Breitburn Energy Partners LP moved closer to exiting bankruptcy on Monday following a recent stumble, after the debtor pledged to quickly correct a hard-fought Chapter 11 plan that was narrowly shot down by a New York bankruptcy court just days before.
Bankrupt department store chain Bon-Ton Stores Inc. received final bankruptcy court approval Monday in Delaware for its $725 million debtor-in-possession financing package and its plans to receive bids for its assets as a going concern.
Bankrupt insurance services provider Patriot National Inc. received court approval Monday in Delaware for a Chapter 11 disclosure statement detailing its proposed plan for a debt-for-equity swap with its secured lenders.
The U.S. Court of International Trade on Friday granted the federal government’s request for a default judgment of nearly $2.8 million against Rupari Food Services Inc., a now-defunct meat and barbecue distributor accused of falsely claiming back in the ’90s that imports of frozen Chinese crawfish were from Thailand to avoid paying antidumping duties.
Obesity treatment maker Orexigen Therapeutics Inc. on Monday filed for Chapter 11 protection in Delaware, saying it is looking at a pending cash crunch and a likely near-term call to repay $165 million in debt.
Capital One Auto Finance Inc. was hit with a putative class action in California federal court on Friday accusing it of obtaining a San Diego woman’s consumer credit report weeks after her debt with the lender was discharged through bankruptcy.
It’s more of a norm than a rule. Its use has shifted over time, often with political winds. But the once-obscure Senate tradition is now front and center in the boiling debate over the future of the judiciary.
More federal judges are skipping the golf course to head back to the courtroom upon taking senior status, and they're playing an increasingly vital role in a strained system.
Although President Donald Trump set a record with the number of circuit judges he named during his first year, experts say that's not the whole story. Here’s our data-driven look at what the White House faces in its quest to reshape the appeals courts.
A group of former employees of trucking firm Jevic Holding on Thursday asked the Delaware Bankruptcy Court to reject a proposed Chapter 11 settlement and instead send the company into Chapter 7 liquidation, saying an independent trustee is their best chance for collecting on their claims.
A father and son pled guilty Friday in New York federal court to defrauding a group of lenders through false “borrowing base” reports designed to secure a $400 million line of credit for their cocoa trading company, Transmar Commodity Group Ltd., and face a maximum of 30 years in prison.
Specialty paper maker Appvion Inc.’s unsecured creditors have hit back against the debtor’s proposal to take out a new $100 million debtor-in-possession loan, telling a Delaware bankruptcy court that the loan is just a thinly veiled ploy by the lenders to lock down a $363 million stalking horse bid for the company’s assets.
Parties holding construction liens against plastics and resin maker M&G USA Corp objected Friday in Delaware bankruptcy court to the debtor’s planned sale of a Texas plant, saying the sale price may not be enough to satisfy their liens.
BNP Paribas SA and the bankruptcy trustee for Bernie Madoff’s investment company argued Friday before a New York bankruptcy judge over whether the French bank was a negligent steward or merely an innocent dupe as they contested an attempt to make BNP and its affiliates pay $156 million for accepting money from Madoff’s Ponzi scheme.
Horwood Marcus & Berk Chartered has hired the former chairman of the executive committee of Sugar Felsenthal Grais & Helsinger LLP as its new bankruptcy chair in its Chicago office, whose experience includes representing the committee of equity holders in AgFeed’s Chapter 11 proceedings.
Bankrupt luxury real estate developer The Woodbridge Group told a Delaware judge Thursday that it had reached agreements with its noteholder to provide additional adequate assurance for its potentially secured claims in a deal that allowed the debtor’s $100 million post-petition financing to be approved on a final basis.
Lehman Brothers Holdings Inc. attorneys said it will pay just shy of $2.4 billion to cover investors’ claims over financial crisis-era residential mortgage-backed securities after a New York bankruptcy judge on Thursday sided with the defunct bank following a trial to determine the claims’ value.
A Delaware bankruptcy judge rejected a request Thursday for a short-notice hearing on certification of a shareholder claim class in Patriot National Inc.’s Chapter 11, saying the issue was complex and the risks from following regular timetables were limited.
A law firm founder facing an $18 million judgment over the marketing of mortgage relief legal services was punished Thursday by a California federal judge for filing a bankruptcy to keep assets away from a receiver tasked with recovering funds, the same day he relented and dismissed the bankruptcy.
A man who led Boston’s square-bagel restaurant chain the two years before it filed for Chapter 11 insisted Wednesday that a bankruptcy judge in Massachusetts has the authority to — and should — order the company to prioritize his severance pay ahead of many other debts.
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.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
The government’s once-sterling record of victories in bankruptcy cases before the U.S. Supreme Court has been dinged in recent years, but the odds still would have to favor the government's side in Lamar Archer & Cofrin v. Appling, where the Supreme Court will weigh in again on one of the most litigated issues in bankruptcy, says Thomas Byrne of Eversheds Sutherland.
Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.