Investors in an entity formed to lend money to now-bankrupt U.S. Coal Corp. told the Delaware Chancery Court late Monday that a lawsuit from one of the entity’s backers alleging the investors secretly locked up certain bidding rights has no chance of going anywhere.
A Utah couple lost out on their attempt to impose sanctions on the federal government in their ongoing dispute with the United States over $2.4 million in allegedly overdue taxes Monday, after a Utah federal judge ruled the government brought a fair case after the couple left bankruptcy.
The New Jersey Supreme Court has declined to review an appeals panel’s decision that a disbarred attorney wasn’t entitled to the $1.2 million fee he took for his representation in a New York case because ethics authorities already determined as much.
The chief of New Jersey-based Transmar Commodity Group Ltd., his son and a finance executive at the belly-up cocoa trader were hit with fraud charges Tuesday, two weeks after their bid to restructure more than $360 million of bank debt was converted by a bankruptcy judge into a liquidation.
The New York bankruptcy judge handling SunEdison Inc.'s Chapter 11 case on Monday explained his rejection of shareholder bids to further probe the clean energy giant's losses, saying the company is “hopelessly insolvent” and that months of investigations and legal fights haven't produced any evidence of nefarious activity.
Takata’s automaker customers that are funding its Chapter 11 case threw their support Monday behind a bid to halt the scores of lawsuits connected to the debtor’s defective air bag inflators, arguing that their potential to disrupt the global restructuring could make the situation even worse.
Hedge fund Aurelius Capital Management, a significant stakeholder in Puerto Rico's historic insolvency proceedings, asked the court overseeing the territory's restructuring on Monday to dismiss the ongoing bankruptcy-like case because, it alleges, the members of the federal board representing the commonwealth were unconstitutionally appointed.
The Delaware bankruptcy judge presiding over Energy Future Holdings Corp.’s Chapter 11 said Monday he would be highly unlikely to approve any topping bid to Berkshire Hathaway’s $9.1 billion offer unless the bid is committed and “ready to go” when he considers the debtor’s sale motion.
Bankrupt telecom giant Avaya Inc. announced Monday that it has reached terms on a restructuring plan with senior noteholders that would shave $3 billion in debt from the company's balance sheet and transfer its pension obligations to the U.S. Pension Benefit Guaranty Corp.
Norwegian Cruise Lines asked a Connecticut federal court Sunday to halt London arbitration that the trustee for a bankrupt marine fuel supplier has attempted to initiate over an allegedly unpaid invoice for bunkers, arguing it has already covered the amount due by paying another fuel supplier tied to the transaction.
The comment came as a casual brag from an opposing witness during a break in a deposition, but it sparked a creative solution for attorneys from Levine Kellogg Lehman Schneider & Grossman LLP who were representing a bankrupt Miami condominium project — ultimately enabling them to provide money for unsecured creditors where none appeared likely.
The New York federal judge overseeing ignition switch litigation against General Motors LLC on Thursday axed claims brought by drivers in six states and Washington, D.C., who bought cars from “Old GM” before the company’s 2009 bankruptcy sale, but held off on deciding claims from nine other states.
A fleet of objections rolled into airbag maker Takata Inc.’s Delaware Chapter 11 on Thursday, with attorneys for unsecured creditors, tort claimants, multidistrict litigation parties and the Office of the U.S. Trustee contesting proposals to manage claims and limit car company liability.
The Third Circuit ruled Friday that an aircraft company that unexpectedly had to convert its Chapter 11 bankruptcy into a Chapter 7 did not violate the WARN Act in failing to give its employees notice of their layoff, saying the conversion after a $205 million loan from a Russian bank fell through “was not probable until the day that it occurred.”
The unsecured creditors committee for the bankrupt law firm Zucker Goldberg & Ackerman LLC opened an adversary proceeding against a former 78 percent shareholder of the firm on Thursday in New Jersey bankruptcy court, saying he deceitfully and abusively transferred millions out of the firm to fund his unrelated startup.
The federal bankruptcy watchdog on Friday blasted the bid from rooftop solar firm Sungevity Inc.'s estate for a structured dismissal of its Chapter 11 case as not comporting with the law, despite the debtor’s contention the move complies with the U.S. Supreme Court’s Jevic decision.
The federally appointed board tasked with right-sizing Puerto Rico's flagging economy said Friday it planned to implement public employee furloughs to meet an $880 million savings benchmark for the 2018 fiscal year, in what amounts to a direct affront to the territory's governing leadership.
As Energy Future Holdings Corp. steams toward a third attempt to exit Chapter 11, its two failed efforts that stumbled over regulatory roadblocks reveal old tensions between regulators' and bankruptcy professionals' aims, and serve as a reminder that bankruptcy is not just about debtors and lenders, experts say.
London’s High Court has agreed to let the administrators for a unit of defunct investment bank Lehman Brothers appoint a company director in order to distribute assets to a separate Lehman unit, a move that will allow it to avoid capital gains tax and speed up the prospect of settling a suit over related assets.
Energy Future Holdings Corp. launched an adversary action late Thursday in its Chapter 11 case seeking to block NextEra Energy Inc. from a collecting a $275 million breakup fee from its failed $18 billion sale proposal, blaming the would-be buyer for contributing to the deal’s demise.
To be sure, allowing jurors to discuss evidence before final deliberations proved to be among the least popular of our recommended innovations. But empirical evidence belies these fears, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.
Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
Litigation finance is increasingly used in the bankruptcy arena to help generate meaningful recoveries. In addition to transactions in which a finance provider purchases an interest in a high-value judgment from the estate, litigation finance can be used in a variety of bankruptcy scenarios, says Travis Lenkner of Burford Capital LLC.
Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.
PEM Entities v. Levin, which the U.S. Supreme Court will hear next term, potentially could provide the court with a coherent rationale to start resolving the uncertainty it created six years ago in Stern v. Marshall regarding the constitutional authority of bankruptcy courts, says Benjamin Feder of Kelley Drye & Warren LLP.
Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.
Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.
Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.