Stevens & Lee

1. Bus Drivers Best Philly Transit's Bid To Toss OT Suit

Thursday, Mar 18, 2010

Finding that a collective bargaining agreement between Philadelphia's regional transport system and its bus drivers did not bar a federal court from hearing the drivers' off-the-clock overtime claims, a judge has denied the agency's most recent motion to dismiss the case.

2. US, Pa. Should Pay Strontium Cleanup Costs: Lockheed

Friday, Mar 05, 2010

As it faces a $20 million suit from Pennsylvania's environmental regulator over the cleanup of strontium-90 at a decommissioned nuclear facility, Lockheed Martin Corp. is arguing that the state and federal governments should share in any liability in the case.

3. Creditor Blasts ProtoStar Bid For Sale-Related Bonuses

Wednesday, Feb 10, 2010

Creditor Afro Asian Satellite Communications Mauritius Ltd. has objected to bankrupt ProtoStar Ltd.’s renewed request to pay bonuses to management and other employees for helping arrange the $210 million sale of a satellite to Intel Subsidiary Holding Co. Ltd.

4. Lockheed Martin Can't Shake $20M CERCLA Suit

Tuesday, Feb 02, 2010

A federal judge has refused to dismiss claims by Pennsylvania's environmental regulator that Lockheed Martin Corp. is liable for $20 million the agency spent cleaning up Strontium-90 contamination at a decommissioned nuclear facility.

5. Dura Buyer Can't End Contract With Supplier: Judge

Wednesday, Jan 20, 2010

A private equity firm that bought a unit of then-bankrupt Dura Automotive Systems Inc. did not have the right to then reject a contract with the company that provided Dura with motors for heating, ventilation and air conditioning systems in SUVs, a federal judge has ruled in affirming a bankruptcy judge's decision.

6. Avoiding The Prepack Steamroller

Wednesday, Jan 20, 2010

By having a plan accepted before Chapter 11 is even filed, a debtor achieves tremendous momentum and is usually able to steamroll junior classes of debt and equity. The looming threat of the prepackage steamroller could create opportunities for hedge funds to buy positions at steep discounts and then try to salvage value instead of getting flattened, say Nicholas F. Kajon of Stevens & Lee PC and Lee E. Buchwald of Buchwald Capital Advisors LLC.

7. Cephalon Deals Went Beyond Provigil: Direct Buyers

Wednesday, Jan 06, 2010

Direct purchaser plaintiffs suing Cephalon Inc. and several generic-drug makers for striking allegedly illegal deals to keep a copycat version of narcolepsy drug Provigil off the market have filed an amended complaint that they say identifies more anti-competitive and illegal aspects of the settlements at issue.

8. Pacific Energy's Cook Inlet Sale Hits Speed Bumps

Wednesday, Oct 28, 2009

Bankrupt Pacific Energy Resources Ltd. is facing a raft of objections to its proposed sale of oil and gas assets in Alaska's Cook Inlet region, a month after a bankruptcy judge gave Pacific Energy the go-ahead to abandon the facilities when no buyers initially emerged.

9. Settlements OK'd In 12 Suits By Alliance Trustee

Monday, Sep 21, 2009

A judge has signed off on settlements in a dozen suits over alleged preferential transfers in the bankruptcy of lender Alliance Bancorp, allowing for the recovery of about 13 percent of the amounts sought from parties including Anthem Blue Cross Life & Health Insurance Co. and accounting firm Marcum & Kliegman LLP.

10. Insurers Say Mark IV Ch. 11 Plan Too Vague

Tuesday, Sep 15, 2009

Several parties – including CNA Insurance Cos., Liberty Mutual Insurance Co., a property investment firm, and others – have objected to a reorganization proposal for bankrupt automotive systems components manufacturer Mark IV Industries Inc., contending the plan is unclear about a bevy of insurance and environmental obligations.

11. Pacific Energy Gets OK To Abandon Alaska Assets

Monday, Sep 14, 2009

Having failed to find a buyer for the unprofitable facilities, bankrupt Pacific Energy Resources Ltd. has won the right to abandon oil and gas production assets near Alaska's Cook Inlet — despite opposition from government regulators over potential environmental liabilities.

12. False Ad Claims Added To Congoleum Patent Suit

Friday, Sep 04, 2009

Floor tile manufacturer Armstrong World Industries Inc. has added false advertising claims to a lawsuit seeking a declaration that the company has not infringed the patents of bankrupt rival Congoleum Corp.

13. 3rd Circ. Tosses Sanctions Against Keystone, Attys

Wednesday, Sep 02, 2009

A federal appeals court has closed a drawn-out chapter in a group of doctors' underpayment suit against health insurer Keystone Health Plan Central Inc., vacating sanctions against the company and three firms that represented it — Hangley Aronchick Segal & Pudlin, Stevens & Lee PC and Stradley Ronon Stevens & Young LLP.

14. Battle Heats Up Over Pacific Energy's Alaska Assets

Friday, Aug 28, 2009

Pacific Energy Resources Ltd. has fired back at state and federal regulators that protested its plan to abandon oil and gas production assets near Alaska's Cook Inlet, saying the bankrupt energy company has done more than enough to address potential environmental liabilities.

15. New Century Tries To Rescue Nixed Liquidation Plan

Monday, Jul 20, 2009

The trustee overseeing the dissolution of New Century Financial Corp. has appealed a federal judge’s recent decision to reverse the bankruptcy court’s approval of the subprime lender’s liquidation plan.

16. Eddie Bauer $202M Asset Sale To CCMP Approved

Wednesday, Jul 01, 2009

The bankruptcy judge overseeing the Chapter 11 proceedings of Eddie Bauer Holdings Inc. has signed off on the retailer's proposed $202 million asset sale to an affiliate of global private equity firm CCMP Capital Advisors LLC, as a slew of utility companies have balked at the debtors' plans for paying their bills.

17. New Century's Liquidation Plan Nixed On Appeal

Wednesday, Jun 17, 2009

A federal judge has reversed last year’s decision to confirm a liquidation plan for bankrupt subprime lender New Century Financial Corp., ruling that the plan treats the claims of certain classes, including the beneficiaries of the company’s compensation and retirement plans, less favorably than others.

18. Despite Buyers' Market, 363 Sales Still Prove Complex

Wednesday, May 27, 2009

Although the increased pressure for companies in Chapter 11 to shed assets through sales under Section 363 of the Bankruptcy Code may suggest a robust market for willing buyers, the process is not necessarily as easy, advantageous or popular for buyers as some might assume, according to bankruptcy experts.

19. Teva Targets Amgen Over Kidney Drug

Friday, May 22, 2009

Teva Pharmaceutical Industries Ltd. has fired off a suit accusing Amgen Inc. of infringing its patent by making and selling Sensipar, a drug to treat kidney disease.

20. Alliance Trustee Wins Access To Union Bank Records

Monday, May 11, 2009

A bankruptcy judge has ordered Union Bank of California to produce Alliance Bancorp's account records for the months leading up to the failed mortgage lender's Chapter 7 filing, granting a motion by the trustee overseeing the case.