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Bankruptcy

  • January 18, 2019

    Madoff Investors Can't Evade Clawback By Withdrawing Claim

    A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.

  • January 18, 2019

    Oro Negro Ch. 15 Parties Agree To Mediate Rig Fight

    In an effort to streamline dual bankruptcy proceedings for Mexican oil rig company Perforadora Oro Negro in its home country and the U.S., a domestic mediator will join negotiations between the company and its creditors in a jack-up rig seizure dispute, a U.S. bankruptcy judge said.

  • January 18, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K.

  • January 18, 2019

    Charles Harder Clients End 2 Gizmodo Defamation Suits

    Clients of Charles Harder, who brought the invasion of privacy suit that forced Gawker Media to file for bankruptcy in 2016, discontinued two New York state court defamation lawsuits Friday against the media company's successor, Gizmodo Media Group LLC, following a noncash agreement, a Gizmodo spokesperson said.

  • January 18, 2019

    Avenatti Slammed For 'Tactical' DQ Bid In Fee Fight

    Lawyers attempting to collect on a bankruptcy court judgment against attorney and Trump antagonist Michael Avenatti told a California federal court that Avenatti’s bid to disqualify them from the $10 million suit is a delay tactic that would allow him to move assets around while the case is pending.

  • January 18, 2019

    IHeartMedia Clears Ch. 11 Path With Legacy Noteholder Deal

    IHeartMedia Inc. has inked a deal with a contingent of its legacy holders who had protested the radio broadcast giant's bid to emerge from Chapter 11 in Texas, giving them $4 million in fees and allowing $544 million in legacy note claims.

  • January 18, 2019

    Samuels Jewelers Consignor Asks For Inventory Protections

    A consignor that provides inventory to bankrupt retailer Samuels Jewelers Inc. objected Friday to the debtor's proposed asset sale plan, saying its consigned goods would be included in the sale despite the debtor not owning that inventory.

  • January 18, 2019

    Sears OKs $5.2B ESL Bid, Preps For Feb. 4 Sale Hearing

    Sears Holding Corp. on Friday told a New York bankruptcy court that it had accepted a $5.2 billion bid from a hedge fund owned by former Sears CEO Edward Lampert, putting the bankruptcy case on course for a contested sale hearing at the beginning of February.

  • January 18, 2019

    Limited's Ch. 11 Trustee Sues Sun Capital Over $42M Transfer

    The trustee for The Limited Stores Co. LLC’s Chapter 11 has sued companies owned by private equity firm Sun Capital Partners Inc., saying the companies took $42 million from the struggling women’s clothing retailer and sent it into bankruptcy.

  • January 18, 2019

    Sale Of Fugitive's Cos.' Assets OK'd In $7.4M Fraud Case

    A court-appointed receiver won approval from a Florida federal court Friday to move forward with a settlement agreement with foreign liquidators and a plan to sell assets of companies linked to a Chilean fugitive accused of bilking securities investors out of $7.4 million.

  • January 18, 2019

    Beauty Brands Gets More Time To Review Ch. 11 Sale Offer

    Bankrupt cosmetics retailer Beauty Brands LLC on Friday received more time to review an offer to acquire 23 of its stores and continue operating them as a going concern as an alternative to a proposed stalking horse bid in its Chapter 11 that calls for a chainwide liquidation.

  • January 18, 2019

    Midwest Retailer Shopko Gets Quick OK For $480M DIP Loan

    Midwestern big box retailer Specialty Retail Shops Holding Corp., better known as Shopko, was authorized Friday to tap a $480 million debtor-in-possession loan by a Nebraska bankruptcy court as it forges ahead in an uncertain restructuring process that could lead to a reorganization, sale or liquidation.

  • January 18, 2019

    Bankruptcy Group Of The Year: Akin Gump

    After steering stakeholders to resolutions on contentious corporate restructuring plans for Avaya Inc. and Seadrill Ltd. while also negotiating higher recoveries for unsecured creditors in other large Chapter 11 cases, Akin Gump Strauss Hauer & Feld LLP has earned a spot among Law360’s 2018 Bankruptcy Groups of the Year.

  • January 17, 2019

    Court Fight Over Puerto Rico Sales Tax Deal Wraps Up

    The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.

  • January 17, 2019

    Deal With Rajaratnam, Ex-Galleon Execs Signals End To Ch. 7

    The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.

  • January 17, 2019

    2nd Circ. Won't Resurrect Union Suit Over Platinum Fraud

    The Second Circuit on Thursday refused to revive a derivative suit brought by New York correctional union members against the top brass of the Correction Officers' Benevolent Association over the alleged Platinum Partners bribery scheme, calling it inadequately pled.

  • January 17, 2019

    Weinstein, Lawyer Officially ‘Part Ways’ After Split Rumors

    Less than a week after rumors of a split emerged, Harvey Weinstein and his criminal defense lawyer Benjamin Brafman formally announced Thursday that Brafman will be withdrawing as counsel for the disgraced movie mogul in the sexual assault case playing out in New York state court.

  • January 17, 2019

    Beauty Brands Del. Ch. 11 Sale Plan Draws Creditor Fire

    Unsecured creditors of bankrupt cosmetics retailer Beauty Brands LLC called Thursday for rejection of the retailer's Delaware Chapter 11 sale plan, arguing for an open auction in lieu of a stalking horse sale led by a liquidation company.

  • January 17, 2019

    Catalina Marketing Reaches Deal On $275M DIP Loan

    Coupon and customer data firm Catalina Marketing Corp. received final approval of its $275 million debtor-in-possession financing Thursday in Delaware after resolving the objection of joint venture partner The Nielsen Company.

  • January 17, 2019

    Appeal In $80M Brazil Oil Co. Suit Was Premature: 11th Circ.

    The Eleventh Circuit on Wednesday agreed to send an $80 million fraud and racketeering case against Banco Itaú International and EFG Capital International Corp. back to Florida federal court, finding the appeal in an oil investments dispute had been filed too soon.

Expert Analysis

  • Diversity's Next Step: Developing Minority Partners

    Chris King.jpg

    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Sears’ Biggest Sale (Itself) Offers Valuable Lessons For Retail

    Robert Marticello

    Although a deal announced Wednesday could keep open more than half the department stores that retail dinosaur Sears Roebuck and Company had when it filed for bankruptcy protection last October, Sears remains a cautionary tale for the retail industry, say Robert Marticello and Philip Strok of Smiley Wang-Ekvall LLP.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

    Peter Jarvis

    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Q&A

    A Chat With Reed Smith Chief Marketing Officer Sadie Baron

    Sadie Baron

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Sadie Baron, chief marketing officer at Reed Smith LLP.

  • The Changing Role Of The Chief Restructuring Officer

    Sheon Karol

    The dramatic recent changes in bankruptcy practice have shifted the chief restructuring officer's primary purpose from restructuring a business to shepherding an asset efficiently though a sale process, says Sheon Karol of The DAK Group.