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Bankruptcy

  • October 18, 2018

    Georgia-Pacific Gets Unjust Benefit With Ch. 11, Creditors Say

    The unsecured creditors of bankrupt Georgia-Pacific affiliate Bestwall LLC on Wednesday again urged a North Carolina bankruptcy court to dismiss the company's Chapter 11 case, accusing the parent company of unjustly devising a way to dump off and reduce its legacy asbestos liabilities.

  • October 18, 2018

    Battle Brews Over Atty's Admission In Woodbridge Ch. 11

    A battle is brewing in the litigation over The Woodbridge Group of Companies’ Chapter 11 plan concerning the pro hac vice admission in Delaware of an attorney representing a group of noteholders who oppose the plan, as unsecured creditors claim he violated ethical rules by not properly disclosing conflicts that exist among his clients. 

  • October 18, 2018

    Oaktree Says Financial Docs Are Privileged In Fraud Suit

    Oaktree Capital Management is fighting a production request from defendants in its California security fraud suit against private equity company Warburg Pincus for communications between a noteholder committee in the Rural/Metro bankruptcy and its financial adviser, claiming attorney-client privilege.

  • October 18, 2018

    Nine West Files Amended Ch. 11 Plan With $105M Settlement

    Nine West Holdings Inc. has filed a revised Chapter 11 plan with a New York bankruptcy court that includes a $105 million settlement with company owner Sycamore Partners, releasing the latter of claims that it stripped Nine West’s assets and sent the company into bankruptcy.

  • October 18, 2018

    Noble Group Seeks US Protection During $3.5B Restructuring

    Global commodity trader Noble Group Ltd. is asking a New York bankruptcy court to shield its U.S. assets while its plan to restructure $3.5 billion in debt works its way through English courts.

  • October 18, 2018

    Necco Trustee Says Director Suit Should Stay In Fed. Court

    The Chapter 11 trustee of bankrupt candy maker New England Confectionery Co. Inc. told a Massachusetts federal judge Thursday that his suit accusing the debtor’s directors and officers of prepetition breaches of fiduciary duty shouldn’t be moved to bankruptcy court because it isn’t a core proceeding to the Chapter 11 case.

  • October 18, 2018

    Sidley Austin Mourns Death Of LA Bankruptcy Partner

    Sidley Austin LLP is grieving the loss of one of its attorneys, a 42-year-old bankruptcy partner in the firm’s Los Angeles office who died on Sunday from a self-inflicted gunshot wound to the head, according to the local medical examiner-coroner.

  • October 17, 2018

    Sen. Warren Demands Toys R Us Pay Worker Severance

    U.S. Sen. Elizabeth Warren is urging five hedge funds who hold Toys R Us debt to answer questions about their role in the liquidation of the toy retailer and contribute to a fund to provide severance pay for the chain's 30,000 former employees.

  • October 17, 2018

    A High Court Milestone Stirs Hope Of Gender Parity

    After an emotionally fraught confirmation process with sexual misconduct allegations front and center, a new justice joins the Supreme Court bench and brings four female clerks with him. The hires bring gender parity to the court's clerkship ranks for the first time, but will the shift be long-lasting?

  • October 17, 2018

    Creditors Say Fla. Insurance Co. Fraudulently Dumped Assets

    A trustee for creditors of ATIF Inc. filed suit Tuesday in Florida bankruptcy court alleging the bankrupt title insurance underwriter’s 2015 transfer of assets worth millions of dollars to Old Republic National Title Insurance Co. was a fraudulent attempt to avoid paying creditors.

  • October 17, 2018

    Weinstein Co. Buyer Wants Answers On Production Contract

    The Chapter 11 buyer of the assets of movie and television studio The Weinstein Co. Holdings LLC filed a bankruptcy suit Wednesday in Delaware asking the court to make a ruling on the status of a contract with a former production partner of the debtor.

  • October 17, 2018

    FirstEnergy's Bankrupt Units Seek OK For $25M Credit Deal

    FirstEnergy’s bankrupt power generation subsidiaries have asked an Ohio bankruptcy court to allow them to take out up to $25 million in letters of credit, saying the credit will help to keep the company’s seven power plants in operation.

  • October 17, 2018

    Platinum Partners Liquidators Seek Docs From Funds' Ex-Firm

    The Cayman Island-based liquidators of a pair of failed Platinum Partners hedge funds have asked a New York bankruptcy court to compel Schulte Roth & Zabel LLP, the funds’ former attorneys, to hand over documents stemming from before the funds went into bankruptcy.

  • October 17, 2018

    Embezzling Bankruptcy Atty Tells 2nd Circ. Gov't Broke Deal

    A former Connecticut bankruptcy attorney told the Second Circuit on Wednesday that prosecutors hung him out to dry after he turned himself in for embezzling millions of dollars from his clients, resulting in a five-year prison sentence that he wants to redo before a new judge.

  • October 16, 2018

    Asbestos Trust Rep Beats DOJ Objection In Duro Dyne Ch. 11

    A New Jersey bankruptcy judge on Tuesday firmly overruled objections to the appointment of a future claimants representative in the Chapter 11 case for Duro Dyne National Corp., calling challenges by the U.S. Trustee's office and insurers over disinterestedness "nonsensical" and a "nonstarter."

  • October 16, 2018

    Paul Hastings A 3rd Party To Fraud, Cancer Center Exec Says

    The founder of a now-bankrupt cancer treatment center accused of making false statements to entice billionaire energy tycoon Kelcy Warren to invest urged a Texas judge Monday to block Paul Hastings LLP from being removed as a third party in the case, saying there's enough evidence to raise questions on the firm's involvement.

  • October 16, 2018

    Maxus Ch. 11 Asset Stripping Arguments Set For December

    A motion asking a Delaware bankruptcy judge to abstain from an asset stripping case by former Chapter 11 debtor Maxus Energy Corp. against Argentine parents YPF SA and Repsol SA will be heard simultaneously with defendants' motion to dismiss the case after the judge said Tuesday that there would be no point in accelerating the abstention arguments.

  • October 16, 2018

    Law Firm Barred From Contacting Madoff Clients About Suit

    A New York magistrate judge has ordered Chaitman LLP not to contact its clients who were victims of Bernie Madoff regarding a suit alleging Helen Chaitman had a conflict of interest in representing them, ruling it was inappropriate for her to urge those clients to decide whether to opt out of the proposed class this early in the process.

  • October 16, 2018

    Teamster Pension Fund Says Tops Hasn't Honored Ch. 11 Deal

    A Teamsters pension fund on Monday asked a New York bankruptcy court to force bankrupt grocery chain Tops Markets LLC to turn over documents related to an earlier lawsuit against a closely associated vendor, arguing that Tops is violating the terms of a May settlement by refusing to do so.

  • October 16, 2018

    Investor Can't Overturn Yukos' Buyer's Bankruptcy Plan

    A New York federal judge has upheld the bankruptcy reorganization of a Luxembourg-based entity created to acquire the financial services arm of former Russian oil giant Yukos Oil Co., saying a minority investor waived his right to challenge the corporate overhaul that wrested away any say he might have in the entity.

Expert Analysis

  • 4 Things To Watch In The Sears Bankruptcy

    Karen Park

    Following Sears' bankruptcy filing this week, there could be an announcement that the company has agreed to sell its most valuable stores to an affiliate of its largest shareholder, say Karen Park of ParkLaw LLC and Tara Desai of Greenhouse Branding Inc.

  • Crypto As Commodity, And The Bankruptcy Implications

    Joanne Lee Molinaro

    With the recent ruling in My Big Coin Pay that bitcoin and other cryptocurrencies are “commodities,” bankruptcy courts will likely have greater discretion regarding how to treat the valuation of cryptocurrencies in a variety of contexts, say Joanne Lee Molinaro and Susan Poll Klaessy of Foley & Lardner LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Market Evidence Will Likely Be Key In Sears Bankruptcy

    J.B. Heaton

    The Sears bankruptcy was filed early Monday, but the company's insolvency has been in plain view in the form of financial market evidence for a very long time. This case presents a prime example of the role such evidence can play for companies, their insiders, and outside advisers and auditors, says J.B. Heaton of the University of Chicago Law School.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • SDNY Decision Could Inject Uncertainty Into 363 Sales

    Steven Wilamowsky

    The Southern District of New York's recent ruling in Cooper could pare back some of the protections to which asset buyers in bankruptcy cases generally have been entitled under Section 363(m) of the Bankruptcy Code, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.

  • Critical Factors For Airline Survival And Restructuring

    Henry Kikoyo

    Last week, Primera Air joined the list of airlines that have filed for insolvency, less than a year after the company announced record 2017 financial results. Why the sudden fall from grace? Those familiar with the aviation industry will recognize the pattern, says Henry Kikoyo of Brown Rudnick LLP.