The trustee overseeing China Fishery Group Ltd. told a New York bankruptcy court that an investigation into HSBC’s “aggressive” prepetition collection efforts should continue even though the bank has appealed the order that kicked it off.
Bankrupt Perfumania pushed back Monday on a shareholder’s request for an official equity committee, saying there’s no need and it could actually jeopardize the “remarkable” $2 per share being offered to equity holders.
The owner of sports commentary website Deadspin.com again told the New York bankruptcy judge overseeing the case of former Deadspin parent Gawker Media that a Las Vegas sports betting analyst cannot pursue a lawsuit over an allegedly defamatory article, saying Monday that the deal for the company released all presale claims.
The founder of bankrupt Rent-A-Wreck of America Inc., who has been locked in a decadelong litigation battle with the company, pushed the Delaware bankruptcy court Monday to either throw out its Chapter 11 filing or transfer it to Maryland, calling the case “a sham.”
Puerto Rico’s fiscal advisory agency is hoping to prevent significant setbacks for the island’s bankruptcy-like restructuring cases in light of the devastation caused by Hurricane Maria, saying in court papers Monday that any matters able to be decided on legal issues alone “should proceed without delay.”
A relator accusing contractor Capitol Supply Inc. of selling the U.S. government Chinese-made office equipment on Monday asked a D.C. federal court to exclude his suit from Capitol's bankruptcy stay.
The First Circuit on Friday reversed a lower court ruling and found that a committee of unsecured creditors does have the right to be heard in adversary proceedings spawned from Puerto Rico’s restructuring.
The federal bankruptcy watchdog took issue Friday with microchip company ATopTech Inc.’s Chapter 11 plan, arguing that a baked-in liability shield for creditor Synopsys Inc., owed more than $30 million stemming from an intellectual property infringement judgment, must be removed.
The trustee responsible for pursuing more than $1 billion worth of environmental negligence claims against recently reorganized Exide Technologies Inc. has hit back against the battery recycler’s bid to undo those claims in Delaware bankruptcy court, saying the court has no jurisdiction now that Exide has emerged from bankruptcy.
Aiming to shoot down an appeal stemming from its now-confirmed Chapter 11 bankruptcy plan, renewable energy giant SunEdison Inc. told a New York federal court this week that investors accusing the company of using an exit financing agreement to buy creditor support are improperly seeking to advance a “self-interested agenda.”
Bankrupt telecom giant Avaya Inc. became the 14th company to settle allegations that it infringed an Ethernet patent held by Network-1 Technologies Inc., agreeing to allow a $40 million unsecured claim against the estate, according to papers filed in New York bankruptcy court on Thursday.
Two lawyers who say their livelihoods were destroyed by the Consumer Financial Protection Bureau’s crackdown on debt-relief firm Morgan Drexen Inc. told a California federal court Thursday that there is no good reason to dismiss their $25 million suit against the regulator.
The federal bankruptcy watchdog has asked a New Jersey bankruptcy court to pull the plug on defunct children’s products manufacturer Kid Brands Inc., either by converting its Chapter 11 case to a Chapter 7 liquidation or by dismissing it altogether.
An Illinois bankruptcy judge on Thursday approved a state of Mississippi claim for $3.02 million in Caesars Entertainment Operating Co. Inc.'s Chapter 11 reorganization, giving final approval to the parties' settlement stemming from the state's original request for $26.95 million.
Loyal customers of Toys R Us were given reassurance Thursday that the bankrupt retail giant will make good on gift cards and other consumer-friendly deals after it received court permission to maintain its customer programs, shortly after gaining access to $2.2 billion in post-petition financing.
A bankrupt information technology company whose former top executives face criminal fraud charges for allegedly plundering their company’s accounts and trying to hide it won’t have to pay a cent under a settlement filed by the U.S. Securities and Exchange Commission in Illinois federal court on Wednesday.
The liquidating trustee of long-bankrupt Washington Mutual Inc. has hit back against Grant Thornton LLP’s bid for sanctions over an unpaid $5 million contingency fee, telling a Delaware bankruptcy judge the fee was only approved because the firm lied to the court at an earlier hearing.
The Federal Deposit Insurance Corp. asked a New York bankruptcy court Thursday to hit the snooze button on a suit filed by Lehman Brothers against Guaranty Bank over the sale of shoddy mortgages, saying Lehman must go through an administrative claims process first.
The liquidating trustee for an investment fund that fed into jailed attorney Scott Rothstein's $1.2 billion Ponzi scheme sued Harden & Associates on Wednesday, claiming the insurance broker's negligence led the fund's insurers to deny coverage after the scheme collapsed.
MF Global asked Wednesday for permission to appeal a New York bankruptcy court's order requiring the defunct brokerage to arbitrate in Bermuda a coverage dispute with its excess insurer, Allied World, saying the decision involves a controlling issue of law and conflicts with two appellate court rulings.
The Consumer Financial Protection Bureau’s use of its abusiveness authority to attack Aequitas Capital Management’s willingness to acquire loans with high risks of default certainly makes one wonder about the downside risks of the CFPB’s foray into the capital markets, say attorneys with Mayer Brown LLP.
Toys R Us recently filed for Chapter 11 bankruptcy, citing the impact of e-commerce as a major factor. Other recent retail bankruptcies underscore how difficult it is for retailers to recover from a bankruptcy filing, and creditors must be prepared, says Stephen Selbst of Herrick Feinstein LLP.
Payment collection delays have caused law firms to seek new options, one of which is litigation finance. In this context, litigation finance can offer alternative avenues to firms as they approach the end of a fiscal year or partnership distribution dates, says Travis Lenkner of Burford Capital LLC.
Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.
Investors frequently talk about trying to find the next unicorn, that small startup company that is going to turn into a billion-dollar valuation. The New Jersey district court's recent decision in PNC Bank v. Star Group offers debtors counsel hope that a unicorn has finally arrived in the lender liability context, says Jerry Blanchard of Bryan Cave LLP.
The demise of Korea’s Hanjin Shipping Co. Ltd. was the largest bankruptcy of a container line in history, and recently resulted in the biggest ever court sale of ships in Hong Kong, totaling over $600 million. Hong Kong’s legal system makes it an ideal venue for ship mortgage enforcement, say attorneys with Mayer Brown JSM.
Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.
If the past year is any indication, landlords of bankrupt retail tenants may want to be especially mindful of Section 502(b)(6) of the Bankruptcy Code, which may limit their ability to recover certain damages, says Marshall Hogan of Foley & Lardner LLP.
In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.
The benefits of third-party releases to proponents of debt restructuring are obvious, but the release process also is subject to abuse or overreaching, and there are no clear boundaries beyond which plan proponents may not go, says Richard Epling, a retired partner at Pillsbury Winthrop Shaw Pittman LLP.