Financier Lynn Tilton on Wednesday accused three collateralized loan obligation funds she founded of playing “tactical games” when they filed a fraud lawsuit seeking judgment on their ownership after convincing her to drop a similar case in New York federal court, prompting the funds to fire back in a letter Thursday, calling her accusations “unfounded and irrelevant.”
Former Michaels Stores Inc. chair Sam Wyly and his late brother's estate urged a Second Circuit judge Friday to allow oral arguments in their appeal of the U.S. Securities and Exchange Commission's $299.3 million securities fraud victory over the pair, citing “significant legal questions.”
A copyright infringement suit against the publisher of the Yellow Pages can continue because the owner of stock photos used in the directories stated a plausible cause of action, a Delaware bankruptcy judge ruled late Thursday.
Broad and Cassel LLP has bolstered its bankruptcy practice group with the addition of a new partner who served as the liquidating trustee in the then-fifth-largest cruise line’s Chapter 11 case and litigated recovery efforts for a former University of Miami booster’s $930 million Ponzi scheme.
Indonesian coal miner PT Bumi Resources Tbk on Friday petitioned a Manhattan bankruptcy court for Chapter 15 recognition to stop bondholders from potentially disrupting its efforts to reorganize $4.2 billion in debt in Indonesian courts.
While there had been hopes Treasury Secretary nominee Steven Mnuchin’s confirmation hearings Thursday would provide more clarity on the Trump administration’s plans for bank regulations, Mnuchin’s responses on a broad range of topics left lawmakers with even more questions to be answered.
Attorneys for IMX Acquisition Corp. stockholders offered a $2 million cap Friday on future regular litigation fees for a potential suit against company lenders, citing far higher potential damage recoveries for lender tactics that allegedly drove the company into a Delaware bankruptcy court.
The Securities and Exchange Commission on Friday told a New Jersey federal court that a pair of assisted living facility operators misappropriated millions of dollars in investor funds to prop up failing facilities for their own benefit, saying one partner went so far as to say he had picked out his prison clothes.
Nortel Networks Inc. received a bevy of support in Delaware bankruptcy court Thursday in pushing for the confirmation of a long-awaited Chapter 11 plan the company says has few objectors and is the “best and only” way to resolve its bankruptcy.
Jones Day’s Donald McGahn is stepping into the role of White House counsel, a powerful but little-understood position that has a strong history of impacting the president’s authority.
The alignment of law firms with or against the new administration in legal battles to come could open rifts among attorneys and clients. But the publicity earned for taking on a potentially unpopular case could ultimately be worth any public fallout.
The incoming president’s plans to rein in the power of federal agencies will lead to uncertainty for lawyers and their clients as pending investigations and rulemaking are stopped in their tracks.
A new look at the potential U.S. Supreme Court nominees’ rulings reveals a ranking of judicial influence with some surprises at the top — and at the bottom.
Secured creditors of Implant Sciences Inc., a subsidiary of IMX Acquisition Corp., objected Wednesday in Delaware to the company’s equity holders’ request to bring litigation against the lenders in New York state court, saying the litigation will be wasteful and isn’t warranted in the case.
The Chapter 11 trustee in the case of oil rig owner Bennu Titan LLC told a Delaware bankruptcy judge Thursday that the liquidation cases of Bennu Titan's parent company should be transferred to the First State from Texas in the interest of justice and judicial economy.
Two potential bidders in Takata Corp.'s rehabilitation will present proposals in Japan seeking a court-mediated restructuring of the embattled air bag manufacturer’s operations in the country, according to media reports.
Optima Specialty Steel Inc.’s unsecured creditors committee took issue Thursday with the debtor’s decision to do “an abrupt about-face” and abandon a post-petition loan from its nondebtor parent company to go with an alternative offered by noteholders that the unsecured lenders argue is vastly inferior.
Boston-based Casner & Edwards LLP has scooped up a bankruptcy law veteran as partner, who will also establish the firm’s construction law practice area by utilizing experience from past construction defect cases and knowledge from his prior life as an electrical contractor.
Telecom giant Avaya Inc. and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection in New York on Thursday with more than $1 billion in debt, the same day it revealed its rejection of a $3.9 billion bid for its call-center software business.
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.”
Last year saw several large portfolio trades in the tertiary life settlements market, and the industry faced cost of insurance increases by several major companies. Brian Casey and Thomas Sherman of Locke Lord LLP discuss 2016's most important life settlements court cases from all around the country.
By not allowing Section 316(b) to be used to disrupt an out-of-court restructuring, the Second Circuit in Marblegate recognized the clear importance of business-oriented consensual restructurings to the detriment of nonconsenting bondholders. The court’s recent ruling also has the potential to be a trap for the unwary indenture trustee, says Karol Denniston of Squire Patton Boggs LLP.
While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.
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.