The tension simmering between former partners of a bankrupt Florida energy company repeatedly neared the boiling point Wednesday as a co-founder cross-examined the company's largest investor, who allegedly put the business into involuntary bankruptcy as part of a scheme to force the co-founder out.
A putative class of 2.2 million patients suing bankrupt cancer treatment center operator 21st Century Oncology over a data breach that exposed their personal information said the company has unacceptably omitted any mention of their claims in its Chapter 11 plan disclosures.
ChinaCast Education Corp. and a group of its senior lenders Wednesday asked a New York bankruptcy judge to deny a creditor a $15 million insurance payout on a securities class action judgment, calling it an improper asset grab.
A General Motors creditors’ trust on Tuesday asked to appeal a bankruptcy judge’s ruling in a bellwether case on the nature and value of security interests in GM plant assets related to a $1.5 billion term loan, saying that the findings overlook the federal government’s role as savior to the manufacturer in 2009.
"American Idol" producer CORE Entertainment moved Tuesday to shut down a suit by Sony Music Entertainment over unpaid royalties for Clay Aiken, Kelly Clarkson and other stars of the show, telling a New York bankruptcy court the claims are barred by CORE’s recent reorganization.
The European Commission on Wednesday said it has cleared Portugal’s plan to sell a majority of rescued bank Novo Banco to private equity outfit Lone Star after it found the arrangement did not run afoul of the European Union’s state aid rules.
Bankrupt restaurant chain operator Garden Fresh asked the Delaware bankruptcy court Tuesday to dismiss its Chapter 11 cases without a reorganization plan, saying it has no money to make a plan and no assets to reorganize.
Attorneys from Trenk DiPasquale Della Fera & Sodono PC told a New Jersey bankruptcy court Tuesday that its former client, the now-defunct Newark Watershed Conservation and Development Corp., was not entitled to search the firm’s electronics for missing documents.
The largest investor in a beleagured Florida energy company testified Tuesday that he tried in good faith to right the business after his partners descended into a deadlocked dispute, contending the only improprieties in the involuntary bankruptcy he forced the company into came in one partner's appeal.
Attorneys for hedge fund Platinum Partners and some of its executives on Tuesday pressed a New York state judge to force three excess insurers to advance money to cover their costs of defending against criminal charges over a purported $1 billion securities fraud scheme involving an offshore driller, saying the insurers are duty-bound to provide coverage.
French oil services firm CGG received approval from a New York bankruptcy court on Tuesday to implement a Chapter 11 plan designed to restructure nearly $3 billion worth of debt after resolving a last-minute objection raised by the U.S. trustee’s office over executive compensation disclosures.
A Chinese real estate investor walked away from a $160 million malpractice suit against its former attorneys at Becker & Poliakoff PA after a Florida federal court hinted at sanctioning the company for failing to produce requested documents.
The unsecured creditors committee in CST Industries Holdings Inc.’s Chapter 11 case took issue Monday with the storage tank maker’s bid to pay executives bonuses court papers indicate could be up to a total of $2.1 million, arguing the brass just received extra pay four months ago.
The federal judge overseeing Puerto Rico’s bankruptcy-like restructuring process has appointed a fee examiner to review many of the expense and fee requests submitted by attorneys working on the landmark $123 billion case.
A Delaware Chancery judge on Tuesday approved a $20 million settlement of derivative claims connected to Indian solar project deals made by one of bankrupt SunEdison Inc.’s yieldcos, and awarded the suing shareholder’s side $4 million in attorneys’ fees.
An Illinois federal judge on Tuesday reiterated that RSUI Indemnity Co. need not defend a bankrupt racetrack operator in a $21 million suit claiming it made money transfers to shareholders despite revelations of its role in a bribery case involving former Illinois Gov. Rod Blagojevich, saying a policy clause specifically excludes such claims.
Billionaire industrialist Ira Rennert and his Renco Group Inc. will not get to challenge the “nonsensical” trial that led to a $213 million judgment against the pair for allegedly looting a subsidiary before parking it in bankruptcy, after the U.S. Supreme Court on Tuesday refused to hear the case.
A bankrupt used car dealership urged a Florida federal court Friday to deny Cox Enterprises Inc.'s motion to compel arbitration or dismiss allegations that the conglomerate monopolized the used car market for financial gain.
The Supreme Court declined Tuesday to review a ruling in which the Sixth Circuit decided that when real estate properties file for Chapter 11, lenders — not the bankruptcy estate — get exclusive dibs on any rent income previously assigned to them.
Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders on Tuesday was sentenced to community service and ordered to pay a $1 million fine following his conviction on fraud and conspiracy charges for what prosecutors say was a scheme to con the firm's financial backers before the firm collapsed.
If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.
The consolidation of financially troubled companies can be effectively achieved through the bankruptcy sale process. For health care businesses in particular, bankruptcy sales can maximize the value of these businesses by providing buyers with flexibility and myriad protections, say Adam Harris and James Bentley of Schulte Roth & Zabel LLP.
Litigator Roberta Walburn’s rollicking new book, "Miles Lord: The Maverick Judge Who Brought Corporate America to Justice," is a really good read — a fascinating story about a life lived in the heat of battle and usually at the edge of what might have been considered appropriate for a federal judge, says Chief U.S. District Judge John Tunheim of the District of Minnesota.
In the wake of the financial crisis, many lawsuits seeking to recover damages for alleged investment losses have been filed by special-purpose vehicles. Litigation practitioners will benefit from a practical consideration of the strengths and weaknesses of these entities in formulating an overall litigation strategy, say attorneys with Mayer Brown LLP.
For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.
The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.
Albert Einstein famously said, “The definition of insanity is doing the same thing over and over again, but expecting different results.” That maxim applies to large companies that seek more value and diversity from their outside counsel by expecting big firms to change. There’s a simple solution to this problem, according to attorneys Margaret Cassidy, Sara Kropf and Ellen D. Marcus.
While most of the Financial CHOICE Act focuses on financial regulations imposed by Dodd-Frank and other federal legislation, portions of the act would have a significant impact on U.S. Securities and Exchange Commission enforcement actions, say attorneys with Paul Hastings LLP.
The Consumer Financial Protection Bureau’s use of its abusiveness authority to attack Aequitas Capital Management’s willingness to acquire loans with high risks of default certainly makes one wonder about the downside risks of the CFPB’s foray into the capital markets, say attorneys with Mayer Brown LLP.
Toys R Us recently filed for Chapter 11 bankruptcy, citing the impact of e-commerce as a major factor. Other recent retail bankruptcies underscore how difficult it is for retailers to recover from a bankruptcy filing, and creditors must be prepared, says Stephen Selbst of Herrick Feinstein LLP.