The Chapter 11 plan sponsor and purchaser of the reorganized Ryckman Creek natural gas storage complex Monday objected to the company’s liquidating trustee's claim it is owed an $11 million minimum payment for its share of the company under the terms of the bankruptcy plan.
Global consulting firm McKinsey & Co. on Monday asked a New York federal court to dismiss a racketeering action brought against it by the founder of a rival company, saying he has escalated a dispute over bankruptcy disclosure rules into a "baseless and reckless" lawsuit.
Attorneys for bankrupt furniture manufacturer Heritage Home Group LLC told a Delaware bankruptcy judge Tuesday that it has signed an asset purchase agreement for its luxury product line and is in serious talks with potential buyers for its remaining assets.
Kirkland & Ellis LLP's Chad J. Husnick has worked on a slew of huge bankruptcy cases on behalf of big-name companies over his career, including his current role guiding Energy Future Holdings Corp. through massive Chapter 11 proceedings, earning him a spot as one of five bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.
A federal judge on Monday certified to Attorney General Jeff Sessions two lawsuits filed last week challenging the constitutionality of Congress' legislative package intended to fix Puerto Rico's debt crisis, asking if the government once again wants to defend the law and creation of a fiscal oversight board.
Insurance broker Marsh must face state court asbestos claims that it had argued were categorically barred by a massive asbestos-claim trust from the 1980s, a New York federal judge ruled Monday.
A settlement approved Monday by a Delaware bankruptcy judge among debtor The Rockport Co. LLC, its former owner Adidas AG and Reebok International Ltd. resolved a potential $54 million claim fight between the two parties and will allow Rockport’s $150 million Chapter 11 asset sale to close as soon as Wednesday.
Home furnishing company Heritage Home Group LLC filed for Chapter 11 protection Sunday night with $280 million in debt, laying out plans to sell assets just five years after its predecessor company also went through bankruptcy.
Relativity Media LLC will have to fight to advance a sale of the company to its senior lenders after the U.S. Trustee's office asked for heightened scrutiny of litigation releases and content distributor Netflix alleged the transaction is tainted by self-dealing orchestrated by the company founder.
Whiteford Taylor & Preston LLP said on Monday that it had added as partners two former LeClairRyan attorneys with experience litigating banking disputes, construction and bankruptcies, and representing sports agents and athletes, in its Richmond, Virginia, office.
Jones Day's Stacey L. Corr-Irvine has stood out at her firm for making instrumental contributions in major restructuring cases, including handling day-to-day case management for plastics maker M&G USA Corp., earning her a spot as one of five bankruptcy practitioners under age 40 honored by Law360.
Administrators of Lehman Brothers International Europe can start paying out remaining assets from the failed U.S. investment bank to creditors after a judge at the High Court in London approved their plans to distribute the surplus.
The 168 attorneys selected as Law360's 2018 Rising Stars are lawyers whose accomplishments belie their age. From guiding eye-popping deals to handling bet-the-company litigation, these elite attorneys under 40 are leading the pack.
A New York federal judge dismissed an attorney’s defamation suit alleging law firm Ressler & Ressler convinced a third party to dump her as counsel, finding that "in this rare case," the attorney failed to diligently pursue discovery and that her current discovery requests would only yield speculative communications.
VER Technologies HoldCo LLC received Delaware bankruptcy court approval Thursday to execute a plan of reorganization reached after the production equipment rental company entered into a global settlement with several classes of stakeholders, allowing it to fulfill plans to merge with a competitor.
A New York Bankruptcy Judge on Friday agreed to let Punjab National Bank access records and interview executives tied to diamond mogul Nirav Modi and his bankrupt jewelry companies, as the financial institution looks to uncover whether the entities benefited from an alleged seven-year, billion-dollar bank fraud tied to their owner.
A California federal judge gave final approval to a $12.2 million settlement between Dentons and U.S. Aerospace Inc. shareholders who claimed the company's value was wrongly transferred by an attorney at a law firm acquired by a predecessor of Dentons.
A U.S. bankruptcy judge has determined that damages are warranted against two Massachusetts women who continued to pursue a personal injury suit stemming from one of hip-hop artist 50 Cent’s concerts, granting the sanctions bid Friday and asking for an accounting of costs.
The Massachusetts plant for New England Confectionery Co., which manufactures iconic candies including Necco Wafers and Sweethearts, was abruptly closed this week, less than two months after the investment firm that purchased the company out of bankruptcy decided to resell it.
A former Spruce Law Group attorney is joining McCarter & English LLP's Philadelphia bankruptcy and debt restructuring practice, but her experience goes even deeper to include banking, lending, leasing and general counsel work at practices large and small.
In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.
For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.
In the marijuana industry, there is ambiguity surrounding failing businesses because the product remains illegal under federal law. Brett Theisen of Gibbons PC identifies the credit risks associated with lending to, or working with, a marijuana business and highlights key state law solutions for both debtors and creditors.
The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.
The U.S. Supreme Court has been asked to clarify in the case of Tempnology the extent to which trademark license rights survive rejection in bankruptcy proceedings. In the meantime, licensees face continued uncertainty on their ability to use licensed trademarks following rejection, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.
The Ninth Circuit's opinion in Fagerdala represents one of very few circuit-level decisions that touch on vote designation under Section 1126(e) of the Bankruptcy Code — and the severest limit to date upon its application, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.
I agree with the legal pundits speculating that NewLaw’s present and future disruptors will radically change the legal services industry, but that change may not come quite as rapidly as predicted. Regardless, now is the time for both the incumbents and the challengers to best position themselves for the eventual shakeup, says Craig Levinson, founder of Levity Partners.
The Fifth Circuit's recent decision in Franchise Services of North America should give comfort to investors that seek to negotiate consent rights with respect to a bankruptcy filing. The fact that an investor also holds a claim against the company will not, in and of itself, invalidate a bankruptcy consent provision, say attorneys with King & Spalding LLP.
Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.