• October 25, 2016

    Skadden Ducks Untimely $35M Creditor Malpractice Suit

    Skadden Arps Slate Meagher & Flom LLP dodged a $35 million malpractice suit brought by creditors of bankrupt aviation company Evergreen International Aviation, when a New York Supreme Court justice agreed with the firm that the action is time-barred.

  • October 25, 2016

    11th Circ. Backs Fraud Conviction Despite Privilege Breach

    An Eleventh Circuit panel refused Tuesday to set aside bank fraud convictions against the head of bankrupt motor fuel distributor Delco Oil Inc., rejecting his argument that advances in technology should change the way courts evaluate violations of attorney-client privilege.

  • October 25, 2016

    10th Circ. OKs Testimony On Bankruptcy In Royalty Case

    The Tenth Circuit ruled Tuesday that Mitchell International Inc. doesn’t owe royalties to Vehicle Market Research Inc. over a valuation program for car insurers, finding that the introduction of evidence about differing bankruptcy valuations by the owner of VMR didn't flout a previous Tenth Circuit ruling — especially since the testimony was introduced by the owner's own lawyer.

  • October 25, 2016

    Boeing Fights Sanctions In $1.2B Contract Fight

    Boeing claimed Monday it had no responsibility to preserve documents relating to Alabama Aircraft Industries' suit over a $1.2 billion Air Force maintenance contract in a response to the bankrupt company’s request for sanctions from an Alabama federal judge.

  • October 25, 2016

    Minn. Appeals Panel Affirms GE Capital Ponzi Suit Toss

    A Minnesota appellate court has refused to overturn the dismissal of claims that General Electric Capital Corp. assisted Thomas Petters’ multibillion-dollar Ponzi scheme, saying that the successor of Acorn Capital Group LLC is bringing derivative claims that have already been addressed in bankruptcy court.

  • October 25, 2016

    Oilfield Service Firm Basic Energy Launches $1.1B Ch. 11

    Oilfield services company Basic Energy Services Inc. and a number of affiliates filed for Chapter 11 protection Tuesday in Delaware, listing $1.1 billion in debt and already soliciting creditor votes on an exit plan with hopes to emerge from bankruptcy sometime in December.

  • October 24, 2016

    Implant Sciences Ch. 11 Gets Official Equity Committee

    The U.S. trustee’s office appointed an official equity holders committee Monday in the Chapter 11 case for bomb-detecting firm Implant Sciences Inc., and argued the bankruptcy court should delay consideration of the debtor’s auction plan to give shareholders more time to look it over.

  • October 24, 2016

    Atlantic City Approves 5-Year Fiscal Recovery Plan

    Atlantic City, New Jersey, officials on Monday approved a five-year financial plan, including a multimillion-dollar land sale and employee layoffs, to help it recover from a fiscally crippling spate of poor gambling revenue and successful tax appeals, and avert a state takeover.

  • October 24, 2016

    HRG Group Sued For $2.5M To Pay Former Retailer's Liens

    A Connecticut company representing creditors of the Kitson retail brand has sued HRG Group Inc. in California federal court for $2.5 million, alleging the New York holding company failed to uphold its end of a funding agreement to pay off IRS tax liens.

  • October 24, 2016

    Emerald Asks For OK On Operating Deal With Ch. 11 Buyers

    Bankrupt oil and gas driller Emerald Oil Inc. asked a Delaware judge Friday for permission to enter into an operating contract with the lenders that are set to buy its assets so Emerald can continue running its wells until the buyers receive regulatory approvals.

  • October 24, 2016

    Golfsmith Creditors Back Sale To Dick's Sporting Goods

    Golfsmith's unsecured creditors on Monday in Delaware offered support to the proposed sale of the business to Dick's Sporting Goods and liquidators led by Hilco Merchant Resources LLC under a plan that would keep 30 of the golf retailer’s stores open, saying a feasible alternative hasn’t materialized.

  • October 24, 2016

    Kid-Track Firm Gets OK On Sale Plan With Bidder Protections

    Bankrupt child tracking device maker Filip Technologies Inc. received court approval Monday in Delaware for its plan to conduct an asset auction, including bid protections for a proposed stalking horse bidder that drew objections from the United States trustee.

  • October 24, 2016

    Toting $1B Debt, Key Energy Files Prepackaged Ch. 11

    Key Energy Services Inc. launched a prearranged Chapter 11 in Delaware bankruptcy court early Monday, saying in company disclosures that it hopes to slash its more than $1 billion debt burden to about $250 million, with current senior noteholder Platinum Equity becoming majority shareholder.

  • October 24, 2016

    China Fisheries Seeks To Keep Control Of Its Ch. 11

    China Fishery Group Ltd. is battling lenders over control of the commercial fishing business's Chapter 11 bankruptcy, saying Friday in a New York court filing that it needs additional time to map out a reorganization plan.

  • October 24, 2016

    Law Firms Spar To Rep Ex-ITT Tech Employees

    Several firms, including Otten & Golden LLP, are battling to lead the representation of former ITT Technical Institute employees in class actions alleging abrupt layoffs that occurred when the for-profit college closed last month violated federal law, according to filings made Friday in Indiana bankruptcy court.

  • October 21, 2016

    Del. Trust Urges Justices To Join Appeal In EFH Case To Jevic

    Delaware Trust Co. has urged the U.S. Supreme Court to consider pairing its appeal from a disputed $4 billion Energy Future Holdings Co. bankruptcy refinancing deal with another closely watched case already granted certiorari and already tagged as a potential landmark for structured Chapter 11 settlements.

  • October 21, 2016

    US Trustee Objects To Kid-Track Firm's Ch. 11 Bid Terms

    Child tracking-device marketer Filip Technologies Inc. wove potentially unfair and unsupportable sale terms into its bankruptcy auction plan, possibly giving its stalking horse bidder a leg up, the Delaware Office of the U.S. Trustee said in an objection filed on Friday.

  • October 21, 2016

    Mass. Man To Cop To $1B Pyramid Scheme Ahead Of Trial

    One of the co-founders of TelexFree Inc. who allegedly ran a $1 billion pyramid scheme targeting Brazilian and Dominican immigrants, has agreed to plead guilty on the day before jury selection in his trial was set to begin, prosecutors said on Friday.

  • October 21, 2016

    Souplantation Creditor Takes Issue With Quick Sale Plans

    The largest unsecured creditor of the bankrupt parent company of casual dining chain Souplantation objected Friday to the company's proposed sale procedures, saying they envision a shortened timeline that isn't justified by the circumstances of its Chapter 11 case.

  • October 21, 2016

    SunEdison Creditors Sue Lenders, Accuse Company Of Fraud

    SunEdison creditors on Thursday sued the energy giant’s bank lenders and other financiers in New York to recover at least $200 million they allege was used to mask the company’s deteriorating finances and improprieties months before filing for bankruptcy.

Expert Analysis

  • When Your Client Is The President

    Fred F. Fielding

    The experience of preparing for the 1981 air traffic controller strike brought home to me the responsibility a lawyer owes to his or her client — be it an average citizen, a corporation or a president, says Morgan Lewis & Bockius LLP partner Fred Fielding, who served as White House counsel for Presidents Ronald Reagan and George W. Bush.

  • Bridging The Gap Between Outside And Inside Counsel

    Andrew S. Chamberlin

    Results from a recent International Association of Defense Counsel survey reveal a significant disconnect between inside and outside lawyers when it comes to perceptions of their own effectiveness versus the perceptions of their counterparts on the other side of the fence, say Andrew Chamberlin, a partner at Ellis & Winters LLP, and Orlyn Lockard, associate general counsel at Siemens Corp.

  • Oil Co. Restructuring Deals Bring Unwanted Tax Burdens

    Michael A. Silva

    Many oil production ventures are structured as limited partnerships, but this structure is coming back to bite investors, who are now learning to their chagrin that they may owe significant taxes as a result of a bankruptcy or an out-of-court restructuring, say Michael Silva and Vince Slusher of DLA Piper.

  • Jevic Could Be Most Consequential Ch. 11 Decision In Years

    Benjamin D. Feder

    A broad ruling by the U.S. Supreme Court in Czyzewski v. Jevic Holding would limit creative uses of the Bankruptcy Code and substantially affect the manner in which difficult Chapter 11 cases are approached and resolved, says Benjamin Feder of Kelley Drye & Warren LLP.

  • When Your Client Is The President

    William E. Casselman II

    My experience with the Nixon pardon, the Nixon tapes, the construction of the White House swimming pool, and other matters well out of the ordinary for a president’s lawyer taught me that in the practice of law one should learn to expect and cope with the unexpected, says William Casselman, who served as White House counsel for President Gerald Ford.

  • So You Want To Be A Partner? You Need A Mentor

    Rebecca Glatzer

    Not all aspects of the partnership process are within an attorney’s power. However, there are some factors that an associate can control on the path to partnership, the most important of which are the relationships cultivated along the way, says Rebecca Glatzer of Major Lindsey & Africa.

  • Equitable Mootness In The Municipal Bankruptcy Context

    Laura E. Appleby

    In applying the doctrine of equitable mootness to claims challenging the Detroit bankruptcy plan, the Sixth Circuit assured creditors of municipalities that they can rely on court-approved bankruptcy plans. However, completion of the appellate process could be a long way off given a potential conflicting decision from the Eleventh Circuit, say Laura Appleby and Todd Dressel of Chapman and Cutler LLP.

  • When Your Client Is The President

    John W. Dean

    I went to the law books, where I discovered the crime of “obstruction of justice,” and realized I was right in the middle of a criminal conspiracy. I didn't fully understand my conduct during Watergate until — decades later — I learned about the psychology of cover-up at work, says John Dean, who served as White House counsel for President Richard Nixon.

  • Trial Pros’ Secret To Courtroom Success

     Jamin S. Soderstrom

    Somewhat surprisingly, very few of the dozens of "trial pros" who have been interviewed by Law360 have revealed the secret to effective trial preparation that is vital to their success. But ultimately, the “secret” to effective trial preparation is not actually a secret, says Jamin Soderstrom of Soderstrom Law PC.

  • 100 Days Of Cayman Islands Limited Liability Companies

    Tim Buckley

    Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.