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Bankruptcy

  • September 20, 2018

    Bankrupt Museum Exhibitor To Auction Off Titanic Artifacts

    Thousands of artifacts dredged up from the Titanic are set to go up for auction in a Florida bankruptcy case next month, with a $19.5 million stalking horse bid in place, according to a sale notice filed Wednesday.

  • September 20, 2018

    Kokesh Defeats JPMorgan's $286M Coverage Award: NY Court

    A New York appeals court on Thursday reversed an order requiring a group of insurers to pay J.P. Morgan Securities Inc. $286 million for settlement costs that Bear Stearns shelled out in a deal with the U.S. Securities and Exchange Commission, saying coverage is precluded based on the U.S. Supreme Court's 2017 ruling in Kokesh that disgorgement is a penalty.

  • September 20, 2018

    J&M Vendors' Skittishness Threatens Ch. 11 Plan Hopes

    The prospects of discount retailer J&M Sales Inc. getting to a confirmed Chapter 11 plan of reorganization dimmed Thursday, when attorneys for the chain of stores told a Delaware bankruptcy judge that its vendors were wary of signing on to a process where they would provide inventory on shortened terms.

  • September 20, 2018

    IHeartMedia Gets OK To Solicit Creditor Votes On Ch. 11 Plan

    A Texas bankruptcy judge issued an order Thursday approving the disclosures and solicitation materials for iHeartMedia Inc.'s Chapter 11 plan, which is expressly opposed by the broadcast media giant's unsecured creditors and has faced challenges from federal authorities.

  • September 20, 2018

    Earl of Sandwich's Quick Win Bid Draws Ire In Caesars' Ch. 11

    Investment adviser Whitebox Advisors LLC blasted an Earl of Sandwich location’s request for an order declaring it the owner of a $3.6 million claim in Caesars’ Illinois federal court bankruptcy, arguing that the evidence shows the now-shuttered Atlantic City eatery had reached a binding preliminary deal to sell the claim.

  • September 20, 2018

    Eckert Seamans Adds To Philly Mass Tort, Litigation Groups

    Eckert Seamans Cherin & Mellott LLC welcomed to its Philadelphia office this month a pair of new members with experience in mass torts, commercial litigation and bankruptcies.

  • September 20, 2018

    Ice Miller Adds Bankruptcy Pro From Wollmuth Maher

    Ice Miller LLP has brought in bankruptcy specialist John Giampolo to join the firm as a partner in its bankruptcy litigation group out of New York City.

  • September 19, 2018

    Trustee Objects To Debt Forgiveness In ActiveCare's Ch. 11

    The Office of the U.S. Trustee objected Wednesday to roughly $4.1 million in debt forgiveness being included in ActiveCare Inc.’s proposed Chapter 11 sale to stalking horse bidder Telcare Inc., calling it an improper setoff.

  • September 19, 2018

    AngioDynamics Says Rival Must Stay In $145M Damages Row

    Medical device maker AngioDynamics Inc. pushed back Wednesday against a competitor’s attempt to toss racketeering claims, arguing in Massachusetts federal court that the competitor is culpable in Biolitec AG’s alleged scheme to avoid paying $145 million in a judgment and contempt fines.

  • September 19, 2018

    FirstEnergy Can't Bar Union Workers From Ch. 11 Bonus Plan

    An Ohio bankruptcy judge denied FirstEnergy Corp.'s bankrupt nuclear generation unit permission to pay its employees up to $100 million in retention bonuses, saying Tuesday that the company hadn’t given sound reasons to exclude union workers from the plan.

  • September 19, 2018

    Tilton Asks To Keep Zohar Portfolio Financials Private

    Patriarch Partners LLC founder Lynn Tilton sought a protective order in the Chapter 11 cases of the Zohar Funds in Delaware bankruptcy court Wednesday, asking to keep private the financial information of companies owned by the funds to preserve the value of the portfolio companies in the event of a sale by Zohar.

  • September 19, 2018

    Liquidators Seek Ch. 15 To Track Cayman Firm's Cash

    The liquidators of a bankrupt Cayman Islands-based investment advisory firm Tuesday asked a New York bankruptcy court to begin Chapter 15 proceedings, saying they need to act to find and protect the U.S. assets they believe the firm has.

  • September 19, 2018

    Mortgage Lenders Seek Appeal Over Venue In Lehman Fight

    Dozens of mortgage loan originators targeted by Lehman Brothers for $1.2 billion in settlement indemnification claims stemming from purchases of shoddy loans asked Tuesday for leave to appeal a decision keeping the adversary suits in New York bankruptcy court, arguing the jurisdictional issue “remains unresolved in the Second Circuit.”

  • September 19, 2018

    Bally's Casino Dealers Push To Revive OT Wage Settlement

    A class of Bally’s Atlantic City card table dealers asked a New Jersey federal magistrate judge Wednesday to reopen a wage-and-hour action alleging employees weren't paid for attending pre-shift staff meetings, saying casino owner Caesars Entertainment Corp.'s emergence from bankruptcy can allow a $500,000 settlement to move forward.

  • September 19, 2018

    3rd Circ. Asked To Weigh In On Nuverra’s Ch. 11 ‘Gifting’

    A Nuverra Environmental Solutions Inc. noteholder who challenged the company’s confirmed Chapter 11 plan last year asked the Third Circuit on Wednesday to weigh in on claims that the plan did not treat unsecured creditors fairly and equitably by permitting “gifting” that led to more recovery for some.

  • September 19, 2018

    Simpson Thacher And Recruiting Firm Settle Payment Row

    Simpson Thacher & Bartlett LLP and a legal recruiter on Tuesday confidentially settled a nearly $1 million dispute in Manhattan federal court over the firm's alleged nonpayment for the placement of a bankruptcy partner, closing the book on a sticky discovery dispute regarding internal firm communications.

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    Nixing Bonuses, Judge OKs Health Co.'s Ch. 11 Financing

    A New York bankruptcy judge gave health screening company Provant Health provisional approval for its debtor-in-place Chapter 11 financing Tuesday, but turned down its proposal to pay up to $650,000 in bonuses to be split among four top executives.

  • September 18, 2018

    WR Grace's $1.6M Tax Win Affirmed By Delaware Court

    A Delaware federal court on Monday affirmed a bankruptcy court ruling that increased reorganized debtor W.R. Grace's 1998 tax refund by $1.6 million, finding that a judge was correct in applying the interest rate included in the company's confirmed Chapter 11 plan.

  • September 18, 2018

    Utilities Float $11M Antitrust Deal With Chemical Supplier

    A class of public utilities has urged a New Jersey federal judge to approve a $10.7 million settlement with a company accused of rigging bids on a water treatment chemical, arguing the company’s bankruptcy could threaten their ability to recoup losses.

Expert Analysis

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Know The Limits To Atty Public Statements During A Trial

    Matthew Giardina

    The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.

  • Clarifying The Scope Of Bankruptcy Code 3rd-Party Injunction

    Craig Goldblatt

    The Third Circuit’s decision last month in W.R. Grace contains valuable lessons for insurers on the benefits that can be obtained by a third-party injunction issued under Section 524(g)(4) of the Bankruptcy Code, say Craig Goldblatt and Nancy Manzer of WilmerHale.

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    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 Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Equitable Mootness Is Alive And Well In Chapter 9

    Richard Cooper

    Last month's opinion in Bennett v. Jefferson County brings the Eleventh Circuit in line with other courts that have found that the equitable mootness doctrine should apply in Chapter 9. The decision may be particularly relevant in Puerto Rico's ongoing restructuring proceedings, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • How Reckless Judicial Impeachments Threaten Rule Of Law

    Jan van Zyl Smit

    Judicial impeachment fever seems to be spreading through the states, with West Virginia legislators recently voting to remove their state's entire Supreme Court, and lawmakers in Pennsylvania and North Carolina threatening the same. These actions are a serious threat to judicial independence, says Jan van Zyl Smit of the Bingham Centre for the Rule of Law.

  • Series

    Judging A Book: Fogel Reviews 'Good Judgment'

    Judge Jeremy Fogel

    In this time of partisan conflict over judicial selection, a new book by Canadian jurist Robert J. Sharpe —​ "Good Judgment" — represents a refreshing, deeply thoughtful departure from binary arguments about how and why judges make decisions, says U.S. District Judge Jeremy Fogel, director of the Federal Judicial Center.