Bankruptcy

  • April 25, 2018

    Thiel Reaches Pact Not To Buy Gawker Assets, Avoids Claims

    Billionaire Peter Thiel has agreed to drop his pursuit of purchasing what remains of defunct news gossip site Gawker after reaching an agreement with Gawker’s Chapter 11 plan administrator that frees Thiel from potential claims for bankrolling litigation that gutted the company.

  • April 25, 2018

    Deals Rumor Mill: Eli Lilly, TransUnion, Quality Care

    Advent International and Bain Capital are eying Eli Lilly's animal health business, TransUnion's bid to buy Callcredit from GTCR has backing from $1.4 billion in leveraged loans, and Quality Care Properties received a $2 billion acquisition offer.

  • April 25, 2018

    Union Workers Can't Get Priority Ch. 11 Claim, Judge Hears

    Bankrupt construction contractor Navillus Tile Inc. told a judge Wednesday that $30 million worth of priority claims by union workers should be bumped down the priority stack, while the unions said there are clear justifications for priority status even though they did no work for Navillus.

  • April 25, 2018

    GST AutoLeather Reaches Global Deal On Ch. 11 Confirmation

    Vehicle upholstery maker GST AutoLeather received court approval Wednesday in Delaware for a Chapter 11 plan centered around a sale of its assets and the creation of a cash pool for recoveries by creditors.

  • April 25, 2018

    Proskauer Pulls Bid At 5th Circ. To Stay $1.5B Stanford Trial

    Proskauer Rose LLP on Wednesday withdrew a request that the Fifth Circuit pump the brakes on an April 30 trial setting in a $1.5 billion lawsuit brought by the receiver for the R. Allen Stanford Ponzi scheme, just a day after asking the appellate court for a stay of the trial court proceeding.

  • April 25, 2018

    Think Finance Says CFPB Unconstitutional In Dismissal Bid

    The Consumer Financial Protection Bureau is an unconstitutional agency trying to pin the blame on Think Finance LLC for allegedly improper consumer loans that tribal lenders offered, the financial technology firm told a Montana federal judge Tuesday in seeking to have the case filed against it by the agency thrown out.

  • April 25, 2018

    Consent Confusion Sank Tribune Race Bias Suit, 3rd Circ. Told

    A former Tribune Media Co. employee urged the Third Circuit on Wednesday to revive his 10-year-old race bias claim dismissed by the bankruptcy judge overseeing the company’s Chapter 11 proceeding, arguing he never knew he had the option to have his case heard in another jurisdiction.

  • April 24, 2018

    9th Circ. Affirms Reversal Of Ch. 7 Sanctions In RE Row

    A Ninth Circuit panel ruled Monday that a bankruptcy appellate panel was right to throw out contempt sanctions against creditors who violated a Chapter 7 bankruptcy order discharging a real estate developer’s debts, saying the creditors had a good-faith belief the order didn’t apply to their action.

  • April 24, 2018

    Patriot National's Plan Releases Too Broad, Ch. 11 Judge Says

    Insurance services firm Patriot National Inc. will have to trim releases included in its Chapter 11 plan of reorganization after a Delaware judge agreed Tuesday with the United States Trustee’s objection over the wide scope of the proposed releases.

  • April 24, 2018

    Puerto Rico Judge Must Rethink Sharing Of Fiscal Plan Docs

    A Puerto Rican federal judge said Tuesday that the magistrate judge overseeing the investigation into the origins of the island's crippling debt crisis needs to reconsider what information its government can and cannot assert is privileged.

  • April 24, 2018

    Proskauer Asks 5th Circ. To Stay $1.5B Stanford Trial

    Proskauer Rose LLP asked the Fifth Circuit on Tuesday to stay trial in a $1.5 billion suit brought by the receiver for the R. Allen Stanford Ponzi scheme, arguing in the firm’s latest attempt to evade trial that its appeal divests the trial court of jurisdiction.

  • April 24, 2018

    W.Va. State Court Receiver Ducks Fraud, Assault Suit

    A West Virginia federal judge on Tuesday dismissed claims the state court-appointed receiver for a group of bankrupt coal producers had engaged in fraud and assault, saying only the court that appointed him can hear the claims.

  • April 24, 2018

    Hogan Lovells Adds 3 Bankruptcy Partners From Jones Day

    Hogan Lovells added three partners from Jones Day to its business restructuring and insolvency practice in its Los Angeles office, the firm announced Monday.

  • April 23, 2018

    Proskauer Loses Bid To Delay $1.5B Clawback Trial

    A Texas federal judge said Monday that Proskauer Rose LLP was "frivolous” to appeal a $1.5 billion clawback suit by the receiver for the $7 billion Stanford Ponzi scheme, confirming trial for next week as scheduled but nevertheless carving out a separate trial for any claims by an investor group.

  • April 23, 2018

    Nine West Files Ch. 11 Plan With $200M Stalking Horse Bid

    Women’s shoe and apparel company Nine West Holdings Inc. has submitted a Chapter 11 plan that aims to chop $900 million from the debtors’ $1.6 billion in prepetition debt through a proposed $200 million sale of its eponymous shoe line and a debt-to-equity swap.

  • April 23, 2018

    Avaya Ch. 11 Judge Pegs SAE's Trade Secrets Claim At $1.2M

    A New York bankruptcy judge estimated SAE Power Inc.'s misappropriation of trade secrets claim against bankrupt Avaya Inc. over a power supply design at just $1.21 million on Monday, after SAE had insisted that it and two other claims were worth a total of $380 million.

  • April 23, 2018

    Weinstein Co. Skirting Film Ownership Issue, Producer Says

    The producers of a film about the 2008 terror attacks on Mumbai, India, defended their attempt to remove the movie from a list of assets being sold by The Weinstein Co. through its Chapter 11 case, saying the debtor needs to address questions of ownership of a distribution contract.

  • April 23, 2018

    FirstEnergy Reaches Deal With Creditors In Ch. 11 Cases

    FirstEnergy Corp. announced Monday that it has reached a settlement agreement with two groups of “key creditors” in the Chapter 11 cases for its bankrupt power-generating subsidiaries that would fully release the parent company from bankruptcy claims and help facilitate final resolution of the cases.

  • April 23, 2018

    New GM, Mich. Residents Dispute Provisions Of 2009 Sale

    General Motors told a New York bankruptcy court on Friday that a group of Michigan residents cannot pursue the carmaker for groundwater contamination, saying GM's 2009 bankruptcy sale agreement did not assign the so-called New GM liabilities related to common law environmental claims.

  • April 23, 2018

    Zohar Reaches Deal To End Dismissal, Stay Fights In Ch. 11

    The Zohar Funds told a Delaware bankruptcy judge Monday that they had reached terms with creditors and insurers to resolve a motion to dismiss the Chapter 11 cases of the debtors, eliminating the need for scheduled hearings on the matter.

Expert Analysis

  • Bankruptcy Venue Reform Not Likely To Happen This Year

    Mark Salzberg

    Despite a bankruptcy venue reform bill introduced earlier this year, it appears that the prime venue choices for Chapter 11 cases — Delaware and the Southern District of New York — can rest easy, at least for now, says Mark Salzberg of Squire Patton Boggs LLP.

  • The Benefits And Challenges Of Lending To Series LLCs

    Kristin Rylko

    Lenders considering advancing credit to a series limited liability company should be aware that there remains uncertainty surrounding the treatment of a series under state law and the Bankruptcy Code, but that there are techniques available to help mitigate the risks, say attorneys with Mayer Brown LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 2

    Michele Alexander

    The Tax Cuts and Jobs Act has imposed new limitations on a corporation’s ability to take advantage of net operating losses. Certain changes will disproportionately affect media companies, impacting their debt restructuring, acquisition and disposition strategies, say Michele Alexander and Ryan Davis of Bracewell LLP in New York.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 1

    Richard Cooper

    The documents filed thus far in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA make clear that the standing issues in this case are complicated. The case also presents questions as to whether it will have implications for financial creditors of PDVSA and the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Why Bankruptcy Lawyer's Trade Secret Cases Failed

    James Morsch

    Peter Francis Geraci — owner of a large consumer bankruptcy firm based in Chicago — recently lost two trade secret cases, illustrating just how difficult it can be to win a lawsuit for misappropriation against individuals employed by a rival, says James Morsch of Butler Rubin Saltarelli & Boyd LLP.

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.