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Bankruptcy

  • May 31, 2018

    Unions Launch Bid To Dismantle Puerto Rico Fiscal Plan

    Three labor unions are suing the U.S. and Puerto Rican governments in an attempt to tear up the island’s federally imposed restructuring process, calling it an unconstitutional deprivation of rights that evokes the “badges and incidents of slavery.” 

  • May 31, 2018

    Disbarred Texas Atty Wins New Trial For Alleged Misconduct

    A Texas state appellate court on Thursday overturned a misconduct finding against an attorney who was disbarred for allegedly lying under oath and hiding assets during a bankruptcy, ruling in a split decision that the lower court was wrong to allow a federal judge to testify against him and ordering a new trial.

  • May 31, 2018

    Guitar Co. Gibson Reaches Deal On $135M DIP Package

    Bankrupt guitar maker Gibson Brands Inc. received final approval Thursday in Delaware for its $135 million post-petition financing package after a week of negotiations with its secured lenders and noteholders.

  • May 31, 2018

    Nine West Creditors Seek Probe Of Sycamore's $2.2B Buyout

    Unsecured creditors of Nine West Holdings Inc. filed bankruptcy court papers asking to launch an investigation into Sycamore Partners' 2014 takeover of the women’s shoe and apparel company, suggesting the $2.2 billion transaction may have enriched the private equity firm at the debtors’ expense.

  • May 31, 2018

    Polsinelli Expands Into Seattle With 8 Foster Pepper Attys

    Polsinelli PC announced Thursday it has opened a new Seattle office, headed by a former CEO of Seattle-based Foster Pepper PLLC and staffed by seven of his colleagues from the firm.

  • May 31, 2018

    Fraud Restitution No Longer In The Eye Of The Bill-Holder

    The U.S. Supreme Court said this week that a mandatory restitution law does not require criminal defendants to foot the bill for company-initiated internal investigations into their crimes, flipping what was the law in many courts and tossing a life raft to some individual defendants.

  • May 31, 2018

    Navillus Ch. 11 Plan Hinges On $176M Appeal In Union Fight

    Construction heavyweight Navillus Tile Inc. has unveiled a Chapter 11 restructuring plan premised almost entirely on winning a pending appeal in the Second Circuit, as the contractor seeks to fend off $176 million in union claims tied to the disastrous district court ruling that pushed Navillus into bankruptcy in the first place.

  • May 30, 2018

    Relativity Media Lender Seeks To Dispel Ch. 11 Concerns

    The joint venture seeking to take over Relativity Media LLC sought Wednesday to assuage any fears that the bankrupt film studio’s Chapter 11 case is being run without consideration for other creditors, promising to engage openly with other parties and continue providing funding for the beleaguered company.

  • May 30, 2018

    Color Spot Approved For Use Of Lender Cash In Ch. 11 Case

    California flower grower Color Spot Holdings Inc. received court approval Wednesday in Delaware bankruptcy court for the consensual use of the cash collateral of senior secured lender Wells Fargo Bank NA to fund its Chapter 11 case.

  • May 30, 2018

    Fox Rothschild Announces Merger With Shaw Fishman

    Philadelphia-headquartered Fox Rothschild LLP has agreed to merge with Shaw Fishman Glantz & Towbin LLC, a 23-attorney firm with focuses in commercial bankruptcy & restructuring, commercial litigation and real estate, according to statements released Wednesday.

  • May 30, 2018

    Takata Special Master Reports How Victims Can Get Payout

    The special master overseeing the handling of a nearly $1 billion restitution fund in the criminal lawsuit over Takata Corp.’s potentially deadly air bag inflators made a report in Michigan federal court Tuesday explaining how victims and their families can request payouts.

  • May 30, 2018

    Circuit City, RadioShack Seek To Revive Disk Drive MDL

    Trustees for bankrupt electronics retailers RadioShack and Circuit City asked the Ninth Circuit on Wednesday to revive their antitrust suit against Samsung and Toshiba, saying a California federal judge erroneously tossed the suit because the retailers failed to show an alleged industrywide price-fixing scheme for disk drives explicitly targeted them.

  • May 29, 2018

    11 Bankruptcy Appeals Resolved In GM Ignition Switch MDL

    A federal judge in Manhattan on Tuesday resolved 11 appeals of a New York bankruptcy court’s rulings related to the storied multidistrict litigation over the recall of millions of General Motors LLC, or New GM, vehicles with faulty ignition switches, breaking with some, but not all, of the bankruptcy court’s rulings.

  • May 29, 2018

    Suits Show Conflict Even At BigLaw's Best Places For Women

    Women have been gaining ground at Ogletree Deakins and Morrison & Foerster, but gender discrimination lawsuits against these firms and others suggest that expanding women's representation doesn’t necessarily lead to equal treatment.

  • May 29, 2018

    Reform Or Retreat? UK Firms Eye Next Steps On Pay Data

    U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.

  • May 29, 2018

    How Women Are Changing The Law Firms They Lead

    Female law firm leaders have scraped their way to the top. Now they want to pull up other women, too. And this may be their toughest challenge yet.

  • May 29, 2018

    The Best Law Firms For Female Partners

    Our latest Glass Ceiling Report shows that women remain underrepresented in the legal profession, particularly at the top levels of most — but not all — law firms. Here are this year’s Ceiling Smashers, our annual ranking of the firms with the most women in the equity tier.

  • May 29, 2018

    2nd Circ. Backs Sabine's Rejection Of Gas Servicing Contracts

    Sabine Oil & Gas Corp. had the right to reject gas-gathering contracts with two midstream service companies after filing for Chapter 11 bankruptcy, the Second Circuit has affirmed.

  • May 29, 2018

    Molycorp Minerals Gets Nod For $24.7M Ch. 11 Liquidation

    A near-final chapter closed Tuesday in the bankruptcy of America’s only big rare earth producer, with a Delaware court confirming a $24.7 million liquidation plan for Molycorp Minerals LLC’s idled California mine site and other left-behind assets.

  • May 29, 2018

    Gawker To Be Sold This Summer Following Thiel Peace Pact

    The Gawker.com domain name will finally be sold this summer at a bankruptcy auction, according to court documents filed Tuesday, and the $1.1 million opening bidder plans to rebrand the site as a publishing charity platform called “Gawker for Good” if it’s successful.

Expert Analysis

  • Considerations For Appointing Equity Committees In Ch. 11

    Shivani Shah

    Equity security holders are increasingly requesting the appointment of official equity committees to represent their interests in bankruptcy cases. Shivani Shah of Norton Rose Fulbright examines the bases for such appointments and the standard that courts apply in evaluating such requests.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

  • New Bribery Suit's Implications For Venezuela Restructuring

    Richard Cooper

    The decision by Venezuela’s state-owned oil company PDVSA to pursue claims in the U.S. over an alleged bribery scheme raises a number of legal and strategic issues not just for the defendants named in the suit, but also for PDVSA’s bondholders and creditors of the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • Bitcoin: A New, Volatile Asset In Bankruptcy

    Erin Jane Illman

    Given the mainstream use of bitcoin and the “staying power” of this cryptocurrency, bankruptcy practitioners need to prepare to see bitcoin as part of the assets in future bankruptcy cases. The volatility of bitcoin value, however, will require bankruptcy courts and parties to come up with creative solutions, say Erin Illman and Robert Cox of Bradley Arant Boult Cummings LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • In Lakeridge, Concurring Justices Take The Spotlight

    Steven Wilamowsky

    The U.S. Supreme Court last week held in Village at Lakeridge that the appropriate standard for determining nonstatutory insider status in bankruptcy is the clearly erroneous standard that was applied by the Ninth Circuit. But the concurring opinions, which address an issue that was not before the court, appear to be more significant, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.

  • Opinion

    Grassley, Feinstein Debate Judicial Vetting, Obstruction

    Sen. Chuck Grassley

    It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.

  • A Potential Shift On Education Debt Discharge Standards

    Amir Shachmurove

    To its detractors, the so-called Brunner test, which is used to establish the dischargeability of student loan debts, stands out like a sore thumb. However, in an unexpected move, the U.S. Department of Education recently published a memo calling for comments that hinted it might be considering eliminating or modifying this standard, say attorneys with Troutman Sanders LLP.

  • Investing In Ground-Leased Or Net-Leased Real Estate

    Tzvi Rokeach

    When crafting a ground lease or any other form of triple net lease, special attention should be paid to the tensions that arise as a result of both tenant and landlord seeking to finance their respective positions, says Tzvi Rokeach of Kramer Levin Naftalis & Frankel LLP.