The bankruptcy trustee of doomed Ponzi vehicle DBSI Inc. has moved for a quick win in its claw back suit against the IRS in Idaho federal court, arguing the federal tax authority is still on the hook for $3.6 million the company used to pay its principals’ income taxes.
A former Opa-Locka, Florida, city commissioner was sentenced to 51 months in prison Thursday for coordinating government favors in exchange for bribes as part of a bribery and extortion conspiracy that involved several officials in the impoverished Miami suburb.
Bankrupt trucking firm Jevic Holding Corp. filed a modified settlement deal late Thursday in Delaware that it said addresses a U.S. Supreme Court ruling in relation to the structured dismissal of its Chapter 11 case and provides for payments of priority claims asserted by a group of terminated employees.
Energy Future Holdings Inc. told a Delaware bankruptcy judge Friday that it was nearing resolution of an objection to its Chapter 11 plan ahead of a confirmation hearing set to begin Monday, saying issues over a $275 million reserve fund could be worked out before then.
The trustee for bankrupt ambulance company TransCare Corp. hit Lynn Tilton and her private equity firm Patriarch Partners with a $10 million clawback suit in New York bankruptcy court Thursday, alleging the onetime owners of TransCare blew up the company through mismanagement and an “outrageous” scheme.
A group of debtors in the Chapter 11 cases for China Fishery Group Ltd. asked a New York bankruptcy court on Wednesday to approve an intercompany claims settlement designed to clear the way for a sale of valuable interests in China Fishery’s prized operating companies in Peru.
A company holding several patents related to radio-controlled cars and planes asked to have the automatic stay of litigation lifted in Hobbico Inc.'s Chapter 11 case Thursday, saying its infringement claims against the debtor needed to be resolved in Texas federal court before the case could move forward.
Regional supermarket chain Tops Markets LLC won approval for up to $265 million in financing for its nearly $1.2 billion Chapter 11 restructuring in New York bankruptcy court Thursday.
Experts proposed to testify on issues about interest bonds at the plan confirmation hearing of Energy Future Holdings Inc. will not be permitted to take the stand next week after a Delaware judge said Thursday those issues aren’t relevant to confirmation.
A Delaware bankruptcy judge put off a ruling Thursday on lienholder efforts to seek Texas court assignment of creditor priorities in M&G USA Corp.’s $1.7 billion Chapter 11, saying that an upcoming plant sale could clarify prospects for recoveries.
A financing specialist with experience working on bankruptcies and restructurings has left Winston & Strawn LLP to join Sidley Austin LLP as a partner in its Chicago office, the firm announced Wednesday.
A luxury women's shoe and accessory retailer will seek to liquidate its stores in order to pay off debt incurred as a result of nearly $20 million in intercompany transfers in recent years that helped keep the company afloat, according to court filings made in Delaware on Wednesday.
The Woodbridge Group asked a Delaware bankruptcy judge late Wednesday to approve its entry into a consent order with California regulators barring the company from future securities sales, without admitting wrongdoing but also without a right to further state hearings.
Westinghouse Electric Co. LLC received approval Wednesday from a New York bankruptcy court to distribute its restructuring plan solicitation materials to creditors, keeping the distressed nuclear technology and contracting giant on track to confirm its plan by the end of March.
Weil Gotshal & Manges LLP on Tuesday told a New York bankruptcy court that allegations of conflicts of interest involving the bidding for Breitburn Energy Partners LP’s assets were baseless, saying the deal being offered as evidence was with an entity unrelated to the case.
The U.S. Treasury Department Wednesday called for reforming, but not repealing, regulators’ power to take over and unwind major financial institutions on the verge of failure, a key provision of the Dodd-Frank Act that Republicans in the U.S. House of Representatives have sought to scrap.
Holland & Knight LLP said Wednesday that it has bolstered its commercial litigation practice in Houston with the hiring of a former Greenberg Traurig LLP partner who has significant experience in bankruptcy and bankruptcy litigation.
Regional supermarket chain Tops Markets LLC opened a nearly $1.2 billion Chapter 11 restructuring in New York bankruptcy court on Wednesday, saying it needs to reduce its debt load, optimize supply and lease agreements and “constructively engage” with its labor unions.
The former CEO of bankrupt solar panel installer Level Solar Inc. hit back on Tuesday against the debtor’s attempts to subpoena him for information, calling the probe a cynical ploy to “defame” and “harass” him “to distract from current management’s own wrongdoing.”
Ponzi-scheme suspect Robert Shapiro asked a Florida federal court Tuesday to dismiss the Securities and Exchange Commission’s case against him, saying the mortgage notes he sold were not securities.
Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the final part of this article.
The Second Circuit's recent decision affirming the dismissal of UBS from a Madoff case is useful for foreign banks facing U.S. litigation. The decision is a reminder that, for purposes of general personal jurisdiction, corporate structure matters, say attorneys with Orrick Herrington & Sutcliffe LLP.
Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the second part of this article.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.
Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.
There is speculation that the Tax Cuts and Jobs Act will have the unintended consequence of less charitable giving in 2018 and beyond. Administrators of not-for-profit charitable organizations may need to take a hard look at restructuring operations, say James Vincequerra and Gerard Catalanello of Alston & Bird LLP.
Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.
On Feb. 14, Health Republic Insurance of New York's liquidator will ask the New York Supreme Court to approve its report on the present status of its liquidation, but it is what the report doesn't discuss that will be most revealing, says James Veach of Mound Cotton Wollan & Greengrass LLP in the final part of this series.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.