Bankruptcy

  • April 16, 2024

    Companies Wrongly Found Insolvent, Texas Court Rules

    A Texas appeals court on Tuesday reversed a decision by a lower court that named two companies partially owned by a real estate developer that filed for bankruptcy as insolvent as well, saying a state court "abused its discretion" by putting the two entities in receivership.

  • April 16, 2024

    Sanctions In Byju's Ch. 11 Should Be Paused, Court Hears

    Camshaft Capital, a hedge fund facing an adversary action from the Chapter 11 creditors of Byju's, has asked a Delaware federal court to stay a contempt order the bankruptcy court entered against the investment firm and its principal while it appeals the sanctions and a preliminary injunction.

  • April 16, 2024

    Rochester, NY, Diocese's Creditors To Mull Rival Ch. 11 Plans

    A New York bankruptcy judge sent a pair of competing Chapter 11 plans for the Roman Catholic Diocese of Rochester out Tuesday morning for creditor votes, after rejecting previous explanations of the proposals for being unclear about payouts to childhood sexual abuse survivors.

  • April 15, 2024

    FTX Liquidators Describe Operating Blindly In Initial Days

    The U.S. liquidator for collapsed cryptocurrency exchange FTX told attendees at the OffshoreAlert Conference in Miami Beach, Florida, the case was unlike any other he'd handled as the company had "no set of books," forcing both onshore and offshore liquidators to scramble to track down assets.

  • April 15, 2024

    Coal Exec's Widow Seeks Atty Fees After Toss Of $6.5B Suit

    The widow of a bankrupt coal company's former president requested $525,000 in attorney fees and costs Monday after a D.C. federal judge tossed a suit alleging her husband's estate and another business owed a union pension plan $6.5 billion, saying the plan's trustees can afford to pay.

  • April 15, 2024

    Canadian Supplement Co.'s Sale Hits Ch. 15 Snag In Del.

    A Delaware bankruptcy judge appeared skeptical Monday that an American judge can weigh in on a dispute over rights to Canadian assets, as counsel for a troubled nutritional supplement supplier based in Canada argued for U.S. recognition of a sale order from an insolvency court in its home country.

  • April 15, 2024

    NH Power Plant Co. Can Send Dual-Path Ch. 11 Plan To A Vote

    The operator of a New Hampshire power plant fueled by scrap wood can seek creditors' approval of its Chapter 11 proposal, through which the debtor would either sell its assets or hand ownership of the reorganized business to lenders, a Delaware bankruptcy judge ruled Monday.

  • April 15, 2024

    Diocese Says Insurer Must Refund Sex Abuse Claims Defense

    Certain underwriters at Lloyd's of London must pay defense expenses related to sexual abuse claims against the Roman Catholic Diocese of Rockville Centre, the diocese has told a New York court, maintaining that its bankruptcy proceedings do not relieve the insurer of reimbursement requirements.

  • April 15, 2024

    BowFlex's $37.5M Ch. 11 Asset Sale Gets Green Light

    A New Jersey bankruptcy judge on Monday approved fitness equipment maker BowFlex Inc.'s sale of assets to its stalking-horse bidder after canceling an auction, saying the company was accepting a fair offer.

  • April 15, 2024

    Dairy Co. Oberweis Hits Ch. 11 With Up To $50M In Debt

    Oberweis, a popular Illinois-based ice cream and dairy producer run by a former Republican state senator, has hit Chapter 11, disclosing it has as much as $50 million in liabilities.

  • April 15, 2024

    Justices Won't Review Ex-NYC Union Head's Bribery Rap

    The U.S. Supreme Court on Monday declined to take up the appeal of a former New York City union president who was convicted of taking bribes from now-defunct hedge fund Platinum Partners, rejecting a petition that argued his attorney failed to tell him about the trial judge's conflicts of interest.

  • April 12, 2024

    GPS Legal Co-Founder In HK Launches New Law Firm

    An international arbitration lawyer and litigator who co-founded Hong Kong law firm Georgiou Payne Stewien has said he has left it to launch his own firm.

  • April 12, 2024

    Anthem Wants Kwok Ch. 11 Trustee To Foot Mediation Bill

    Anthem has objected to plans from the Chapter 11 trustee overseeing Chinese exile Ho Wan Kwok's estate to force it and hundreds of other avoidance action defendants into mediation, questioning the merits of the case against it and arguing the insurer should not be forced to cover half of the costs of the efforts.

  • April 12, 2024

    Judge Rejects Tehum's $54M Bid To Resolve Injury Suits

    A Texas bankruptcy judge has rejected prison healthcare company Tehum Care Services Inc.'s $54 million settlement to resolve hundreds of personal injury suits while declining the claimant committee's request to dismiss the Chapter 11 case.

  • April 12, 2024

    Bridal Designer Seeks Conversion Of JLM Couture To Ch. 7

    A bridal dress designer engaged in litigation with bankrupt dressmaker JLM Couture asked a Delaware court Friday to convert the company's insolvency case to a Chapter 7 liquidation, saying the costs of that ongoing litigation will drain estate resources to the point it won't be able to pay for the bankruptcy case.

  • April 12, 2024

    Creditors To Depose Giuliani In Ch. 11 Quest For Assets

    Rudy Giuliani will be deposed by his Chapter 11 creditors beginning on Monday, according to a filing in a New York bankruptcy court.

  • April 12, 2024

    Kevin Carey, Bankruptcy Bench 'Legend,' Dies At 69

    Former U.S. Bankruptcy Judge Kevin Carey, who served on the Delaware bench for 14 years and was hailed as a "legend in the bankruptcy world," died Thursday at the age of 69.

  • April 12, 2024

    Hornblower Gets OK For Creditor Vote On Ch. 11 Plan

    A Texas bankruptcy judge on Friday sent Hornblower Holdings' Chapter 11 plan out for a creditor vote after hearing the cruise and tour operator had resolved creditor objections to its plan disclosure statement.

  • April 11, 2024

    Canadian Trucking Co. Needs More Time For US DIP Approval

    At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.

  • April 11, 2024

    Pro Sports Leagues Balk At Bally Parent's Ch. 11 Plan

    Three major U.S. professional sports leagues, whose games are broadcast by Bally Sports Network parent company Diamond Sports Group, criticized the company's Chapter 11 restructuring plan, saying it fails to provide information about the debtor's go-forward operating business plan and any ongoing business agreements with distributors.

  • April 11, 2024

    Dallas Developers Must Each Pay Bond In $400M Foreclosure

    A Texas appeals court on Thursday ordered developers to cough up more money as they appeal a ruling in a roughly $400 million foreclosure case involving an upscale residential tower in Dallas, saying that each of the debtors needed to file a bond as the case works its way through appeals.

  • April 11, 2024

    Nogin Can Get Another $3M In Ch. 11 Cash To Get Plan Done

    E-commerce company Nogin Inc. received permission Thursday from a Delaware bankruptcy court to draw another $3 million in Chapter 11 financing as it continues working toward implementing its court-approved restructuring plan.

  • April 11, 2024

    Syracuse Diocese Told Its Ch. 11 Plan Needs More Work

    A New York bankruptcy judge Thursday told the Roman Catholic Diocese of Syracuse that its Chapter 11 plan disclosure statement needs another round of revisions to address objections by insurance carriers claiming the plan impairs their contractual rights.

  • April 11, 2024

    Fired Yellow Corp. Workers Can Proceed With Class Action

    A Delaware bankruptcy judge on Thursday lent support to a group of laid off Yellow Corp. workers in their bid to bring a class action against the insolvent trucking company, saying he would recognize claims tied to the terminations brought by both union members and others.

  • April 11, 2024

    FTX Brass, Investors Can't Move Bankruptcy Suit To MDL

    The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.

Expert Analysis

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • 3 Pointers From Tilton Case To Help Win Advancement Suits

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    The Delaware Superior Court’s refusal to let Lynn Tilton sue her advancers for legal fees, ruling she had not yet attempted to negotiate in good faith, suggests that policyholders may fare better if they attempt proactive strategies to narrow disputes over advancement agreements before taking their insurers to court, says Evan Bolla at Harris St. Laurent.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • What 2023 Bankruptcy Statistics May Mean For 2024

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    Bankruptcy data from 2023 shows that we are in an unprecedented time in our economic history because of unique, unpredictable and distressed conditions, and bankruptcy professionals should be prepared for the continued rise in Chapter 11 filings in 2024, says Deirdre O'Connor at Epiq.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • What The 2023 Bank Failures Taught Us, And What's To Come

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    As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • What WeWork's Ch. 11 Filing Means For Landlords

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    WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • The 4 Top Philadelphia Commerce Court Opinions Of 2023

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    Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.

  • A Former Bankruptcy Judge Talks 2023 High Court Rulings

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    In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

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