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Bankruptcy

  • August 3, 2018

    Gawker Bankruptcy Can't Shield Writer From Defamation Suit

    A Deadspin freelancer who was sued for defamation by a sports gambling expert is not protected by the Chapter 11 plan of Deadspin's former parent company, Gawker Media, a New York bankruptcy judge ruled Friday, because the gambling expert did not receive a benefit from the bankruptcy.

  • August 3, 2018

    Lender Says Applebee's Franchisee Ch. 11 Bonuses Excessive

    The largest secured lender of bankrupt Applebee’s franchisee RMH Franchise Holdings Inc. objected Friday to the debtor’s proposed employee incentive and retention plans, saying they are excessive and duplicative of existing payment programs.

  • August 3, 2018

    Madoff Investor's $3.4M Deal Not Covered, 2nd Circ. Told

    Two Chubb Ltd. insurers on Thursday urged the Second Circuit to affirm that they don’t have to cover a nearly $3.4 million settlement that a victim of Bernard L. Madoff’s Ponzi scheme paid to resolve a clawback action brought by the Madoff bankruptcy trustee, saying a lower court properly held that the action didn’t trigger their policies’ personal injury coverage.

  • August 3, 2018

    GM, Drivers Look To GenOn In Ch. 11 Ignition Switch Deal

    General Motors LLC and a group of vehicle owners sparred this week over what precedent GenOn Energy Inc.'s bankruptcy sets for GM's dispute over whether a class needs to be certified before a Chapter 11 settlement over legacy ignition switch lawsuits can be approved.

  • August 3, 2018

    Oaktree Slams Claire's Ch. 11 Moves, Challenges Control

    Private equity firm Oaktree Capital Management challenged Claire's Inc.'s exclusive control of its $2.1 billion Chapter 11 Friday, arguing that the jewelry retailer has backed out of an assurance that it will seriously entertain a wider range of bids for the company.

  • August 3, 2018

    Brookstone To Begin Closing Sales At All 101 Mall Locations

    Attorneys for Brookstone told a Delaware bankruptcy judge Friday that the consumer gadget retailer will begin closing sales at all 101 of its mall stores and its lone discount outlet center beginning immediately as it pursues a going concern sale for its remaining retail and e-commerce assets.

  • August 3, 2018

    Think Finance Can't Dodge CFPB Suit, Judge Says

    A Montana federal judge on Friday rejected Think Finance LLC's bid to end a Consumer Financial Protection Bureau suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying the CFPB’s structure is legal and tribal leaders don’t have to be joined to the suit.

  • August 3, 2018

    Weinstein Says Rape Grand Jury Didn't See Exculpatory Info

    Disgraced movie mogul Harvey Weinstein asked a Manhattan state judge Friday to dismiss criminal charges accusing him of raping three women, asserting that Manhattan District Attorney Cyrus Vance kept exculpatory emails away from the grand jury that indicted him.

  • August 3, 2018

    Rising Star: Davis Polk's Lara Samet Buchwald

    With a keen skill for litigating, Lara Samet Buchwald has quickly become a valuable member of Davis Polk & Wardwell LLP's team of restructuring professionals and helped large clients battle contentious issues and see their way to successful case resolutions, earning her a spot as one of five bankruptcy practitioners under age 40 honored by Law360 as Rising Stars.

  • August 2, 2018

    Platinum Demise Front And Center At Ex-Union Boss' Retrial

    Federal prosecutors asked a Manhattan jury Thursday to tie former labor boss Norman Seabrook's alleged corruption to $19 million of investment losses his union later sustained when Platinum Partners, the hedge fund Seabrook allegedly favored in exchange for a $60,000 bribe in 2014, went bankrupt.

  • August 2, 2018

    Netflix Waves White Flag In Relativity Ch. 11 Contract Fight

    Netflix has abandoned all opposition to continuing its distribution deal with Relativity Media LLC and dropped claims for millions of dollars in payments from the bankrupt studio, deciding Thursday to settle the case after losing a bid to collect $9 million for a breach of its exclusive streaming agreement.

  • August 2, 2018

    Ampal Sees Its Stake In $1B Egypt Gas Award Preserved

    A New York judge on Wednesday looked to preserve the value of bankrupt Ampal-American Israel Corp.’s stake in a more than $1 billion arbitral award stemming from a terminated natural gas deal with Egypt, telling the company's controlling shareholder he must notify the company's bankruptcy trustee before taking certain actions.

  • August 2, 2018

    Weinstein Ch. 11 Emails OK’d For Rape Charges Defense

    A Delaware bankruptcy judge consented Thursday to the use of 40 redacted victim emails from The Weinstein Co.’s Chapter 11 files in a reported plan to seek dismissal of rape and sexual predator charges against Harvey Weinstein in a New York proceeding on Friday.

  • August 2, 2018

    Retailer Brookstone Opens Ch. 11 In Del. With Sale Plans

    Specialty retailer Brookstone again filed for Chapter 11 protection in Delaware on Thursday with plans to close 102 mall stores and sell its airport locations, wholesale and e-commerce operations, citing continued lagging sales just four years after its prior bankruptcy sale.

  • August 2, 2018

    KPMG Can't Escape Investors' Suit Over Miller Energy Audit

    A Tennessee federal judge on Thursday kept alive the bulk of a proposed class action from investors accusing KPMG of helping the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, saying there is adequate evidence that the alleged scheme was known to KPMG and caused share prices to fall.

  • August 2, 2018

    Del. Court Tosses NextEra's $60M Admin. Claim In EFH Ch. 11

    NextEra Inc. can't recover $60 million in costs it incurred while seeking regulatory approval for its failed $19 billion acquisition of bankrupt Energy Future Holdings Inc., a Delaware bankruptcy court ruled on Wednesday, finding that NextEra's administrative claim was clearly barred by the terms of that deal.

  • August 2, 2018

    Rising Star: Weil's Ryan Preston Dahl

    Weil Gotshal & Manges LLP’s Ryan Preston Dahl has been a standout attorney at his firm for helping advise specialty retailer Claire’s Stores Inc. during its Chapter 11 restructuring, earning him a spot among five bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • August 1, 2018

    Deals Rumor Mill: China Tower, PG&E, United Group

    China Tower Corp. Ltd. reportedly raised $6.9 billion in its initial public offering, PG&E Corp. tapped Weil Gotshal & Manges LLP to help the California utility restructure its debt, and Cinven and BC Partners are eyeing United Group.

  • August 1, 2018

    Atty's Spouse's Contempt Case Paused Amid Bankruptcy

    A Nevada federal judge hit pause Tuesday on contempt proceedings against the wife of attorney Dominic "Nick" Magliarditi stemming from a prohibited property transfer amid his recently filed bankruptcy case.

  • August 1, 2018

    Cloud Storage Co. Gets OK On Ch. 11 Bid, Auction Plans

    Cloud storage technology firm Tintri Inc. received bankruptcy court approval in Delaware on Wednesday for its plan to run a Chapter 11 auction for the sale of its assets, including a $52.5 million stalking horse offer.

Expert Analysis

  • Limiting Law Firms' Professional Liability Risks: Part 1

    Stuart Pattison

    Corporate law departments are increasingly demanding more concessions from outside legal counsel, and presenting engagement letters that open the door to greater professional and cyber liability exposure for law firms — often beyond the scope of their insurance coverage. Firms must add their own language to engagement letters to limit liability, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • Series

    From Lawmaker To Lawyer: How Congress Affected My Career

    Yvonne B. Burke

    Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.

  • Are OCC's Reserve-Based Lending Guidelines Enforceable?

    Buddy Clark

    Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.

  • Series

    From Lawmaker To Lawyer: DC Isn't As Bad As You Think

    Norm Coleman

    Popular culture paints the Hill as a place teeming with intrigue, corruption and malicious intent. But in Congress I learned important lessons about respecting people and the work they do, says former Sen. Norm Coleman, R-Minn., of Hogan Lovells.

  • Series

    From Lawmaker To Lawyer: 6 Things I Learned In Congress

    Charles Gonzalez

    I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.

  • Pa. Reinsurance Ruling Sets Precedent For Insolvency Cases

    Andrew Rothseid

    Pennsylvania's Commonwealth Court recently confirmed an arbitration award in favor of the Pennsylvania Insurance Commissioner against General Reinsurance Corporation. This decision rejects reinsurers' long-maintained argument that the acceleration of payment obligations by a cedent has no bearing on their own payment obligations, say Andrew Rothseid of RunOff Re.Solve LLC and Joseph Donley of Clark Hill PLC.

  • Tax Relief Under Tax Cuts And Jobs Act? Not For Debtors

    Scott Grossman

    The Tax Cuts and Jobs Act has been lauded as being generally beneficial to corporate taxpayers — but not so for corporate debtors, whose ability to reorganize and emerge under a Chapter 11 plan has been significantly and negatively impacted by the change, say Scott Grossman and Kenneth Zuckerbrot of Greenberg Traurig LLP.

  • Opinion

    BigLaw's Associate Salary Model Is A Relic Of A Bygone Era

    William Brewer

    Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • How Will Weinstein Co. Bankruptcy Impact Accusers?

     Matthew LaGarde

    Due to the idiosyncrasies of American bankruptcy law, The Weinstein Company's recent bankruptcy filing could cause many of Harvey Weinstein’s accusers to receive pennies on the dollar relative to what they are owed under state and federal laws prohibiting workplace sexual harassment, say Matthew LaGarde and Jessica Westerman of Katz Marshall & Banks LLP.