The New Jersey Supreme Court has ordered the state's Appellate Division to revisit its decision that a property owner may pursue litigation against insurers over environmental cleanup coverage under policies issued to a bankrupt former owner, saying that finding should be re-evaluated based on a Supreme Court opinion on post-loss claim assignments.
The official committee of unsecured creditors in the Marsh Supermarkets Holding LLC bankruptcy took aim late Tuesday at what the committee called the debtor’s “extremely expedited” sale plans for more than 40 of its best locations, arguing the crunched schedule could doom Marsh to failure.
A Nuverra Environmental Solutions Inc. noteholder trustee accused the bankrupt oil field services company on Wednesday of fielding an “impermissible and unconfirmable” Chapter 11 plan that fully pays general unsecured creditors without providing any cash to holders of $41 million in notes.
Warning that bankruptcy expenses could drain its case, saltwater battery developer Aquion Energy Inc. won an accelerated review for its Delaware Chapter 11 bid procedures Wednesday, and said that its only current bidder needs to close on a sale before June 30.
A Delaware bankruptcy judge gave Adams Resources Exploration Corp. the green light Wednesday for an auction plan both he and the U.S. trustee’s office say they’ve never seen before that will allow the oil and gas driller’s nondebtor parent and post-petition lender to bid five days after the deadline.
Mood Media, the parent company to in-store media provider Muzak, has asked a New York federal bankruptcy court for Chapter 15 protection while it restructures $650 million in outstanding debt in Canada after suffering financial difficulties caused by technological changes and licensing issues.
Executives of Delivery Agent Inc. have urged a California federal judge to disqualify Stearns Weaver Miller Weissler Alhadeff & Sitterson PA from representing an investor suing the bankrupt online retail club’s brass over allegations of securities fraud, saying a company executive previously sought legal advice from the firm.
Bankrupt women’s clothing retailer The Wet Seal LLC asked a Delaware judge Tuesday for an extension of the period during which it will have the exclusive right to file a Chapter 11 plan because it has been focusing its efforts on store liquidations and asset sales.
Bankrupt barbecued-meat distributor Rupari Food Services Inc. resolved the objections of its prepetition secured lending agent to garner court approval of a $1.4 million key employee incentive plan Wednesday in Delaware federal court.
The CEO of an Israeli-based wastewater treatment company told the Delaware Chancery Court that a group of shareholders suing him over alleged mismanagement sabotaged the company themselves for their own benefit.
A California federal judge on Tuesday ordered the Consumer Financial Protection Bureau, Howard Law PC and two other firms to mediate a dispute over the firms’ alleged running of a debt-relief scheme that extracted millions in “exorbitant” and illegal advance fees from consumers with large debts.
Bankrupt flying camera-drone venture Lily Robotics Inc. struggled Tuesday to land final agreements on cash due from a company sales processing contractor, with a Delaware bankruptcy judge saying that a temporary restraining order could be one of the solutions.
Bankrupt online retail club Delivery Agent Inc. agreed Tuesday in Delaware to convert its case to a Chapter 7 liquidation by month's end as the debtor continues negotiations for a settlement with the purchaser of Delivery Agent assets.
Bankrupt nuclear energy behemoth Westinghouse Electric Co. LLC is poised to tap the remaining $450 million from an $800 million debtor-in-possession loan, after a New York bankruptcy judge told the debtor Tuesday he fully expects to approve the transaction after reviewing a recently finalized request.
President Donald Trump’s proposed $4.1 trillion budget released Tuesday takes an ax to financial regulations in its proposed cuts, including potentially eliminating regulators’ power to take apart a big bank and reshaping the federal consumer finance watchdog.
Forty Corvette owners can’t claim that their right to due process was violated when General Motors didn’t specifically inform them of bankruptcy proceedings, the automaker told a New York federal judge Monday, arguing that parties are bound by a court order even if they aren’t formally notified of it.
Illinois Northern RSUI Indemnity Co. argued Monday it is not required to defend an Illinois racetrack operator against a $21 million suit alleging fraudulent money transfers, saying it falls under a policy exclusion for cases related to its bribery of former Gov. Rod Blagojevich.
Consumer and commercial debt collector SquareTwo Financial Services Corp. on Friday asked a New York bankruptcy court to approve a deal it reached to knock out opposition from a committee of unsecured creditors, paving a path to confirm its proposed Chapter 11 restructuring plan.
Citing “indisputable” contract termination rights, California Proton Treatment Center LLC called for summary judgment late Friday on the radiation treatment provider's effort to shed its business operation contract as part of a Delaware Chapter 11 reorganization.
A proposed employee bonus program floated by Rupari Food Services Inc. drew objection Monday in Delaware from the agent under a prepetition secured credit facility and the United States Trustee over the funding source of the bonuses and the criteria used to award them.
When does a modification “substantially impair” a junior lender’s priority? While not adopting a bright-line rule to answer this question, an Illinois state appeals court in Bowling Green Sports Center v. GAG LLC offered examples of where it would find “substantial impairment,” resulting in a senior lender losing its priority status, say Jason Hirsh and Erin Mayer Isaacson of Levenfeld Pearlstein LLC.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
A Delaware federal judge's recent opinion in Millennium Lab Holdings demonstrates the extent to which the constitutional questions raised by the U.S. Supreme Court six years ago in Stern v. Marshall continue to cast a shadow over the adjudication of bankruptcy cases, says Benjamin Feder of Kelley Drye & Warren LLP.
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
Litigation over the Section 546(e) safe harbor has been on the rise in the last several years and the defenses against these suits have been furious. This makes the U.S. Supreme Court’s decision to review FTI Consulting v. Merit Management even more important, say Brian Koosed and Robert Honeywell of K&L Gates LLP.
As in many municipal bankruptcies, the Puerto Rico case is likely to devolve into a battle between bondholders on the one hand and the holders of pension obligations on the other, says John Hansen of John Hansen Law.
Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.
Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.