Bankruptcy

  • June 15, 2017

    Del. Suit Claims Coal Co. Investors Diverted Bid Rights

    Investors in a firm that loaned money to a now-bankrupt Kentucky coal company sued the firm's managers and others in Delaware's Chancery Court on Wednesday, claiming the firm's managers secretly locked up rights to a coal tract during a bankruptcy sale.

  • June 15, 2017

    $20.5M Bid Tops Molycorp Auction, Beats Stalking Horse

    A bankruptcy auction battle produced a $20.5 million tentative winning cash bid for Molycorp Minerals LLC's idled California rare earth mine, company officials reported Thursday, in a disputed outcome that ended far above the company's initial $1.2 million stalking horse offer.

  • June 15, 2017

    Oracle Objects To SunEdison's Service Transfer Plan

    Oracle America Inc. objected Thursday to a proposed transition services agreement between bankrupt SunEdison Inc. and its yieldcos, saying the deal may impact Oracle’s intellectual property.

  • June 15, 2017

    Ex-Client Sues Blasingame Burch Over Pelvic Mesh Deal

    A woman who took a $300,000 settlement over alleged injuries from a pelvic mesh product is now suing Blasingame Burch Garrard & Ashley PC, claiming she was coerced and misled into taking the deal, in part due to the firm's claims about how the settlement would affect a personal bankruptcy.

  • June 15, 2017

    Canada's Thornton Grout Adds Ex-Ontario Bankruptcy Judge

    A former Canada court judge who oversaw Nortel Networks Inc.’s bankruptcy proceedings has joined both Thornton Grout Finnigan LLP as counsel to the firm and Toronto’s Arbitration Place as a member arbitrator, according to an announcement from the two groups.

  • June 15, 2017

    Fisker Trustee Can Go After $33M Paid To BMW For Engines

    The Delaware bankruptcy court has kept a $32.6 million claim by the trustee of bankrupt Fisker Automotive against BMW alive, saying the trustee could continue to pursue BMW for unjust enrichment over an allegedly unfulfilled engine order despite the failure of most if its claims.

  • June 15, 2017

    Creditor, Retiree Committees Appointed In Puerto Rico Case

    The U.S. bankruptcy watchdog on Thursday appointed two committees to represent retirees and unsecured creditors in Puerto Rico’s ongoing restructuring case, while declining to create a committee for unsecured creditors of the Puerto Rico Sales Tax Financing Corp.

  • June 15, 2017

    Outer Harbor Creditors Appeal Lien Investigation Shutdown

    The unsecured creditors of defunct Outer Harbor LLC on Wednesday appealed a Delaware bankruptcy court’s decision denying them an opportunity to challenge the cargo handling operation’s Chapter 7 liquidation plan over $25 million in “suspicious” prepetition payments by the debtor.

  • June 14, 2017

    Justice Ginsburg On Oral Argument And ‘Imperious’ Attorneys

    Justice Ruth Bader Ginsburg discusses the value of oral arguments, advice for advocates, and the one thing lawyers do that irks her, in the second of two articles based on an exclusive interview.

  • June 14, 2017

    5 Federal Judges To Mediate Puerto Rico Bankruptcy Fights

    A team of five sitting federal judges across several jurisdictions was appointed on Wednesday to help mediate issues arising from Puerto Rico's massive debt restructuring proceedings, with U.S. Bankruptcy Judge Barbara Houser of Texas' Northern District to serve as leader of the group.

  • June 14, 2017

    Lender To Bankrupt Ticket Reseller Seeks Lift Of Ch. 11 Stay

    A private equity firm owed $44 million by bankrupt ticket reseller and alleged Ponzi scheme front National Events Holdings LLC asked a New York bankruptcy court Wednesday to let the firm liquidate the debtor's $5.8 million in assets, and took aim at two other creditors.

  • June 14, 2017

    Implant Sciences Gets Tentative OK On Ch. 11 Disclosures

    A Delaware bankruptcy judge agreed Wednesday to OK the disclosure statement for the former Implant Sciences’ Chapter 11 plan, but left the door open for additional rulings, including on competing add-ons to the document from the bomb detector maker and its shareholders that turned into a dispute that morning.

  • June 14, 2017

    NRG Energy Unit Hits Ch. 11 With Plan To Cut $1.8B Debt

    GenOn Energy Inc. initiated Chapter 11 bankruptcy proceedings Wednesday in Texas, with a prearranged plan to cut nearly $1.8 billion in debt through a noteholder equity swap and settle potential fraudulent transfer claims against parent company NRG Energy Inc. for $261 million.

  • June 14, 2017

    'Soup Nazi' Distributor Hits Ch. 11 After Tax Evasion Case

    The New York company that distributes soup products licensed from the chef that inspired the Soup Nazi character on the sitcom "Seinfeld" trickled into Delaware bankruptcy court late Tuesday, weeks after the company’s chief financial officer was hit with 20 charges of federal tax evasion.

  • June 14, 2017

    GulfMark Retail Noteholders Sue Over Rights Offering

    Two GulfMark Offshore retail noteholders Wednesday lodged an objection in Delaware bankruptcy court to the company’s proposed rights offering and Chapter 11 disclosures, saying they are unfair to them and other retail noteholders.

  • June 14, 2017

    Real Estate Rumors: Opal, Jeff Shapack, Broadway Tech

    Opal Holdings is reportedly buying a bankrupt Manhattan site where the firm plans to build retail and condos, developer Jeff Shapack is said to be putting a Chicago property that includes a Shake Shack on the market for $14.25 million, and Broadway Technology has reportedly leased 25,000 square feet in New York from Chinese conglomerate Fosun.

  • June 14, 2017

    Marsh Approved For $28M Sales Of 26 Stores, Inventory

    Bankrupt grocery chain Marsh Supermarkets Holding LLC received court approval Wednesday in Delaware for a series of sale transactions that will provide about $28 million in cash to the debtor's estate after resolving numerous objections to the proposals.

  • June 13, 2017

    CST, Oaktree Clash Over $15M DIP, Ch. 11 Options In Del.

    Global storage tank maker CST Industries Holdings Inc. tangled with its largest creditor Tuesday during its first Chapter 11 hearing, with private equity Oaktree Capital Management LP seeking to block an interim $15 million debtor-in-possession loan.

  • June 13, 2017

    Permit Issues Plague Molycorp Mine Sale, Regulators Say

    A trio of federal agencies objected Tuesday to the proposed sale of a California mining enterprise owned by bankrupt Molycorp Minerals LLC, saying that permit issues need to be resolved before the transaction can be consummated.

  • June 13, 2017

    Essar Steel Ch. 11 Confirmed With New Owner, High Hopes

    A bankrupt Minnesota mine and mill venture that once threatened to become a bottomless Delaware Chapter 11 money pit instead had its more than $1 billion plan confirmed Tuesday, putting the company on the track for a 10 million-ton-per-year project build-out.

Expert Analysis

  • Defining An Occurrence For Sexual Abuse Cases

    Katharine Thompson

    In Diocese v. Duluth, the Bankruptcy Court for the District Court of Minnesota ruled last month that each instance of sexual abuse counted as a separate trigger of insurance coverage. This decision clashes with a recent decision made by a Pennsylvania court, indicating that courts across the country will continue to grapple with trigger and number of occurrence issues related to sexual abuse, says Katharine Thompson of Gordon Rees ... (continued)

  • The 9-Year Winning Streak Of Virginia ‘Rocket Docket’

    Bob Tata

    Out of 94 district courts, the Eastern District of Virginia has been the fastest civil trial docket in the country for nine straight years. Without micromanaging the process, the EDVA's judges, magistrate judges, and clerks and staff continue to perform at a stunningly efficient level, says Bob Tata of Hunton & Williams LLP.

  • Opinion

    Let's Talk About Half-Hearted Innovation

    Michael Moradzadeh

    Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs

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    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Memorable Lessons From Violin Memory And Other Auctions

    Sheon Karol

    When Violin Memory filed Chapter 11 in December, prospects for the company seemed grim. But the combination of rival offer methods and special process features resulted in an auction that exceeded all expectations, says Sheon Karol of The DAK Group.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.