Bankruptcy

  • April 17, 2017

    Rupari Seeks Expedited Timing Of Tony Roma Licensing Fight

    Bankrupt barbecue meat product distributor Rupari Food Services Inc. asked a Delaware judge Monday to expedite an adversary proceeding with the owner of the Tony Roma brand of food products over a licensing agreement Rupari said is an important part of its Chapter 11 case.

  • April 17, 2017

    Sungevity Approved For $50M Ch. 11 Sale To Creditor JV

    A public and private equity joint venture won approval Monday to buy rooftop solar firm Sungevity Inc. out of its Delaware Chapter 11 with a $50 million credit bid, after a last-minute flurry of compromises or postponements of disputes.

  • April 17, 2017

    EFH Might Have To Try Ch. 11 Plan Confirmation Again

    Energy Future Holdings Corp. and NextEra Energy Inc. told the Delaware bankruptcy court Monday that they “remain committed” to closing their $18 billion deal that was rejected last week by Texas utility regulators, but those efforts might need to include another run at a Chapter 11 plan confirmation.

  • April 17, 2017

    BCBG Founder, Wife Fight Bid To End Contract Dispute

    Bankrupt women's apparel company BCBG Max Azria Group Inc. founder Max Azria and his wife Lubov on Saturday asked a New York bankruptcy court to keep their adversary action against the company alive, arguing her employment agreement and the company’s 2015 restructuring are inextricably linked.

  • April 17, 2017

    MF Global Seeks $1.8M In Fees For Insurers' Bermuda Action

    MF Global's trustee asked a New York bankruptcy court on Friday to award the estate $1.8 million in fees that it incurred as a result of its insurers' failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • April 17, 2017

    Justices Won't Review Detroit Pensioners' Benefit Cuts

    The U.S. Supreme Court will not review a decision cutting the pension benefits of 22,000 Detroit retirees as part of the city's arduous bankruptcy, it said Monday.

  • April 17, 2017

    High Court Skips Appeal Over Solar Co.'s $950M Antitrust Suit

    The U.S. Supreme Court on Monday declined to hear a bankrupt solar panel producer’s bid to revive its $950 million antitrust suit against three Chinese solar panel companies.

  • April 17, 2017

    Asbestos Claimants Fight Pittsburgh Corning Ch. 11 Rethink

    Claimants in a Texas asbestos injuries case against Pittsburgh Corning Corp. told a Pennsylvania federal judge on Friday that the asbestos trust can't reopen the company's Chapter 11 case to deal with $9 billion in potential new asbestos injury claims, arguing that there is no room for reinterpretation of an earlier bankruptcy order.

  • April 17, 2017

    Biotech Investors Fortify Jefferies Arbitration Battle

    Shareholders who bought stock in a since-failed biotech company are bringing counterclaims against Jefferies LLC if they cannot arbitrate their dispute before the Financial Industry Regulatory Authority, telling a Texas federal court Friday that the investment banking firm failed to properly investigate the biotech securities before recommending them.

  • April 14, 2017

    Ex-Patton Boggs Partner Can't Advance Ch. 7 Malpractice Suit

    A former Patton Boggs intellectual property partner cannot sue his bankruptcy attorney for malpractice over her handling of his personal Chapter 7 bankruptcy case since that claim is property of his bankruptcy estate and can only be brought by the trustee, a Virginia federal judge held Friday.

  • April 14, 2017

    Hercules Can't Nix $104M In Drilling Rig Explosion Claims

    The bankruptcy trust for Hercules Offshore Inc. lost a fight Thursday over a $103.5 million Delaware Chapter 11 claim filed by a Texas-based oil field firm tangled in federal liability actions arising from a July 2013 blowout on one of Hercules’ drilling rigs.

  • April 14, 2017

    Optima Steel Asks For More Time To Negotiate Ch. 11 Plan

    Metal maker Optima Specialty Steel Inc. requested an extension Friday in Delaware bankruptcy court of the exclusive period during which it can file and solicit votes on a Chapter 11 plan of reorganization, saying it needs more time to negotiate with plan sponsors.

  • April 14, 2017

    Breitburn's Ch. 11 Stay Lifted For Royalty Interest Ruling

    A New York bankruptcy judge partially lifted Breitburn Energy Partners LP’s Chapter 11 automatic stay, ruling Friday that a Texas court should determine whether a holder of oil and gas royalty interests in proceeds earned by Breitburn subsidiaries has a property right or an unsecured contract claim.

  • April 14, 2017

    Essar Landowner Wants Leases Yanked From Ch. 11 Sale

    A Minnesota mineral lease partnership objected Thursday to the continued inclusion of its land in plans for the former Essar Steel's Delaware bankruptcy, saying the multibillion-dollar venture has failed to get mechanic's liens lifted from its property and missed production deadlines.

  • April 14, 2017

    American Airlines, Union Dodge Pilot Seniority Class Action

    A New York bankruptcy judge on Friday dismissed a class action against American Airlines Inc. and the Allied Pilots Association over pilot seniority issues stemming from the 2001 tie-up of AA and Trans World Airlines, saying a 2015 amendment of the complaint reintroduced claims that had been rejected earlier in a separate adversary proceeding.

  • April 14, 2017

    ATopTech Creditor Fights Arnold & Porter Kaye Scholer Fees

    A major creditor of bankrupt software firm ATopTech Inc. objected Friday in Delaware to the fee request made by the debtor’s special litigation counsel, Arnold & Porter Kaye Scholer LLP, saying the firm is working on separate litigation that doesn’t benefit the bankruptcy estate.

  • April 14, 2017

    K&L Gates Must Face Revived Fraud Suit, 2nd Circ. Says

    The Second Circuit on Friday revived publishing CEO Roy Brown’s claims his former K&L Gates LLP bankruptcy counsel tipped an asset sale toward banks they also represented, saying the district court was wrong to find Brown should have raised the issue at the bankruptcy proceeding.

  • April 14, 2017

    Netas Fights For $14M In Claims In Nortel Bankruptcy

    Telecom company Netas fought Friday to preserve a $14.3 million claim in the long-running bankruptcy of Nortel Networks Inc., saying Nortel has provided virtually zero basis for its objection.

  • April 14, 2017

    Avaya's $3M Executive Bonus Plan Gets Judge's Approval

    Executives at bankrupt telecom giant Avaya Holdings Inc. can collect up to $3 million in bonuses for hitting earnings targets tied to this year’s fiscal second quarter, a New York bankruptcy judge ruled Friday, after the U.S. trustee’s office dropped its objection to the payouts.

  • April 14, 2017

    Experian, TD Bank Dodge Bankruptcy FCRA Suit For Now

    A California federal judge on Thursday nixed allegations that Experian and TD Bank improperly reported outstanding account balances after a debtor declared bankruptcy, saying the consumer failed to allege that the reports contained actual inaccuracies under the Fair Credit Reporting Act, but could have another shot at amending the suit.

Expert Analysis

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Facing Judgment For The Securities Law Violation Of Another

    Shmuel Vasser

    The Eleventh Circuit's decision in Lunsford v. Process Technologies has potentially significant implications for directors, officers and other responsible persons who may find themselves on the hook vicariously for securities violations of the company, perhaps in turn due to the acts or omissions of a subordinate employee, say Shmuel Vasser and Andrew Harmeyer of Dechert LLP.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Settlement Strategy: What Does The Client Really Want?

    head shot.jpg

    The best outside counsel think like the client. That includes understanding the client’s perspectives and goals with regard to reaching a settlement — because “good results” mean different things for different clients. Outside counsel must ask themselves the right questions, and know the answers, to shape a client-focused settlement strategy, say Kate Jackson of Cummins Inc. and Patrick Reilly of Faegre Baker Daniels LLP.

  • MF Global-PwC Fight Could Set Troublesome Precedent

    FrenkelJacob.jpg

    The glaring misperception created by the mere filing of MF Global’s case against PricewaterhouseCoopers is that the audit firm had or should have some responsibility for MF Global's collapse. In addition, certain hallmarks of a framework for a potential claim against accounting firms are absent here, says Jacob Frenkel of Dickinson Wright PLLC.

  • Modernizing New York’s Fraudulent Conveyance Laws

    fitzmaurice_patrick_Troutman.jpg

    A bill recently introduced in the New York State Assembly would repeal the state’s version of the Uniform Fraudulent Conveyance Act and replace it with the Uniform Voidable Transaction Act. Adoption of the UVTA would be an important step in ensuring that New York law remains the gold standard in commercial contracts, says Patrick Fitzmaurice of Troutman Sanders LLP.

  • In The Associate Lateral Market, All Law Firms Are Not Equal

    Darin R. Morgan

    When associates contemplate a potential lateral move, there is a common misconception that all law firms are the same. It may seem that one law firm is just like the next, but if you dig deeper, you may discover unique attributes at some firms that may be more appealing and improve your professional satisfaction significantly, says Darin Morgan of Major Lindsey & Africa.

  • Reflections From A Mock Trial

    Lora Brzezynski

    Nerves were high on the day of the trial. While technically client interests were not at stake, our reputations were still on the line. We were not only presenting our case in front of our newly acquainted colleagues, but also for partners at our firm, expert witnesses, federal judges and in-house counsel — potential employers and clients, say attorneys with Dentons, sharing their recent mock trial experience.

  • OFAC Takes Sanctions Jurisdiction Into Uncharted Waters

    Edward Krauland

    The Office of Foreign Assets Control’s recent finding that a Taiwan-based shipping company violated sanctions regulations has led to quite a bit of speculation about whether OFAC has asserted a broad new theory of jurisdiction. Bankruptcy proceedings, as opposed to other types of disputes in U.S. district court, have particular elements that appear to have been relevant to OFAC’s finding of jurisdiction, say attorneys with Steptoe & Johnson LLP.

  • Issues To Expect In A Title III Puerto Rico Restructuring

    Luke A. Barefoot

    One of the issues that will perhaps most affect the treatment and negotiating leverage of various creditors in Puerto Rico's ensuing Title III process is the determination of the type of security interest and collateral by which their bonds are secured, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.