Creditors who rely on the good faith of debtors for repayment were firmly reminded Monday that any agreement to extend credit should be in writing, according to experts weighing in on the U.S. Supreme Court's decision concerning the dischargeability of consumer debts procured by fraudulent statements.
An ad hoc group of claimants against the Chapter 11 estate of reorganized debtor Energy Future Holdings Corp. filed a preliminary objection Monday to a proposal by the trustee of the debtor’s notes to allocate the payment of certain administrative costs among the different entities in the case.
Bankrupt reinsurance firm Scottish Holdings Inc. received court approval Monday in Delaware for a plan sponsorship offer worth nearly $10 million more than an initial stalking horse bid previously approved by the court.
A Sixth Circuit bankruptcy appeals panel on Friday ruled that a man who bought land in Kentucky that had carried mining royalties for the previous owner's heirs can't collect the money because the heirs were part of a Chapter 11 reorganization plan approved long before he laid claim to the property.
The U.S. Supreme Court on Monday cemented enhanced protections for financially strapped individuals seeking to wipe away their debts in bankruptcy, resolving a circuit split over the dischargeability of debts procured by fraudulent statements that involve a debtor’s financial condition.
A Delaware bankruptcy judge on Friday rejected the bids of three former Easton Baseball/Softball executives to get hundreds of thousands of dollars’ worth of bonuses that they signed away during the asset sale and restructuring of Performance Sports Group Inc.
Attorneys for a proposed nationwide class of victims alleging sexual assault and harassment by filmmaker Harvey Weinstein urged a Delaware bankruptcy judge Friday to lift a Chapter 11 stay shielding The Weinstein Co. from a federal racketeering suit, branding some of the studio’s opposition as mockery.
Tops Markets LLC has reached terms to settle a long-running dispute over liability for $184 million in employee benefit fund contributions, telling a New York bankruptcy court on Thursday it agreed to new collective bargaining agreements and pension liabilities that will help its bid to restructure in Chapter 11.
Scana Corp. can't escape from a suit alleging it shares the blame for abruptly shutting down a Westinghouse Electric nuclear reactor project without giving sufficient notice to workers, a South Carolina federal court has ruled.
The last week has seen CIS Insurance lodge another claim against IBM, a dispute emerge between a bankrupt mini-bond scheme and its security trustee, and Chubb sue Harvey Weinstein amid a fight over who should pay the cost of defending the movie producer against sexual harassment claims. Here, Law360 looks at those and other new claims in the U.K.
The litigation trust created under the Chapter 11 plan of offshore oil driller Paragon Offshore PLC argued Friday to keep its adversary action against former parent company Noble Corp. in the Delaware bankruptcy court, saying the company’s plan reserves jurisdiction for prosecution of its claims.
The Rockport Co. LLC’s unsecured creditors objected Friday to proposed protections in the footwear maker’s agreement with a stalking horse bidder, saying a $4.5 million breakup fee and $2 million expense reimbursement aren’t appropriate because they’d be due even if the bidder killed the deal, forcing the debtor to liquidate.
Bankrupt power plant owner Panda Power Funds has asked for en banc review of a Texas appellate panel’s ruling granting immunity to power grid operator the Electric Reliability Council of Texas Inc., saying the decision will “destabilize” the state’s competitive energy market.
The bankrupt New England Confectionery Co., which manufactures candies including Necco Wafers and Sweethearts, agreed to a $17.3 million takeover by the second highest bidder of a Chapter 11 auction last month after the winning bidder walked away from the deal, the companies said on Friday.
Three labor unions are suing the U.S. and Puerto Rican governments in an attempt to tear up the island’s federally imposed restructuring process, calling it an unconstitutional deprivation of rights that evokes the “badges and incidents of slavery.”
A Texas state appellate court on Thursday overturned a misconduct finding against an attorney who was disbarred for allegedly lying under oath and hiding assets during a bankruptcy, ruling in a split decision that the lower court was wrong to allow a federal judge to testify against him and ordering a new trial.
Bankrupt guitar maker Gibson Brands Inc. received final approval Thursday in Delaware for its $135 million post-petition financing package after a week of negotiations with its secured lenders and noteholders.
Unsecured creditors of Nine West Holdings Inc. filed bankruptcy court papers asking to launch an investigation into Sycamore Partners' 2014 takeover of the women’s shoe and apparel company, suggesting the $2.2 billion transaction may have enriched the private equity firm at the debtors’ expense.
Polsinelli PC announced Thursday it has opened a new Seattle office, headed by a former CEO of Seattle-based Foster Pepper PLLC and staffed by seven of his colleagues from the firm.
The U.S. Supreme Court said this week that a mandatory restitution law does not require criminal defendants to foot the bill for company-initiated internal investigations into their crimes, flipping what was the law in many courts and tossing a life raft to some individual defendants.
One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.
The Tax Cuts and Jobs Act has imposed new limitations on a corporation’s ability to take advantage of net operating losses. Certain changes will disproportionately affect media companies, impacting their debt restructuring, acquisition and disposition strategies, say Michele Alexander and Ryan Davis of Bracewell LLP in New York.
In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.
Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.
The documents filed thus far in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA make clear that the standing issues in this case are complicated. The case also presents questions as to whether it will have implications for financial creditors of PDVSA and the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.
Peter Francis Geraci — owner of a large consumer bankruptcy firm based in Chicago — recently lost two trade secret cases, illustrating just how difficult it can be to win a lawsuit for misappropriation against individuals employed by a rival, says James Morsch of Butler Rubin Saltarelli & Boyd LLP.
The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.
The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.
In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.
I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.