Bankruptcy

  • January 19, 2024

    NYC Sues FDIC Over $2.1M In Tax Claims Against SVB

    New York City filed a complaint in D.C. federal court Thursday against the Federal Deposit Insurance Corp. in its capacity as receiver for Silicon Valley Bank, saying the bank owed more than $2.1 million in back taxes before it collapsed last year.

  • January 19, 2024

    Mich. Judge Ends Class Action Bid In Takings Case

    A Michigan federal judge on Friday ended a group of former homeowners' bid to receive class certification and litigate claims against a county government they accused of an unlawful taking when their properties were foreclosed on and sold, ruling that they would need to seek relief individually. 

  • January 19, 2024

    Kwok Daughter Says Trustee Can't Bill Her For Taking The 5th

    The daughter of exiled Chinese billionaire Ho Wan Kwok has objected to an attempt by the Chapter 11 trustee overseeing her father's bankruptcy estate to sanction and bill her $58,000 in attorney fees and costs for asserting her Fifth Amendment privileges during a deposition.

  • January 19, 2024

    UpHealth's 'Full Pay' Ch. 11 Plan On Horizon, Committee Says

    Bankrupt medical tech company UpHealth is in talks with its official committee of unsecured creditors to submit a Chapter 11 plan by the end of April that would pay unsecured debts in full, the committee told a Delaware bankruptcy court in a statement supporting UpHealth's request to extend its exclusive plan filing window.

  • January 19, 2024

    NRA Silenced Board Member After Ch. 11 Motion, Jury Told

    A Kansas state court judge and former National Rifle Association board member told a New York jury on Friday that he was silenced and called the gun rights group's "greatest enemy" after filing a motion to appoint an independent examiner in Chapter 11 bankruptcy proceedings.

  • January 19, 2024

    Off The Bench: Dolan Sued, Bally-Amazon Deal, NIL Hearing

    In this week's Off The Bench, a massage therapist sues the New York Knicks' owner and disgraced movie mogul Harvey Weinstein for sexual assault, Amazon inks a streaming deal with Bally Sports' bankrupt parent, and lawmakers debate a sweeping overhaul of college athlete payment rules.

  • January 19, 2024

    Giuliani Gets Ch. 11 OK To Seek Redo Of $148M Penalty

    Lawyers for Rudy Giuliani on Friday won a New York bankruptcy court's approval to pursue a new trial for $148 million in damages he was ordered to pay for defaming two Georgia poll workers.

  • January 19, 2024

    Ex-Judge Not Immune In Secret Relationship Suit, Court Told

    A former Texas bankruptcy judge cannot claim judicial immunity from a lawsuit over his concealed relationship with a onetime Jackson Walker partner since the relationship and the hiding of it were not judicial acts, a man suing the ex-judge has told a Texas federal court.

  • January 19, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a bankrupt English local council bring a construction claim against property maintenance company Axis, a Cypriot cheese trade protection body appeal a UK IPO decision granting trademark registration for "Grilloumi" and employees of supermarket giant Morrison’s shop around for compensation in a claim over equal pay. Here, Law360 looks at these and other new claims in the U.K.

  • January 19, 2024

    SVB Cayman Unit Files Ch. 15 To Obtain Info About Deposits

    The Cayman Islands unit of Silicon Valley Bank filed for Chapter 15 protection in New York, saying it needs authority to obtain documents from federal regulators about the status of its $866 million of customer deposits following the parent bank's 2023 collapse.

  • January 19, 2024

    3rd Circ. Sides With US Trustee In Battle For FTX Examiner

    The Third Circuit on Friday ordered the appointment of an examiner in the bankruptcy of cryptocurrency giant FTX, agreeing with the U.S. Trustee's Office that the appointment is required by law.

  • January 18, 2024

    SmileDirectClub Pushes Ch. 11 Wind-Down, Fights Ch. 7 Bids

    Defunct teledentistry firm SmileDirectClub urged a Houston bankruptcy judge Thursday to greenlight the company's bid to wind down its insolvency through the ongoing Chapter 11 process, rather than Chapter 7, despite calls from creditors and the U.S. Trustee's Office to convert the case and liquidate the business.

  • January 18, 2024

    Kirkland Seeks $78M As Debtors' Counsel To Celsius Network

    Bankruptcy titan Kirkland & Ellis LLP asked Thursday for more than $78 million to top off its professional fees and expenses for representing cryptocurrency platform Celsius Network LLC, saying the bill is economical considering the yeoman's work its attorneys did in a complex and groundbreaking Chapter 11 case.

  • January 18, 2024

    Stimwave's Ex-CEO Wants Bankruptcy Case Stayed

    A former CEO of bankrupt medical device maker Stimwave Technologies has asked a Delaware bankruptcy judge to stay the company's Chapter 11 case pending resolution of her ongoing criminal trial. 

  • January 18, 2024

    Ga. Poll Workers Blast Giuliani's Bid To Appeal $148M Award

    A pair of Georgia election workers to whom Rudy Giuliani is supposed to pay $148 million for libel objected Thursday to the former New York City mayor's request for a partial lift of an automatic stay in his bankruptcy case so that he can appeal the judgment.

  • January 18, 2024

    Genesis Says Gemini's $800M Collateral Claim Not Secured

    Bankrupt cryptocurrency investment platform Genesis Global Capital asked a New York bankruptcy judge Thursday to reject arguments from rival Gemini Trust Co. that it has a secured claim on $800 million in assets that Genesis pledged as loan collateral.

  • January 18, 2024

    Kwok Trustee Says 'Shell Game' Is Foiling Clawback Timeline

    The Chapter 11 trustee overseeing the bankruptcy of Chinese exile Ho Wan Kwok on Thursday asked a Connecticut judge for more time to file clawback actions to recoup some of the $3.2 billion he says slid through accounts tied to the debtor, saying a "shell game" is prolonging the process.

  • January 18, 2024

    Bang Energy Trustee Tags Ex-CEO In Clawback Suit

    The Chapter 11 liquidating trustee for Vital Pharmaceuticals sued the Bang Energy drink maker's former CEO on Thursday, seeking at least $80 million in clawbacks and tens of millions more in real estate and other property, while accusing him of creating a "self-dealing regime" that destroyed the company.

  • January 18, 2024

    SEC, US Trustee Object To Releases In Amyris' Ch. 11 Plan

    The U.S. Securities and Exchange Commission and the U.S. Trustee's Office have expressed new concerns about nonconsensual third-party releases in biotechnology company Amyris' Chapter 11 plan, arguing that such releases are only allowed in extraordinary circumstances that were not met by the debtor.

  • January 18, 2024

    US Trustee Balks At Kidde-Fenwal Pick For Future Claims Rep

    The U.S. Trustee's Office asked a Delaware bankruptcy judge on Thursday to reject Kidde-Fenwal Inc.'s bid to appoint a representative for people who in the future claim they were injured by the company's use of firefighting foam containing so-called forever chemicals, saying the court should evaluate candidates instead of leaving it solely to the debtor.

  • January 18, 2024

    Cybersecurity Biz IronNet's Equity Swap Ch. 11 Plan OK'd

    IronNet Inc., a cybersecurity firm founded by a former head of the NSA, received court approval Thursday for its Chapter 11 plan to exchange secured debt for equity in a reorganized business, telling a Delaware bankruptcy judge that it had resolved all concerns related by interested parties.

  • January 18, 2024

    2 Kramer Levin NY Attys To Lead Distressed Investing Team

    Kramer Levin Naftalis & Frankel LLP said Wednesday it has chosen two longtime New York bankruptcy attorneys to lead the firm's distressed investing practice.

  • January 18, 2024

    Quinn Emanuel Says Judge Is Right To Block Subpoena

    A month after a federal judge allowed Quinn Emanuel to escape a subpoena to produce communications the firm said were protected amid a drug pricing antitrust case brought by the city of Rockford, Illinois, the firm is still defending its right to withhold the documents, saying Rockford's objections to the ruling "lack merit."

  • January 17, 2024

    US Trustee Opposes Mall Owner's Ch. 11 Plan Over Releases

    The Office of the U.S. Trustee has objected to the proposed Chapter 11 plan of mall owner Pennsylvania Real Estate Investment Trust, telling a Delaware bankruptcy court that the plan's exculpation and release provisions go too far.

  • January 17, 2024

    Madoff Trustee Slams Katten's Bid To Pull Out As AIA Counsel

    The trustee for the liquidation of Bernard L. Madoff Investment Securities LLC has objected to a move by Katten Muchin Rosenman LLP to withdraw as counsel to feeder fund Access International Advisors, arguing that doing so would effectively withdraw the foreign fund from the adversary proceeding.

Expert Analysis

  • Bank Failures Contribute To Increased Restructuring Activity

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    A look at recent turbulence in the regional banking sector shows the potential for a period of heightened regulatory scrutiny of current business practices and exposures, and that it’s likely the 2023 uptick in restructuring activity will continue, says Michael Eisenband at FTI Consulting.

  • Heed PCAOB's Warning On Proof-Of-Reserves Reports

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    While directed at investors, the Public Company Accounting Oversight Board's recent advisory on proof-of-reserves reports is a timely and stark warning to crypto entities, as well as their customers and accounting firms, to tread carefully in their reliance on these reports as proof of financial stability, say Patrick Bryan and Deborah Meshulam at DLA Piper.

  • Building On Successful Judicial Assignment Reform In Texas

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    Prompt action by the Judicial Conference could curtail judge shopping and improve the efficiency and procedural fairness of the federal courts by implementing random districtwide assignment of cases, which has recently proven successful in Texas patent litigation, says Dabney Carr at Troutman Pepper.

  • Opinion

    10th Circ. Ruling Could Gut Homeowners' Ch. 13 Safety Net

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    The Tenth Circuit’s recent ruling in Doll v. Goodman could spell the end of Chapter 13 protection for consumers in a number of states, and if the decision is replicated in other circuits, homeowners across the country could lose their homes for lack of a viable bankruptcy administration, says former U.S. Bankruptcy Judge Catherine Bauer, now at Signature Resolution.

  • A Curious Bankruptcy Case Where Bad Behavior's Overlooked

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    In the recent and somewhat unusual Shannon Rose Fasano case, an Idaho bankruptcy court ruled that the party making a late appeal request passed the excusable neglect test, despite the party's mistreatment of the judge and opposing counsel, and his default on a promissory note, says Daniel Lowenthal at Patterson Belknap.

  • Do Videoconferences Establish Jurisdiction With Defendants?

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    What it means to have minimum contacts in a foreign jurisdiction is changing as people become more accustomed to meeting via video, and defendants’ participation in videoconferencing may be used as a sword or a shield in courts’ personal jurisdiction analysis, says Patrick Hickey at Moye White.

  • Opinion

    Humanism Should Replace Formalism In The Courts

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    The worrying tendency for judges to say "it's just the law talking, not me" in American decision writing has coincided with an historic decline in respect for the courts, but this trend can be reversed if courts develop understandable legal standards and justify them in human terms, says Connecticut Superior Court Judge Thomas Moukawsher.

  • SVB Collapse Highlights Ch. 11 Issues With Bank Holding Cos.

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    Amid recent banking turmoil, including Silicon Valley Bank's collapse and subsequent Chapter 11 filing of its parent company, distressed debt investors and board members must understand the distinct rules in bank holding company bankruptcies, including Bankruptcy Code provisions granting significant advantages to federal regulatory agencies like the FDIC, say attorneys at Skadden.

  • Ch. 11 Ruling Stresses 5th Circ. Courts' Asset Sale Deference

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    A Texas federal court recently rejected a challenge to Fieldwood Energy’s Chapter 11 plan by several surety bond companies, serving as a reminder that courts within the Fifth Circuit give deference to the finality of asset sales where a stay of the applicable order has not been obtained, say Jonathan Lozano and Mark Dendinger at Bracewell.

  • Don't Let Client Demands Erode Law Firm Autonomy

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    As clients increasingly impose requirements for attorney hiring and retention related to diversity and secondment, law firms must remember their ethical duties, as well as broader issues of lawyer development, culture and firm integrity, to maintain their independence while meaningfully responding to social changes, says Deborah Winokur at Cozen O'Connor.

  • Making The Argument Against No-Contact Bail Conditions

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    The criminal cases against FTX founder Samuel Bankman-Fried and Ozy Media co-founder Carlos Watson provide lessons for white collar defense attorneys crafting arguments against no-contact bail conditions, at a time when clients are using new communication tools and prosecutors are increasingly pursuing senior executives, says James Roberts at Schlam Stone.

  • Distressed Cannabis Cos. Have A Few Options, With Caveats

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    As the cannabis industry falls on tough times and a potential recession looms, attorneys should understand the limited restructuring options available to distressed cannabis businesses, absent key bankruptcy protections — and the pitfalls these options may present, say Griffen Thorne and Ethan Minkin at Harris Bricken.

  • Don't Rely On Examiner Reports As Evidence In Ch. 11 Cases

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    With the economy facing increasing headwinds, stakeholders need to understand that a bankruptcy court-appointed examiner's report may not be admissible evidence, and should consider using it instead as a road map to prove the case, says Gary Freedman at Nelson Mullins.

  • Opinion

    Federal Judge's Amici Invitation Is A Good Idea, With Caveats

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    An Arkansas federal judge’s recent order — inviting amicus briefs in every civil case before him — has merit, but its implementation may raise practical questions about the role of junior attorneys, economic considerations and other issues, says Lawrence Ebner at the Atlantic Legal Foundation.

  • Rebuttal

    Economic Efficiency In Mass Tort Cannot Trump Constitution

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    A recent Law360 guest article argued that bankruptcy is the preferable venue for resolving mass tort litigation, but economic efficiency cannot and should not supplant the most basic constitutional questions of jurisdiction and due process, say Majed Nachawati and Michael Gorwitz at Nachawati Law Group.

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