Bankrupt green energy giant SunEdison Inc. on Tuesday narrowly avoided defaulting on its debtor-in-possession loans and jeopardizing its chances to reorganize when a New York bankruptcy judge approved a $640 million replacement loan in light of a compromise reached with a tenacious group of unsecured creditors.
An attorney for the former executive director of Dewey & LeBoeuf LLP on Tuesday made her final remarks to the jury in the retrial over a purported scheme to fraudulently prop up the now defunct law firm, telling a Manhattan jury no witness testimony or evidence implicates Stephen DiCarmine in a crime.
Lawyers for Citibank NA came out swinging Tuesday to open a bankruptcy court trial over the nearly $2 billion valuation of about 30,000 derivatives trades that went into default after Lehman Brothers’ 2008 collapse, saying Citibank used proper methods to determine the cost of replacing those trades.
Environmentalist Tom Clarke’s ERP Strategic Minerals LLC put in a Chapter 11 stalking horse bid for Molycorp’s long-mothballed Mountain Pass, California, rare earth mine, the nation’s only major source of the minerals used for consumer electronics, at roughly $100 million when assumed liabilities are factored in, the company said Tuesday.
A Tuesday hearing in New York bankruptcy court saw representatives of bankrupt Gawker Media LLC, billionaire Peter Thiel and the attorneys for wrestler Hulk Hogan spar over Gawker's request for discovery against the parties involved in the lawsuit that brought the website down.
Chapter 11 plans for bankrupt port operator Outer Harbor Terminal LLC stayed at anchor Tuesday, after a Delaware judge concluded that the company and creditors need a quick court ruling first on unsecured creditor rights to pursue $25 million in prepetition transfers.
U.S. Bank NA will pay a $15 million fine and is also in the process of repaying customers $29 million because of abuses in bankruptcy case submissions, the Office of the Comptroller of the Currency said Tuesday, announcing a consent order with the bank.
Attorneys for bankrupt e-cigarette maker NJOY Inc. asked a Delaware bankruptcy judge Tuesday to appoint a trustee to act on behalf of the debtor’s estate because it has no employees or directors remaining that are authorized to make business decisions.
An international consortium led by a wealthy Virginia entrepreneur and a multifaceted, U.K.-based alliance has emerged as the bidder to beat, ahead of a possible Wednesday Chapter 11 auction in Delaware for bankrupt Essar Steel's nearly $2 billion Minnesota mine and mill project.
Bankrupt oil and gas driller Adams Resources Exploration Corp. received court approval Tuesday in Delaware to access a portion of a $1.25 million post-petition loan from its parent company to help cover the costs of administering its Chapter 11 case.
A New York bankruptcy judge cracked open telecom giant Avaya Inc.’s Chapter 11 litigation shield Tuesday, allowing a pair of defense motions to move forward in BlackBerry Corp.'s patent infringement suit against the company.
Bagel chain Bruegger's Franchise Corp. cannot appeal the denial of its bid to force a bankrupt franchisee to sell stores and assets back to Bruegger's as part of Chapter 11 proceedings, a New York federal judge ruled Monday.
Shareholders who bought stock in a since-failed biotech company urged a Texas federal court Tuesday to reject Jefferies LLC's attempt to enjoin arbitration before the Financial Industry Regulatory Authority, saying the investment firm’s requested preliminary injunction is identical to the end goal of its suit: to dodge arbitration.
A panel of the Ninth Circuit has vacated a district court’s judgment that an easement for a road that cuts across the Gila River Indian Community’s reservation permitted a Chapter 11 trustee to develop a parcel of land into a housing tract, saying Monday the lower court lacked jurisdiction.
A General Motors trust and hundreds of lenders from which it seeks to recover transfers related to a $1.5 billion term loan commenced a New York bankruptcy court trial Monday to determine the nature and value of the lenders' security interests in assets at a number of the carmaker's U.S. facilities.
A Delaware bankruptcy judge on Monday approved RadioShack’s plan to pay up to $3.4 million in bonuses to employees, including top-level executives, after the struggling retailer agreed to changes in the compensation plan spurred by unsecured creditors and the U.S. trustee’s office.
Fast casual restaurant chain Cosi Inc. on Monday, amid a flurry of case filings, offered a Massachusetts bankruptcy court a proposed order for its Chapter 11 reorganization, while Cosi’s successful stalking horse bidder sought to nix claims brought by a former executive, saying they were filed too late.
Bankrupt microchip maker ATopTech Inc. on Friday asked a Delaware bankruptcy court to approve a $6 million debt facility provided by the Hong Kong businessman whose $9 million stalking horse offer for the company’s assets was approved last week.
Gawker Media LLC on Monday struck back against objections to its request for an investigation into whether its creditors are being funded by billionaire Peter Thiel, who funded the Hulk Hogan privacy lawsuit that brought about its demise, telling a New York bankruptcy judge the examination is entirely proper.
A Delaware bankruptcy judge gave rooftop solar company Verengo Inc. the nod Monday for its Chapter 11 plan that implements a sale to a joint venture of Angeleno Group LLC and ClearSky Power & Technology Fund, both major creditors in the case.
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.
General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.
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.
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.
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.
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.
Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension systems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.
What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.
Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.