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Bankruptcy
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April 25, 2024
McDermott Judge U-Turns, Says Some Investors Deserve Cert.
A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.
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April 25, 2024
The Gateway Pundit Parent Co. Hits Ch. 11 In Florida
The parent company of far-right media outlet The Gateway Pundit has filed for Chapter 11 bankruptcy protection amid legal liabilities stemming from the company's coverage of the 2020 presidential election, including false claims that two Georgia election workers engaged in ballot fraud.
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April 25, 2024
Joann Fabric Wins Confirmation Of Prepackaged Ch. 11 Plan
Joann Inc., parent company of retailer Joann Fabric and Crafts, received a Delaware judge's approval of its prepackaged Chapter 11 plan Thursday that will lighten its debt load by $505 million.
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April 25, 2024
3rd Circ. Lets Mallinckrodt Off Sanofi's Royalty Hook
A Third Circuit panel said Thursday that Mallinckrodt PLC's Chapter 11 bankruptcy could sever its obligation to pay Sanofi-Aventis US LLC royalties on sales of an autoimmune disease drug, finding that Sanofi's contract to sell Mallinckrodt the rights to the drug created a claim ripe to be extinguished.
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April 25, 2024
DOJ Still Owes Victims After $139M Nassar Settlement
The federal government's $139 million settlement for victims of convicted sexual abuser Larry Nassar goes a long way toward holding the FBI responsible for its egregious mishandling of the victims' allegations, but gives no assurance that such complaints in the future will be handled properly, legal experts say.
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April 25, 2024
Weinstein May Be Retried After NY Court Overturns Conviction
Harvey Weinstein seems poised to go to trial again in New York and testify in his own defense after the state's highest court overturned the movie mogul's rape conviction Thursday in a contentious, split opinion that found his first jury proceeding was unfair.
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April 24, 2024
Jury Must Decide Law Firms' Fee Dispute Over Nassar Suits
A jury will need to decipher the terms of an agreement in a fee dispute between Andrus Wagstaff PC and Lipton Law Center PC for joint representation of the survivors of former USA Gymnastics doctor Larry Nassar, a Michigan federal judge ruled Wednesday, partially rejecting Andrus Wagstaff's summary judgment bid.
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April 24, 2024
Kwok Jurors To Be Anonymous Amid Harassment Concerns
Jurors who will decide the criminal fraud and racketeering case against exiled Chinese billionaire Ho Wan Kwok will be anonymous and partially sequestered, a New York federal judge said on Wednesday, ruing that if their identities are revealed they could face the same harassment that befell Kwok's bankruptcy trustee.
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April 24, 2024
Nuclear Fuel Co. Investor Sues Over Hair-Trigger 'Poison Pill'
A Centrus Energy Corp. stockholder on Wednesday hit the company, as well as current and former directors, with a proposed class action in Delaware Chancery Court, challenging allegedly hair-trigger shareholder rights "poison pill" restrictions that activate anti-takeover measures based on a relatively low share ownership percentage.
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April 24, 2024
Bill O'Reilly Can't Duck Canceled Cruise Suit, Customer Says
Bill O'Reilly cannot use his New York ties to shrug off a proposed class action, a man denied refunds for a canceled cruise has told an Arkansas federal court, arguing the former Fox News host and others gave the court jurisdiction when they launched a nationwide marketing campaign for the trip that reached Arkansas residents.
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April 24, 2024
Noteholders Say Chilean Telecom Lacks US Ties For Ch. 11
A group of WOM SA noteholders asked a Delaware bankruptcy judge to dismiss the Chilean cellphone network operator's Chapter 11 case, saying the company has no connections with the United States and courts here don't have jurisdiction over the company's assets.
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April 24, 2024
7th Circ. Revives Suit Over Paper Co.'s ESOP Valuation
The Seventh Circuit reopened a suit claiming executives at a defunct paper company and financial advisers overvalued the business to persuade workers to put retirement savings into an employee stock ownership plan, saying a lower court viewed the allegations too narrowly when it tossed the case.
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April 23, 2024
Israeli Biotech Files Ch. 15 To Implement Take-Private Deal
Gamida Cell Ltd., an Israeli biotechnology company developing immunotherapy products, filed for Chapter 15 protection Monday in Delaware seeking the American court's approval of its foreign take-private proposal with unsecured lenders.
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April 23, 2024
NC Justices Urged To Reject Greg Lindberg Co.'s Review Bid
North Carolina's insurance commissioner urged the state's supreme court to prevent a company controlled by insurance mogul Greg Lindberg from intervening in the liquidation proceedings of two of his life insurance companies, arguing a state appeals panel correctly held that an insurer's directors, but not shareholders, may intervene.
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April 23, 2024
NY Panel Partially Revives Chubb, Archdiocese Abuse Row
A New York state appeals court partially revived Chubb's coverage dispute stemming from sexual abuse claims brought against the Archdiocese of New York, finding Tuesday that a trial court incorrectly based its dismissal on underlying allegations rather than the present action.
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April 23, 2024
Downtown Chicago Hotel Hits Ch. 11 With Up To $50M In Debt
A defunct hotel near Chicago's commercial center has applied for Chapter 11 protection in Delaware bankruptcy court, disclosing between $10 million and $50 million in debt, a few months after the city government converted the property into a shelter for unhoused people.
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April 23, 2024
ABI Names Christopher Ward President, Elects New Directors
Christopher A. Ward of Polsinelli LLP will lead the American Bankruptcy Institute as president for a one-year term, the organization said Tuesday, and U.S. Bankruptcy Judge Bruce Harwood will succeed him next April.
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April 23, 2024
DOJ Unveils $139M Deal For Larry Nassar Victims
The U.S. Department of Justice will pay $138.7 million to settle 139 tort claims accusing the Federal Bureau of Investigation of not doing enough to stop the sprawling, decades-long sexual abuse of hundreds of victims at the hands of USA Gymnastics physician Larry Nassar, according to a Tuesday announcement.
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April 22, 2024
Alex Jones' InfoWars To Have Key Ch. 11 Plan Hearing In June
A Texas bankruptcy judge on Monday rescheduled to June 14 a key hearing on how the court should handle Alex Jones' media company Free Speech Systems LLC's Chapter 11, adding that he plans to keep the separate but interwoven bankruptcies of Jones and his company moving forward.
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April 22, 2024
Atty Says Class Bid Over Bankrupt Firm's Hurricane Ads Fails
A proposed class action against troubled Houston law firm MMA Law Firm, a former partner and others accused of participating in an illegal scheme to scare up profitable litigation following a hurricane doesn't offer enough evidence for certification and didn't meet a filing deadline, the ex-partner told a Texas federal judge.
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April 22, 2024
Opioid Marketer Completes $1.5M Damages Settlement With Del.
Delaware's chancellor signed off Monday on a $1.5 million payment to the state by a company that helped Purdue Pharmaceuticals market its opioid products, the latest step in a $358 million, 50-state damages settlement reached with Publicis Health LLC.
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April 22, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.
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April 22, 2024
SEC Says Terraform, Founder Owe $5.3B After Fraud Verdict
The U.S. Securities and Exchange Commission has asked a Manhattan federal judge to order bankrupt cryptocurrency exchange Terraform Labs and its founder to pay roughly $5.3 billion, weeks after a jury found them liable for a massive fraud.
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April 22, 2024
Clothing Retailer Express Inc. Hits Ch. 11 With Sale Offer
Fashion retailer Express Inc. filed for Chapter 11 protection Monday in Delaware to help tame roughly $1.2 billion in debt, saying it has an offer from a group of buyers for the majority of its assets, including its retail store locations.
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April 19, 2024
SBF Inks Deal To Help FTX Investors Go After Promoters
Investors who launched multidistrict litigation over cryptocurrency exchange FTX's collapse asked a Florida federal judge Friday to bless their settlement with founder Sam Bankman-Fried, who has agreed to assist in their case against celebrities who promoted the platform and other defendants alleged to be part of the fraud scheme.
Expert Analysis
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key
Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.
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Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy
In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.
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NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors
Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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Cannabis Ruling Lights Path For Bankruptcy Protection
A recent Massachusetts bankruptcy appellate court ruling in Blumsack v. Harrington leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met, but rescheduling marijuana as a Schedule III drug may complicate matters, say Jane Haviland and Kathryn Droumbakis at Mintz.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.