Greenberg Traurig’s rapidly expanding business reorganization and bankruptcy practice, already one of the largest and most active in the world, is helping the firm hold fast to its prestigious reputation.
Blank Rome expects the volume of Chapter 11 filings to remain relatively low, but business remains frisky for the firm, which is involved in headline-grabbing bankruptcies of companies such as Delta, Delphi, Northwest and Winn-Dixie.
In order to understand which legal entities in a corporate family to include in a restructuring, it is critical to understand the events causing the company to be in distress. There are four general reasons why a company will consider seeking Chapter 11 protection, says Morris Massel of Simpson Thacher & Bartlett LLP.
A number of practical actions may reduce a private equity firm's potential WARN Act liability with respect to employee layoffs conducted by a firm’s portfolio companies. These actions are intended to help insulate the ownership group by providing a stronger argument that the firm is indeed respecting separateness of entities when the portfolio company is making plant closure and layoff decisions, say Matthew Keiser and Rachel Baylis of Arnold & Porter LLP.
President Obama seems to be of the view that if law school were reduced to two years, students would incur two-thirds of the expense of attending law school, be burdened by two-thirds of the debt they currently have, and be generally economically better off than they are today after three years of law school. Most startling about the president’s proposal, however, is that he did not discuss the educational effect of his suggestion on the students or the effect on their clients, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
A special task force of the American Bar Association recently proposed to the United States Sentencing Commission substantial amendments to the U.S. sentencing guidelines for economic crimes. While there is work to be done to make the proposals more concrete, this would represent the most significant philosophical shift in sentencing in white collar cases since the inception of the sentencing guidelines — even if they are adopted only in part, say Daniel Levy and Sachin Bansal of McKool Smith PC.
The New York Supreme Court decision in Oppenheimer Amt-Free Municipals v. ACA Financial Guaranty Corp. is an unequivocal win for holders of distressed municipal bonds wrapped by monoline insurance policies. This outcome may impact negotiations and potential resolutions in Detroit’s Chapter 9 case and other recent municipal bankruptcies and distressed scenarios, say Douglas Mintz and Timothy Brown of Orrick Herrington & Sutcliffe LLP.
When it comes to preventing cyberattacks, the U.S. government can’t protect its own networks, let alone those of large law firms. And when it comes to deterring and punishing intruders, our government offers even less. We have to do more than play defense. We didn’t reduce street crime by requiring pedestrians to buy better body armor every year, says Stewart Baker, a partner with Steptoe & Johnson LLP and former assistant secretary for policy at the U.S. Department of Homeland Security.
The recent Southern District of New York decision in Tribune Company Fraudulent Conveyance Litigation has potential implications for the interpretation of Section 546(e) of the Bankruptcy Code. And it comes at a time when other attempts to avoid the reach of Section 546(e) or related statutes are pending before various courts — such as the lawsuit brought by the litigation trustee in the Lyondell Chemical Company bankruptcy and the lawsuit brought by the SemGroup Litigation Trust, say attorneys with Davis Polk & Wardwell LLP.
What should an attorney do in the middle of a deposition if her client answers in a way that suggests a misunderstanding of the question or sudden memory loss? She will likely want to confer with her client at the next available opportunity, but her ability to do so without waiving privilege will depend, in part, on where the deposition is taking place, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
For the second time in less than a month, the Eleventh Circuit has held that a tax refund belongs to the FDIC rather than the bankruptcy estate of a bank's holding company. While the tax-sharing agreements at issue in both cases were in some respects unusual, the Eleventh Circuit also appears to have discredited arguments credited in earlier federal court decisions that tax refunds were the property of the bank, say Philip Anker and Nancy Manzer of WilmerHale LLP.
If, as it appears, nonstop overlaps between American Airlines and US Airways would be unlikely by themselves to stop the proposed merger, what other factors has the government found attractive? Key considerations, from the U.S. Department of Justice perspective, include “connecting-route overlaps,” extant industry concentration and the “maverick theory,” say Zsolt Macskasi and Donald Martin of ARPC.