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Bankruptcy

  • November 15, 2018

    $150M Ch. 7 Deal To Free Ampal From Egypt Gas Row OK'd

    Ampal-American Israel Corp. received permission Thursday from a New York bankruptcy judge to enter into a deal that will allow the company to exit arbitration hearings involving Egypt and two state-owned oil and gas companies and give a boost of about $150 million to the company’s Chapter 7 estate.

  • November 15, 2018

    Dewey Drama Takes Unexpected Twist With Ex-CFO's Jailing

    The long saga of failed BigLaw firm Dewey & LeBoeuf LLP took another dramatic twist Thursday when a New York judge threw the firm's former chief financial officer in jail briefly for not paying his $1 million criminal fine, leaving some lawyers shocked.

  • November 15, 2018

    Power Retailer Seeks Del. Ch. 11 To Ward Off Mass. Suit

    Massachusetts retail electricity supplier Starion Energy Inc. sought refuge in Delaware bankruptcy court late Wednesday, saying it needed a Chapter 11 shield while battling a Commonwealth consumer protection action that threatened the business and more than $30 million of its cash.

  • November 15, 2018

    Life Settlements Firms Open Del. Ch. 11 As Debt Limit Nears

    Irish and Bermuda affiliates of specialty finance company Emergent Capital Inc. opened a Delaware Chapter 11 late Wednesday as their $2.8 billion life settlements investment subsidiary neared a collision with its $370 million borrowing limit.

  • November 15, 2018

    Sears Gets Court Approval For Store Auction Rules

    A New York bankruptcy judge Thursday approved Sears’ proposed procedures for auctioning off the majority of its stores, but put off a decision on the retail chain’s plan to sell $900 million in intercompany debt until next week.

  • November 15, 2018

    Cambridge Analytica Director Deemed Responsible In Ch. 7

    The elusive director of scandal-plagued political consulting shop Cambridge Analytica LLC has been designated the "person responsible" for the bankrupt entity in its Chapter 7 case, a move that could aid the beleaguered attorneys at Schulte Roth & Zabel LLP who've been trying to withdraw as the debtor's counsel for months.

  • November 15, 2018

    Unsecured Creditors Flag One Aviation's Ch. 11 Financing

    Unsecured creditors for bankrupt aircraft manufacturer One Aviation Corp. filed an objection on Thursday claiming that $17 million in post-petition financing is insufficient to cover claims and fund the company’s Chapter 11 in Delaware and questioning the role of the debtor-in-possession lender in the bankruptcy.

  • November 15, 2018

    Suniva Says Deal Reached Over Creditor Dispute In Del. Ch. 11

    Bankrupt solar cell maker Suniva Inc. said a deal was reached late Wednesday with prepetition lenders it has been engaged in disputes with over production equipment at the debtor's Georgia facility that should clear the way for more post-petition financing and the company's Chapter 11 plan to move forward in Delaware.

  • November 15, 2018

    Promise Healthcare Floats $3M Ch. 11 Exec Bonus Plan

    Bankrupt hospital operator Promise Healthcare Group LLC requested permission Thursday from a Delaware judge to implement a key employee incentive plan that would pay its president up to $3 million in bonuses based on meeting sale price targets for two of its facilities.

  • November 15, 2018

    Noble Group Gets US, UK Courts' OK For Restructuring Plans

    Global commodity trader Noble Group Ltd. has received approval for the transfer of its assets in both the U.K. and the U.S. courts, clearing the way for the company to complete its restructuring plans.

  • November 15, 2018

    Ex-Dewey CFO Jailed For Failing To Pay $1M Fraud Fine

    Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders on Thursday was taken into custody and led away from a Manhattan courtroom in handcuffs after failing to make good on the $1 million fine he was sentenced to pay following his fraud conviction last year.

  • November 14, 2018

    KPMG Says Millennium Trustee Must Arbitrate $1.8B Claims

    Audit firm KPMG LLP has asked a New York state court to send claims it contributed to the $1.8 billion debt that drove drug testing firm Millennium Labs into bankruptcy to arbitration, saying the trust bringing the claim is bound by the terms of Millennium's contract.

  • November 14, 2018

    Schorsch, Vereit Move Ahead In $18M Chancery Fee Fight

    A Delaware vice chancellor encouraged former real estate mogul Nicholas Schorsch, a Vereit Inc. affiliate and others to soldier on Wednesday in an $18 million fee advancement dispute linked to litigation over the meltdown of American Realty Capital Partners in 2015 

  • November 14, 2018

    Puerto Rico Sales Tax Plan Lacks Details, Stakeholders Say

    The outline of a plan to restructure nearly $18 billion in debt owed by the Puerto Rico Sales Tax Financing Corp., or COFINA, is missing vital information, some stakeholders said this week, saying more details are needed on how funds will be distributed and how pending lawsuits will affect the process.

  • November 14, 2018

    Energy Co. Hits Ch. 11 Alleging Predatory Takeover Scheme

    All American Oil & Gas Inc. has hit Chapter 11 with roughly $142 million in debt, telling a Texas bankruptcy court it was the victim of a “predatory loan-to-own scheme” orchestrated by two men who began buying up its debt after they were fired from the debtor’s longtime investment bank.

  • November 14, 2018

    Insurance Trustee Fined $370K For Suing Life Partners

    A Texas bankruptcy court on Tuesday imposed more than $370,000 in fines and held in contempt a life insurance trustee who violated a court order not to launch new litigation over the ownership of insurance policies that were bought by Life Partners Holdings Inc.

  • November 14, 2018

    Sears Battles Creditors Urging Total Liquidation

    Sears Holdings Corp. is firing back at its unsecured creditors' objections to its bidding procedures proposal, telling a New York bankruptcy court that the committee is making "uninformed" suggestions that could cost the estate billions.

  • November 14, 2018

    FirstEnergy's Bankrupt Unit Reaches Deal With Coal Supplier

    Bankrupt electric utility FirstEnergy has reached a settlement with Murray Energy Corp. that will end a dispute over a coal sales contract that Murray claims is worth $3.1 billion, in exchange for a $75 million unsecured claim and renegotiation of the contract’s terms.

  • November 14, 2018

    Bankrupt Flower Grower's Ch. 11 Plan Gets Nod In Delaware

    A bankruptcy judge gave her nod Wednesday to the Chapter 11 liquidation plan and disclosure statement for the estate of flower grower Color Spot Holdings Inc., with all secured claims set to be satisfied and no recovery for unsecured creditors.

  • November 14, 2018

    Ex-Dewey Exec Trying To Ax $1M Fine Deserves Jail, DA Says

    Counsel for Dewey & LeBoeuf LLP's former chief financial officer will square off Thursday in Manhattan with prosecutors who claim the ex-executive should be jailed after asking a New York state judge to toss or reduce the $1 million fine he was sentenced to pay following his fraud conviction last year.

Expert Analysis

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.

  • Federal Law Both Sword And Shield In Cannabis Litigation

    Matthew Pierce

    While federal law prohibits the use of marijuana under any circumstances, the cannabis industry continues growing rapidly as more U.S. states legalize its use. The conflicting legal regimes have led to surprising, sometimes counterintuitive results in litigation and bankruptcy cases, says Matthew Pierce of Landis Rath & Cobb LLP.

  • Series

    Clerking For Ginsburg: 3 Surprises

    David Post

    It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • When Antitrust Conspiracy Cases Merit Summary Judgment

    George Gordon

    The Second Circuit's recent ruling in Anderson News v. American Media clarifies the application of summary judgment standards in antitrust conspiracy cases, including with respect to how record and expert evidence is analyzed, say George Gordon and Thomas Miller of Dechert LLP.

  • Series

    Clerking For Ginsburg: 4 RBG Lessons On Having It All

    Rachel Wainer Apter

    Justice Ruth Bader Ginsburg is everything she is cracked up to be​ — f​eminist icon​, brilliant jurist​, fierce dissenter. She is also an incredible boss, mentor and friend.​ ​Her advice has shaped how I have tried to balance building a career and ​raising children, says Rachel Wainer Apter, counsel to the New Jersey attorney general.

  • Series

    Clerking For Ginsburg: How To Play The Long Game

    Arun Subramanian

    One of us was a clerk when Justice Ruth Bader Ginsburg read her Ledbetter dissent from the bench, inviting Congress to act, and the other clerked a few years later, when RBG's prominently displayed copy of the Lilly Ledbetter Fair Pay Act served as a daily reminder that dissents are not just for show, say Arun Subramanian and Mark Musico of Susman Godfrey LLP.

  • Series

    Clerking For Ginsburg: In Pursuit Of Precision

    Trevor Morrison

    As clerks for Justice Ruth Bader Ginsburg, we learned early on that, when preparing a memorandum or draft opinion, it was essential to present any opposing argument in its strongest possible light. There is a lesson here for today's public debates, says Trevor Morrison, dean of NYU Law School.