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Bankruptcy

  • February 8, 2019

    One Woman's Attempt To Rebuild After Hurricane Maria

    Carmen Milagros Chévere Ortiz couldn't get disaster aid after Hurricane Maria because she didn't have flood insurance. But to get insurance, she needed something even more elusive — a deed to her property.

  • February 8, 2019

    ‘Now Is The Real Crisis’: Puerto Ricans Struggle For Disaster Aid

    In order to receive federal funding, residents whose homes were damaged by Hurricane Maria must show they hold title to their properties. But in Puerto Rico, that’s easier said than done.

  • February 8, 2019

    Looking To Start Over, Storm-Tossed Lawyers Land In Fla.

    Lawyers forced to flee Puerto Rico after Hurricane Maria found that despite their education and experience, picking up careers on the mainland was no simple task.

  • February 8, 2019

    DOJ Fights To Overturn Rep In Duro Dyne Asbestos Trust

    U.S. government attorneys urged a New Jersey federal judge on Friday to overturn the appointment of a trustee picked to represent future asbestos exposure victims in the Chapter 11 case for Duro Dyne National Corp., saying statutory standards were not met to ensure the representative's independence.

  • February 8, 2019

    Madoff Investors Lose $41M Clawback Fight At District Court

    A group of investors that profited from Bernie Madoff’s defunct investment firm must turn over to the firm's liquidating estate $41 million in Ponzi scheme proceeds, a New York federal judge ruled Thursday, affirming bankruptcy court recommendations that the funds should be clawed back.

  • February 8, 2019

    Kasowitz Benson, Pachulski Challenged In White Eagle Ch. 11

    Lenders to bankrupt life insurance settlement investor White Eagle Asset Portfolio LP challenged the debtor's retention of Kasowitz Benson Torres LLP and Pachulski Stang Ziehl & Jones LLP late Thursday, alleging disqualifying conflicts between the firms' Delaware Chapter 11 duties to White Eagle and its nondebtor affiliates.

  • February 8, 2019

    Liberty Mutual To Pay Minn. Diocese $6.5M For Abuse Claims

    Liberty Mutual Insurance Co. has agreed to pay $6.5 million to the Catholic Diocese of Duluth to end a dispute over coverage for sexual abuse claims against local clergy, becoming the last of the diocese’s liability insurers to settle in the long-running litigation, according to documents filed in Minnesota bankruptcy court.

  • February 8, 2019

    Fyre Fest Fraudster McFarland Hit With $3M Default Judgment

    A New York state court has granted a Fyre Festival lender a $3 million default judgment against Billy McFarland, the fraudster behind the disaster that saw attendees stranded on a remote island instead of having the tropical party with celebrities they were promised.

  • February 8, 2019

    Lost Millions Spark Call For Examiner In Freight Co.'s Ch. 11

    The U.S. Trustee's Office has asked a Florida bankruptcy court to appoint an examiner to look into claims that more than $100 million paid to a bankrupt freight payment services company before it entered Chapter 11 is missing.

  • February 8, 2019

    Fiat Chrysler Loses Ch. 11 Appeal Over Crash Victim Claim

    A New York federal judge has upheld a bankruptcy court's finding that Chrysler's 2009 Chapter 11 sale agreement does not get successor Fiat Chrysler Automobiles US off the hook for a negligence claim from a woman who was paralyzed in the crash of a 2004 Dodge Durango.

  • February 8, 2019

    Drugmaker Avadel Gets Boost From Parent In Del. Ch. 11

    Bankrupt, one-product drug company Avadel Specialty Pharmaceuticals LLC cleared initial Chapter 11 hurdles Friday, helped along by what a Delaware judge said was a notably responsible nondebtor parent.

  • February 8, 2019

    Rehab Co. Seeks More Ch. 11 Funding While Sorting Out Sale

    Addiction treatment facility network EBH Topco LLC asked the Delaware bankruptcy court Thursday for up to $1.1 million in additional post-petition financing to fund its Chapter 11 as the company continues to deal with regulatory issues in finalizing the sale of its facilities.

  • February 8, 2019

    Ex-Union Boss Gets 58 Months For Taking Hedge Fund Bribes

    A Manhattan federal judge sentenced former labor boss Norman Seabrook to 58 months in prison for accepting bribes in exchange for moving $20 million of union capital into a hedge fund that later went belly-up, calling his conduct a crime of hubris.

  • February 7, 2019

    Calif.-Based DC Solar Hits Bankruptcy After FBI, IRS Raid

    Mobile solar specialist DC Solar has filed for Chapter 11 in Nevada bankruptcy court, saying a late-December raid by the IRS and FBI — apparently over a tax dispute — forced it to lay off almost all its employees and left it unable to continue operating as normal.

  • February 7, 2019

    In Spite Of Objections, ESL's $5.2B Bid For Sears Approved

    A New York bankruptcy judge on Thursday approved ESL Investment Inc.'s $5.2 billion bid for Sears Holdings Corp. over objections from the retail giant's unsecured creditors committee, saying the going-concern sale was the best option for the business.

  • February 7, 2019

    Chemical Supplier Inks $51M Deal To Exit Antitrust Suit

    Chemtrade has received the preliminary rubber stamp on its $51 million deal to escape a class action brought by public utilities accusing the chemical supplier of participating in a scheme to rig bids for a water treatment chemical.

  • February 7, 2019

    Platinum Exec Wants Trial Halted Pending Media Leak Review

    Platinum Partners founder Mark Nordlicht asked a Brooklyn federal judge on Thursday to stop the fraud case against him from going to trial until the Second Circuit can review his latest mandamus petition that includes allegations that a prosecutor leaked grand jury information to the media.

  • February 7, 2019

    Approved Ch. 11 Trust Targets Execs, Firm For Fraud Claims

    Attorneys for defunct health care industry servicer Constellation Healthcare Technologies Inc. have confirmed a Chapter 11 plan in New York designed to pursue more than $150 million in fraud claims against the company's indicted former executives and law firm Robinson Brog Leinwand Greene Genovese & Gluck PC.

  • February 7, 2019

    Nassar Accusers Seek Answers Amid USA Gymnastics Ch. 11

    USA Gymnastics faced questions Thursday from women alleging they were sexually abused by former U.S. Olympics gymnastics team doctor Larry Nassar during a meeting in an Indiana bankruptcy court, the first opportunity for them to question the organization since it sought Chapter 11 protection.

  • February 7, 2019

    Retailer Things Remembered Looks To Save Stores In Ch. 11

    Personalized gift retailer Things Remembered Inc. said it hopes it continues to be remembered by customers as it plans to salvage at least 50 of its roughly 380 remaining stores in a going-concern sale in its Delaware Chapter 11.

Expert Analysis

  • Why AFAs Are Key To The Future Of Legal Practice

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    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

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    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

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    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

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    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

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    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Q&A

    A Chat With Reed Smith Chief Marketing Officer Sadie Baron

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Sadie Baron, chief marketing officer at Reed Smith LLP.

  • The Changing Role Of The Chief Restructuring Officer

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    The dramatic recent changes in bankruptcy practice have shifted the chief restructuring officer's primary purpose from restructuring a business to shepherding an asset efficiently though a sale process, says Sheon Karol of The DAK Group.

  • 'Flexible Work' Makes Freelancing More Viable In BigLaw

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    The rise of remote work capabilities and advances in technology are making flexible, freelance legal work a more accessible career option for corporate attorneys, say Elizabeth Black and Sara Eng of InCloudCounsel.

  • Opinion

    A Call To Permit Judicial Substitution In MDL Proceedings

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    While several proposed changes to multidistrict litigation procedures may be warranted and appropriate, consideration should be given to a modest modification of the judicial selection process, says Doug Smith of Kirkland & Ellis LLP.

  • Guest Feature

    Judge Weinstein On Activism, Gobbledegook, Going Robeless

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    Judge Jack Weinstein has served in the Eastern District of New York for over half a century. White and Williams LLP attorney Randy Maniloff visited his Brooklyn office to find out what makes the 97-year-old jurist tick.