A Delaware bankruptcy judge gave Allied Nevada Gold Corp. her approval Thursday to poll creditors on a Chapter 11 plan that aims to transfer a controlling 75 percent interest in a reorganized company to noteholders after the debtor forged a deal that won dissident equity holders' support for the strategy.
A Delaware bankruptcy judge on Thursday cleared Santa Fe Gold Corp. to tap some of the $21.7 million in post-petition financing it has lined up with senior creditor Waterton Global Value LP in a proposal that would roll up a significant portion of its prepetition debt.
A Manhattan federal judge on Thursday denied summary judgment to trustees BOKF NA and UMB Bank NA in their attempts to force Caesars Entertainment Corp. to make good on $7 billion in Caesars Entertainment Operating Co. notes, finding discovery is needed to find out if the casino concern's private equity owners restructured the bankrupt subsidiary's debt in ways that impaired lenders' rights.
The U.S. Commodity Futures Trading Commission can seek a civil judgment against former Sentinel Management Group Inc. CEO Eric A. Bloom while he appeals his 2014 conviction for running a scheme that bankrupted the investment firm and cost victims $665 million, an Illinois federal judge ruled Thursday.
A London judge on Thursday laid out his reasoning for allowing 19 worldwide affiliates of Nortel Networks Inc., including Nortel Networks UK Ltd., to begin assessing their claims to $7.3 billion in proceeds derived from sales of intellectual property and other assets once belonging to the bankrupt Canadian telecom.
The Chapter 11 trustee for Thornburg Mortgage Inc. won summary judgment Thursday in a suit against RBC Capital Markets LLC when a Maryland federal judge ruled that RBC underpaid Thornburg by $26.3 million when it seized and sold Thornburg-owned mortgage-backed securities.
The developer of the unfinished $3.5 billion Bahamas resort complex Baha Mar filed a Chapter 11 plan late Wednesday that proposes to have Bahamian creditor claims pass through the case unaffected, days ahead of a Delaware court battle over whether the case should be dismissed.
Precious metals mining company Santa Fe Gold Corp. filed for Chapter 11 protection in Delaware bankruptcy court Wednesday with a plan to sell its assets, with its senior lender, mining-focused private equity fund Waterton Global Value LP, lined up as stalking horse bidder.
Bankrupt magazine wholesaler Anderson News LLC revealed Tuesday that it will ask the Second Circuit to revive its $371 million antitrust suit against Time Inc., Hearst Communications Inc. and other magazine publishers, which was tossed after a federal court ruled the publishers didn't scheme to put Anderson out of business.
A Delaware bankruptcy judge agreed Wednesday to confirm Corinthian Colleges Inc.'s Chapter 11 liquidation plan, which sets up a $4.3 million trust for students, over several objections from government entities who've lodged civil enforcement actions targeting the defunct for-profit educator's lending and recruiting practices.
After a year of speculation on how the energy industry would cope with plummeting oil prices, this fall could be the season for more bankruptcies, restructurings and asset divestiture for oil companies facing a tough lending environment and the looming roll-off of a number of hedges, lawyers say.
A contractor for the troubled Baha Mar resort doubled down Tuesday on its bid to have the developer's U.S. bankruptcy case dismissed, telling a Delaware judge that a recent ruling in the Bahamas undermines any hope that debtor had of executing a successful Chapter 11.
The owner of A&P supermarkets asked a New York bankruptcy judge Tuesday to approve a retention plan worth up to $5 million to retain nearly 500 “key” nonunion employees, saying the plan is needed to keep the company from continuing to bleed high-level workers.
The bankruptcy estate of iconic electronics retailer RadioShack has reached an agreement with the Texas attorney general in a dispute over $46 million worth of unused gift cards held by consumers around the country, its attorneys told a Delaware bankruptcy judge Wednesday.
Web-based streetwear retailer Karmaloop Inc. is seeking a swift Chapter 7 conversion, telling a Delaware bankruptcy court Tuesday that significant priority tax and administrative claims have created “insurmountable hurdles” to a Chapter 11 reorganization.
Rapper 50 Cent's attorneys on Tuesday urged a Connecticut bankruptcy judge to block the woman who successfully sued him for posting a sex tape online from obtaining additional information about his finances, painting her as a vengeful litigant out to further punish the entertainer.
Bankrupt solar manufacturer Solyndra LLC gave the U.S. Department of Energy false and misleading information in order to secure a $535 million loan guarantee that became a political sore point for the Obama administration when the company went bust in 2011, the agency's watchdog said Wednesday.
A defunct trucking company countered Mercedes Benz Financial Services’ assertion that the company lacks standing to bring an Eighth Circuit appeal challenging a bankruptcy order that allegedly deprived it of more than $1.5 million in adequate protection overpayments, saying its claim to the money gives it standing to appeal.
Bankrupt Molycorp Inc. said Wednesday that it plans to put its main rare earth mining operation in Mountain Pass, California, into “care and maintenance mode,” suspending operations at the facility in part due to the continuing slide in the minerals’ prices.
The federal bankruptcy watchdog on Monday renewed its push against provisions in retention applications that cover a law firm's cost for defending its fees, refuting arguments from the Boomerang Tube LLC creditors committee defending the measure for its co-counsel Brown Rudnick LLP and Morris Nichols Arsht & Tunnell LLP.
Disputed claims invoke somewhat obscure provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure that can be overlooked or lead to tactical positioning during the plan approval process. It is important for Chapter 11 practitioners to be aware of potential traps, says John Hansen of John Hansen Law.
In a recent Third Circuit opinion in the case of Tribune Media Co., Judge Thomas Ambro authored a concurrence that appears to imply that Third Circuit Judge Cheryl Krause’s opinion in One2One Communications LLC calling for the overturning of the equitable mootness doctrine is not shared, says Bruce Buechler of Lowenstein Sandler LLP.
It is apparent that two downstream purchasers — J. Aron & Co. and BP Oil Supply Co. — employed robust risk management practices that included appropriate transaction documentation and credit risk management during their relationship with now-bankrupt SemCrude LP. Those practices certainly played a role in a recent Delaware decision favorable to the purchasers, say attorneys with Sutherland Asbill & Brennan LLP.
Olivia Pope, the D.C. lawyer at the heart of the television drama "Scandal," calls herself and her team "gladiators in suits." By that, she means that she is willing to fight for her clients like a gladiator thrown into the arena. While it may be good for TV drama, thinking like a gladiator in reality can get litigators into trouble. Consider the top three ethical mistakes, say Sherin and Lodgen LLP partners Debra Squires-Lee and C... (continued)
Unfortunately for 50 Cent, the filing of a Chapter 11 bankruptcy case does not automatically result in the discharge of debts by an individual debtor, and the rapper has several claims that may fall into the purview of nondischargeable debts, including litigation claims related to a sex tape scandal, says Heather Ries of Fox Rothschild LLP.
Defense to preference claims, because it uses phrases like “ordinary course of business” and “ordinary business terms,” has provided ample opportunity for litigation. In accepting a first-time transaction between parties as “ordinary course,” the Tenth Circuit in the case of C.W. Mining Co. rejected the holdings of many lower courts, says Michael Cook of Schulte Roth & Zabel LLP.
It is a hard truth, but a law degree is a tough thing to have nowadays. Overloaded with thousands of dollars in debt and only a few job prospects that require a law license, many law graduates are looking for ways to manage their careers. We suggest some proven methods to amplify and accelerate your job search, says Mark Newall of Essex Partners Legal.
Citco Group Ltd.’s recent $125 million settlement in Anwar et al. v. Fairfield Greenwich Ltd. has left PricewaterhouseCoopers LLC as the sole defendant in the class action related to Bernie Madoff's Ponzi scheme. PwC, like Citco, has deep pockets, but it perhaps is more vulnerable than other service provider defendants in the case, say Jonathan Sablone and Danielle McLaughlin of Nixon Peabody LLP.
The bankruptcy case of MCK Millennium Centre Parking LLC appears to be one of the first to specifically address whether payments made on loans that are pooled in commercial mortgage-backed security structures are entitled to the safe harbor protections of Section 546(e). However, new developments in the case suggest there might be more to come, says Suzanne Boyd of Alston & Bird LLP.
The bankruptcy case of Bahamian luxury resort Baha Mar Ltd. appears to present a minefield of cross-border considerations, and is made particularly notable by the vocal opposition to a U.S. Chapter 11 filing by the Bahamas government. It will be interesting to follow whether and to what extent principles of comity ultimately influence the outcome of this matter, say Zachary Smith and Glenn Huether of Moore & Van Allen PLLC.