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Bankruptcy
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April 03, 2024
Window-Shading Co. View Inc. Hits Ch. 11 With $359M Debt
View Inc., a maker of office windows that automatically shade in response to sunlight, has filed for Chapter 11 protection in Delaware bankruptcy court with $359.4 million in debt and an agreement to hand the company to lenders.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
MV Realty Files Ch. 11 Plan Amid Growing Calls To Toss Case
MV Realty plans to reorganize in Florida bankruptcy court by firing its brokers and collecting millions in fees from about 34,000 U.S. homeowners over the next 40 years, even as more than a dozen states backed the U.S. Trustee's view that the case is a stall tactic against prosecutors.
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April 02, 2024
Chubb Asks Panel To Revive Archdiocese Abuse Coverage Suit
Counsel for Chubb urged a New York state appeals court at a hearing Tuesday to undo a trial court decision finding it owed insurance coverage to the Archdiocese of New York for myriad childhood sexual abuse claims against the church.
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April 02, 2024
Chile Telecom Co. WOM Can Tap $100M DIP In US Bankruptcy
The second-largest cellphone network operator in Chile, WOM SA, can access $100 million of a debtor-in-possession package during the first leg of its Chapter 11 case, a Delaware bankruptcy judge ruled Tuesday, overriding objections from creditors.
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April 02, 2024
WeWork Drops 150 Leases To Cut Rent Costs By $8B In Ch. 11
Coworking company WeWork has agreed to exit 150 leases and restructure others to reduce its future rent payments by some $8 billion, saying the "significant milestone" paves the way for it to exit Chapter 11 by the end of May.
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April 02, 2024
Sacramento Diocese's $500M Abuse Liability Prompts Ch. 11
The Roman Catholic Bishop of Sacramento has filed for Chapter 11 in California court to address historical childhood sexual abuse liability that could reach as high as $500 million, saying the hundreds of claims could sap all the debtor's assets unless it sought the protection of bankruptcy.
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April 02, 2024
Shoes For Crews Footwear Co. Hits Ch. 11 With $480M Debt
Nonslip shoe company Shoes for Crews filed for Chapter 11 protection in Delaware on Tuesday with $480 million in funded debt and a stalking horse bid from its lenders.
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April 02, 2024
Acorda Therapeutics Hits Ch. 11, Plans $185M Drug Sale
Neurological disorders drugmaker Acorda Therapeutics Inc. filed for Chapter 11 protection in New York bankruptcy court, with plans to sell its assets to another pharmaceutical company for $185 million.
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April 01, 2024
Insurance Mogul's Cos. Want $161M Arbitration Case Tossed
Two companies associated with Greg Lindberg are looking to nix litigation filed by defunct Dutch life insurer Conservatrix to enforce an arbitral award that could force the embattled insurance mogul to fork over about $161 million, arguing that the award orders only provisional relief and is not enforceable.
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April 01, 2024
Bankrupt Water Co. Investors Say CEO Stole Millions
Investors of now-defunct water purification company Water Now said its former CEO ran the business into the ground while enriching himself, telling a Texas federal court Friday that the executive used the company to take out significant loans and line his own pockets.
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April 01, 2024
Bankrupt Coal Co.'s Affiliates Beat $6.5B Union Pension Suit
A bankrupt coal company's affiliates have dodged claims that they owe $6.5 billion to a union pension plan, with a Washington, D.C., federal judge holding that the plan's trustees lacked standing to sue under the Employee Retirement Income Security Act because one trustee wasn't properly appointed.
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April 01, 2024
Spinning For Terraform Was Tough, Crypto Rep Tells Jury
A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.
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April 01, 2024
Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money
Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.
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April 01, 2024
Eiger BioPharmaceuticals Hits Ch. 11 With $53.1M Debt
Eiger BioPharmaceuticals Inc. filed for Chapter 11 protection in Texas bankruptcy court Monday with $53.1 million of debt and plans to sell its assets during the case.
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April 01, 2024
Canadian Trucking Co. Seeks US Bankruptcy Recognition
Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.
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April 01, 2024
Chilean Telecom Operator WOM Hits Ch. 11 With $1B In Debt
WOM SA, one of the largest phone and internet providers in Chile, and five affiliates sought Chapter 11 protection in Delaware on Monday, listing over $1 billion in debt and saying credit downgrades, delays in a 5G network project and creditor liquidation attempts led it to bankruptcy.
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April 01, 2024
5G Co. Airspan Hits Ch. 11 With $205M Debt, Reorg Plan
5G hardware and software maker Airspan Networks filed for Chapter 11 protection Monday in a Delaware bankruptcy court with plans to trade its more than $205 million in funded debt for equity and raise up to $95 million in new equity financing.
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March 29, 2024
Judge Axes UpHealth's Claim Estimation Bid In Bankruptcy
A Delaware bankruptcy judge denied UpHealth Holdings Inc.'s request to treat a potential liability claim as worth nothing, saying the company hadn't shown that the bankruptcy case would be hindered if a state court was left to decide the claim's value.
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March 29, 2024
Giuliani Says He Could Be 'Homeless' If Florida Condo Is Sold
Rudy Giuliani said the official committee of unsecured creditors in his Chapter 11 case has overstepped its powers by asking a New York bankruptcy judge to force the sale of his Florida condo, a move that the former New York City mayor said could add him to "the ranks of the homeless."
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March 29, 2024
NY Bar Assoc. Building Owner Says Ch. 11 Filings Legit
The company that controls the historic New York County Lawyers Association Building in Manhattan has asked a New Jersey bankruptcy judge to reject a lender's motion to dismiss its Chapter 11 proceedings, asserting that the cases were not merely filed to halt a foreclosure sale.
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March 29, 2024
Up Next After Bankman-Fried Sentencing: FTX Cooperators
Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.
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March 29, 2024
Epiq Says Chubb Owes Costs In Clergy Abuse Data Leak Case
Epiq Corporate Restructuring LLC has sued Chubb-affiliated insurers in Connecticut federal court seeking to be reimbursed for $2.5 million in settlement costs and roughly $1.8 million for its defense of litigation over Epiq's disclosure of sex abuse survivors' names in a Chapter 11 case.
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March 28, 2024
FTX Investors To Settle With Ex-Execs, Crypto Promoters
Investors who launched a multidistrict litigation over cryptocurrency exchange FTX's collapse have reached a set of settlements with the former inner circle of founder Sam Bankman-Fried as well as seven promoters who, together, have agreed to pay over $1.3 million to resolve claims that they boosted a massive fraud scheme at the company.
Expert Analysis
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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9th Circ. Ruling Expands The Horizons Of Debt Discharge
The Ninth Circuit Bankruptcy Appellate Panel’s recent ruling in RS Air v. NetJets demonstrates that creditors should not be quick to conclude that their recoveries are limited if a debtor commences bankruptcy and receives a discharge, and should instead consider other potential paths for recovery, like alter ego claims, say Dania Slim and Claire Wu at Pillsbury.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Why Bankruptcy Is A Budding Alternative For Cannabis Cos.
A set of recent decisions from a California bankruptcy court regarding The Hacienda Co. signal a retreat from a zero-tolerance policy requiring dismissal of any bankruptcy case involving a cannabis-related business, and show why cannabis companies could benefit from having full access to the bankruptcy system, say George Singer and Rachel Gillette at Holland & Hart.
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Leveraging Municipal Bonds For Green Energy Finance
The U.S.'s transition to renewable energy will require collaboration between public and private capital sources — and that means that lawyers used to working in corporate finance must understand how the municipal bond market functions differently, due to its grounding in the U.S. Constitution, says Ann Fillingham at Dykema.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Justices Could Use Purdue To Resolve Related Circuit Split
The U.S. Supreme Court will soon hear Harrington v. Purdue Pharma to determine the validity of nonconsensual third-party releases in bankruptcy, but justices should also take the opportunity to resolve a related circuit split over the constitutional authority of bankruptcy judges to issue final rulings on such releases, says Benjamin Feder at Kelley Drye.
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Feds' Long-Term Debt Proposal Could Be Costly For US Banks
Federal banking regulators recently released a proposal for long-term debt requirements for certain U.S. banking organizations, which would significantly increase the cost of capital for most covered organizations, and the burden would be exacerbated by other factors in the current lending environment, say Matthew Bisanz and Anna Pinedo at Mayer Brown.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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USW Ruling Highlights Successor Liability In Bankruptcy Sale
A Delaware federal court's recent decision in United Steelworkers v. Braeburn is important for potential asset purchasers in Section 363 bankruptcy sales as it found the purchaser was subject to obligations under the National Labor Relations Act notwithstanding language in the sale approval order transferring the debtor's assets free and clear of successor liability, say attorneys at Arnold & Porter.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Ch. 12 Ruling Is A Helpful Addition To Interest Rate Case Law
In its recent In re: Topp ruling, the Eighth Circuit addressed the question of which rate of interest debtors should pay under a bankruptcy plan, showing that the choice of interest rate plan is a factual issue subject to appellate review for clear error, and not a legal issue subject to de novo review, says Donald Swanson at Koley Jessen.