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Bankruptcy

  • May 25, 2018

    Ties To Alleged Indian Bank Fraud Threaten Jewelers' Ch. 11s

    The Chapter 11 bankruptcy cases of three U.S. jewelry companies owned by Indian billionaire and alleged bank fraudster Nirav Modi are in danger of being commandeered by a court-appointed trustee after the sudden resignation of a company official who is now refusing to talk about his recent communications with Modi.

  • May 25, 2018

    21st Century Oncology Escapes Contract Fraud Claims

    A New York bankruptcy judge on Friday dismissed a whistleblower’s claims that the cancer treatment chain 21st Century Oncology bribed and threatened its way to a contract with a Florida health system, saying he had not supplied the specifics to back the accusation.

  • May 25, 2018

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

    The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.

  • May 25, 2018

    Applebee’s Sues Franchisee In Ch. 11 Over Deal Breaches

    The parent company of Applebee’s Neighborhood Bar and Grill sued a bankrupt franchisee in Delaware on Friday, saying the debtor breached franchise agreements by closing several restaurants without permission and ceased making royalty payments several months before its Chapter 11 filings.

  • May 25, 2018

    Kodak Can't Ax Contract Dispute With German Software Co.

    A Massachusetts federal judge declined on Friday to throw out a contract dispute between Kodak Alaris Inc. and a German software firm that supplied a document-recognition program used in one of Kodak's products, saying that the issues should be left to a jury to decide.

  • May 25, 2018

    US Trustee Seeks More Info On IHeartMedia Worker Bonuses

    A U.S. Trustee on Friday asked a Texas bankruptcy court to deny radio broadcast giant iHeartMedia Inc. permission to file the metrics for its proposed $108 million employee bonus plan under seal, saying stakeholders need to be able to evaluate the plan.

  • May 25, 2018

    Ex-Platinum Boss Avoids Kickbacks Retrial With Guilty Plea

    Platinum Partners co-founder Murray Huberfeld told a Manhattan federal judge Friday he knew a $60,000 invoice he billed his now-bankrupt hedge fund for basketball tickets was fake, copping to a conspiracy count and avoiding a retrial on charges of scheming to pay kickbacks to lure a $20 million investment from a union pension fund.

  • May 25, 2018

    Weinstein Arrested On Rape Charges In NYC

    More than seven months after allegations of pervasive sexual misconduct came to light, disgraced film producer Harvey Weinstein turned himself in to the New York City police on Friday morning and was charged with rape, for what prosecutors say were sexual assaults against two women.

  • May 24, 2018

    No Bonus For Consultancy That Kept Detroit's Art Out Of Ch. 9

    The Financial Guaranty Insurance Co. doesn’t need to pay an art consultancy a bonus tied to the so-called “Grand Bargain” that kept Detroit’s art collection off the table in its landmark municipal bankruptcy proceedings, a New York state appeals court ruled Thursday.

  • May 24, 2018

    Del. Clawback Suits Paused For GM NY Bankruptcy Mediation

    Two clawback suits being pursued by the litigation trust formed in the Chapter 11 case of General Motors Corp. will stall after a Delaware Chancery judge on Thursday paused discovery while mediation over allegedly improper transfers of funds to secured lenders continues in New York bankruptcy court.

  • May 24, 2018

    Ropes & Gray Partner Is Republican Candidate For NY AG

    Keith H. Wofford, a Ropes & Gray LLP partner who co-manages the firm's New York office, got the nod on Thursday to run for state attorney general on the Republican ticket in the wake of Eric Schneiderman's abrupt downfall.

  • May 24, 2018

    Investors Can’t Stop Celeb Chef From Bankruptcy Filing

    Celebrity chef Jose Garces can keep some of his Philadelphia restaurants under Chapter 11 protection as he gears up to present a stalking horse deal to the bankruptcy court next week, a New Jersey judge has said, rejecting investors’ claims that he lacked the authority to do so.

  • May 24, 2018

    EBH Gets Interim Approval To Tap Into $14.2M Ch. 11 Loan

    Bankrupt addiction treatment network EBH TopCo LLC received interim court approval Thursday in Delaware to draw down on a portion of its $14.2 million debtor-in-possession loan as it pursues a sale to secured senior lenders.

  • May 24, 2018

    Feds Don't Want Star Witness Sideshow In Union Graft Retrial

    Federal prosecutors on Wednesday challenged an attempt by Platinum Partners LP co-founder Murray Huberfeld to discredit their star witness with allegedly incriminating evidence ahead of Huberfeld’s graft retrial alongside a labor boss, telling a New York federal judge the proffered evidence would send jurors down a rabbit hole of irrelevant information.

  • May 23, 2018

    Venoco Gets Court Approval For Ch. 11 Liquidation Plan

    Oil driller Venoco LLC won confirmation from a Delaware bankruptcy court on Wednesday to move forward with a Chapter 11 plan to liquidate what remains of its estate and effect an orderly wind-down of operations after reaching a consensus with key creditors over drilling site decommissioning liabilities.

  • May 23, 2018

    Necco Nets $18.8M In Bankruptcy Sale To Spangler Candy

    The company that makes Necco Wafers has a new owner, according to an order in Massachusetts federal court Wednesday showing that Spangler Candy Co., the maker of Dum Dums lollipops, shelled out $18.8 million to buy its fellow candy maker out of bankruptcy.

  • May 23, 2018

    Unions Lose Priority Wage Claim Bid In Navillus Ch. 11

    A New York bankruptcy judge on Wednesday denied a group of construction worker unions effort to elevate to priority status $13 million in unpaid wage claims in a Chapter 11 case for contractor Navillus Tile Inc., finding the lack of an “employee-employer” relationship instructive.

  • May 23, 2018

    Addiction Rehab Network Hits Ch. 11 With $207M In Debt

    A network of addiction rehabilitation facilities hit Chapter 11 on Wednesday in Delaware with $207 million in debt and plans to sell its assets to a prepetition secured lender also serving as a stalking horse bidder in the case.

  • May 23, 2018

    IHeartMedia Gets OK To Secure Citibank Loan, Notes

    A Texas bankruptcy court Tuesday granted bankrupt radio giant iHeartMedia Inc. permission to secure its pre-Chapter 11 debt to priority noteholders and Citibank.

  • May 23, 2018

    CFPB Fights Think Finance's 'Meritless' Dismissal Bid

    The Consumer Financial Protection Bureau on Tuesday defended its suit alleging Think Finance duped borrowers and used sham tribal payday lenders to collect money it was not owed, telling a Montana federal judge that other courts have already approved substantially identical claims and calling the company's April dismissal motion "meritless."

Expert Analysis

  • Keys To Protecting Communications With Litigation Funders

    Alan Guy

    As different jurisdictions impose their own disclosure requirements regarding commercial litigation finance, there can be no “one size fits all” approach to ensuring confidentiality. But litigants, lawyers and litigation funders may be able to decrease disclosure risks through a handful of best practices, says Alan Guy of Vannin Capital.

  • Should Sovereign Immunity Shield IRS In Section 544 Suits?

    Scott Grossman

    A bankruptcy judge for the Eastern District of Michigan ruled in April that sovereign immunity does not bar a fraudulent transfer suit against the IRS. In doing so, she noted a split between the Seventh and Ninth Circuits and elected to follow the Ninth. With the IRS continuing to raise this defense to Section 544 fraudulent transfer claims, it is possible the Supreme Court will be called upon, says Scott Grossman of Greenberg Traurig LLP.

  • Introducing The Legal Industry To Millennial Business Owners

    Yaima Seigley

    ​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.

  • 2 New Decisions Clarify Chapter 15 Requirements

    James Bentley

    Two recent decisions from the Southern District of New York reaffirmed several Second Circuit holdings that retainers placed with U.S. law firms constitute property of the debtor in the U.S. for Chapter 15 filing purposes. The surprising part was the required amount, says James Bentley of Schulte Roth & Zabel LLP.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • The Burden Of Medical Records During Bankruptcy

    Kenya Woodruff

    Companies in the health care industry face many unique challenges when undergoing a bankruptcy, including challenges arising due to the federal and state law framework governing the use and disclosure of medical information. Maintenance and storage of medical records is complicated further because of debtors' lack of financial resources, say attorneys with Haynes and Boone LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.