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.
Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.
If the past year is any indication, landlords of bankrupt retail tenants may want to be especially mindful of Section 502(b)(6) of the Bankruptcy Code, which may limit their ability to recover certain damages, says Marshall Hogan of Foley & Lardner LLP.
In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.
The benefits of third-party releases to proponents of debt restructuring are obvious, but the release process also is subject to abuse or overreaching, and there are no clear boundaries beyond which plan proponents may not go, says Richard Epling, a retired partner at Pillsbury Winthrop Shaw Pittman LLP.
Some lawyers tend to be overly aggressive, regarding law practice as a zero-sum game in which there are only winners and losers. The best response is to act professionally — separating the matter at hand from the personalities. But it is also important to show resolve and not be vulnerable to intimidation, says Alan Hoffman of Husch Blackwell LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
The Ninth Circuit’s recent decision in Spanish Peaks casts doubt on the scope of protection that lessees may have when their leased real property is sold under Section 363 of the Bankruptcy Code, says Kate Thomas of Squire Patton Boggs LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.
Many believed that the U.S. Supreme Court’s decision this year in Czyzewski v. Jevic Holding would be the death knell for so-called gift plans in bankruptcy. But given the Delaware district court's recent decision in Nuverra Environmental Solutions, that does not appear to be the case, say attorneys with Chapman and Cutler LLP.