Seadrill Ltd. announced Monday it has reached a global settlement with a majority of creditors to advance an amended Chapter 11 restructuring plan that would inject the struggling offshore oil and gas driller with more than $1 billion in new capital.
Bankrupt insurance services company Patriot National Inc. came under U.S. trustee and unsecured creditor fire in Delaware bankruptcy court on Monday for potential conflicts involving the corporation's chief restructuring officer and a proposal to grant broad liability releases to some pre-Chapter 11 targets of a suit filed by stockholders.
The Weinstein Co. is readying for bankruptcy after a negotiated sale of the embattled film studio fell through following a New York attorney general lawsuit, according to a letter sent by company board members on Sunday and published in various reports.
Energy Future Holdings Inc. had the latest iteration of its Chapter 11 plan confirmed Monday in Delaware bankruptcy court when a judge overruled objections relating to a $275 million claim reserve fund and asbestos injury claims.
Engineering and transmission developer Fallbrook Technologies Inc. filed for Chapter 11 in Delaware bankruptcy court on Monday, saying unexpected difficulties commercializing its new drivetrain system had left it unable to pay its $58 million in debt.
Telecom giant Avaya Inc. on Friday told a New York bankruptcy court it will be paying a Chapter 11 claim for at least $1.5 million to settle BlackBerry Corp.’s patent infringement claims against it.
The Federal Reserve Board will continue seeking to provide more transparency on its “stress tests” that gauge whether big banks have sufficient cash to absorb major economic hits, but it does not intend to relax capital requirements and other key regulations put in place after the Great Recession, Fed Vice Chair Randal Quarles said Monday in Washington, D.C.
Hawaii, New Mexico and the U.S. Virgin Islands on Monday lost their bid to create a special status for their claims in Takata's Chapter 11 case, with a Delaware bankruptcy judge ruling the governments are already second in line for access to a shrinking, $1.5 billion fund.
Resource Capital Corp. is off the hook for claims that directors and officers misled investors about a loan that led to a $41 million loss, with a New York federal court tossing several shareholder suits lodged against the real estate investment trust after its board refused to sue the directors and officers itself.
The bankruptcy trustee of doomed Ponzi vehicle DBSI Inc. has moved for a quick win in its claw back suit against the IRS in Idaho federal court, arguing the federal tax authority is still on the hook for $3.6 million the company used to pay its principals’ income taxes.
A former Opa-Locka, Florida, city commissioner was sentenced to 51 months in prison Thursday for coordinating government favors in exchange for bribes as part of a bribery and extortion conspiracy that involved several officials in the impoverished Miami suburb.
Bankrupt trucking firm Jevic Holding Corp. filed a modified settlement deal late Thursday in Delaware that it said addresses a U.S. Supreme Court ruling in relation to the structured dismissal of its Chapter 11 case and provides for payments of priority claims asserted by a group of terminated employees.
Energy Future Holdings Inc. told a Delaware bankruptcy judge Friday that it was nearing resolution of an objection to its Chapter 11 plan ahead of a confirmation hearing set to begin Monday, saying issues over a $275 million reserve fund could be worked out before then.
The trustee for bankrupt ambulance company TransCare Corp. hit Lynn Tilton and her private equity firm Patriarch Partners with a $10 million clawback suit in New York bankruptcy court Thursday, alleging the onetime owners of TransCare blew up the company through mismanagement and an “outrageous” scheme.
A group of debtors in the Chapter 11 cases for China Fishery Group Ltd. asked a New York bankruptcy court on Wednesday to approve an intercompany claims settlement designed to clear the way for a sale of valuable interests in China Fishery’s prized operating companies in Peru.
A company holding several patents related to radio-controlled cars and planes asked to have the automatic stay of litigation lifted in Hobbico Inc.'s Chapter 11 case Thursday, saying its infringement claims against the debtor needed to be resolved in Texas federal court before the case could move forward.
Regional supermarket chain Tops Markets LLC won approval for up to $265 million in financing for its nearly $1.2 billion Chapter 11 restructuring in New York bankruptcy court Thursday.
Experts proposed to testify on issues about interest bonds at the plan confirmation hearing of Energy Future Holdings Inc. will not be permitted to take the stand next week after a Delaware judge said Thursday those issues aren’t relevant to confirmation.
A Delaware bankruptcy judge put off a ruling Thursday on lienholder efforts to seek Texas court assignment of creditor priorities in M&G USA Corp.’s $1.7 billion Chapter 11, saying that an upcoming plant sale could clarify prospects for recoveries.
A financing specialist with experience working on bankruptcies and restructurings has left Winston & Strawn LLP to join Sidley Austin LLP as a partner in its Chicago office, the firm announced Wednesday.
The question I ask about new technology is how can it improve the quality of my practice — and my life? This year, the iPhone X, the Apple Watch Series 3 and a .LAW domain have proven to be great investments, for professional and personal reasons, says attorney Paul Kiesel of Kiesel Law LLP.
Bartlit Beck was a wonderful place to work for 18 years, and the lawyers there are not only excellent attorneys but also great people. That said, I can look analytically at the Bartlit Beck fee model and make some observations on its pros and cons, says J.B. Heaton, founder of investment analytics company Conjecture LLC.
For bondholders of certain nationalities with idiosyncratic circumstances, arbitration against Venezuela may provide advantages over court litigation. But for the typical bondholder looking to recover unpaid principal and interest following Venezuela’s default on its sovereign bonds, court litigation is likely superior, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.
We tell jurors how important they are to the successful implementation of our judicial system, but oftentimes we don’t treat them with the reverence they deserve. U.S. District Judge Amos Mazzant III of the Eastern District of Texas, Lisa Blue of Baron and Blue, and Robert Hirschhorn of Cathy E. Bennett & Associates advocate three improvements to give jurors an active role in our civil and criminal jury trials.
It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee.
In its new report on the effects of automation in the workplace, McKinsey Global Institute identifies lawyers as less susceptible to the sort of automation that could put one-third of American workers out of a career by 2030. This may seem reassuring, but it doesn't mean automation won't disrupt our bottom line, says Michael Moradzadeh of Rimon PC.
Gary Ford's new book, "Constance Baker Motley: One Woman’s Fight for Civil Rights and Equal Justice Under Law," is more than a biography of the first African-American woman to become a federal judge. It presents in vivid detail how her work altered the legal landscape of the United States, says U.S. District Judge Marcia Cooke of the Southern District of Florida.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC.
When a borrower finds itself in a distressed situation, management or private equity sponsors will often identify valuable assets to isolate them from the distressed company, often to the detriment of certain creditors. A recent example involving Algeco Scotsman offers important takeaways for issuers as well as bondholders, say Adam Summers and Corey Fersel of Fried Frank Harris Shriver & Jacobson LLP.