Mid Cap
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October 25, 2024
McGlinchey Stafford Adds Finance Litigation Pro In Tampa
McGlinchey Stafford PLLC made its first new hire in Tampa after opening the Florida office in early September with the addition of an of counsel for the financial services litigation group from Garbett Allen & Roza PA.
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October 25, 2024
Ex-Judge Can't Hide Bank Records In Romance Cash Probe
A Texas bankruptcy court on Friday shot down a former judge's bid to shield his banking records from a U.S. Trustee's Office inquiry into his concealed romantic relationship with a former Jackson Walker LLP partner, giving Bank of America NA one week to provide six years of the former judge's bank statements.
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October 24, 2024
DOJ Says Bankrupt Wound Care Group Under Investigation
The U.S. Department of Justice on Thursday told a Texas bankruptcy judge it has concerns about the Chapter 11 filing of a California wound care practice, saying it has been under investigation for possible false billing claims for more than a year.
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October 24, 2024
3rd Circ. Says Retirement Funds Aren't Ch. 7 Estate Assets
A panel of the Third Circuit on Thursday upheld a New Jersey bankruptcy court's ruling that $1.7 million in retirement accounts are excluded from the Chapter 7 estate of an individual debtor and cannot be pursued by creditors.
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October 24, 2024
Behind The Ch. 11 Filing Of Rental Biz Fluid Trucking
Truck rental business Fluid Trucking is one of the latest companies to file for bankruptcy following a reversal of fortunes after the COVID-19 pandemic, in which the debtor blamed its "aggressive growth" strategy as being among the factors that led to bankruptcy.
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October 24, 2024
Alex Jones Atty Laments Sharing Sandy Hook Families' Info
The lead attorney in conspiracy theorist Alex Jones' Sandy Hook Elementary School defamation trial in Connecticut acknowledged Thursday that he "erred" when he allowed a hard drive containing the plaintiffs' confidential records to be transmitted to other attorneys, an act that led to ongoing disciplinary proceedings that threaten his law license.
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October 24, 2024
Morris Nichols' Bankruptcy Pro Being Promoted To Partner
Morris Nichols Arsht & Tunnell LLP announced Thursday that a bankruptcy attorney at the Delaware law firm will become the latest member of its partnership Jan. 1.
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October 24, 2024
Miami Development Site Draws $35M Stalking Horse Bid
A nearly 16-acre site along Biscayne Boulevard in Miami drew a $35 million stalking horse bid, setting the opening offer for the site ahead of a court-ordered sale in January.
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October 24, 2024
ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal
A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.
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October 24, 2024
Giuliani Admissions Sink Bid To Shield Fla. Condo, Court Told
Two former Georgia poll workers seeking to collect a $148 million defamation judgment against disgraced ex-lawyer Rudy Giuliani argued this week that the former New York City mayor has admitted he was not living in his luxury Florida condo around the time they filed a lien on it, and thus cannot prevent a sale of the property.
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October 24, 2024
Conn. Firm Botched €1.6M Settlement For UK Client, Suit Says
Connecticut firm Carmody Torrance Sandak & Hennessey LLP is responsible for the loss of €1.6 million ($1.7 million) a U.K. client paid toward a failed global bankruptcy settlement agreement, according to a legal malpractice suit filed in Connecticut state court.
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October 23, 2024
Meet The Attys In Truck Rental Co. Fluid Market's Ch. 11
A team of attorneys from Pachulski Stang Ziehl & Jones LLP is representing Colorado-based truck rental business Fluid Market Inc. in its Delaware Chapter 11.
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October 23, 2024
Lucky Bucks Creditors Win Discovery Bid In Dividend Probe
Holders of equity in the reorganized iteration of gaming terminal operator Lucky Bucks LLC received a court's permission Wednesday to take discovery from members of the company's former management team, with a Delaware bankruptcy judge finding the new owners had similar rights as a litigation trust under the confirmed Chapter 11 plan.
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October 23, 2024
Leech Tishman Adds East Coast Restructuring Chair
Leech Tishman announced Tuesday that it is adding another chair to its business restructuring and insolvency practice, giving the team leadership on both coasts.
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October 23, 2024
'Alkaline Water' Co. Hit With $5B In Punitive Damages
A Nevada jury awarded $5 billion in punitive damages Wednesday in a 15-plaintiff trial over liver damage linked to Real Water's "alkaline water," the largest verdict yet in ongoing litigation against the bankrupt company.
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October 23, 2024
Del. Judge Won't Yet Revisit $242K Atty Sanctions In Ch. 7
A Delaware bankruptcy judge said Wednesday that he won't, for now, set aside more than $242,000 in legal fees he ordered a lawyer representing the owners of an insolvent government contractor to pay in a clawback lawsuit, saying that since the sanctions order was appealed to the district court, he doesn't have jurisdiction.
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October 23, 2024
Securities Claim Cut From Fraud Suit Against Calif. Developer
A California federal judge trimmed a securities claim from a Sonoma resident's suit against a real estate company embroiled in a fraud scandal and recommended that the rest of the claims be brought in state court.
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October 23, 2024
Judge Threatens To Toss Gov't's $4.9M Son-Of-Boss Claim
A federal judge warned government attorneys Wednesday that she would dismiss their case against an estate for $4.9 million in taxes if they didn't explain why they weren't actively pursuing their accusations that a Michigan couple schemed to artificially cancel out capital gains
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October 22, 2024
Giuliani Must Give NYC Apartment, Watches To Poll Workers
A New York federal judge Tuesday ordered Rudy Giuliani to hand over most of his property to two Georgia poll workers, including his Manhattan apartment, Mercedes-Benz, luxury watches and valuable sports memorabilia, to help cover the $148 million judgment the former mayor owes for defaming them.
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October 22, 2024
Liquidators Of Cayman Investment Firm Seek Ch. 15
The liquidators of Cayman Islands-based investment firm Canterbury Securities have filed for Chapter 15 recognition in New York bankruptcy court on Monday, following a dispute with another firm over a $20 million share sale that Canterbury allegedly appropriated.
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October 22, 2024
Handbag Maker Scores Ch. 11 Relief To Keep Running Biz
A company that employs military spouses to make handbags can take steps to continue operating while it pursues a Chapter 11 reorganization in the wake of manufacturing delays and advertising complications that cut into its revenues, a Delaware bankruptcy judge said Tuesday.
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October 22, 2024
LA-Based Wound Group Hits Ch. 11 After Medicare Pay Pause
A Los Angeles-based multistate wound care practice has filed for Chapter 11 protection in a Texas bankruptcy court, saying it can't pay nearly $156 million in charges from its management company after its Medicare payments were suspended last month.
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October 22, 2024
Coach USA, Injury Plaintiffs Strike Deals To Lift Ch. 11 Stay
Bankrupt bus operator Coach USA Inc. has reached deals to undo Chapter 11's automatic stay and allow over a dozen state lawsuits to move forward, an attorney for the transportation group told a Delaware bankruptcy judge on Tuesday, with personal injury plaintiffs agreeing to limit collection for any damages to Coach's insurance policies.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
Expert Analysis
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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How Cos. Can Leverage IP In Corporate Bankruptcy
In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.
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Avoiding Retail Bankruptcy As Economic Uncertainty Persists
Amid record retail bankruptcies and continued economic uncertainty in 2024, retailers can take specific steps like building stronger cash-flow models, managing inventory wisely and reassessing cost structures to avoid financial distress, say consultants at BRG.
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Banking Compliance Takeaways From Joint Agency Statement
Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.
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Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Bankruptcy Courts May Be Budding Open To Cannabis Cases
Two recent California bankruptcy court rulings, denying motions to dismiss the respective debtors' bankruptcies, provide persuasive authority to allow cannabis debtors the protections of federal bankruptcy law, say Noah Weingarten and Bethany Simmons at Loeb & Loeb.
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Vendor Rights Lessons From 2 Chapter 11 Cases
A Texas federal court’s recent critical vendor order in the Zachry Holdings Chapter 11 filing, as well as a settlement between Rite Aid and McKesson in New Jersey federal court last year, shows why suppliers must object to critical vendor motions that do not recognize creditors' legal rights, says David Conaway at Shumaker.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Mercon Coffee Ch. 11 Ruling Shows Insider Releases' Limits
A New York bankruptcy court’s recent ruling in Mercon Coffee’s Chapter 11 case highlights the stringent requirements for retention-related transfers to insiders, even in cases where no creditor has objected, say Robert Klyman and Scott Shelley at DLA Piper.
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Bankruptcy Trustees Need More FinCEN Guidance
Recent FinCEN consent orders in two North Carolina bankruptcy cases show that additional guidance is necessary for most types of fiduciaries overseeing bankruptcy estates or other insolvency vehicles, say Brian Shaw and David Doyle at Cozen O’Connor.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.