Comfort-shoe maker and retailer The Walking Company hit Chapter 11 Tuesday in Delaware with plans to renegotiate leases with the landlords of its store locations in order to secure a capital injection to help it survive post-bankruptcy.
In ruling that appellate courts should defer to a bankruptcy court’s factual findings when hearing challenges over a creditor’s insider relationship to a debtor, the U.S. Supreme Court refused to endorse an “arm’s length” test used in bankruptcies, suggesting other evaluative standards may be better, according to experts.
The victims of asbestos-related ailments stemming from a Montana mine operated by bankrupt W.R. Grace told the Third Circuit Tuesday that its claims against the chemical maker’s insurers aren’t barred by its Chapter 11 plan, because they stem solely from the insurers’ alleged misconduct.
The Weinstein Co.’s proposed $500 million sale to a group of investors led by former Small Business Administration head Maria Contreras-Sweet has fallen through, the investors said Tuesday, delivering the latest turn in a roller coaster ride that had the company warning last month of impending bankruptcy.
Barnes & Thornburg LLP has hired a former Cooley LLP partner experienced in representing life sciences and technology clients in bankruptcies, complex transactions and debt financings to open an office in San Diego, making it the firm's second California location, Barnes & Thornburg said Monday.
A California federal bankruptcy judge erred when he decided the relationship between Heller Ehrman LLP and former client Paravue Corp. “conclusively terminated” in 2007 and started the clock running on Paravue’s $20 million malpractice suit, the Ninth Circuit said Monday.
A Delaware bankruptcy judge approved insurance service company Patriot National Inc.’s $15.5 million debtor-in-possession loan on Monday, but rejected the lender's bid for liens on future "avoidance action" recoveries of payouts just prior to the company's Chapter 11 filing.
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 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.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
A year and a half into Health Republic's liquidation, policyholders have yet to receive any money from approved claims. We will see what the Feb. 14 status conference reveals, and hopefully some of Health Republic's former policyholders will appear and participate, says James Veach of Mound Cotton Wollan & Greengrass LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.
John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.