After representing parties in some of the largest and most complex bankruptcy and restructuring cases of 2018 — including the Toys R Us bankruptcy, the Puerto Rican restructuring and record-setting Latin American and Japanese bankruptcies — Davis Polk & Wardwell LLP has earned a place among Law360’s Bankruptcy Groups of the Year.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A California federal judge has tentatively found that Pacific Gas & Electric Co.'s equipment's vulnerability to falling tree limbs has been "the single most recurring cause" of the 2017 and 2018 California wildfires to which the company has been linked.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.
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 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.