Dendreon Corp. won the blessing of a Delaware bankruptcy judge Wednesday for pacts that enlist bondholder support for the drugmaker’s planned Chapter 11 reorganization, overcoming opposition to the deals from the U.S. trustee.
The Eleventh Circuit on Wednesday overturned a lower court’s decision that St. Paul Mercury Insurance Co. didn’t owe coverage for an underlying $15 million suit brought by the Federal Deposit Insurance Corp., ruling that an insured v. insured exclusion was ambiguous because courts' interpretation of similar language has been varied.
A Delaware bankruptcy judge agreed Wednesday to approve Deb Stores Holding LLC's auction strategy, which would have the women's apparel retailer liquidate unless a better going-concern offer pops up, but said he would be willing to tweak parts of the process if problems emerge along the way.
A Delaware Chancery judge agreed Wednesday to fast-track a lawsuit lodged by senior creditors of a Caesars Entertainment Corp. subsidiary seeking to have a receiver appointed to oversee the casino giant's main operating unit, whose management the lenders accuse of “brazen corporate looting.”
A New York bankruptcy judge has approved $600 million worth of settlements in clawback suits brought by the SIPA trustee for Bernard Madoff's failed securities firm and also approved the consolidation of two suits against would-be opt-outs from an earlier $7.2 billion deal with mega-investor Jeffry Picower.
General Motors Co. customers claiming their vehicles dropped in value after the revelation of a long-festering defect argued Tuesday that the carmaker’s crisis-era trip through bankruptcy does not stop them from suing the reincarnated “New GM” for damages.
The liquidating trustee for the Coldwater Creek Inc. estate asked the Delaware bankruptcy court Monday for approval to sell its potential slice of the massive $6 billion settlement that resolved antitrust claims that MasterCard Inc. and Visa Inc. fixed prices for credit card swipe fees.
Broadcast networks that persuaded the U.S. Supreme Court to shut down television streaming service Aereo Inc. objected on Monday to the bankrupt startup’s plans to sell its technology, saying that they could be left unable to collect on an impending copyright damages award.
Restructuring professionals charged with finding a way forward for Puerto Rico’s hopelessly indebted electric utility reported progress Tuesday on new revenue-boosting measures connected to a creditor agreement that staves off defaults until the spring.
A Delaware bankruptcy judge on Tuesday agreed to postpone consideration of Endeavour International Corp.'s disclosure statement for five days, granting the newly minted creditors committee some additional time to acquaint itself with the energy exploration company's Chapter 11 plan.
The president of Freedom Industries Inc. told a federal court Monday that prosecutors charging him with lying to a bankruptcy court to shield his assets following a massive chemical spill should be disqualified, saying they can’t be impartial because they were among the 300,000 West Virginia residents exposed to the January spill.
RadioShack Corp., which has recently flirted with a potential bankruptcy, said Tuesday that it has replaced its interim financial chief as part of a management services agreement that the troubled electronics retailer reached with business restructuring firm FTI Consulting Inc.
Jenner & Block LLP’s Cathy Steege has had a whirlwind year holding accountable the directors of a bankrupt Illinois casino, protecting the benefits of nearly 50,000 American Airlines Corp. retirees and preparing to take on the case of a lifetime before the Supreme Court, earning her a spot among Law360’s Bankruptcy MVPs of the Year.
The owner of Atlantic City's shuttered Revel Casino Hotel asked a bankruptcy judge on Monday to reject energy services and lease agreements with electricity supplier ACR Energy Partners LLC, blasting the pacts from 2011 as unwanted and unduly burdensome.
A U.S. Trustee on Monday blasted the disclosure statement of bankrupt Prospect Park Networks LLC, the production company that tried to revive soap operas "One Life to Live" and "All My Children" online, saying it outlines a Chapter 11 plan that doesn't pass muster.
The U.S. Trustee’s Office and several landlords of individual Deb Shops locations took issue Monday with Deb Stores Holding LLC’s bankruptcy sale plans, with objections ranging from how a possible liquidation would be handled to timing issues if the debtor winds up selling its business as a going concern.
Real estate company DBSI Inc. on Monday saw a fifth executive sentenced to serve time in connection with the $150 million fraud allegedly perpetrated by the bankrupt company, weeks after its former president was banned from the U.S. Securities and Exchange Commission.
The Financial Industry Regulatory Authority on Tuesday said it has fined Merrill Lynch Pierce Fenner & Smith Inc. $1.9 million and ordered it to pay more than $541,000 in restitution after Merrill Lynch bought up distressed debt of the then-bankrupt General Motors Corp. from retail customers at unfairly discounted prices.
Caesars Entertainment Corp. elected Monday not to make a scheduled $225 million interest payment to junior bondholders, putting a clock on the overleveraged casino operator to sew up a restructuring deal before its biggest unit defaults.
UniTek Global Services Inc. urged a Delaware bankruptcy judge Monday to bless its prepackaged Chapter 11 plan over shareholder opposition, but the telecommunications services contractor must now wait for approval as its confirmation proceedings got underway only to be postponed indefinitely.
The bad news coming out of the European Pro Bono Summit in November was the rising toll of heavy cuts to public legal aid in England. From this crossroad, there is a lot to be learned about the relationship between public and private assistance, the direction of legal help for the poor in the EU, and whether the American legal aid/pro bono experience offers a road map for what’s next in Europe, says Kevin Curnin of the Association ... (continued)
Despite the relative paucity of mega cases, 2014 was not a year to forget. With every passing month, new and interesting special situations arose. In case you missed them, here’s a look back at the bankruptcy and restructuring highlights of the year, as well as a look ahead to 2015, say David Griffiths and Doron Kenter of Weil Gotshal & Manges LLP.
A great deal of ink has already been spilled on what Detroit's bankruptcy case means, particularly from the viewpoint of the municipality and its citizens. As counsel for one of the largest creditors in the city’s Chapter 9 case, we offer the following nine lessons for creditors and other stakeholders of distressed municipalities, say Lawrence Larose and Samuel Kohn of Chadbourne & Parke LLP.
In the classic case, a client and his attorney seek appellate counsel after the trial court proceedings are concluded. But these days, “classic cases” are few and far between — more and more, appellate lawyers assist in the trial court with preservation of the appellate record and compliance with the many technical rules of appellate procedure, says David Axelrad of Horvitz & Levy LLP.
A Delaware bankruptcy court judge's recent ruling in the Tropicana Entertainment bankruptcy illustrates the importance of providing all the necessary details and required allegations in a complaint, particularly if the court has already provided you with one "do-over," says John Bird of Fox Rothschild LLP.
The consensus that emerged from my discussions with several lawyers who have become best-selling novelists is that the traits it takes to be a great lawyer are invaluable in crafting first-rate mysteries and thrillers. Both thriller authors and lawyers possess a concentrated attention to detail that allows them to create a logical framework for their story, brief or courtroom presentation, says Michael Rubin of McGlinchey Stafford PLLC.
A New Jersey bankruptcy court recently held that a mortgagee and mortgage servicer were time-barred under New Jersey state law from enforcing either the note or the accelerated mortgage against the debtor. This decision is particularly relevant considering that New Jersey’s foreclosure practice has undergone recent developments that have contributed to significant delays in foreclosure filings, say Daniel Cozzi and Donna Bates of Blank Rome LLP.
In the still-developing area of low-income housing tax credit workouts and bankruptcies, secured lenders may feel relatively powerless. But armed with knowledge concerning several key leverage points, a lender can better protect its interests and negotiate an advantageous outcome of a troubled loan, says Mark Bossi of Thompson Coburn LLP.
Oil producers and oilfield services companies will be most directly affected by the current slump in oil prices — as the viability of new drilling programs decreases and oil producers are forced to trim capital expenditure budgets, both oil producers and oilfield service providers will become ripe targets for consolidation, say attorneys at Jones Day.
New Jersey courts in 2014 have placed financial institutions on stronger footing in two key ways: they can expedite their right to obtain a judgment in a collection action by merely presenting electronic account statements, and they may actually be able to challenge a debtor’s right to file for bankruptcy protection when the matter at issue is really a two-party dispute, says Nicholas Gaunce of Eckert Seamans Cherin & Mellott LLC.