey & LeBoeuf LLP are music to the ears of parties bent on clawing back certain executives’ compensation and pursuing new claims related to Dewey’s spectacular downfall, experts say.
The unprecedented accusation that the former leadership at Dewey & LeBoeuf LLP lied about the now-defunct firm’s financial health could yield a relatively basic accounting fraud trial, but the defendants could implement some not-so-basic strategies to emerge victorious.
A Delaware bankruptcy judge on Thursday approved Plextronics Inc.'s $32.6 million sale to a unit of a unit of Belgian chemical giant Solvay SA, the technology research company's largest shareholder and creditor.
A Rhode Island legislator’s request for documents related to a state court action against a failed video game company founded by former Boston Red Sox pitcher Curt Schilling has been denied, the state legislature said Thursday, dealing a temporary setback to policymakers’ probe into the demise of the state-backed game maker.
Former Dewey & LeBoeuf LLP partners looked on with a mixture of sadness, vindication and even embarrassment on Thursday as top executives at the fallen firm were charged with fraud, with some telling Law360 that, in retrospect, there were plenty of warning signs along the road to ruin.
Cloud users must know how to use the cloud responsibly to prevent later difficulties with document production. When negotiating a cloud service agreement, users should look for certain services that will prove useful when responding to discovery requests, such as comprehensive search options, instant suspension of the auto-delete function, and preservation of metadata and embedded data, say attorneys with Sidley Austin LLP.
Thanks to the Third Circuit’s recent holding in In re Emoral Inc., entities purchasing a distressed debtor’s assets through a Section 363 bankruptcy sale may have greater protections against the subsequent claims of those seeking to hold the purchaser liable for damages arising from the debtor’s presale conduct, says Travis Powers of Buchanan Ingersoll & Rooney PC.
The First Circuit's recent decision in In re Munce’s Superior Petroleum Products Inc. is consistent with other circuits in concluding that noncompensatory environmental fines should receive administrative priority under the Bankruptcy Code. The decision, however, is at odds with other courts that have addressed the treatment of prepetition violations that result in post-petition penalties, say attorneys at Lowenstein Sandler LLP.
Section 503(b) of the Bankruptcy Code provides a unique opportunity for creditors to aid the estate in recovering assets and to be compensated for their efforts. However, a recent Florida court decision highlights the consequences of leaping to undertake such efforts but failing to obtain prior permission, says Reagan Boyce of Ezra Brutzkus Gubner.
If a company fails to comply with certain obligations under a loan agreement, it should engage the lender in discussions regarding the reasons for the failed compliance, whether the company is able to cure any existing default, or whether it believes a waiver, forbearance or amendment is appropriate. It could not be in the lender’s best interest to declare an event of default, and hence, the parties can begin negotiations, say George South and Daniel Egan of DLA Piper LLP (US).
In stark contrast to the changing environment for the majority of lawyers today, the evolution for the general counsel is driven less by necessity than by opportunity. Today’s GC may touch every aspect of his or her organization to solve challenges and propel the company forward, keeping the GC far ahead of what is expected of the average lawyer, says James Merklinger, vice president and general counsel of the Association of Corporate Counsel.
As reflected in a recent decision by the U.S. Bankruptcy Court for the District of New Jersey, in preparing loan documentation, it is important for practitioners to appreciate how applicable state law and bankruptcy courts will treat assignments of rents and whether, given that treatment, certain facts or structuring could alter whether and how the rents may be used in the event of the borrower’s bankruptcy, say attorneys with Alston & Bird LLP.
The trustee of bankrupt agribusiness giant SK Foods LP recently completed the Herculean task of recovering approximately $50 million from Australia for the company’s creditors in a saga that involved one of the largest Chapter 11 cases in the Eastern District of California, criminal charges, and a last-minute attempt by Australian authorities to confiscate assets. Among other things, the trustee's ability to establish personal jurisdiction in the U.S. over asset protection vehicles proved invaluable, say attorneys with Schnader Harrison Segal & Lewis LLP.
According to the Pew Center on the States, state retirement systems alone were collectively underfunded by $1.38 trillion as of 2010. Without pension reform, like in Florida after Scott v. Williams, state and municipal governments will be forced to cut spending elsewhere in order to continue funding pensions at current levels, which would hurt public employees themselves through layoffs and the breaking of contracts in municipal bankruptcies, say Jonathan Rose and Richard Siegel of Alston & Bird LLP.
The recently closed comment period for the proposed Federal Rules of Civil Procedure amendments generated passionate antipodal responses over discovery rules that appear to benefit large corporate litigants at the expense of individual plaintiffs and civil rights groups. The nature and intensity of the response should lead the committee to reconsider the overall fairness of the proposed discovery amendments, says Henry Kelston of Milberg LLP.