Bankruptcy

  • June 29, 2016

    Texas Atty Can't Duck $1.1M Malpractice Row In Illinois

    A Texas attorney failed on Wednesday to get a quick win against negligence claims in Illinois federal court over his representation of a safety services company that was successfully hit with a $1.1 million counterclaim in a wage suit and subsequently sought bankruptcy protection.

  • June 29, 2016

    Caesars Parent To Chip In More Cash In Chapter 11 Plan

    The corporate parent of bankrupt Caesars Entertainment Operating Co. Inc. will contribute an additional $10 million per month under a revised Chapter 11 plan for six months beginning in January and $20 million more per month if the reorganization doesn't go into effect by May 1, according to documents filed in Illinois Tuesday,

  • June 29, 2016

    Ambac Sued Over $2.5B Puerto Rico Bonds, Other Investments

    An investor hit Ambac Financial Group Inc. with a proposed class action in New York federal court on Tuesday, accusing the bond holder and its executives of misleading investors about its public finance bond portfolio including $2.5 billion in Puerto Rican bonds, saying the company failed to disclose its true loss exposure.

  • June 29, 2016

    IHeart Media Discussing Exchange Offer With Debt Holders

    On Tuesday, iHeartMedia said it is continuing to negotiate exchange offers with its senior debt holders a month after a Texas judge ruled in its favor in a dispute with lenders over an intercompany transaction between two of its subsidiaries.

  • June 29, 2016

    Lehman Brothers Trustee Doles Out $667M To Creditors

    The court-appointed trustee tasked with distributing the proceeds of the liquidation of Lehman Brothers began the latest distribution to unsecured creditors Wednesday, with a plan of sending out $677 million from the estate of the banking institution that filed for bankruptcy in 2008.

  • June 29, 2016

    West Virginia Co. Challenges Alpha Natural Ch. 11 Plan

    A West Virginia company on Wednesday challenged Alpha Natural Resources Inc.’s proposed reorganization plan, saying that the proposal does not guarantee the coal company will assume all state and federal environmental reclamation permits for all of its properties.

  • June 29, 2016

    Newbury Ch. 11 Auction Nets $137M, Possible Exit For Case

    Bankruptcy auctions have produced a potential $137 million in cash or creditor claim offsets for Newbury Common Associates LLC’s hybrid Chapter 11, company officials said Wednesday in Delaware federal court, raising hopes that the often contentious Stamford, Connecticut, case will reach a nontraditional exit.

  • June 29, 2016

    NJ Justices Undo Judgment Over Bankruptcy-Tainted Funds

    The New Jersey Supreme Court on Wednesday upended a judgment in favor of Globe Motor Co. and The Margolis Law Firm in their suit accusing a car wholesaler of breaching a settlement agreement, ruling that a dispute over the source of the settlement funds had to be hashed out before the instant case was resolved.

  • June 29, 2016

    SunEdison Shareholder Fights MoFo's 'Ivy League' Rates

    A SunEdison Inc. shareholder has criticized fees that Morrison & Foerster LLP charged for helping represent the debtor’s unsecured creditors committee, saying in an objection filed on Tuesday in New York that the firm’s “Ivy League” rates are exorbitant.

  • June 29, 2016

    Wyly Says SEC Seeks 'Leg Up' On His $250M In Annuities

    Billionaire tycoon Sam Wyly slammed the U.S. Securities and Exchange Commission's bid to go after nearly $250 million of his annuities, telling a Texas judge that the agency can't circumvent the bankruptcy process to satisfy part of a $299 million judgment against him and his late brother Charles.

  • June 29, 2016

    Auto Parts Firm Asks For $100M DIP Loan From Creditors

    Bankrupt replacement auto parts maker UCI International Inc. asked a Delaware bankruptcy judge Tuesday for approval of a $100 million debtor-in-possession loan being provided by prepetition lender Credit Suisse.

  • June 29, 2016

    Senate Passes Puerto Rico Bill Ahead Of $2B Debt Payment

    The U.S. Senate voted Wednesday in favor of legislation that would form a new oversight authority to manage Puerto Rico's debt, sending the bill to President Barack Obama’s desk just two days before the territory is set to default on $2 billion in debt payments

  • June 28, 2016

    Pa. Atty Defends Filing 'Fanciful, Farfetched' FCRA Suits

    An attorney ordered by a New Jersey judge to justify “fanciful and farfetched” Fair Credit Reporting Act lawsuits alleging that Experian misreported bankruptcies on a couple’s credit reports, in light of Chapter 13 filings and court appearances, said Wednesday he believed his clients were victims of a scam.

  • June 28, 2016

    AstroTurf Files For Ch. 11, Announces Sale Amid $30M IP Loss

    AstroTurf LLC filed for Chapter 11 in a Georgia bankruptcy court Tuesday as it publicly announced plans to sell to a German manufacturer amid fallout from a $30 million patent loss where a jury found the company infringed on a competitor’s synthetic turf patent.

  • June 28, 2016

    High Court's Structured Dismissal Review May Alter Ch. 11

    The U.S. Supreme Court could dramatically alter future corporate restructurings now that it has agreed to determine whether companies can use so-called "structured dismissals" to sidestep the Bankruptcy Code's rule for determining the order in which creditors get paid, experts say.

  • June 28, 2016

    Seventy Seven Energy Gets Nod For $100M DIP, Sealed Terms

    A Delaware bankruptcy judge gave Seventy Seven Energy Inc. final approval Tuesday for its $100 million post-petition loan package, allowing some financing terms to be sealed over the objection of the U.S. Trustee’s Office, which argued creditors and the public have a right to review the information.

  • June 28, 2016

    Fla. Wants More Claims In Insurer’s Mismanagement Row

    Florida asked a state court on Monday to let it add more fraud and breach of fiduciary duty claims in its lawsuit against the directors and officers of insolvent Aequicap Insurance Co. alleging mismanagement and concealment of its financial issues.

  • June 28, 2016

    Quicksilver Ch. 11 Disclosure OK'd Over Vote Rig Challenge

    Defunct oil and gas producer Quicksilver Resources Inc. won approval Tuesday for its Delaware Chapter 11 disclosure, after sidestepping a dispute over claims that a major creditor gamed settlement and claim negotiations to gain influence over plan confirmation voting.

  • June 28, 2016

    How To Become The Firm Every GC Wants To Hire

    Some law firms have perfected the art of pleasing general counsels, a skill that wins them the love of clients and allows them to score new cases and deals. Here, we look at a new report that delves into the intricacies of making clients happy.

  • June 28, 2016

    The 24 Firms GCs Love The Most

    Some law firms have honed their ability to serve clients so well that their relationships with general counsels have entered a sort of utopian existence where they earn glowing recommendations from clients and consistently win work. Here, find out which 24 firms have reached a state of “clientopia,” according to a new report by BTI Consulting Group.

Expert Analysis

  • REBUTTAL: Lenders Won't Lose Mortgage Priority In NJ

    Matthew H. Lewis

    A recent Law360 guest article suggested that if the New Jersey Supreme Court upholds the lower court's decision in Rosenthal & Rosenthal v. Benun it could have a chilling effect on certain types of loans that provide for future advances — but such consequences are unlikely, says Matthew Lewis at Riker Danzig Scherer Hyland & Perretti LLP.

  • How To Manage Your Law School Debt After Graduation

    Andrew Josuweit-headshot.jpg

    Student loan debt can feel overwhelming to new lawyers, especially when just getting started post graduation. Andrew Josuweit, co-founder and CEO of Student Loan Hero Inc., reviews the loan repayment plans available and discusses the best path forward for recent grads shouldering law school debt.

  • Bankruptcy-Remote Structures At Risk

    Luc A. Despins

    The Delaware bankruptcy court's recent decision in Intervention Energy is an important reminder that bankruptcy-remote does not necessarily mean bankruptcy-proof. Accordingly, lenders should always consider additional safeguards, including so-called “bad boy” guaranties, say Luc Despins and Alexander Bongartz of Paul Hastings LLP.

  • Madden High Court Denial — Much Ado About Not Much

    Brian S. Korn

    The U.S. Supreme Court’s refusal to hear Madden v. Midland Funding will cause nonbank assignees to avoid purchasing certain loans made in the three states affected by the Second Circuit. But by denying certiorari, the Supreme Court has localized the damage caused, say Brian Korn and Richard Gottlieb of Manatt Phelps & Phillips LLP.

  • The Cloud And Ethical Considerations For Lawyers

    Bradley S. Shear

    Despite regular news stories detailing the need to update our digital privacy laws and increase our cybersecurity protections, law firms and in-house legal departments should feel confident that utilizing cloud providers with strong privacy and security protections will not breach their ethical obligation to clients, says Bradley Shear of the Law Office of Bradley S. Shear LLC.

  • 7th Circ. Provides Road Map For Preference Defendants

    J. Mark Fisher

    The Seventh Circuit's recent decision in Jason’s Foods expands the “ordinary course" defense of creditors sued for the avoidance of preferential payments and offers some interesting tactical lessons to preference defendants, says Mark Fisher of Schiff Hardin LLP.

  • How Lawyers Can Harness The Power Of Social Media

    Monica Zent

    It’s important to first decide what your personal brand is. Are you a crusader? A wry observer? A compassionate witness? Your social media presence doesn’t have to reflect the deepest aspects of your identity — it’s merely an image that you project, says Monica Zent, founder and CEO of Foxwordy Inc.

  • Red Or Black? Difficult Decisions Ahead For Atlantic City

    Steven Wilamowsky

    With the passage of the Casino Tax Property Stabilization Act, New Jersey appears to be moving forward to help stabilize Atlantic City and avoid a bankruptcy filing by the city. Success, however, will require buy-in by not only the city’s casinos but also the city itself and its citizens, say attorneys with Chapman and Cutler LLP.

  • Courts Cast Doubt On Common Bankruptcy-Blocking Tactic

    Matthew J. Gold

    While two recent bankruptcy court decisions in Lake Michigan Beach Pottawattamie Resort and Intervention Energy Holdings rely on different rationales, the result is that lenders should recalibrate their expectations regarding whether borrowers can be prevented from filing bankruptcy through drafting or structural means, says Matthew Gold of Kleinberg Kaplan Wolff & Cohen PC.

  • From The Partner's Desk: Tips For Recent Law Grads

    Gary M. Gansle

    One of the most prevalent complaints by associates and recent law school graduates is the lack of meaningful mentoring by more seasoned attorneys. Gary Gansle, leader of Squire Patton Boggs LLP's Northern California employment law practice, offers several tips as a light that can help junior attorneys start down the right path in their career development.