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.
Federal regulators removed restrictions that barred Wells Fargo & Co. from opening international branches or purchasing nonbank firms, saying in a letter Monday that the bank had fixed deficiencies in its "living will," a plan that details how to take it apart during a crisis.
Defense attorneys for two former Dewey & LeBoeuf LLP executives told a New York judge on Monday that they will not present full-blown defense cases, meaning a jury will likely start weighing the financial-crisis-era fraud case next week.
A subsidiary of Adams Resources & Energy Inc. hit Chapter 11 on Friday in Delaware bankruptcy court with a plan to auction its assets after several years of depressed oil prices caught up with the exploration firm’s bottom line and created a liquidity shortage for the company.
The Fifth Circuit on Friday upheld the dismissal of a shareholder suit accusing executives of now-bankrupt ATP Oil & Gas Corp. of giving misleading information about its financial health and boardroom turmoil, saying there's no evidence the company intended to deceive investors.
Attorneys for bankrupt meat distributor Rupari Food Services Inc. told a Delaware judge Monday that an adversary proceeding it filed against Tony Roma's Steakhouse regarding a licensing agreement needs to be resolved as quickly as possible to maintain its post-petition funding and stalking horse bid.
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.
Because so little information has been provided to the public, it's hard to know if the New York Department of Financial Services missed an opportunity to compromise and resolve issues surrounding the risk corridor and reinsurance programs during the Obama administration, says James Veach of Mound Cotton Wollan & Greengrass LLP in his continued analysis of Health Republic's mysterious liquidation process.
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.
James Veach of Mound Cotton Wollan & Greengrass LLP continues his discussion of Health Republic's complicated liquidation process. In this part, he assesses New York Department of Financial Services Superintendent Maria Vullo's written response and testimony, finding that she failed to acknowledge several key facts about how Health Republic's money is being spent.
Focused on my final argument notes, I nonetheless noticed a pause in the cross-examination of my client. Then I saw a flutter of activity out of the corner of my right eye, recalls James Brosnahan of Morrison & Foerster LLP.
To the extent Bullard did not already do so, the Ninth Circuit's recent decision in Gugliuzza effectively overrules Bonner Mall and its progeny and arguably creates a new bright-line rule that alters, or at least simplifies, the four-factor test for finality in bankruptcy, say Bryce Suzuki and Amanda Cartwright of Bryan Cave LLP.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
James Veach of Mound Cotton Wollan & Greengrass LLP continues his discussion of Health Republic's complicated liquidation process. This article investigates the question of whether or not Superintendent Maria Vullo missed an opportunity to settle Health Republic's account with the New York Department of Health and Human Services before the Obama administration left office.
The U.S. Supreme Court recently granted certiorari in Village at Lakeridge to consider the deferential standard of review for determining nonstatutory insider status in Chapter 11, but has left other important questions unaddressed, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.