We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bankruptcy

  • October 29, 2018

    Woodbridge's Ch. 11 Plan Gets Confirmed In Delaware

    A Delaware bankruptcy judge has overturned the last objection to the Woodbridge Group of Cos. LLC's Chapter 11 plan and cleared the company to begin liquidation of its $629 million estate and payouts to victims of its founder’s alleged Ponzi scheme.

  • October 26, 2018

    Schulte Roth Fights Subpoena Bid On Platinum Partners Work

    Schulte Roth & Zabel LLP pushed back Thursday against a request to turn over documents stemming from its prior representation of two failed Platinum Partners hedge funds, telling a New York bankruptcy judge it would be unnecessary and unduly burdensome to compel production.

  • October 26, 2018

    Fowler White May Be Sanctioned Over Retaining Epstein Docs

    Convicted billionaire sex offender Jeffrey Epstein dodged sanctions claims in a Florida federal court Friday, but a bankruptcy judge is still weighing allegations that Fowler White Burnett PA, which used to represent him, retained copies of another firm’s confidential documents in violation of a court order.

  • October 26, 2018

    Trustee For Unsecured Tops Notes Wants Ch. 11 Plan Relief

    U.S. Bank NA, the trustee for groups of unsecured noteholders invested in bankrupt grocery chain Tops Markets LLC, said in a court filing Friday that it should be provided "indemnity, release and compensation protections" in the company's pending Chapter 11 plan.

  • October 26, 2018

    Open Road Films Gets $87.5M Stalking Horse Bid

    Bankrupt film distributor Open Road Films LLC received approval from a Delaware judge on Friday for bid protections in its Chapter 11 sale, including a $2.1 million breakup fee, in connection with an $87.5 million stalking horse bid from OR Acquisition Company LLC.

  • October 26, 2018

    Coal Co. Trying To Shirk Paying Benefits, Retiree Trustees Say

    Representatives of a Westmoreland Coal Co. employee benefit funds have hit the coal giant with complaints that it is trying to dodge federally mandated retirement benefit obligations and have tied their post-petition financing to achieving this.

  • October 26, 2018

    EFH Judge Splits Up $275M Tab For Failed NextEra Deal

    Two debtors in the Chapter 11 case of Energy Future Holdings would split the responsibility for a $275 million breakup fee potentially owed to NextEra Energy based on their share of the proceeds from an alternate deal that closed in early 2018, a Delaware bankruptcy judge said Friday.

  • October 26, 2018

    Pipeline Builder, Sunoco Reach Contract Termination Deal

    Bankrupt pipeline building firm Welded Construction LP announced a last-minute deal with Sunoco on Friday morning that will allow the energy company to terminate its contract with the debtor and avoid lengthy litigation over the matter.

  • October 26, 2018

    Weinstein Co. Looks To Nix Producer's $10M Sex Assault Suit

    Bankrupt film studio The Weinstein Co. on Thursday asked a New York federal court to toss a $10 million suit filed by a producer who alleges she was sexually assaulted by disgraced movie mogul Harvey Weinstein, saying she’s pled only “sweeping and conclusory” facts to support her 20-claim complaint.

  • October 26, 2018

    High Court To Address Rift On Bankrupt Brands' Trademarks

    The U.S. Supreme Court said Friday that it would hear a case over what happens to a trademark license when the brand owner goes bankrupt, a question that has quietly led to a deep circuit split.

  • October 25, 2018

    Bankrupt Pipeline Co. Tries To Keep Sunoco Contract Alive

    Bankrupt pipeline builder Welded Construction LP sought a quick temporary restraining order hearing Thursday to block termination of a major Sunoco construction contract, a move Welded said would jeopardize its Delaware Chapter 11 reorganization effort.

  • October 25, 2018

    Sears Gets Nod To Start Closing Sales At 142 Stores

    A New York bankruptcy judge said Thursday he will approve Sears Holding Corp.'s plans to conduct going-out-of-business sales at 142 of its Sears and Kmart stores after the struggling retail giant made a few last-minute tweaks to satisfy concerned vendors and landlords.

  • October 25, 2018

    RadioShack's Contract Claims Trimmed In Del. Sprint Suit

    A portion of the claims lodged by the successor of bankrupt electronics retailer RadioShack in a Delaware Superior Court complaint against former retail partner Sprint Solutions Inc. was tossed Thursday because the allegations were covered by language in their partnership deal, a judge said.

  • October 25, 2018

    Bankrupt Driller Reaches $4.5M Settlement With BHP

    Oil and gas driller Exco Resources Inc. is asking a Texas bankruptcy court to approve a $4.5 million settlement with global mining and petroleum giant BHP, under which the two companies will drop their claims against each other over allegedly unpaid royalties and fees.

  • October 25, 2018

    Embezzling Atty Loses Bid For Lighter Sentence At 2nd Circ.

    The Second Circuit on Thursday upheld the five-year prison term handed down to a former Connecticut bankruptcy attorney who pled guilty to embezzling millions of dollars from clients, saying prosecutors did not violate his plea deal.

  • October 25, 2018

    EFH Judge Releases $275M NextEra Reserve To Creditors

    A Delaware bankruptcy judge signed an order Thursday to release a $275 million reserve to unsecured creditors in Energy Future Holdings Inc.'s Chapter 11 after the Third Circuit denied a request to reconsider its ruling that the company didn't have to pay a termination fee after its deal with NextEra Energy Inc. fell apart last year.

  • October 25, 2018

    US Steel Tower Says Steakhouse Chain Owes It $4.4M In Rent

    The owner of Pittsburgh’s U.S. Steel Tower is suing the steakhouse that until recently occupied a large part of its ground floor, demanding a total of $4.4 million from the restaurant and its Ohio-based parent company, according to the lawsuit filed Thursday in state court.

  • October 24, 2018

    Agrokor Sees Creditor Settlement Recognized In US Court

    A New York bankruptcy judge ruled Wednesday that a creditor settlement reached in the foreign restructuring proceedings for Croatian food and beverage giant Agrokor should be enforced in the U.S. even if certain provisions require the modification of English law-governed debt, saying it seems appropriate to extend comity.

  • October 24, 2018

    Ex-Gem Co. Exec Fights Subpoena In Owner's $2B Fraud Row

    A former executive at U.S. diamond companies owned by Nirav Modi — who's been accused of orchestrating a $2 billion fraud scheme in India — told a Manhattan bankruptcy court Tuesday he shouldn’t have to give any further explanation or documents to a bank that accused him of stonewalling, saying it would chip away at his Fifth Amendment rights.

  • October 24, 2018

    3rd Circ. Won't Revisit EFH $275M Breakup Fee Decision

    The Third Circuit on Wednesday denied a request to reconsider its ruling that Energy Future Holdings Inc. should be freed from paying a $275 million termination fee after its deal to sell NextEra Energy Inc. its share of a power distribution system fell apart last year.

Expert Analysis

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • How Reckless Judicial Impeachments Threaten Rule Of Law

    Jan van Zyl Smit

    Judicial impeachment fever seems to be spreading through the states, with West Virginia legislators recently voting to remove their state's entire Supreme Court, and lawmakers in Pennsylvania and North Carolina threatening the same. These actions are a serious threat to judicial independence, says Jan van Zyl Smit of the Bingham Centre for the Rule of Law.

  • Series

    Judging A Book: Fogel Reviews 'Good Judgment'

    Judge Jeremy Fogel

    In this time of partisan conflict over judicial selection, a new book by Canadian jurist Robert J. Sharpe —​ "Good Judgment" — represents a refreshing, deeply thoughtful departure from binary arguments about how and why judges make decisions, says U.S. District Judge Jeremy Fogel, director of the Federal Judicial Center.

  • 10 Ways To Prevent E-Discovery Woes

    Debbie Reynolds

    E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.

  • 11th Circ. Changes Course On New Value Defense

    Paul Avron

    The Eleventh Circuit’s decision this month in Kaye v. Blue Bell Creameries confirms that the prior requirement that new value must remain unpaid is no longer the law in the circuit, wiping out a valuable tool for debtors, trustees and post-confirmation estate representatives for avoiding and recovering preferential transfers, says Paul Avron of Berger Singerman LLP.

  • 4 Key Components To New Firm Partnership Agreements

    Russell Shinsky

    A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.

  • Opinion

    Open The Federal Courthouses

    David Oscar Markus

    Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.

  • Del. Series LLC Changes Bring Clarity For Secured Lenders

    R. Jason Russell

    Delaware recently passed amendments to the Delaware Limited Liability Company Act that enable a new type of series of an LLC known as a “registered series.” The changes address historical uncertainty among secured lenders seeking to perfect a security interest, say R. Jason Russell and Sean Sullivan of Morris Nichols Arsht & Tunnell LLP.

  • Navigating Counsel Conflicts Of Interest In Bankruptcy

    Claire Wu

    A recent New York federal court ruling in the bankruptcy case of Relativity Media highlights the importance of disqualification of counsel disputes in bankruptcy matters. Attorneys must proceed with care when duties owed to both parties create a conflict of interest, says Claire Wu of SulmeyerKupetz PC.