Energy Future Holding Corp. filed a new Chapter 11 plan Sunday that features alternative options for dealing with the power giant’s stake in electricity transmission unit Oncor after the roughly $20 billion deal at the heart of a prior strategy fell apart.
Energy Future Holdings Corp. has few immediate options to regroup after its innovative $20 billion gamble to reorganize its electricity transmission unit Oncor into a real estate investment trust appears to be history, leaving the mega-Chapter 11 in a state of costly and uncomfortable uncertainty, experts say.
Hughes Hubbard & Reed LLP’s fees for overseeing the liquidation of Lehman Brothers’ failed brokerage firm have topped $371.5 million, according to papers filed Thursday in New York federal court amid the Herculean effort of guiding one of the most complex bankruptcies in U.S. history.
Nigeria told the D.C. Circuit on Friday that a district court wrongly confirmed an $11.2 million award issued to an Enron subsidiary following a dispute over a power purchase agreement, saying the award was based on a contract that was at the heart of Enron's fraud and corruption scandal.
A cardiovascular health care provider facing a False Claims Act suit asked a federal judge to reconsider an order not to apply an automatic bankruptcy stay, saying the court violated its due process rights by not considering a response it was entitled to file.
Despite criticism from creditors, a Delaware bankruptcy judge approved a flexible, mix-and-match auction plan Friday that will put eight Stamford, Connecticut, properties on the block in an effort to settle Newbury Common Associates LLC’s troubled, stitched-together Chapter 11.
The committee scrutinizing the professional fees being charged in the Caesars Entertainment Operating Co. bankruptcy has urged an Illinois judge to take a closer look at rate hikes at Kirkland & Ellis LLP, Proskauer Rose LLP and other firms involved in the massive Chapter 11 case.
Texas firm Burt Barr & Associates LLP asked a federal judge on Friday to permanently dismiss a former client’s malpractice suit accusing the firm of failing to take the necessary steps for her to collect on a $3 million sexual harassment suit judgment, saying she has failed to show the ability to collect.
The Casino Association of New Jersey renewed its push to save Atlantic City’s struggling gaming industry and overall finances, urging lawmakers Friday to enact a legislative package, in one of two competing forms, that calls for a state takeover and casino tax deferral plan.
The sale of software developer Jumio Inc. has been delayed by a week so the bankrupt company can continue talks with multiple potential bidders, an attorney said on Friday at a status conference on the company’s Chapter 11 case.
A New York bankruptcy judge on Friday cleared the way for the company that produces “American Idol” to keep the business afloat as it begins a Chapter 11 restructuring, which was set off by a contract dispute with the show’s creator Simon Fuller.
The Third Circuit on Thursday denied the efforts of the litigation trustee for SemGroup LP to set aside $55 million from two equity distributions made before the company’s 2008 Chapter 11 bankruptcy as constructively fraudulent conveyances, affirming a bankruptcy court’s findings that the trustee’s claims improperly rest on hindsight.
A portion of a $4.5 million settlement deal for a class of investors in a bankrupt oil company should be used to pay legal fees spent defending a related malpractice claim, K&L Gates LLP told a California federal judge Thursday.
A New York bankruptcy judge said Thursday she would give Sabine Oil & Gas approval to begin soliciting votes from financial stakeholders on its plan to restructure billions of dollars in debt, but expressed concern that Sabine may be facing a lengthy confirmation hearing because of continued clashes with unsecured creditors.
DLA Piper on Thursday said it has hired restructuring attorney John Lyons from Skadden Arps Slate Meagher & Flom LLP, a veteran bankruptcy lawyer who has represented clients such as U.S. Airways Inc., VeraSun Energy Corp. and Black Diamond Capital Management LLC, to work as a partner in its Chicago office.
Bankrupt end-of-life care provider American Hospice Management Holdings LLC received approval for the sale of its operations in six states on Thursday, after an auction saw competitive bidding for parts of the company.
Bankrupt drug developer KaloBios Pharmaceuticals received final approval Thursday for a $3 million debtor-in-possession package that will convert to equity for lenders Black Horse Capital and Nomis Bay once the company successfully reorganizes.
Iconic surfwear company Quiksilver told a Delaware bankruptcy judge Thursday that it had reached a tentative agreement with former employees, who have appealed its Chapter 11 plan and are seeking $7.3 million in severance pay, that would see the ex-workers be eligible for roughly $132,000 in administrative and priority claims.
Attorneys representing the unsecured creditors in the bankruptcy filed by the Chicago unit of Yellow Cab asked that a Chapter 11 trustee take over the contentious case Wednesday, telling an Illinois bankruptcy judge that settlement talks so far have been unfruitful.
Energy Future Holdings Corp. told a Delaware bankruptcy judge Thursday that it intends to scrap the roughly $20 billion deal for nondebtor subsidiary Oncor at the heart of its Chapter 11 plan, throwing one of the largest bankruptcies in history into chaos.
While I am confident that the decisions in Windsor and Obergefell were made on the basis of the dictates of the Constitution, I am also confident that the communications efforts undertaken gave the justices additional comfort to make the right call, and ensured that these decisions were not treated as a Roe v. Wade redux, says Liz Mair, former online communications director for the Republican National Committee and president of Mair Strategies.
The interesting twist in a New York federal judge’s recent fraudulent transfer decision in the Madoff case is that it was the actual knowledge and intent of the transferees that mattered more and were necessary, therefore, to avoid the Bankruptcy Code safe harbors, says Maurice Horwitz of Weil Gotshal & Manges LLP.
The 2015 amendments to the Federal Rules of Civil Procedure present a fertile opportunity for defendants to leverage the rules' renewed focus on reasonableness and proportionality to rein in rampant discovery abuse. Courts' application of the amended rules has already shown promise in this regard, say Martin Healy and Joseph Fanning of Sedgwick LLP.
Dentons is two different law firm networks in one. So even if the Swiss verein structure should eventually fail and Dentons is forced to operate as a network of independent law firms, it could still be a significant market force, says Mark A. Cohen, a recovering civil trial lawyer and the founder of Legal Mosaic LLC.
The Ninth Circuit's decision in the matter of Sunnyslope Housing Ltd. will make it more difficult for affordable housing entities to restructure under Chapter 11 where the property has a higher value without affordable housing restrictions. However, the decision gives affordable housing lenders greater ability to protect their secured claims in bankruptcy, say attorneys at Buchanan Ingersoll & Rooney PC.
Most energy contracts are written under a standard form master agreement where it's not immediately evident that there’s much room for dispute. However, despite the relatively straightforward nature of the calculations involved with termination payments, experience shows there is plenty of room left for disagreement, say Richard Goldberg and James Read at The Brattle Group.
The worst outcome for the financial industry of the Madden v. Midland Funding U.S. Supreme Court petition for a writ of certiorari would be if the court grants certiorari and then affirms the Second Circuit. The degree of damage inflicted by such a decision will depend on the court’s rationale, say attorneys with Mayer Brown LLP.
The determination of whether an oil producer may avoid the burdens of a gathering agreement through rejection in bankruptcy has boiled down to whether the agreement "runs with the land." The applicable state requirement of when an agreement runs with the land will not only determine bankruptcy disputes, but will also inform the negotiation of future gathering agreements, say Michael Connelly and David Fournier of Pepper Hamilton LLP.
While PACER is a powerful tool for gaining information, practitioners should keep in mind that certain flaws often cause lawyers to be omitted from cases they’ve worked on or to show up associated with the wrong firm. These errors build up across aggregate records, tainting any conclusions drawn from such data — often to a surprising extent, according to Brian Howard, a legal data scientist at Lex Machina.
Migration of a debtor’s center of main interests and improper COMI manipulation have become frequent issues with the increasing volume of cross-border bankruptcy and insolvency cases. A Southern District of New York ruling in Creative Finance suggests that U.S. courts are both well-aware of this development and determined not to rubber-stamp Chapter 15 petitions, say Pedro Jimenez and Mark Douglas of Jones Day.