A California federal magistrate judge on Tuesday chided attorneys in a price-fixing feud between bankrupt Solyndra LLC and a trio of Chinese solar-panel companies, calling their demand for Solyndra's financial files a “blunderbuss request” and accusing Solyndra of obscuring details on the files it has.
Blank Rome LLP has hired a former Clifford Chance LLP partner with more than 20 years of bankruptcy experience, including representing creditors of a defunct baseball team and helping negotiate Sharia-compliant debt financing, to work in the firm's New York office.
Energy Future Holdings Corp. asked the Delaware bankruptcy court on Saturday to approve more than $80 million for employee bonuses in 2015, including compensation for top brass that could exceed $12.3 million under a plan “substantially similar” to a previous one approved in October over objections from the U.S. Trustee's Office.
Billionaire hedge fund manager Philip Falcone is resigning as Harbinger Group Inc.’s chairman and CEO, the company said Monday, capping off a bumpy year that saw Falcone battle over LightSquared Inc.’s bankruptcy and bounce back from a fraud probe by U.S. regulators.
A Delaware federal judge handed Longview Power LLC a trio of victories Monday, affirming the bankruptcy court's related decisions to approve a settlement reducing $360 million in mechanic’s liens, to stay a California lawsuit over $800 million in insurance, and to keep that fight within the Chapter 11 case.
NII Holdings Inc. emerged from closed-door negotiations Monday with an agreement on a restructuring scheme supported by one of two competing bondholder factions that would relieve the bankrupt Nextel-brand wireless provider of $4.35 billion in debt.
Executives of bankrupt MF Global Inc. asked a New York bankruptcy judge Friday to give them access to an additional $7.5 million worth of errors and omissions insurance coverage for legal bills from lawsuits connected to their involvement in the company’s downfall.
Trump Entertainment Resorts Inc. told a Delaware bankruptcy judge Monday that senior lender companies controlled by Carl Icahn have agreed to extend debtor-in-possession financing and that it has proposed to restore union workers' health benefits in an effort to keep its last casino open and avoid spiraling into Chapter 7.
The liquidator for an offshore Bernard L. Madoff feeder fund on Friday urged the Second Circuit not to revisit its decision allowing a challenge to the sale of a $230 million claim against the Ponzi schemer’s defunct firm, saying a lower court has already rejected arguments to the contrary.
Federal prosecutors on Monday slapped the former owner of the folded Chicago Rush Arena Football League team with bankruptcy and wire fraud charges, alleging he attempted to hide assets from creditors and exaggerated his net worth in order to buy the team last year.
Senior and subordinated creditors of private-equity backed Momentive Performance Materials Inc. urged a New York bankruptcy judge Friday not to deem their appeals from Momentive’s Chapter 11 plan equitably moot, arguing that sustaining their claims would not unravel the company’s reorganization.
Aereo Inc.’s television streaming technology could fetch a substantial price in a bankruptcy auction despite having been ruled by the U.S. Supreme Court to violate the copyrights of broadcasters, an attorney for the shuttered startup said Monday.
Troubled casino operator Caesars Entertainment Corp. on Monday revealed it received a default notice Friday from senior bondholders owed $1.25 billion from its main operating unit, news that follows Caesars' recent disclosure that it was considering converting the unit into a real estate investment trust in order to restructure debt.
Aereo Inc. ended its three-year copyright battle with a bankruptcy filing, but the trend that the streaming startup so publicly represented — the increasing popularity of novel, Internet-based services for access to video content — isn't going anywhere.
Phoenix Payment Systems Inc. told a Delaware bankruptcy judge Thursday that a $10 million claim lodged by a rival card transaction company over old software code should be capped at $500,000, saying it should not be forced to set aside the full sum while litigation plays out.
Red Oak Partners LLC, a shareholder aiming to challenge UniTek Global Services Inc.'s prepackaged Chapter 11 plan, won access Friday to emails related to the bankrupt company's prepetition marketing but lost a bid to get additional documents from the telecommunications services contractor.
A Delaware bankruptcy judge granted Chinese solar cell manufacturer LDK Solar Co. Ltd Chapter 15 recognition Friday, and confirmed the Chapter 11 plan for its U.S. affiliates after the debtor resolved objections from the U.S. Trustee’s Office that the prepackaged reorganization strategy shielded too many from liability.
A Pennsylvania attorney who was called a sociopath by a federal judge, and is facing a bankruptcy court investigation into allegations he overcharged retainer fees, was suspended for three years Friday over separate claims he mismanaged client trust accounts.
AmFin Financial Corp. has asked the U.S. Supreme Court to review a Sixth Circuit reversal that rescinded a $170 million tax refund sought by the Federal Deposit Insurance Corp., saying the ruling created a circuit split over what property is excludable from a bankruptcy estate.
A Delaware bankruptcy judge gave Irish Bank Resolution Corp. the nod Friday to sell loans secured by equity in Ireland's Blackrock Clinic to a company owned by beef mogul Larry Goodman, rejecting opposition from a hospital shareholder and saying the evidence the sale was fair was “overwhelming.”
It is interesting to observe that on the eve of confirmation of Detroit’s Chapter 9 plan, the city settled its disputes with certain bond insurers by giving them rights to certain real estate that, prior to the settlement, had not been part of the proposed plan. This begs the question as to how much additional property the city may have had available, and whether this property could have been used to increase unsecured creditors' r... (continued)
John Doar ran the U.S. Justice Department's Civil Rights Division at perhaps the most chaotic and pivotal time in its history. His passing earlier this month is an occasion for lawyers everywhere to marvel at just how impactful one attorney can be. He didn’t just preside at a historical time, he calmly and coolly shaped it, says Kevin Curnin of the Association of Pro Bono Counsel.
The free movement of goods, services, people and capital across territorial boundaries seems to be fertile ground for litigation regarding the enforcement of foreign judgments, as in the case of Elcoteq Inc., where the U.S. Bankruptcy Court for the Northern District of Texas tackled issues of comity and the extraterritorial reach of the automatic stay, says Debora Hoehne of Weil Gotshal & Manges LLP.
Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.
Not only does the Ninth Circuit decision in Burton v. Infinity Capital Management create a circuit split, but it also exposes lawyers who act at the direction of judges to potential liability — and thereby has the potential of undermining what is ordinarily an orderly process to assist in the administration of the judicial system, says Matthew O’Hara, co-leader of Hinshaw & Culbertson LLP's lawyers professional liability practice group.
Recently, in the Laboratory Partners Inc. and Fisker Automotive Holdings Inc. Chapter 11 cases, Washington Mutual’s ruling on the exculpation of nonestate fiduciaries has come into question, and some Delaware bankruptcy judges appear to be departing from the rigid bar in favor of a more flexible standard, say attorneys with Young Conaway Stargatt & Taylor LLP.
Bankrupt Wedco Manufacturing Inc. may have been within its rights to assert automatic stay violation claims against one of its creditors as a result of the creditor's computer error, but the bankruptcy court may ultimately decide that any damages suffered by Wedco — in the form of time spent by counsel on the contempt motion — were entirely of its own doing, says Doron Kenter of Weil Gotshal & Manges LLP.
Our estimates indicate that some law firms spend up to $8,000 per attorney each year on print-related costs. Although we live in a digital world, hard copy printing will remain an important part of business for years to come. Changing technology, however, offers opportunities to improve efficiencies and save money, say Senthil Rajakrishnan and Ryan Mittman of HBR Consulting LLC.
In addition to establishing limits on the equitable mootness doctrine in bankruptcy, the Ninth Circuit’s Mortgages Ltd. decision last week confirms that the tightened federal pleading standards ushered in by Twombly and Iqbal do not give courts license to summarily disregard a party’s factual allegations at the pleading stage simply because they choose not to believe those allegations, say Steven Wilamowsky and Alix Brozman of Bing... (continued)
In addition to securities litigation, the financial crisis yielded many bankruptcy filings by parties connected to the issuance of mortgage-backed securities. MBS investors, however, have found some solace through increased recoveries in decisions reached in the Washington Mutual and Lehman Brothers bankruptcy cases, says Shan Haider of Perkins Coie LLP.