Bankruptcy

  • April 28, 2017

    Delfasco Can't Buy Bankrupt Conco Until 2019, 6th Circ. Says

    The Sixth Circuit on Friday rejected an appeal by shareholders of bankrupt military contractor Conco Inc. to allow its main competitor, Delfasco LLC, to purchase the company, affirming the findings of bankruptcy and district courts that the sale would violate a court-confirmed Chapter 11 reorganization plan.

  • April 28, 2017

    Freshfields Hires Arnold & Porter Bankruptcy Team In NY

    Freshfields Bruckhaus Deringer LLP has hired a team of three bankruptcy and restructuring pros from Arnold & Porter Kaye Scholer LLP as partners in its New York office, in an effort to bring the firm's U.S. bankruptcy practice up to speed with its counterparts in Europe and Asia.

  • April 28, 2017

    New GM Says Tronox Decision Blocks Successor Liability

    General Motors LLC tried Thursday to use the Second Circuit’s recent Tronox ruling to shut down the onslaught of faulty ignition suits it’s been fighting for years, telling a New York federal court those claims would benefit all the creditors of its predecessor Old GM, and therefore only Old GM should be liable for them.

  • April 28, 2017

    Paragon Offshore Pitches Another Ch. 11 Disclosure In Del.

    Paragon Offshore PLC positioned itself for a third Chapter 11 plan confirmation effort Friday, securing a Delaware bankruptcy judge’s approval for a revised disclosure and reorganization plan proposal that will give creditors control of the company and the oil driller's right to sue its corporate parent.

  • April 28, 2017

    Fresh & Easy Ch. 11 Plan, Disclosure Confirmed In Del.

    Shuttered, twice-bankrupt food chain Fresh & Easy secured a Delaware judge’s confirmation Thursday of its Chapter 11 windup plan, in a development largely made possible by an earlier settlement with a key private equity investor.

  • April 28, 2017

    Lily Robotics Seeks Bidders After Asset Sale Plan Approved

    Flying drone camera maker Lily Robotics Inc. is in the market for a stalking horse bidder after receiving court approval Friday in Delaware for the sale plan the company previously proposed for its assets, mainly consisting of intellectual property.

  • April 28, 2017

    Delivery Agent Unsecured Creditors Seek To Probe Top Execs

    The unsecured creditors committee in the Delivery Agent Inc. Chapter 11 asked the Delaware bankruptcy court Friday for clearance to launch an investigation into the company’s top brass connected to securities fraud accusations the body claims could also imply alleged breaches of fiduciary duty.

  • April 28, 2017

    Dewey Execs' Fraud Prompted By 7-Figure Pay, State Says

    Two former executives at Dewey & LeBoeuf LLP were motivated by their multimillion-dollar paychecks to deceive the firm's financial backers, a prosecutor said during New York state's closing arguments Friday.

  • April 28, 2017

    Hospital Laundry Co.'s Ch. 11 Loan, Bidding Procedures OK'd

    Bankrupt medical laundry and linen management services company Angelica Corp. received final authorization Friday to tap a $65 million Chapter 11 loan and move forward with its agenda to sell the business to a KKR & Co. LP affiliate for $125 million or field a better offer at auction.

  • April 28, 2017

    Property Sale Proceeds Being Misused, Haggen Creditors Say

    Bankrupt grocery chain Haggen Holding LLC's unsecured creditors accused the chain Thursday in Delaware bankruptcy court of violating a court order by using proceeds from real estate sales to defend against the creditors’ adversary proceeding over its real estate dealings.

  • April 28, 2017

    Bostwick's $6.5M Asset Sale To Poplar Approved In Del.

    Bankrupt cancer diagnosis firm Bostwick Laboratories Inc. received court approval Friday in Delaware for a $6.5 million sale of its assets to stalking horse bidder Poplar Healthcare Management PLLC, which will be assuming many of the debtor’s leases and contracts in the transaction.

  • April 28, 2017

    Health Hires: 8 Firms Add Health, Life Sciences Experts

    The last few weeks have seen Cooley LLP, DLA Piper, Faegre Baker Daniels Consulting, Fox Rothschild LLP, King & Spalding LLP, Nossaman LLP, Polsinelli PC and Porzio Bromberg & Newman PC expand their expertise in the health and life sciences worlds.

  • April 28, 2017

    Dems Blast House GOP Dodd-Frank Rollback Efforts

    House Democrats spent their Friday taking shots at a Republican bill that would functionally replace the Dodd-Frank Act, going so far as to call the legislation “immoral” and saying that their Republican colleagues had forgotten the lessons of the 2008 financial crisis.

  • April 27, 2017

    EFH Judge Again Rejects Del. Trust Bid To Boost Recovery

    A Delaware bankruptcy judge on Thursday again rejected a bid by Energy Future Holdings Corp. first-lien lender Delaware Trust Co. for a larger recovery share, ruling that even though the power giant had a new Chapter 11 plan confirmed, the relevant terms of the new strategy have not changed.

  • April 27, 2017

    Feds Deny Responsibility For Platinum Partners Jury Leak

    Federal prosecutors told a New York federal judge on Wednesday that defendants accused of partaking in a $1 billion securities fraud scheme at Platinum Partners have no evidence that a government agent was behind purported grand jury leaks about the investigation into the hedge fund.

  • April 27, 2017

    Dewey Defense Says Execs Were Trying To Save Failing Firm

    Two former executives at Dewey & LeBoeuf LLP had no intent to defraud the doomed firm's banks and lenders, but were merely working as hard as they could to save a sinking ship, a jury heard on Thursday as the defense finished its role in the retrial.

  • April 27, 2017

    Nuclear Plant Owners Fight IP Clause In Westinghouse Loan

    The owners of a nuclear power plant in Georgia being constructed by bankrupt nuclear energy giant Westinghouse Electric Co. LLC told a New York court on Wednesday that the contractor is unnecessarily putting the project in danger by pledging its intellectual property in exchange for an $800 million loan.

  • April 27, 2017

    Chicago Disclosures Briefly Snag Towing Co.'s Ch. 11 Sale

    A court-recommended qualifier settled a Windy City paperwork dispute Thursday that briefly bogged down a $40 million Delaware Chapter 11 sale of United Road Towing Inc.'s multistate roadside assistance business.

  • April 27, 2017

    SquareTwo Beats Creditor Objection To $59M DIP Loan

    Consumer and commercial debt collector SquareTwo Financial Services Corp. received a New York bankruptcy judge's permission on Thursday to enter into a $59 million interim loan over objections by unsecured creditors that the money was not needed.

  • April 27, 2017

    Rupari Gets Go-Ahead For $26M Ch. 11 Auction Plans

    A Delaware bankruptcy judge cleared Rupari Food Services Inc. on Thursday to go ahead with its plans to hold an auction, with a unit of competitor Carl Buddig and Co. putting in a $26 million floor bid after the debtor agreed to lower the stalking horse protections.

Expert Analysis

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.

  • Expectations After The Trump Administration's First 100 Days

    Jim Flood

    In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.

  • Defining An Occurrence For Sexual Abuse Cases

    Katharine Thompson

    In Diocese v. Duluth, the Bankruptcy Court for the District Court of Minnesota ruled last month that each instance of sexual abuse counted as a separate trigger of insurance coverage. This decision clashes with a recent decision made by a Pennsylvania court, indicating that courts across the country will continue to grapple with trigger and number of occurrence issues related to sexual abuse, says Katharine Thompson of Gordon Rees ... (continued)

  • The 9-Year Winning Streak Of Virginia ‘Rocket Docket’

    Bob Tata

    Out of 94 district courts, the Eastern District of Virginia has been the fastest civil trial docket in the country for nine straight years. Without micromanaging the process, the EDVA's judges, magistrate judges, and clerks and staff continue to perform at a stunningly efficient level, says Bob Tata of Hunton & Williams LLP.

  • Opinion

    Let's Talk About Half-Hearted Innovation

    Michael Moradzadeh

    Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs

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    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Memorable Lessons From Violin Memory And Other Auctions

    Sheon Karol

    When Violin Memory filed Chapter 11 in December, prospects for the company seemed grim. But the combination of rival offer methods and special process features resulted in an auction that exceeded all expectations, says Sheon Karol of The DAK Group.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.