A unit of sapphire maker GT Advanced Technologies Inc. requested a New Hampshire bankruptcy court's blessing Tuesday for a $45 million sale of sapphire furnaces and the maintenance of an IP licensing deal, which would hand off furnaces originally intended to make screens for Apple Inc. phones to an unknown Chinese buyer.
New York developer Howard Milstein and New Jersey real estate executive Carl Goldberg are preparing an $88 million cash bid to acquire the bankrupt Revel Casino Hotel, intensifying the battle to acquire the defunct Atlantic City casino resort, according to a court filing on Tuesday.
A consumption-based tax system tailored to Puerto Rico’s bleak economic realities represents the best bet for shoring up the commonwealth's ledger and paving the way for a successful return to the municipal bond market, government finance officials said at a Tuesday discussion.
A Delaware bankruptcy judge on Tuesday gave the green light for Hipcricket Inc. to move forward briskly with its Chapter 11 plan, which would see ESW Capital LLC acquire the mobile ad company as a going concern.
A Delaware bankruptcy judge agreed Tuesday to wave through RadioShack Corp.'s sale to creditor and shareholder Standard General LP, which aims to keep open more than 1,700 stores and preserve 7,500 jobs, over the objections of several lender constituencies that pressed against the deal during a four-day court hearing.
The judge presiding over NII Holdings Inc.'s Chapter 11 proceeding refused Tuesday to order the proponents of a heavily negotiated $4.35 billion restructuring to negotiate with a holdout bondholder group as lawyers prepare to address its complaints at a looming bankruptcy trial.
The New Jersey Department of Community Affairs announced Tuesday that Gov. Chris Christie has agreed to extend the terms of a $40 million loan agreement with the municipal government of Atlantic City, New Jersey, helping the city maintain operations in light of a strained budget.
A federal bankruptcy monitor on Monday flagged Cal Dive International Inc.’s request to retain O’Melveny & Myers LLP for its Chapter 11 proceedings, saying the expiration of a 15 percent discount on O’Melveny’s hourly rates upon Cal Dive’s entry into bankruptcy has no justification in the marketplace.
Shareholders of bankrupt automotive and industrial battery maker Exide Technologies Inc. on Monday urged a California federal judge to certify their investor class action, arguing that the putative class suffered a common injury when Exide executives hid the company’s failure to comply with environmental regulations.
Hedge fund Baupost Group LLC bumped heads with a New York bankruptcy judge Tuesday, pushing to consummate its deeply discounted purchase of a claim against the Bernard Madoff bankruptcy estate that later turned out to be worth $230 million and appeared to be on track until it was halted by the Second Circuit in January.
Bankrupt Freedom Industries Inc. has agreed to clean up the site of the 2014 Elk River chemical spill, just days after pleading guilty in West Virginia federal court to its role in the disaster, the state Department of Environmental Protection said Tuesday.
Brown Rudnick LLP partner Sunni Beville used her self-described “even-handed” negotiating style to achieve favorable sales and reorganizations of alternative energy companies that defaulted on U.S. government loans, earning her a spot among Law360’s 2015 Bankruptcy Rising Stars.
Combining tenacity and creativity, Arik Preis has helped constituencies across the restructuring spectrum navigate though large and complex cases, earning the Akin Gump Strauss Hauer & Feld LLP partner a place as one of Law360's 2015 Rising Stars for bankruptcy attorneys.
Mid-Continent Casualty Co. on Friday urged a Texas federal court to reject a magistrate judge's recommendation and grant its bid to dismiss a suit claiming it must pay part of a $63 million judgment an architectural firm won after suing a defunct homebuilder for using its designs without permission.
A Delaware bankruptcy judge questioned Monday whether RadioShack Corp. would be able to survive as a going concern even if he approves a proposed transaction with Standard General LP that aims to keep open more than 1,700 stores, voicing worries that the sale won't close if the fierce fighting continues.
Risk and information service firm Altegrity Inc. unveiled the workings of its bid to slash $700 million in debt on Monday in Delaware bankruptcy court, detailing a plan that would leave unsecured creditors likely recovering only 2 percent of their more than $82 million in claims.
Law360's Rising Stars recognizes attorneys under 40 who have demonstrated outstanding career accomplishments. This year, King & Spalding LLP and Sidley Austin LLP led the pack with seven Rising Stars each, followed by Gibson Dunn and Sullivan & Cromwell LLP with six Rising Stars each, and Jones Day and Kirkland & Ellis LLP with five Rising Stars apiece.
A New York federal judge on Monday mostly ended an investor class action against Harbinger Capital Partners LLC over its $3 billion investment in doomed startup LightSquared Inc., saying various claims were either precluded by federal law or insufficiently pled.
A Ninth Circuit bankruptcy panel on Friday ruled that tuition credits offered by a for-profit university as financial aid could be discharged in bankruptcy proceedings because no actual money changed hands, an issue of first impression for the circuit.
Deep within a judge’s recent refusal to award Energy Future Holdings Corp. bondholders the lost interest payments from a $4 billion refinancing lies a stark lesson on why lenders’ inattention can neuter their ability to collect make-whole premiums in bankruptcy.
In light of recent changes to the ABA Model Rules of Professional Conduct, what are a lawyer’s ethical duties arising from new technology? And what should a lawyer know about this technology? Bradley Arant Boult Cummings LLP partner J.S. “Chris” Christie Jr. offers an in-depth assessment of what every lawyer should consider in 2015.
A bankruptcy filing presents a unique opportunity for a debtor and nondebtor to change the course of litigation by, among other things, changing the forum where that litigation proceeds. But the competing interpretations of federal law governing remand by the Second and Ninth Circuits could drag a case on a circuitous path through the state and federal system, say Michael Strub and Jeffrey Reisner of Irell & Manella LLP.
If a debtor in possession becomes party to an employment agreement, the employee’s claims for compensation and severance are usually treated as administrative expense claims. The situation becomes murkier, however, where the debtor signs an employment agreement prepetition and the employee keeps working for the debtor during the pendency of the Chapter 11 case before ultimately being terminated, says Ira Herman of Thompson & Knight LLP.
Many mediation orders state that attendees must have “full settlement authority” without providing clarity as to what that term actually means. Attendance by just outside counsel or a corporate spokesperson is not enough, even if someone else with full settlement authority is just a phone call or keystroke away, say Douglas Flaum and Kevin Broughel of Paul Hastings LLP.
The Section 365(c)(1) "hypothetical test" adopted by the Third Circuit remains an obstacle for debtors that simply wish to keep their intellectual property licenses. A Trump Entertainment Resorts Inc. opinion, however, hints at the role Section 365(f)(1) can play in limiting the reach of the hypothetical test, says Debra McElligott of Weil Gotshal & Manges LLP.
With some analysts expecting the crude oil forward price curve to dive into steep contango soon, depending on the rates of production decrease, demand increase and storage availability, this will cause cash-strapped oil and gas companies to explore transactions that are a blend of hedging and financing, says Jeffrey Nichols of Haynes and Boone LLP.
A recent Southern District of New York ruling — bringing Madoff Ponzi scheme victims one step closer to recovery from Citco and PricewaterhouseCoopers — serves as a cautionary reminder to service providers to funds. They ought to be mindful that, even in the absence of contractual privity with investors, their acts and omissions can result in liability to those third parties, say Jonathan Sablone and Christine Vargas Colmey of Nixon Peabody LLP.
For reliance material that is not admitted on the stand, consider bolstering the testimony by having the expert describe the evidence generally, but in a way that signals to the jury that the expert has a strong foundation of supporting facts and data. If done well, such testimony can open the door to admitting the evidence, say Jason McDonell and Heather Fugitt of Jones Day.
Because there is currently a very robust market for distressed debt, a lender's first option for dealing with any nonperforming loan is often to look to sell the loan. However, the pool of potential buyers for low-income housing tax credit loans will likely consist only of strategic buyers, says Mark Bossi, co-chairman of Thompson Coburn LLP's financial restructuring group.
If a “Lehman-like” collapse were to happen again tomorrow or if a central clearing counterparty becomes insolvent, it is questionable whether regulators would glean useful insights from the costly and far-reaching reporting requirements imposed on the derivatives market by the European Market Infrastructure Regulation, say attorneys with Orrick Herrington & Sutcliffe LLP.