Large Cap

  • June 05, 2024

    'Creditor-On-Creditor Violence' Gets Big Test In ConvergeOne

    Creditor infighting made famous by the bankruptcy case of Serta Simmons Bedding and a "drop down" deal by J. Crew is facing another legal test, as spurned ConvergeOne lenders battle breakaway members of their creditor class at a moment when bankruptcy judges appear split on questions of "creditor-on-creditor violence."

  • June 05, 2024

    Davis Polk Guiding Dollar Tree On Potential Family Dollar Sale

    Davis Polk & Wardwell LLP is representing Dollar Tree Inc. in a formal strategic review of its Family Dollar business that could lead to a sale, spinoff or other disposition, the Virginia-based retailer revealed Wednesday.

  • June 04, 2024

    Judge Frets Nursing Home Co. LaVie $20M DIP Too Low

    A Georgia bankruptcy judge on Tuesday gave interim approval to customary first-day motions and a $20 million debtor-in-possession loan for bankrupt nursing home operator LaVie Care Centers LLC.

  • June 04, 2024

    Bread Financial Wants Suit Over Spinoff's 'Death Spiral' Axed

    Financial services company Bread Financial Holdings Inc. and its CEO have asked an Ohio federal judge to toss a proposed investor class action over the alleged "death spiral" of a now-bankrupt spinoff company, saying the suit actually details Bread's "good faith efforts" to establish the spinoff as a successful independent venture.

  • June 04, 2024

    Chilean Telecom Ch. 11 Should Stay In US, Creditors Say

    The unsecured creditors of Chilean cellphone network operator WOM asked a Delaware bankruptcy judge to deny certain noteholders' motion to dismiss the company's Chapter 11 case, contending that the U.S. court has jurisdiction and that the present case already benefits creditors.

  • June 04, 2024

    J&J Owes $260M To Ore. Talc Mesothelioma Patient, Jury Says

    An Oregon state jury has ruled that Johnson & Johnson owes $260 million to a woman who said she developed mesothelioma from breathing in asbestos during daily talcum powder use.

  • June 04, 2024

    Meet The Attorneys Guiding Nursing Home Co. LaVie's Ch. 11

    A team of attorneys from McDermott Will & Emery LLP is guiding nursing home operator LaVie Care Centers LLC through its Chapter 11 case in Georgia.

  • June 04, 2024

    'Miles Guo Stole My Money': NY Jury Hears Of Alleged Fraud

    A former supporter of exiled Chinese billionaire Miles Guo testified in Manhattan federal court Tuesday that the purported billionaire conned her into investing more than $100,000 in the media company he founded alongside former Donald Trump adviser Steve Bannon, describing Guo's interrelated business ventures as a "mafia."

  • June 04, 2024

    Bally Sports Parent Reaches Multiyear Fubo Carriage Deal

    The bankrupt owner of Bally Sports-branded regional sports networks told a Texas judge Tuesday that it has reached a multiyear agreement with fuboTV to continue that company's carriage of the debtor's channels on its streaming platform, adding to its roster of new distribution deals as a hearing on its Chapter 11 plan nears.

  • June 04, 2024

    Anderson Kill Adds Leaders For Financial Litigation Team

    Anderson Kill PC has found the leaders of its financial litigation and complex disputes practice group in two attorneys from BraunHagey & Borden LLP.

  • June 04, 2024

    Widow's 'Elderly' Claim For Atty Fee Can't Stand, Trustees Say

    A coal company executive's widow can't demand hundreds of thousands of dollars in attorney fees over a dismissed suit seeking $6.5 billion, United Mine Workers of America pension plan trustees argued, knocking her claim that the trustees are seeking funds from an "elderly woman."

  • June 03, 2024

    FTX, IRS Propose Settling $8B Tax Fight For Just $885M

    FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.

  • June 03, 2024

    Cruise Co.'s Ch. 11 Confirmation Tripped Up By Surety Debate

    A Texas bankruptcy judge on Monday put off confirming the Chapter 11 plan of sightseeing cruise business Hornblower Holdings LLC in order to address the remaining objection against the plan brought by a company backing Hornblower's refunds.

  • June 03, 2024

    Hello Judges, Goodbye Refs: 1970s Changes To Bankruptcies

    Imagine taking your client's insolvent company to a referee instead of a judge, or not having creditors grill you in a 341 meeting — or not having a creditors committee at all. That was the case before the 1970s ushered in the most sweeping changes to U.S. bankruptcy law and practice in 80 years.

  • June 03, 2024

    Sandy Hook Families Seek To Liquidate Alex Jones' Media Co.

    Creditors of right-wing conspiracy theorist Alex Jones' media company Free Speech Systems have asked a Texas bankruptcy judge to convert its Chapter 11 to a Chapter 7, saying liquidation is the only realistic route for creditors to get paid as the separate bankruptcies of the InfoWars parent and Jones near their close.

  • June 03, 2024

    Yellow Corp. Gets Another 3 Months To Control Ch. 11 Case

    Trucking firm Yellow Corp. received a new 90-day extension of the period during which it has the exclusive right to file a Chapter 11 plan, with a Delaware bankruptcy judge ruling Monday the debtor should be given more time to pursue its reorganization goals, which have thus far resulted in the full repayment of its funded debt.

  • June 03, 2024

    Judge Says It's Time For DIP Deal For Steward Healthcare

    A Texas bankruptcy judge on Monday gave Steward Health Care permission to offer a commitment fee to induce a lender to provide it with the financing to see the hospital chain through its Chapter 11 case, while saying the company needs that final commitment soon.

  • June 03, 2024

    WeWork Plan Approval, Crypto Update, Giuliani Creditor Fight

    Office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case was approved, defunct crypto lending platform Genesis Global Holdco LLC expects to exit bankruptcy in July and the official committee of unsecured creditors in Rudy Giuliani's Chapter 11 has asked a New York bankruptcy judge to hand control of the Republican firebrand's estate to a trustee.

  • June 03, 2024

    Rite Aid Says Elixir Buyer On Hook For $225M In Liabilities

    Rite Aid alleged the buyer of its prescription benefits subsidiary is trying to dodge $225 million of liabilities that were part of the sale closed in February, and asked a New Jersey bankruptcy judge to find that the stalking-horse bidder agreed to take on the disputed debt as part of their $577 million deal.

  • June 03, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.

  • June 03, 2024

    Nursing Home Co. LaVie Hits Ch. 11 In Ga. With $1.1B Debt

    Nursing home operator LaVie Care Centers LLC hit Chapter 11 on Monday in Georgia with $1.1 billion in debt, saying it has not been able to recover from the COVID-19 pandemic.

  • June 03, 2024

    High Court Won't Hear Arguments On Madoff Clawback Math

    The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.

  • June 03, 2024

    Paul Hastings Adds 11-Partner King & Spalding Finance Team

    Continuing its hiring in the finance and restructuring space, Paul Hastings LLP announced Monday that it is bringing on a team of 11 partners from King & Spalding LLP, including the co-head of the global finance and restructuring practice.

  • May 31, 2024

    Girardi Not Famous Like Avenatti, Feds Say In Panning Jury Form

    Prosecutors pushed back Friday on Tom Girardi's request to ask prospective jurors in his California federal fraud trial if they have seen his wife's television show or reports about his law firm's scandal, saying Girardi's fame is not similar to convicted attorney Michael Avenatti's, whose case included a written juror questionnaire.

  • May 31, 2024

    Clothing Retailer Express Delays Speedy Ch. 11 Auction

    Clothing retailer Express Inc. said Friday that it will delay a Chapter 11 auction it was hoping to host next week after a Delaware bankruptcy judge said she couldn't sign off on a speedy auction timeline or give final approval to the company's connected debtor-in-possession package until she saw more evidence to back them up.

Expert Analysis

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • Pa. Ruling Shows Why Term Sheet Can Be Worth The Wait

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    A Pennsylvania bankruptcy court’s recent In re: Legarde ruling, holding that a settlement term sheet was enforceable, reminds litigants that it’s crucial to draft a written agreement before leaving mediation in order to resolve potential evidentiary issues and protect against buyer’s remorse, says Brian Shaw at Cozen O'Connor.

  • Understanding Discovery Obligations In Era Of Generative AI

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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • 5 Key Tips For Attorneys In The Subchapter V Arena

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    Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

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    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • 10 Essential Bankruptcy Litigation Tips For In-House Counsel

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    Bankruptcy litigation is a complex and multifaceted area of law that poses unique challenges for in-house counsel, and there are several tools at legal professionals' disposal, like appraisals and understanding jurisdictions, to stay well-informed and protect their companies' interests, says Alison Ashmore at Dykema.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

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