Samuels Jewelers Inc. is asking the Delaware bankruptcy court for approval of roughly $1.1 million in bonuses and incentive payments to up to 23 employees, including three executives, as part of its Chapter 11 bankruptcy while keeping details about the proposed payouts confidential.
Bienert Miller & Katzman PLC has hired a new bankruptcy partner from Klee Tuchin Bogdanoff & Stern LLP's Los Angeles office, the firm has announced.
Three creditors of bankrupt M&G USA Corp.’s Luxembourg affiliates objected Friday to a Delaware bankruptcy court settlement that would transfer $6 million from the overseas companies to an unsecured creditor pool in the U.S., alleging the deal moved ahead without a formal process.
Onetime celebrity accountant Kevin R. Foster was convicted on Friday on 16 charges in Ohio federal court for defrauding his longtime client Ne-Yo out of $3.5 million to prop up a failing sports beverage venture Foster was involved in, an outcome that could result in up to 20 years of prison.
A New York bankruptcy judge has approved envelope maker Cenveo Inc.’s Chapter 11 reorganization plan, setting the company on the path to re-emerge from bankruptcy minus what the company says is more than $800 million in debt.
Bankrupt Toys R Us is reportedly selling various South Florida buildings to Memorial Healthcare System and a local auto dealer, McSam Hotel Group is said to have sold a leasehold to a Midtown hotel for $22.15 million, and Mill Creek Residential Trust has reportedly dropped $37.25 million on a Florida apartment complex.
The Chapter 11 trustee for the companies behind the infamous “Girls Gone Wild” video series asked a California bankruptcy court on Friday to close all but one of the closely related cases, saying they’ve run their course now that a series of clawback actions have concluded.
Quarles & Brady LLP has added as partner a BakerHostetler attorney who helped recover $3 billion as part of the Bernard Madoff liquidation, which included settlements and litigation with domestic and international banks.
A creditor of reorganized debtor Energy Future Holdings Inc. told a Delaware bankruptcy judge on Thursday that the proposed method of calculating the fees of parties that made a substantial contribution to the Chapter 11 cases shouldn’t be allowed under the bankruptcy code.
Avaya Inc. and Charter Communications on Thursday took their long-running contract dispute to a New York bankruptcy court, with the former asking for the latter’s $23.5 million Chapter 11 claim to be dismissed and Charter accusing Avaya of destroying evidence in the case.
Unsecured creditors in Puerto Rico's historic debt overhaul filed court papers Wednesday to block the out-of-court restructuring of $4.1 billion in debt held by the island’s Government Development Bank, saying the pending deal essentially strips the commonwealth of potentially valuable claims against the bank.
TerraForm Global Inc., a yieldco of renewable energy giant SunEdison Inc., on Wednesday asked a New York federal court for the option to terminate a $57 million settlement reached with investors for allegedly misrepresenting SunEdison’s financial health in its initial public offering documents, saying too many investors have opted out.
Facing pressure to convert its bankruptcy case to a Chapter 7 liquidation, Level Solar Inc. on Tuesday rolled out a Chapter 11 reorganization plan, suggesting the embattled New York-based solar company could fully repay its creditors over the course of several years through a creditor trust.
Bankrupt drugmaker Orexigen Inc. said in an objection filed late Tuesday in Delaware that distributor McKesson Corp. is not entitled to receive $6.9 million in segregated funds being held while a dispute over a three-party setoff plan is unresolved.
Two trustees for groups of investors in Momentive Performance Materials Inc. Wednesday opened the New York trial over the proper interest rate that should attach to the company's Chapter 11 plan with a detailed cross-examination of the company’s bond rate expert.
The Office of the U.S. Trustee in Delaware objected Wednesday to a proposal by bankrupt retailer Brookstone Holdings Corp. to keep under wraps details of its Chapter 11 key employee incentive and retention plan for 30 employees.
A Delaware bankruptcy judge agreed on Wednesday to confirm reinsurance firm Scottish Holdings Inc.'s Chapter 11 restructuring plan with no contested matters remaining as the company is set to emerge from its bankruptcy filed in January.
The U.S. Supreme Court's landmark 2017 Kokesh decision does not bar the U.S. Securities and Exchange Commission from collecting disgorgement payments, a Massachusetts federal judge ruled Wednesday as he dismissed a putative class action claiming the SEC had reeled in nearly $15 billion in illegal disgorgements.
A Manhattan federal judge hearing a legal recruiter’s nonpayment lawsuit against Simpson Thacher & Bartlett LLP raised questions Tuesday about the role of “co-administrative partners” at the law firm whose emails are apparently at the center of a discovery dispute.
Driven into Delaware bankruptcy court by its founder’s alleged $1.2 billion real estate fraud and Ponzi scheme, The Woodbridge Group secured a judge’s approval Tuesday for an amended Chapter 11 disclosure outlining compromises that could eventually lead to 40 to 70 percent recoveries for battered investors.
A health care operator in financial distress may consider a number of nonbankruptcy options to streamline its operations, dispose of underperforming assets and improve its position. However, an operator with significant assets in a master lease may find that the lease imposes a variety of restrictions, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
With law firms increasingly exposed to professional liability risks associated with their corporate client relationships, firms must craft well-structured client engagement letters to help protect against malpractice claims. Two key elements of an engagement letter are how it defines the scope of engagement and how it handles conflicts of interest, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.
The U.S. Supreme Court’s opinion in Lamar Archer & Cofrin LLP v. Appling should encourage creditors to rely on written, rather than oral, statements they obtain from borrowers as to both their assets and their overall financial health or status, say Rudolph Di Massa Jr. and Keri Wintle of Duane Morris LLP.
Today, members of Congress often seem able to blame colleagues of the other party for not getting anything done for their constituents. In law practice, you can’t really blame a bad result for your clients on the lawyers on the other side, says former Sen. Joe Lieberman, D-Conn., of Kasowitz Benson Torres LLP.
Corporate law departments are increasingly demanding more concessions from outside legal counsel, and presenting engagement letters that open the door to greater professional and cyber liability exposure for law firms — often beyond the scope of their insurance coverage. Firms must add their own language to engagement letters to limit liability, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.
Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.
Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.
Popular culture paints the Hill as a place teeming with intrigue, corruption and malicious intent. But in Congress I learned important lessons about respecting people and the work they do, says former Sen. Norm Coleman, R-Minn., of Hogan Lovells.
I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.
Pennsylvania's Commonwealth Court recently confirmed an arbitration award in favor of the Pennsylvania Insurance Commissioner against General Reinsurance Corporation. This decision rejects reinsurers' long-maintained argument that the acceleration of payment obligations by a cedent has no bearing on their own payment obligations, say Andrew Rothseid of RunOff Re.Solve LLC and Joseph Donley of Clark Hill PLC.