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Bankruptcy

  • May 3, 2018

    'Amityville Horror' Family Challenges Weinstein's Film Deal

    The family at the center of the notorious "Amityville Horror" house filed an adversary complaint Wednesday in the Delaware bankruptcy case of The Weinstein Co., saying the debtor didn’t meet film production milestones and forfeited the film rights to the family’s story.

  • May 2, 2018

    Gibson Brands' $135M DIP OK'd Over Fee, Roll-Up Concerns

    Bankrupt guitar and piano maker Gibson Brands Inc. received interim approval Wednesday in Delaware to access a portion of its $135 million debtor-in-possession financing package despite concerns over the fees associated with the lending and the roll-up of prepetition debt.

  • May 2, 2018

    NJ Justices Toughen Ethics Suspension For Bankruptcy Atty

    New Jersey’s highest court on Tuesday stripped an attorney of his law license for a year after he ignored bankruptcy court orders and caused more than $150,000 in losses to his clients, among other ethics violations, imposing a longer suspension than that recommended by a disciplinary panel.

  • May 2, 2018

    Remington's Ch. 11 Plan Confirmed With Trimmed Releases

    Gunmaker Remington Outdoor Co. LLC received court approval Wednesday from a Delaware bankruptcy judge for its Chapter 11 debt-for-equity swap plan after objections from the U.S. trustee and the U.S. Securities and Exchange Commission were sustained, requiring the company to eliminate its employees from release provisions.

  • May 2, 2018

    ICSID Won't Revive Aluminum Plant Claim Against Montenegro

    An International Centre for Settlement of Investment Disputes committee on Tuesday refused to revive a Cypriot company's claim accusing Montenegro of impeding efforts to restructure and modernize a bankrupt aluminum plant.

  • May 2, 2018

    Union, Bankruptcy Trustee Fight Grocer's Executive Bonuses

    The U.S. Trustee's office and the Teamsters union on Tuesday told a New York bankruptcy court that a proposed $7.1 million employee bonus proposal in Tops Markets LLC's Chapter 11 plan would award hefty bonuses to the supermarket chain's top executives for simply doing their jobs.

  • May 2, 2018

    Conn. Firm Shakes Lender Suit Over $12M Loan Opinion Letter

    An opinion letter prepared by Connecticut transaction boutique Berkowitz Trager & Trager for a $12 million loan that went south for the lender didn't create a contractual obligation the firm could breach, a federal judge said Tuesday in an order dismissing a malpractice suit against the firm.

  • May 2, 2018

    How Weil Gotshal Drove Takata Through Complex Bankruptcy

    A group of attorneys at Weil Gotshal & Manges LLP say they can finally get some rest after laboring for years on the restructuring and sale of Japanese auto parts maker Takata — a legal undertaking they say was one of the most complex but gratifying experiences of their careers.

  • May 2, 2018

    Cambridge Analytica Files For Bankruptcy After Data Scandal

    Cambridge Analytica LLC, the political data and consulting firm hired by President Donald Trump's 2016 presidential campaign that is now tied to a Facebook data-harvesting scandal, announced Wednesday that it has filed for insolvency and will be shutting its doors.

  • May 1, 2018

    Woodbridge Strikes Deal With SEC To Defer Ponzi Penalties

    Bankrupt real estate holding firm The Woodbridge Group LLC told a Delaware judge Tuesday that it had reached a deal to bifurcate a securities action brought by the U.S. Securities and Exchange Commission in Florida federal court that will allow the deferment of any penalties associated with a Ponzi scheme allegedly perpetrated by the founder of the debtors.

  • May 1, 2018

    Deals Rumor Mill: Weinstein, Essential Properties, SoftBank

    The Weinstein Co. is reportedly facing competing offers from a private equity firm and a producer, Essential Properties Realty Trust is eyeing an initial public offering, and SoftBank subsidiary Arm Holdings plans to give up control of its Chinese operations.

  • May 1, 2018

    Real Industry May Drop Some Plan Releases To Get Ch. 11 OK

    Bankrupt metal recycling company Real Industry Inc. told a Delaware bankruptcy judge Tuesday that it would seek permission from its directors to drop third-party releases from its proposed Chapter 11 plan to resolve objections from some parties and pave the way for confirmation.

  • May 1, 2018

    Accusers Favor New Weinstein Co. Bid With $30M Victim Fund

    The Weinstein Co.’s stalking horse bidder may be facing a late challenge to its $210 million bid for the bankrupt production company’s assets in Delaware bankruptcy court following a new bid Tuesday, according to a group of plaintiffs in the sexual harassment putative class action against the company and founder Harvey Weinstein.

  • May 1, 2018

    Cumulus Set To Exit Ch. 11 After Beating Plan Objections

    Broadcast radio giant Cumulus Media Inc. is on its way out of Chapter 11 bankruptcy Tuesday after defeating arguments over the value of the company and receiving New York bankruptcy court approval to undertake a restructuring plan that will pass a large majority of ownership to its secured lenders.

  • May 1, 2018

    Nighthawk Energy Files For Chapter 11, Lines Up Asset Sale

    Nighthawk Energy PLC filed for Chapter 11 protection on Monday in Delaware bankruptcy court after defaulting on a $21 million loan, with plans to quickly sell off its assets in Colorado’s DJ Basin to an unidentified buyer.

  • May 1, 2018

    IHeartMedia's Reorg Proposal Aims To Cut Debt By $10B

    The proposed Chapter 11 reorganization plan filed in Texas by radio broadcast giant iHeartMedia Inc. and its debtor affiliates aims to reduce the company’s balance sheet by more than $10 billion.

  • May 1, 2018

    UBS Rips Sentinel Trustee's Bid For Review Of $14M Transfer

    UBS Securities LLC urged an Illinois federal judge on Monday to reject a bankruptcy trustee's request for her to reconsider a prior ruling that UBS could keep the $14.4 million it received upon liquidation of its account with Sentinel Management Group Inc. months before the investment firm went under.

  • May 1, 2018

    Gibson Brands Opens $500M Ch. 11 Restructuring In Del.

    Gibson Brands Inc., the well-known maker of Gibson guitars and Baldwin pianos, moved for a change of tune in Delaware bankruptcy court early Tuesday, opening a Chapter 11 reorganization that the company said will trim its $500 million debt while money-losing, nondebtor foreign affiliates liquidate.

  • April 30, 2018

    Appleby Snags Norton Rose Partner In Cayman Islands

    Offshore firm Appleby Global has added a former Norton Rose Fulbright partner who brings experience working on disputes involving financial institutions and funds in Hong Kong and the U.K.

  • April 30, 2018

    Ex-Worker Says Winn-Dixie Ch. 11 Plan Strips Class Rights

    A former employee of a Louisiana Winn-Dixie grocery store objected Monday in Delaware to the proposed Chapter 11 plan of the store's parent company, saying the plan would impair her claims and the claims of other workers pursuing a class action for unpaid overtime in federal court.

Expert Analysis

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • Key Constituents In Retail Bankruptcy: A Shifting Landscape

    George Angelich

    While retailers are not predestined to liquidate, unique issues and changing dynamics make them more susceptible to failure. It is essential that retailers, and those that do business with them, understand how to navigate the field, say George Angelich and Phillip Khezri of Arent Fox LLP.

  • Getting Back To Basics With Master Limited Partnerships

    Jeffery Malonson

    It has been a rough three years in the energy sector. During the downturn, upstream master limited partnerships, large and small, were disproportionately affected. If we have learned anything from this cycle, it is that we should endeavor to structure MLPs to withstand even the harshest price environments, says Jeffery Malonson of King & Spalding LLP.

  • Understanding Texas Mechanic's Liens And Bonds: Part 3

    Excerpt from Lexis Practice Advisor
    Tolin_David.jpg

    Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the final part of this article.

  • 2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

    Robert Reznick

    The Second Circuit's recent decision affirming the dismissal of UBS from a Madoff case is useful for foreign banks facing U.S. litigation. The decision is a reminder that, for purposes of general personal jurisdiction, corporate structure matters, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Understanding Texas Mechanic's Liens And Bonds: Part 2

    Excerpt from Lexis Practice Advisor
    Tolin_David.jpg

    Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the second part of this article.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.

  • Put The Brakes On Acceleration Bay Litigation Funder Ruling

    David Gallagher

    Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.

  • Some Pointers For Stressed And Distressed Charitable Orgs

    James Vincequerra

    There is speculation that the Tax Cuts and Jobs Act will have the unintended consequence of less charitable giving in 2018 and beyond. Administrators of not-for-profit charitable organizations may need to take a hard look at restructuring operations, say James Vincequerra and Gerard Catalanello of Alston & Bird LLP.

  • Considerations For Attorneys Using Artificial Intelligence

    Ben Allgrove

    Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.