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Bankruptcy

  • June 14, 2018

    EFH Plan Administrator Can Chime In On Allocation Fight

    The plan administrator tasked with overseeing disbursements from the estate of reorganized debtor Energy Future Holdings Corp. will be allowed to participate in a fight over how responsibility for funding hundreds of millions of dollars in distributions reserves and legal fees will be allocated among the debtor entities, a Delaware judge ruled Thursday.

  • June 14, 2018

    SunEdison Investors Seek Class Cert. In Stock-Drop Suit

    Pension funds alleging bankrupt renewable energy developer SunEdison’s former executives and directors concealed liquidity and financing problems that ultimately caused share prices to drop asked a New York federal court Wednesday for class certification.

  • June 13, 2018

    Rockport Approved For Closing Sales At Retail Locations

    Bankrupt shoe maker The Rockport Co. LLC received court approval Wednesday for a plan to wind down its retail operations in the United States and Canada, telling a Delaware judge that it could not find a buyer for any of its stores.

  • June 13, 2018

    Ex-Dewey CFO Gets Discovery Stay For Criminal Appeal

    Dewey & LeBoeuf LLP's former chief financial officer, who was convicted of fraud, won a bid Tuesday to pause discovery in the U.S. Securities and Exchange Commission’s New York federal suit against him while his criminal case is still on appeal.

  • June 13, 2018

    Software Co. Says $514.16 Fee Row Belongs In Fed. Court

    A software company accused of conspiring with competitors to fix prices charged to bankruptcy trustees urged an Illinois federal judge on Wednesday to retain jurisdiction over the suit, arguing that the opposing counsel is seeking hundreds of thousands of dollars in attorneys’ fees in a dispute triggered by a $514.16 deduction.

  • June 13, 2018

    American Airlines Union Collusion Claims Tossed In Ch. 11

    A New York bankruptcy court on Tuesday shut down a suit by disgruntled pilots accusing their union of dropping the ball and even outright colluding with American Airlines during a tangled arbitration fight, calling the pilots’ claims “doomed” and “without any basis whatsoever.”

  • June 13, 2018

    Lehman Settles $1.2B Credit Suisse Trade Closeout Fight

    Lehman Brothers Holdings Inc. said Tuesday it had reached a settlement with Credit Suisse AG to end a long-running bankruptcy court scuffle over closeout calculations for derivatives trades following the firm’s 2008 collapse, freeing Lehman from a $1.2 billion claim and its last big bank action of that kind.

  • June 13, 2018

    New GM Questions Scope Of Ch. 11 Defect Deal

    General Motors LLC is questioning whether a proposed bankruptcy court settlement over legacy ignition switch lawsuits could possibly cover a proposed class of 11.4 million people and cost the carmaker $1 billion in new stock even though only a few hundred individuals have filed Chapter 11 claims.

  • June 13, 2018

    2nd Circ. Hands ING Bank A Win In Marine-Fuel Lien Dispute

    A Manhattan federal judge erred in quashing ING Bank's lien on a ship's fuel bill and also in entering an "ill-advised" grant of summary judgment in favor of the vessel, the Second Circuit held Wednesday, issuing a reversal in a money fight flowing from the bankruptcy of shipping fuel provider O.W. Bunker.

  • June 13, 2018

    Avenatti's Ex-Partner Seeks Assets To Satisfy $10M Judgment

    A former partner at Eagan Avenatti LLP has asked a California bankruptcy court to turn over the defunct class action firm’s assets to him to satisfy a $10 million judgment — a request that includes payments tied to Michael Avenatti’s representation of Stormy Daniels in her lawsuit against President Donald Trump.

  • June 13, 2018

    Madoff Trustee Recovers $280M In Ezra Merkin Settlement

    The trustee for Bernie Madoff's defunct investment firm Wednesday asked a New York bankruptcy court to approve a $280 million settlement of his claims that disgraced financier J. Ezra Merkin received fraudulent transfers from Madoff’s fund.

  • June 12, 2018

    Concertgoers Object To 50 Cent's Sanction Bid In Bankruptcy

    Two Massachusetts women on Monday fought 50 Cent’s attempt to have a Connecticut bankruptcy judge sanction them for continuing to pursue a personal injury case over one of the hip-hop artist’s concerts, arguing their suit is exempt from restrictions in the rapper’s reorganization plan.

  • June 12, 2018

    MACH Gen Gets Del. Court Nod For $10M DIP Draw

    Bankrupt commercial power producer New MACH Gen LLC secured access to the first half of a proposed $20 million bankruptcy financing loan Tuesday, under a Delaware Chapter 11 reorganization plan that would take two of the company’s three current plants to a confirmation hearing on July 23.

  • June 12, 2018

    Puerto Rico Investors Cry Foul Over Sales Tax Revenue Deal

    Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.

  • June 12, 2018

    The Walking Company's Ch. 11 Plan Gets Court Approval

    The Chapter 11 plan of reorganization of comfort shoemaker and retailer The Walking Company received court approval in Delaware Tuesday, wrapping up its bankruptcy case a little more than three months after it was filed.

  • June 12, 2018

    Delta Pilots' Pension Fund Suit Trimmed To A Single Claim

    A Washington, D.C., federal judge on Monday lopped five claims off a suit accusing the Pension Benefit Guaranty Corp. of shortchanging thousands of retired Delta Airlines pilots by misallocating their insolvent retirement plan’s assets after the company’s 2005 bankruptcy, leaving the agency to face a single fiduciary-duty breach claim.

  • June 12, 2018

    Venezuela's Foley Hoag Attys Can Depart Crystallex Appeal

    The D.C. Circuit said Tuesday that Foley Hoag LLP could withdraw as counsel for Venezuela in its appeal of a district court's confirmation of bankrupt miner Crystallex International Corp.'s $1.2 billion arbitral award, instructing the beleaguered country to secure new representation by July 16.

  • June 12, 2018

    Authentic Brands Makes $340M Bid For Nine West Assets

    Bankrupt fashion accessory maker Nine West Holdings Inc. announced Monday that a "highly competitive" bidding process had resulted in a larger-than-expected bid of over $340 million for its Nine West and Bandolino brands from stalking horse bidder Authentic Brands Group.

  • June 12, 2018

    Deals Rumor Mill: Abraaj, Sportradar, Xiaomi

    Abraaj is accused of owing a private debt specialist roughly $300 million, KKR and Blackstone landed a spot in a second bidding round for a minority stake in Sportradar AG, and smartphone maker Xiaomi aims to raise $5 billion from mainland Chinese investors.

  • June 12, 2018

    Fyre Festival Investor Can Pursue $3M Claim Amid Ch. 7

    A New York bankruptcy judge has agreed to let an investor for the doomed Fyre Festival pursue a $3 million claim against the company and its organizers while the beleaguered concert operation goes through liquidation.

Expert Analysis

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • The Burden Of Medical Records During Bankruptcy

    Kenya Woodruff

    Companies in the health care industry face many unique challenges when undergoing a bankruptcy, including challenges arising due to the federal and state law framework governing the use and disclosure of medical information. Maintenance and storage of medical records is complicated further because of debtors' lack of financial resources, say attorneys with Haynes and Boone LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Series

    Judging A Book: Berzon Reviews 'We The Corporations'

    Judge Marsha Berzon

    My advice to prospective clerks will now include the suggestion that they read Adam Winkler's new book, "We the Corporations: How American Businesses Won Their Civil Rights," for the same reason I recommend taking a corporations course — appreciating the critical role of business corporations in American life and law, says Ninth Circuit Judge Marsha Berzon.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 3

    Michele Alexander

    In this third installment of their series on how the tax overhaul impacts U.S. media companies, Bracewell LLP attorneys Michele Alexander and Ryan Davis look at how the international and domestic provisions intended to bring tax dollars home have affected media companies' decisions regarding foreign versus domestic production.

  • What ABA’s Position On Harassment Means For Employers

    Minjae Song

    In the #MeToo era, the American Bar Association’s recently passed Resolution 302 is a reminder of harassment policy best practices to all employers, and it should be of particular interest to employers in the legal industry, say attorneys with Hunton Andrews Kurth LLP.

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • Supporting Nontraditional Data Types In E-Discovery

    Jason Paroff

    The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.