Bankruptcy

  • April 7, 2017

    Transmar Lender Gets OK To Subpoena Over Lost Collateral

    ABN Amro got clearance Friday to issue subpoenas on two former Transmar Group senior staff accountants that the bankrupt commodity trader has refused to make available for depositions, advancing the lender’s effort to investigate the apparent disappearance of hundreds of millions of dollars of its collateral.

  • April 7, 2017

    Relativity Asks 2nd Circ. To Preserve Win Against Netflix

    Film production house Relativity Media urged the Second Circuit on Thursday to affirm rulings that prevented Netflix from releasing two movies online last year before they hit theaters, asking the appeals court not to dismantle the core of the Relativity bankruptcy plan approved a year ago.

  • April 7, 2017

    TransCare Trustee Moves To Investigate Patriarch Partners

    TransCare Corp.’s Chapter 7 trustee is looking to cast a wide net to learn more about the medical transporter's prepetition business transactions and related financial affairs, asking a New York bankruptcy court Thursday to authorize subpoenas for records involving TransCare owner Patriarch Partners and its founder, Lynn Tilton.

  • April 7, 2017

    Bonanza Creek Ch. 11 Confirmed After Equity Holder Deal

    Concessions to aggrieved equity holders cleared the way to confirmation Friday for Bonanza Creek Energy Inc.'s more than $1 billion Delaware Chapter 11 case, with an attorney for the company reporting that the reorganized oil and gas producer could emerge from bankruptcy by the end of April.

  • April 7, 2017

    Gambling Co. Wants Quick Win In Bribery Insurance Row

    An Illinois racetrack operator that was sent into Chapter 11 after a jury found it had bribed former Gov. Rod Blagojevich on Thursday asked an Illinois federal court to find its insurer must cover it for a $21 million suit alleging fraudulent money transfers, saying the suit's allegations go beyond the Blagojevich case.

  • April 6, 2017

    Dewey Judge Reins In State's Financial Expert

    New York prosecutors hit a bit of turbulence in the retrial of two former Dewey & LeBoeuf LLP executives on Thursday when a judge shut down an attempt to use an expert to show the pair created "improper" financial statements.

  • April 6, 2017

    Maxus Retains Del. Ch. 11 Control In Blow To YPF Strategy

    Saying the alternative would lead to chaos, a Delaware bankruptcy judge rejected Argentine energy company YPF SA’s bid to end Maxus Energy Corp.’s exclusive Chapter 11 plan control, keeping a version by a longtime YPF adversary front and center Thursday.

  • April 6, 2017

    $4.5M Case Against Hampshire Stays In NY Bankruptcy Court

    A $4.5 million contract suit against menswear supplier Hampshire Group Ltd. will remain in New York bankruptcy court after a ruling Thursday that the court is following directions from a higher authority, and Hampshire failed to carry its burden for a transfer to the Delaware bankruptcy court overseeing its Chapter 11.

  • April 6, 2017

    Budget Tools Offer Slim Hope To Undoing Dodd-Frank

    Republicans looking to undo the Dodd-Frank Act have turned their sights to the budget reconciliation process, but that complicated maneuver would only be able to target a few items such as the ability to fund the failure of a big bank and is likely to fall behind other priorities, experts say.

  • April 6, 2017

    Newbury Sells Conn. Hotel Property For $19M Credit Bid

    Bankrupt commercial property firm Newbury Common Associates LLC received the approval of a Delaware judge late Wednesday to sell the last of its nine properties in Stamford, Connecticut, finding that a credit bid of $19 million by a prepetition lender was the best achievable price.

  • April 6, 2017

    MoFo, Others Slam Defunct Firm Clawback At Calif. High Court

    More than 30 major law firms led by Morrison & Foerster LLP have weighed in on the California Supreme Court battle over whether dissolved law firms can claw back unfinished work performed by former partners at new firms, saying there is “no reason” they should be entitled to such a windfall.

  • April 6, 2017

    BCBG Moves To License Marks To Boost Revenues In Ch. 11

    To raise revenues while in Chapter 11, women's apparel company BCBG Max Azria Group Inc. asked a New York bankruptcy judge on Wednesday to approve a trademark licensing agreement with Global Brands Group, ensuring the debtor at least $2 million in royalty fees while it seeks to reorganize.

  • April 5, 2017

    Bankrupt Eastern Outfitters Seeks OK For Liquidation Sales

    Outdoor sporting goods retailer Eastern Outfitters LLC asked the Delaware bankruptcy court Wednesday to approve a plan to liquidate at least some of its 90 branded locations nationwide, with a joint venture of Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC running the going-out-of-business sales.

  • April 5, 2017

    SunEdison Looks To Repay Ch. 11 Loan With $640M Substitute

    Nearing the maturity date on its original $300 million debtor-in-possession financing loan, green energy giant SunEdison Inc. asked a New York bankruptcy court on Tuesday to approve a replacement loan of $640 million to pay old lenders and provide the liquidity necessary to get through Chapter 11.

  • April 5, 2017

    Chieftain Proposes Ch. 11 Employee Severance Packages

    Bankrupt fracking sand producer Chieftain Sand and Proppant LLC filed a motion Wednesday in Delaware seeking approval of a plan to pay out employee severance packages once it closes on its $35 million asset sale.

  • April 5, 2017

    House Passes Changes To Bank Bankruptcy Rules

    The U.S. House of Representatives on Wednesday passed a bill tweaking elements of the country’s bankruptcy laws for financial institutions, aimed at taking further some of the financial reforms included in the Dodd-Frank Act.

  • April 5, 2017

    ATopTech Scrambling To Rework Disrupted Ch. 11 Sale Plan

    Microchip industry firm ATopTech Inc. reported a crash of its original plan for a bankruptcy stalking horse sale on Wednesday, telling a Delaware judge that the company will submit a new proposal by April 19, with or without a lead buyer.

  • April 5, 2017

    Essar Gets OK To Restart Minn. Iron Ore Mine Construction

    Essar Steel Minnesota LLC received bankruptcy court approval Wednesday in Delaware on its emergency motion to restart construction on its iron ore mine project so that the company won't lose needed regulatory permits.

  • April 5, 2017

    Buchalter Adds 4 LeClairRyan Attys To New Sacramento Digs

    Buchalter announced Tuesday that its Sacramento office has added a shareholder, counsel and two associates — all from LeClairRyan — with expertise in commercial, business, bankruptcy and employment law.

  • April 5, 2017

    Texas Businessman Gets 4 Years For Defrauding Law Firms

    A San Antonio businessman who ran multiple personal injury law firms was sentenced Tuesday by a federal judge in Texas to four years in prison after he confessed to his role in a scheme to defraud firm clients by failing to pay out settlements.

Expert Analysis

  • Opinion

    Lawyers Cannot Stay Silent While Trump Belittles The Courts

    Alexandra Wald

    This is not the first time that a president has criticized the judiciary. But what is unique about President Donald Trump's attacks is that they target not just a specific decision, but the judiciary and its decision-making power altogether. Every lawyer, regardless of political persuasion, must speak up, says Alexandra Wald of Cohen & Gresser LLP.

  • Marketing Basics For Solo Practitioners And Small Law Firms

    Matthew Horn

    There is no question that solo practitioners and small law firms need to spend the majority of time on legal work, but in order to achieve sustainable growth, marketing should not be a secondary task “put-off” until you have some free time, says Matthew Horn, founder of Legal Services Link LLC.

  • Aging Coal-Fired Power Plants In The Trump Era

    Louis J. Cisz III

    President Donald Trump’s promised efforts to overhaul the country’s environmental regulations will probably not make the coal industry great again. Since the biggest problem facing the coal industry is unfavorable market conditions, owners of retired or retiring coal-burning power plants can anticipate the same options and issues they faced over the past decade, say Louis Cisz III and Karl Sung of Nixon Peabody LLP.

  • Law Firm Margin Improvement: The Long Game

    Jack Diggle

    For all the lessons learned since 2008, it's surprising that margin management remains so tactical, rather than an ongoing strategic endeavor, for law firms. The firms that will survive and thrive must invest in ongoing margin-improvement capability, which will combine enhanced business- and change-management skills and take a long-term view to drive out the more difficult changes, says Jack Diggle of Elevate Services Inc.

  • The Subordination Of Equity-­Related Claims In Bankruptcy

    Michael Friedman

    A recent Ninth Circuit decision in Khan v. Barton has raised a serious question as to when claims for damages should be subordinated under Section 510(b) of the Bankruptcy Code. This issue is of particular importance to lenders and investors attempting to analyze a company’s pending legal matters, say Michael Friedman and Leo Gagion of Chapman and Cutler LLP.

  • 2017 Check-Up: Is Your Law Firm Positioned For Success?

    William G. Johnston

    Over the next few weeks, a slow trickle of news about one measure of law firm success — law firm financial results — will gradually become a flood as more firms open up about their performance in 2016. Law firm leaders would be wise to focus on nine factors that determine success, says law firm management consultant William Johnston.

  • The Missing Key To 3rd-Party Litigation Funding

    Tripp Haston

    Unlike other forms of commerce and unlike in other nations, litigation investment and funding in the U.S. is largely unregulated with few disclosure requirements. Where darkness exists, ignorance and mistrust breed. Disclosure and transparency in litigation investment and funding is the first and proper step to better understand this opaque dynamic in the U.S. civil justice system, says Tripp Haston of Bradley Arant Boult Cummings LLP.

  • Marblegate's Impact On TIA Guarantee Protections

    James H. Millar

    The Second Circuit's opinion in Marblegate does not explicitly address the specific protections that the Trust Indenture Act provides to guarantees. However, one can conclude that Marblegate is consistent with the statutory language, says James Millar of Drinker Biddle & Reath LLP.

  • Roust’s Rapid Road To Chapter 11 Confirmation

    Fredric Sosnick

    The confirmation of Roust Corp.'s prepackaged reorganization plan by the Southern District of New York bankruptcy court less than a week after the company's bankruptcy filing suggests that under appropriate circumstances, the notice period for confirmation of a prepackaged Chapter 11 case could start to run even before the case is commenced, say attorneys with Shearman & Sterling LLP.

  • Opinion

    The Myth Of The Forceful Mediator

    Jeff Kichaven

    When mediators rely on force to get cases settled, it doesn’t work. It’s time to suggest more productive ways for top-gun litigators and top-flight mediators to engage, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.