A Texas attorney failed on Wednesday to get a quick win against negligence claims in Illinois federal court over his representation of a safety services company that was successfully hit with a $1.1 million counterclaim in a wage suit and subsequently sought bankruptcy protection.
The corporate parent of bankrupt Caesars Entertainment Operating Co. Inc. will contribute an additional $10 million per month under a revised Chapter 11 plan for six months beginning in January and $20 million more per month if the reorganization doesn't go into effect by May 1, according to documents filed in Illinois Tuesday,
An investor hit Ambac Financial Group Inc. with a proposed class action in New York federal court on Tuesday, accusing the bond holder and its executives of misleading investors about its public finance bond portfolio including $2.5 billion in Puerto Rican bonds, saying the company failed to disclose its true loss exposure.
On Tuesday, iHeartMedia said it is continuing to negotiate exchange offers with its senior debt holders a month after a Texas judge ruled in its favor in a dispute with lenders over an intercompany transaction between two of its subsidiaries.
The court-appointed trustee tasked with distributing the proceeds of the liquidation of Lehman Brothers began the latest distribution to unsecured creditors Wednesday, with a plan of sending out $677 million from the estate of the banking institution that filed for bankruptcy in 2008.
A West Virginia company on Wednesday challenged Alpha Natural Resources Inc.’s proposed reorganization plan, saying that the proposal does not guarantee the coal company will assume all state and federal environmental reclamation permits for all of its properties.
Bankruptcy auctions have produced a potential $137 million in cash or creditor claim offsets for Newbury Common Associates LLC’s hybrid Chapter 11, company officials said Wednesday in Delaware federal court, raising hopes that the often contentious Stamford, Connecticut, case will reach a nontraditional exit.
The New Jersey Supreme Court on Wednesday upended a judgment in favor of Globe Motor Co. and The Margolis Law Firm in their suit accusing a car wholesaler of breaching a settlement agreement, ruling that a dispute over the source of the settlement funds had to be hashed out before the instant case was resolved.
A SunEdison Inc. shareholder has criticized fees that Morrison & Foerster LLP charged for helping represent the debtor’s unsecured creditors committee, saying in an objection filed on Tuesday in New York that the firm’s “Ivy League” rates are exorbitant.
Billionaire tycoon Sam Wyly slammed the U.S. Securities and Exchange Commission's bid to go after nearly $250 million of his annuities, telling a Texas judge that the agency can't circumvent the bankruptcy process to satisfy part of a $299 million judgment against him and his late brother Charles.
Bankrupt replacement auto parts maker UCI International Inc. asked a Delaware bankruptcy judge Tuesday for approval of a $100 million debtor-in-possession loan being provided by prepetition lender Credit Suisse.
The U.S. Senate voted Wednesday in favor of legislation that would form a new oversight authority to manage Puerto Rico's debt, sending the bill to President Barack Obama’s desk just two days before the territory is set to default on $2 billion in debt payments
An attorney ordered by a New Jersey judge to justify “fanciful and farfetched” Fair Credit Reporting Act lawsuits alleging that Experian misreported bankruptcies on a couple’s credit reports, in light of Chapter 13 filings and court appearances, said Wednesday he believed his clients were victims of a scam.
AstroTurf LLC filed for Chapter 11 in a Georgia bankruptcy court Tuesday as it publicly announced plans to sell to a German manufacturer amid fallout from a $30 million patent loss where a jury found the company infringed on a competitor’s synthetic turf patent.
The U.S. Supreme Court could dramatically alter future corporate restructurings now that it has agreed to determine whether companies can use so-called "structured dismissals" to sidestep the Bankruptcy Code's rule for determining the order in which creditors get paid, experts say.
A Delaware bankruptcy judge gave Seventy Seven Energy Inc. final approval Tuesday for its $100 million post-petition loan package, allowing some financing terms to be sealed over the objection of the U.S. Trustee’s Office, which argued creditors and the public have a right to review the information.
Florida asked a state court on Monday to let it add more fraud and breach of fiduciary duty claims in its lawsuit against the directors and officers of insolvent Aequicap Insurance Co. alleging mismanagement and concealment of its financial issues.
Defunct oil and gas producer Quicksilver Resources Inc. won approval Tuesday for its Delaware Chapter 11 disclosure, after sidestepping a dispute over claims that a major creditor gamed settlement and claim negotiations to gain influence over plan confirmation voting.
Some law firms have perfected the art of pleasing general counsels, a skill that wins them the love of clients and allows them to score new cases and deals. Here, we look at a new report that delves into the intricacies of making clients happy.
Some law firms have honed their ability to serve clients so well that their relationships with general counsels have entered a sort of utopian existence where they earn glowing recommendations from clients and consistently win work. Here, find out which 24 firms have reached a state of “clientopia,” according to a new report by BTI Consulting Group.
A recent Law360 guest article suggested that if the New Jersey Supreme Court upholds the lower court's decision in Rosenthal & Rosenthal v. Benun it could have a chilling effect on certain types of loans that provide for future advances — but such consequences are unlikely, says Matthew Lewis at Riker Danzig Scherer Hyland & Perretti LLP.
Student loan debt can feel overwhelming to new lawyers, especially when just getting started post graduation. Andrew Josuweit, co-founder and CEO of Student Loan Hero Inc., reviews the loan repayment plans available and discusses the best path forward for recent grads shouldering law school debt.
The Delaware bankruptcy court's recent decision in Intervention Energy is an important reminder that bankruptcy-remote does not necessarily mean bankruptcy-proof. Accordingly, lenders should always consider additional safeguards, including so-called “bad boy” guaranties, say Luc Despins and Alexander Bongartz of Paul Hastings LLP.
The U.S. Supreme Court’s refusal to hear Madden v. Midland Funding will cause nonbank assignees to avoid purchasing certain loans made in the three states affected by the Second Circuit. But by denying certiorari, the Supreme Court has localized the damage caused, say Brian Korn and Richard Gottlieb of Manatt Phelps & Phillips LLP.
Despite regular news stories detailing the need to update our digital privacy laws and increase our cybersecurity protections, law firms and in-house legal departments should feel confident that utilizing cloud providers with strong privacy and security protections will not breach their ethical obligation to clients, says Bradley Shear of the Law Office of Bradley S. Shear LLC.
The Seventh Circuit's recent decision in Jason’s Foods expands the “ordinary course" defense of creditors sued for the avoidance of preferential payments and offers some interesting tactical lessons to preference defendants, says Mark Fisher of Schiff Hardin LLP.
It’s important to first decide what your personal brand is. Are you a crusader? A wry observer? A compassionate witness? Your social media presence doesn’t have to reflect the deepest aspects of your identity — it’s merely an image that you project, says Monica Zent, founder and CEO of Foxwordy Inc.
With the passage of the Casino Tax Property Stabilization Act, New Jersey appears to be moving forward to help stabilize Atlantic City and avoid a bankruptcy filing by the city. Success, however, will require buy-in by not only the city’s casinos but also the city itself and its citizens, say attorneys with Chapman and Cutler LLP.
While two recent bankruptcy court decisions in Lake Michigan Beach Pottawattamie Resort and Intervention Energy Holdings rely on different rationales, the result is that lenders should recalibrate their expectations regarding whether borrowers can be prevented from filing bankruptcy through drafting or structural means, says Matthew Gold of Kleinberg Kaplan Wolff & Cohen PC.
One of the most prevalent complaints by associates and recent law school graduates is the lack of meaningful mentoring by more seasoned attorneys. Gary Gansle, leader of Squire Patton Boggs LLP's Northern California employment law practice, offers several tips as a light that can help junior attorneys start down the right path in their career development.