Ambac Assurance Corp., Whitebox Multi-Strategy Partners and the Bank of New York Mellon are sparring in a Puerto Rico federal court over who will pay for Mellon’s defense against Ambac and Whitebox’s claims that it mismanaged the island’s sales tax bonds.
Attorneys for bankrupt aviation company The Nordam Group Inc. told a Delaware judge Thursday that all creditors of its estate will be paid in full under a Chapter 11 plan whose disclosure statement received conditional approval from the court.
Women accusing former movie executive Harvey Weinstein of sexual misconduct on Wednesday asked a Delaware bankruptcy judge to put additional restrictions on how Weinstein might use emails from them currently held by The Weinstein Co.'s Chapter 11 estate.
Synergy Pharmaceuticals Inc. is defending its efforts to sell the business to Bausch Health Cos. Inc. in Chapter 11 for approximately $200 million, telling a New York bankruptcy court Wednesday that challenges raised by shareholders and creditors are off-base and endanger the proposed sale process.
The adult children of the deceased CEO of a failed Chicagoland casino cannot intervene in a suit brought by the casino’s bankruptcy trustee that seeks to wrest $90 million from a trust overseen by their mother, the Seventh Circuit affirmed Wednesday, finding the request had come too late.
Houston-based Fairview Energy LP and its largest creditor hit back Wednesday against a bid to move its more-than-$100 million Delaware Chapter 11 case to the Southern District of Texas, warning that resulting delays could jeopardize plans for the sale of the underground oil storage company.
Medical device company Angel Medical Systems Inc. is set to seek approvals Friday in Delaware bankruptcy court, including for up to $2.5 million in post-petition financing, in connection with its planned Chapter 11 debt-for-equity swap.
A New York bankruptcy judge on Wednesday approved the sale of $900 million in Sears Holding Corp. intercompany debt to debtor-in-place lender Cyrus Capital Partners after last month’s call for new offers found no takers.
Bankrupt hospital operator Promise Healthcare Group LLC filed a motion Tuesday in Delaware seeking approval of sale procedures for its remaining assets after reaching agreements on transactions for most of its larger properties.
Cosmetics maker Glansaol Holdings Inc. has asked a New York bankruptcy court for permission to pay up to $1.4 million in bonuses to its executives, saying the payments are needed to maintain morale as the company heads for the auction block.
A New Jersey federal judge has trimmed a proposed class action alleging former executives of now-bankrupt software service provider Liquid Holdings Group Inc. and the underwriter of its IPO neglected to disclose various misconduct, saying the investors haven't shown their shares were directly tied to the offering at issue.
As the new year unfolds, so to will the bankruptcy case of one of the nation's most iconic retailers, Sears. Meanwhile, the U.S. Supreme Court is expected to resolve a thorny circuit split over licensing intellectual property in Chapter 11, and two top restructuring advisory firms will battle each other in court. Here, Law360 examines the biggest bankruptcy cases on court dockets going into 2019.
Lawmakers will consider proposals this year that would tweak the U.S. Bankruptcy Code in a number of subtle but significant ways. On the table are bills that would make it easier for small businesses to reorganize in Chapter 11, toughen oversight in the asbestos bankruptcy trust system and loosen the restrictions on discharging student loan debt. Here, Law360 examines the implications of each proposal and forecasts what may happen in the new year.
It's going to be another busy year in the world of trademark law, from a "Honey Badger" free speech case to a battle between the Boy Scouts and the Girl Scouts to a U.S. Supreme Court case over trademark owners who go bankrupt. To get ready for the year ahead, here are the cases you need to watch.
Brooklyn federal prosecutors urged a judge to reject “inflammatory” misconduct claims by former Platinum Partners executives facing fraud charges, saying cooperators were kept secret not to give prosecutors an edge but because of “legitimate fear” of backlash from their cooperation.
Akin Gump Strauss Hauer & Feld LLP is opening a new Hartford, Conn., office and has hired four finance and restructuring attorneys from Morgan Lewis & Bockius LLP. The move reunites a close-knit team that worked together for years at Bingham McCutchen LLP before that firm folded in 2014.
Thompson Hine LLP announced in November that a bankruptcy attorney has joined its New York office as a partner in the business restructuring, creditors' rights and bankruptcy practice.
A New York bankruptcy judge told Sears Holding Corp. Thursday it went beyond his order when it sold $900 million in intercompany debt to debtor-in-place lender Cyrus Capital Partners, saying Sears will have to entertain new bids and get a new order in the new year.
Lawyers at some of the top bankruptcy practices brought several major Chapter 11 cases to a successful end this year, while others spent a large chunk of 2018 dealing with the fallout of a failed effort to turn around retail giant Toys R Us Inc. Meanwhile, the U.S. Supreme Court opened up more avenues for creditors to claw back prepetition transfers. Here, Law360 looks back on some of the most important bankruptcy cases of 2018.
A bipartisan bill introduced Wednesday in the U.S. House of Representatives calls for enhanced disclosures by advisers contracted to work on restructuring proceedings in Puerto Rico, citing reports that consultant McKinsey & Co. may be looking out for its own investments in the commonwealth.
The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.
If the U.S. Supreme Court finds in Mission Product Holdings v. Tempnology that a trademark licensing agreement is fully extinguished upon rejection in bankruptcy, it may cut off a source of revenue for debtor-licensors and risk the livelihood of licensees, say Woods Drinkwater and John Baxter of Nelson Mullins Riley & Scarborough LLP.
The Southern District of New York recently reversed a bankruptcy court order that disallowed and expunged claims against Lehman Brothers Holdings Inc. related to an English settlement. The case is a reminder that cross-border issues can affect the enforcement of U.S. guarantees, say attorneys with Dentons.
By 2030, it is possible that 75 percent of lawyers practicing in the U.S. will be millennials. A broadened focus on retention and advancement of all young lawyers is therefore a logical step forward but it fails to address another major retention issue that law firms should explore, says Susan Smith Blakely of LegalPerspectives LLC.
Former U.S. Attorney for the District of Idaho Wendy Olson discusses her decades of experience prosecuting white collar crimes and civil rights violations, her work and challenges as U.S. attorney, and her move to private practice.
Anthony Thompson’s "Dangerous Leaders: How and Why Lawyers Must Be Taught to Lead" explores the conflict many lawyers face when charged with the responsibility of leadership. The book is an excellent read for all lawyers, says U.S. District Chief Judge Nannette Jolivette Brown of the Eastern District of Louisiana.
Trial lawyers are frequently taught that they should appear invisible during direct examination — that their job is merely to prompt the witness to start speaking. But the most powerful direct examinations are the ones in which the examiner, not the witness, is controlling the pace, say attorneys with Kobre & Kim LLP.
The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.
Following Sears' bankruptcy filing this week, there could be an announcement that the company has agreed to sell its most valuable stores to an affiliate of its largest shareholder, say Karen Park of ParkLaw LLC and Tara Desai of Greenhouse Branding Inc.
With the recent ruling in My Big Coin Pay that bitcoin and other cryptocurrencies are “commodities,” bankruptcy courts will likely have greater discretion regarding how to treat the valuation of cryptocurrencies in a variety of contexts, say Joanne Lee Molinaro and Susan Poll Klaessy of Foley & Lardner LLP.