Bankruptcy

  • July 27, 2016

    Gawker's Denton Gets Breathing Space For Hogan Appeal

    A Florida appeals court on Wednesday granted Nick Denton a temporary stay that will shield Gawker’s chief executive from Hulk Hogan’s $140 million sex tape judgment, a decision that will give Denton a second shot at arguing that he should be given breathing space from the judgment as the company appeals.

  • July 27, 2016

    Yellow Cab Creditors Can Depose CFO Despite Opposition

    An Illinois bankruptcy judge Wednesday gave creditors of Chicago’s largest cab operation the go-ahead to depose the company’s chief financial officer over the objections of the debtor, which argued that the creditors were delving into topics already addressed by a bankruptcy examiner.

  • July 27, 2016

    BREAKING: Sabine To Win Approval Of Chapter 11 Plan

    A New York bankruptcy judge on Wednesday said that she will sign off on Sabine Oil & Gas Corp.'s plan for restructuring billions of dollars of debt, clearing the company's path to exit Chapter 11 later this year following a costly battle with its unsecured creditors.

  • July 26, 2016

    4 Traits Of The Top Litigation Firms

    All litigation powerhouses boast talented trial lawyers, but the 20 firms at the top of their game don't just rely on their litigators. Here, we talk about the four traits that led the elite of the Litigation Powerhouses to become the go-to firms for bet-the-company cases.

  • July 26, 2016

    5 Small(er) But Mighty Litigation Shops

    Five relatively small but fearsome law firms landed a spot on Law360's 2016 list of 50 Litigation Powerhouses after they laced up their gloves and brought the pain in their fights for clients, winning some of the biggest cases over the past year.

  • July 26, 2016

    Law360 Names Top 50 Firms For Litigation

    Historic, precedent-setting wins in class action litigation. Jaw-dropping jury verdicts in courts across the country. Victories in the smartphone wars. Dramatic upsets on appeal. Law360's Litigation Powerhouses leveraged their deep legal talent to score remarkable wins for their clients over the past year, landing them a spot on our inaugural ranking of the top firms for litigation.

  • July 26, 2016

    Firm Says Old Work For Fox Rothschild Foe Not DQ-Worthy

    Bochetto & Lentz PC, which is representing Fox Rothschild LLP against allegations that it filed a meritless bankruptcy petition to avoid trial over an aborted merger, told a Pennsylvania court Monday that its representation of Fox Rothschild's adversary 20 years ago wasn't enough to disqualify it from the case.

  • July 26, 2016

    Oaktree, Paul Hastings Battle Over $5M Molycorp Legal Tab

    A Delaware bankruptcy court battle over a budget-busting $5.4 million legal fee bill for creditor investigations during Molycorp Inc.’s Chapter 11 could set an important precedent for future decisions on committee spending caps, an Oaktree Capital Management LP attorney said Tuesday.

  • July 26, 2016

    Emerald Oil Stalking Horse Raises Bid From $73M To $110M

    Emerald Oil Inc. told the Delaware bankruptcy court Tuesday that its stalking horse bidders increased their floor offer from $73 million to $110 million, a move that would allow unsecured creditors a guaranteed $2 million recovery and bring the debtor a step closer to satisfying secured debt.

  • July 26, 2016

    Fontainebleau Trustee's $3.5M Deal With Deloitte Approved

     A Florida bankruptcy judge on Tuesday signed off on a $3.5 million settlement ending litigation brought by the trustee for the failed $2.9 billion Fontainebleau Las Vegas project against auditor Deloitte & Touche LLP.

  • July 26, 2016

    7th Circ. Says Tax-Deferred Annuities Shielded From Creditors

    Creditors cannot go after two debtors’ annuities, the Seventh Circuit ruled Tuesday, finding that to be exempt under Wisconsin law, the annuities had to comply only with a tax code provision that deals with annuities “more generally” than other provisions do.

  • July 26, 2016

    Food Co. Workers' $2.9M Wage Suit Win Can't Trump Ch. 11

    A California federal judge ruled on Tuesday that workers who won $2.9 million in a wage-and-hour class action against a fruit and vegetable processing company must get in line with the company's other creditors in a subsequent Chapter 11 bankruptcy.

  • July 26, 2016

    Essar Steel Approved For High-Priced, $35M DIP In Del. Ch. 11

    Essar Steel Minnesota LLC won a Delaware bankruptcy court’s interim approval Tuesday for a $35 million debtor-in-possession loan under steep terms that the company acknowledged as expensive and that one creditor group called “astonishing.”

  • July 26, 2016

    Gawker's Denton Seeks Stay To Avoid Personal Bankruptcy

    Attorneys for Gawker chief Nick Denton sought an emergency stay in Florida on Monday that would save him from filing for personal bankruptcy as his company appeals a $140 million judgment over publishing part of Hulk Hogan’s sex tape, arguing the huge award could chill the press from covering controversial topics.

  • July 26, 2016

    PacSun Resolves $2.4M Retirement Claim With Ex-CEO

    Sportswear retailer PacSun has resolved a dispute with the company’s former chief executive Sally Fram Kasaks over a $2.4 million claim she asserted over unpaid retirement benefits, according to court papers filed Tuesday in Delaware bankruptcy court.

  • July 26, 2016

    Intervention May Be Close To Resolving Lender Dismissal Row

    Intervention Energy Holdings LLC told the Delaware bankruptcy court Tuesday that there is a deal on the table that aims to resolve fighting with a creditor and equity holder over whether the oil and gas leaseholder was able to file Chapter 11 to begin with.

  • July 26, 2016

    Energy Investor Atinum Hits Ch. 11 After $365M Debt Default

    Oil and gas well investor Atinum MidCon I LLC has filed for Chapter 11 bankruptcy protection after defaulting on $365 million in secured bank debt, joining a slew of U.S. oil and gas companies in bankruptcy. 

  • July 26, 2016

    Skadden Adds Pair Of Restructuring Partners From Jones Day

    Skadden Arps Slate Meagher & Flom LLP announced on Tuesday that it added two new partners from Jones Day to its corporate restructuring group in New York, adding a depth of experience in bankruptcies, distressed acquisitions and other reorganizations.

  • July 26, 2016

    Creditor Vote Set On Saratoga Resources Ch. 11 Plan

    A Louisiana bankruptcy judge on Tuesday approved the disclosure statement in Saratoga Resources Inc.'s Chapter 11 reorganization and has set a schedule for creditors and other interested parties to voice objections to the proposed plans, according to court documents.

  • July 26, 2016

    DBSI Trustee Wants IRS To Return All Ponzi Funds

    The bankruptcy trustee for DBSI Inc. revealed plans Monday to appeal an Idaho federal judge's order requiring the IRS to return only about three-quarters of the $17 million in fraud-tainted tax payments made by entities linked to the collapsed, Ponzi-style real estate firm.

Expert Analysis

  • Legal Aid, Meet Legal Tech

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    Because there will never be enough free lawyers to satisfy demand from low-income Americans, we need to leverage technology to allow the legal expertise of one lawyer to reach hundreds or thousands of clients at once, say Jonathan Petts and Rohan Pavuluri, co-founders of startup nonprofit Upsolve.

  • 2nd Circ. GM Ruling Shows Value Of Debtor’s Disclosures

    Darren Azman

    Bankruptcy Code Section 363 offers a powerful tool for a debtor in bankruptcy to sell its assets free and clear of liens and other interests. However, as the Second Circuit's recent decision in the Motors Liquidation Company case underscores, this power is not without limit, say Darren Azman and Megan Preusker at McDermott Will & Emery LLP.

  • Testing The UBE: Portable But Inaccurate Bar Exam Scores

    Suzanne Darrow-Kleinhaus

    While there is not much that is new about the uniform bar exam’s components, what is new is that where you take the bar exam may make the difference between passing and failing. Half of the score depends on the strength of the applicant pool in the jurisdiction where the candidate wrote the exam, which may lead to “UBE shopping,” says Suzanne Darrow-Kleinhaus, director of bar programs at Touro Law Center.

  • Testing The UBE: Missouri Benefits From Uniform Bar Exam

    Jim Nowogrocki

    We in Missouri do not take lightly to new trends or frothy ideas. Yet, the uniform bar exam has allowed us to meet the challenges of an increasingly mobile legal profession and the changing needs of clients, and to ensure that a newly admitted attorney has the knowledge, character and fitness to practice in the Show-Me State, says Jim Nowogrocki, president of the Board of Law Examiners in Missouri — the first state to adopt the UBE.

  • PROMESA Shields Puerto Rico Behind A New Automatic Stay

    Michael P. Cooley

    Tucked at the end of the Puerto Rico Oversight, Management, and Economic Stability Act is a stand-alone provision that promises an immediate impact not merely on bondholders and other creditors seeking to enforce payment and remedies, but on any person or entity seeking to enforce rights generally against the government of Puerto Rico or any “territorial instrumentality,” says Michael Cooley of Bryan Cave LLP.

  • Curing Substantive Ambiguities In Debt Documentation

    Abbe Dienstag

    Recent New York state court decisions in GSO Coastline v. Global A&T Electronics present a cornucopia of issues arising under standard indenture clauses. First, beware of seemingly technical amendments to indentures that have substantive consequences, says Abbe Dienstag of Kramer Levin Naftalis & Frankel LLP.

  • Lehman Court Flip-Flops On Flip Provisions

    Patrick E. Fitzmaurice

    A recent decision from a New York federal judge in the Lehman Brothers bankruptcy case departs from precedent in the same case in determining that so-called “flip” provisions in swap agreements are protected by the Bankruptcy Code’s safe harbor provisions for swap agreement transactions, say Patrick Fitzmaurice and Stephen Roach of Troutman Sanders LLP.

  • How Law Firms Can Create Next-Generation Office Spaces

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    Law firms today are recognizing that the process of creating a next-generation workplace is far more complex than relocating to a more modern space in a trendier part of town. The challenge is more significant for larger firms with multiple generations represented within their executive teams, says Tere Blanca, founder of Miami-based Blanca Commercial Real Estate Inc.

  • Selling Your Twinkie And Eating It Too

    Alan S. Kaden

    Less than four years after Twinkie maker Hostess Brands was in bankruptcy, the company’s current owners recently agreed to sell interests in Hostess to a special-purpose acquisition company in a deal that involves a "tax receivable agreement" — a growing trend in which tax attributes of the target company are monetized for sellers’ benefit, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • New COD Rules For Disregarded Entities Are Restrictive

    Lisa B. Petkun

    Recently released IRS regulations applying the bankruptcy exclusion to cancellation-of-debt income of a grantor trust or a disregarded entity are contrary to U.S. Tax Court holdings and prevent taxpayers from taking advantage of the COD rules, says Lisa Petkun of Pepper Hamilton LLP.