A U.S. trustee has urged the Missouri bankruptcy judge overseeing Peabody Energy’s Chapter 11 case to reject parts of the energy company’s proposed reorganization plan, calling its bid to pay $240 million in transaction fees “exorbitant.”
Duane Morris LLP has appointed a new managing partner who specializes in business and bankruptcy litigation and consumer protection disputes to head its Newark, New Jersey, office, the firm announced Wednesday.
A New Jersey bankruptcy judge on Wednesday approved Hanjin Shipping Co.’s request to sell off its stake in a terminal operator for $78 million, over the objections of U.S.-based creditors, saying that the Korean courier showed a sincere effort to enhance the sale value in a limited amount of time.
Bankrupt clothing retailer The Limited Co. LLC will move forward with an expedited plan to sell its intellectual property assets after receiving court approval for its proposed milestones as it pursues a $28.5 million transaction with a stalking horse bidder by the end of February.
Trenk DiPasquale Della Fera & Sodono PC fell short Wednesday in escaping a lawsuit from a defunct Newark, New Jersey, water agency when a New Jersey federal bankruptcy judge said an attorney was qualified to provide an affidavit stating that the firm deviated from professional standards in representing the organization.
A federal appeals court on Wednesday reinstated a Federal Deposit Insurance Corp. lawsuit against five banks, including Credit Suisse Group AG, over $140 million in mortgage-backed securities that led to the failure of two smaller banks, saying that the regulator’s complaint was not time-barred.
Just one day after the European and Middle Eastern arm of King & Wood Mallesons entered into administration in the U.K., the firm’s global chairman on Wednesday announced plans to maintain a business presence in the region in order to continue serving its global client base.
Holders of bonds issued by Puerto Rico's largest public pension fund reached a deal to recoup some of the money that the beleaguered territory diverted from the fund, according to a stipulation and order filed on Tuesday in Puerto Rico federal court.
General Motors Co. on Tuesday urged the Second Circuit to reject a widow’s bid to negate a 2010 settlement agreement stemming from a crash that killed her family, saying the woman can’t claim the automaker fraudulently hid relevant information because she assigned the rights to her claim to a third party.
The U.S. Supreme Court on Tuesday pressed a professional debt collector to explain why it should not face legal liability if it pursues stale debt in bankruptcy proceedings, and questioned to what extent the U.S. Bankruptcy Code may preclude debtors from filing consumer protection law reprisals.
Three collateralized loan obligation funds created by Patriarch Partners LLC magnate Lynn Tilton have gone after their founder, accusing her in a fraud suit filed Monday in New York federal court of mismanaging the Zohar funds and stealing more than $1 billion from them, putting them at risk of default.
The Second Circuit on Tuesday overturned a federal district judge’s finding that a $1.5 billion out-of-court restructuring proposed by for-profit college operator Education Management Corp. violated a Depression-era law meant to protect bondholders, saying the payment terms governing the bonds at issue were not modified.
A $60 million backstop plan for a stock offering described as key to oil and gas producer Samson Resources Corp.’s compromise Chapter 11 reorganization cleared a Delaware bankruptcy court Tuesday, paving the way to creditor voting and a plan confirmation hearing next month.
Claire’s Inc., a jewelry and accessories retailer for girls and young women, said that it would pull its planned initial public offering on Tuesday, marking the latest setback for the specialty retailer and its thousands of stores around the world, in what has been a tenuous environment for retailers.
Hercules Offshore Inc., which had its Chapter 11 plan confirmed in November, told the Delaware bankruptcy court on Tuesday that Enterprise Offshore Drilling LLC won an auction to purchase the offshore producer's Gulf of Mexico drilling rig fleet for nearly $24 million.
Bankrupt sporting goods retailer Golfsmith International Holdings Inc. received court approval Tuesday on its request to sell its corporate headquarters in Austin, Texas, for $22.5 million, pending some alterations to the order.
Bankrupt oil and gas producer Ultra Petroleum Corp. said Tuesday that it will pay Rockies Express Pipeline LLC $150 million and ink a new natural gas transportation contract to settle a $303 million breach of contract claim brought by the pipeline's operator, Tallgrass Energy Partners LP.
Cash-strapped global law firm King & Wood Mallesons LLP filed for administration with a U.K. court on Tuesday and selected an independent agency to handle its financial future, a representative for the firm confirmed.
Recently defunct women’s clothing retailer The Limited Stores Co. LLC filed for Chapter 11 protection in Delaware on Tuesday after liquidating the inventory at its roughly 250 locations and lining up a $25 million cash sale of its intellectual property assets subject to higher offers.
Two former Dewey & LeBoeuf LLP executives have shot back at a bid by the Manhattan district attorney’s office to limit cross-examination of a cooperating witness in the upcoming retrial over alleged accounting fraud, saying they have a right to explore whether the witness is “shading his testimony to curry favor.”
Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.
Every year, statistics reveal very little change in the number of women and minorities in the ranks of partnership. So how do law firms change this painfully slow rate of progress? It takes more than adding a diversity policy or a women’s leadership program to the current law firm business model, says Lucia Chiocchio, co-chair of Cuddy & Feder LLP's telecommunications and land use, zoning & development groups.
Two recent opinions in Lassman v. Cameron Construction and Spradlin v. Beads And Steeds Inns concerning the law of substantive consolidation serve as an important reminder of the significant equitable power that bankruptcy courts wield. That power affects the fate not only of debtors and their creditors but the rights and obligations of related parties and their creditors as well, says John Loughnane of Nutter McClennen & Fish LLP.
Choice-of-law rules for the perfection and priority of a security interest in “securities credited to a securities account” will change on April 1, 2017, when the Hague Securities Convention comes into effect. Edwin Smith and Alan Beloff of Morgan Lewis & Bockius LLP describe what steps secured parties may need to take now for existing secured transactions and in planning for new ones.
After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.
Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.
In Mission Product Holdings v. Tempnology, the bankruptcy appellate panel for the First Circuit held that Section 365(n) did not protect the exclusive distribution rights granted to the licensee of the debtor’s intellectual property, leaving unaddressed the practical implication that an IP license may be rendered worthless without the accompanying distribution rights, say Shmuel Vasser and Andrew Harmeyer of Dechert LLP.
As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.
Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.
In bankruptcy court, releases are more controversial than a sex tape. That’s why Gawker’s recently approved Chapter 11 liquidation plan, which provides for releases of Gawker’s current and former employees and independent contractors, is a treasure trove, says Danielle Donovan of Weil Gotshal & Manges LLP.