A motion by the developer of a large observation wheel in New York City to dismiss the Chapter 11 case of design and build contractor Mammoet-Starneth LLC proceeded Monday in Delaware after a mediation attempt between the parties failed.
A $16.5 million settlement approved in Delaware bankruptcy court Monday freed two drilling rigs stranded in Chapter 11 by a dispute between Paragon Offshore PLC and SinoEnergy Capital Management Ltd., which bought the rigs and leased them back to Paragon in 2015.
An investment fund representing directors of an alleged $70 million Ponzi scheme run by a ticket brokerage's former CEO asked a New York bankruptcy court Friday to stop the company's trustee from settling with its directors and officers' insurer, saying any proceeds from the insurance policy belong to the directors, not the estate.
The California Supreme Court ruled Monday that a dissolved law partnership is not entitled to profits from former partners’ continued work on hourly fee matters, in a long-fought battle stemming from the Heller Ehrman LLP dissolution.
Senior health care provider HCR ManorCare Inc. has filed a prepackaged bankruptcy in Delaware that will wipe out $445 million in unpaid rent owed to Quality Care Properties, in exchange for the real estate investment trust taking over the company.
A New York federal judge on Friday dismissed some newly added claims in a Federal Deposit Insurance Corp. lawsuit against several prominent investment banks over the sale of residential mortgage-backed securities to now-defunct Colonial Bank, saying most of the claims are time-barred.
The U.S. Supreme Court on Monday turned down a petition from hedge fund investors who said that an allocation plan for a complex $655 million settlement connected to Bernie Madoff's massive Ponzi scheme denied them and many other funds representation of their interests, and that the Second Circuit abused its power in approving it.
The U.S. Supreme Court affirmed Monday that the federal circuits should defer to a lower court’s factual findings when hearing certain challenges over a creditor’s insider relationship to a Chapter 11 debtor, enshrining the importance of bankruptcy court scrutiny, especially when handling restructuring plan fights.
Liquidators for a group of Cayman Islands-based hedge funds currently under investigation for defrauding investors have asked a New York bankruptcy court to grant them Chapter 15 recognition, so they can cover their bases while they pursue a wind-down in the funds’ home jurisdiction.
The firms representing Puerto Rico’s public debtors and creditor committees in the territory’s restructuring cases are sending too many professionals to court hearings and mediation sessions and are seeking excessive coverage for travel expenses, according to a fee examiner report filed Thursday.
The last week has seen bankrupt insurer Allanfield sue its former auditors, another insolvent insurer in runoff lodge professional negligence claims against Mazars LLP and a new suit from the remains of Iceland's collapsed Landsbanki.
Bankrupt metal recycler Real Industry Inc. filed a motion Thursday in Delaware seeking approval of a disclosure statement outlining its Chapter 11 plan that would see existing equity holders receive 51 percent of the equity in a reorganized company while other investors would pay $17.5 million for the remainder.
The official committee of unsecured creditors in the Chapter 11 case of specialty papermaker Appvion Inc. on Thursday objected to the proposed payment of more than $300,000 in legal fees incurred by a group of unsecured noteholders in the case.
A Lehman Brothers unit told a New York federal judge Thursday that a recent U.S. Supreme Court decision favoring a narrow interpretation of the Bankruptcy Code backs its bid to claw back $1 billion in swaps transactions.
The former CEO of defunct residential solar company Level Solar Inc. has moved to convert the case to a Chapter 7 liquidation, telling a New York bankruptcy court Wednesday the debtor has made no progress whatsoever toward reorganizing and that its principals are using the case solely to "harass" him.
A developer of high-tech wrist wear that allows users to track their physical activity and signal when they are in distress filed for bankruptcy on Wednesday, saying it plans to liquidate in Chapter 11 and potentially pursue patent infringement and other claims against Apple Inc. over its product technology.
A group of investors led by Maria Contreras-Sweet announced Thursday that it has worked out a $500 million deal to purchase the Weinstein Co. and relaunch the embattled film studio with a female-majority board, just days after the company said talks had broken down and it would have to file for bankruptcy.
A New York-based specialty insurer objected Thursday to the bankruptcy disclosure filed by insurance service provider Patriot National Inc., saying the document ignores its potential claims in a 2-year-old, wide-ranging fraud and damages suit.
A toymaker asked a Virginia bankruptcy judge Wednesday to crack Toys R Us’ Chapter 11 shield to allow the manufacturer to pursue claims the retail chain sold a knockoff of one of its products.
Ambac Assurance Corp. cannot challenge the plans being used as blueprints to restructure Puerto Rico’s public finances, according to a ruling Tuesday in the commonwealth’s bankruptcy-like cases, enshrining the autonomy of the federal board overseeing the territory’s fiscal crisis to certify debt service proposals.
Through its recent opinion in Mantiply v. Horne, the Eleventh Circuit joins the Ninth and Fifth Circuits in finding that legal fees incurred by a debtor beyond those necessary to stop a stay violation may be recovered, bringing a number of takeaways for both creditor and debtor lawyers, say Jeremy Retherford and Jonathan Grayson of Balch & Bingham LLP.
On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.
I had not expected to be in the U.S. Supreme Court on March 22, 2016. To me, our opponent's petition seemed quite like a long shot. But clearly I had underestimated the appeal of their argument, says Matthew McGill of Gibson Dunn & Crutcher LLP.
The Third Circuit's recent decision in Philadelphia Entertainment & Development Partners limited the reach of the Rooker-Feldman doctrine as a defense to bankruptcy avoidance actions. The court’s reasoning, however, has implications that go beyond bankruptcy, say Steven Wilamowsky and Sara Ghadiri of Chapman and Cutler LLP.
While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.
Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.
A patent dispute before the U.S. Supreme Court this term, Oil States v. Greene’s, concerns the limits of Congress’ ability to create courts under Article I and therefore raises separation-of-power issues similar to those in Stern v. Marshall, where the Supreme Court limited the authority of the bankruptcy courts, says Benjamin Feder of Kelley Drye & Warren LLP.
Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
As the economic situation in Venezuela continues to deteriorate and the number of bond defaults continues to mount, the Third Circuit’s recent ruling against Crystallex is a poignant reminder about the challenges of recovering on claims against a determined sovereign. However, Crystallex is not without further litigation options, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.