A Texas federal judge closed out the U.S. Securities and Exchange Commission’s long battle with investor Sam Wyly and his family on Tuesday, releasing them from an asset freeze in the wake of the full payment of a $198 million settlement.
A group of mall owners on Wednesday objected to bankrupt health supplement retailer Vitamin World Inc.’s plan to sell off its retail operations, saying the company has to prove that transferring its store leases to a new, unknown owner won’t harm landlords.
Bankrupt Toys R Us on Tuesday was given the green light to spend $90 million on an incentive package to motivate employees during the critical holiday season after a Virginia bankruptcy court overruled the federal bankruptcy watchdog's concerns that the "princely compensation ... defies logic and wisdom."
Natural gas storage venture Ryckman Creek Resources LLC won Delaware bankruptcy court approval Wednesday to switch its buyer and Chapter 11 plan sponsor to Sandton Capital Partners LP for a deal that is proposed to pay $6.2 million upfront in cash and a $10 million note going forward.
A Florida federal judge on Wednesday paused a U.S. Securities and Exchange Commission investigation into real estate development and investment firm Woodbridge Group of Cos. LLC after the firm filed for Chapter 11 protection Monday.
Bankrupt women’s shoe maker Aerogroup International Inc. told a Delaware judge Wednesday that it had decided to pursue a sale of its assets and a licensing deal and will be abandoning its dual-track Chapter 11 strategy, which included a liquidation option.
The founder of discount car rental franchise Rent-A-Wreck questioned the need of the company to seek Chapter 11 protection Wednesday in Delaware, saying company leadership has provided no financial information to show it is insolvent and needs to reorganize.
ChinaCast Education Corp. is on its way out of Chapter 11 proceedings after a New York bankruptcy judge Wednesday approved the company's orderly liquidation plan and a linchpin settlement with a class of shareholders that freed up a path to plan confirmation.
Westinghouse Electric Co.’s unsecured creditors are squaring off with the nuclear giant in New York bankruptcy court over who will determine the direction of the company’s Chapter 11, with unsecured creditors saying it’s their turn to take the reins now that Westinghouse is asking for another extension to file its plan.
Takata Corp.’s prospective buyer agreed Tuesday to trim deal and expense protections for its planned $1.6 billion Chapter 11 purchase after a daylong Delaware bankruptcy court argument over the bankrupt vehicle air bag maker’s restructuring support agreement.
The U.S. Securities and Exchange Commission made its presence felt Tuesday during the first-day bankruptcy hearing for real estate development firm the Woodbridge Group of Companies LLC, with its attorney saying it was “extremely concerned” about the Chapter 11 case and whether the debtor was operating a fraudulent scheme.
Budget rental car company Rent-A-Wreck defended its bankruptcy filing and restructuring strategy Tuesday in Delaware from an attack by the company’s founder, who said the insolvency proceeding is merely a way for the company to avoid paying a court-ordered judgment to him.
The U.S. Securities and Exchange Commission on Monday fired back at a bid by two former executives of bankrupt ITT Educational Services Inc. to toss allegations that they hid widespread student loan defaults from investors, saying there is plenty of evidence to take to a jury beyond allegedly misleading statements.
A Senate panel on Tuesday advanced a bipartisan package of changes to the Dodd-Frank Act, rejecting a slew of amendments from more liberal Democrats that could have altered the delicate framework that allowed lawmakers from both parties to produce the compromise bill.
M&G USA Corp.’s $1.7 billion Chapter 11 in Delaware bankruptcy court took a new turn Monday as an ad hoc group of construction lienholders vehemently opposed the debtors' attempts to force them to file additional info, and unsecured creditors fought back against a proposed statutory committee for those lienholders.
Toys R Us Inc. urged a Virginia bankruptcy court on Monday to support a bonus plan that could reward top executives with up to $21 million if certain earnings targets are met, saying the federal bankruptcy watchdog is the only objector now that creditors have all agreed to support the plan.
A Delaware bankruptcy judge declined Monday to throw out claims from Fisker Automotive’s liquidating trustee challenging a stake-diluting equity sale from the company spun off after the electric carmaker’s Chapter 11 sale, ruling that the trustee raised plausible concerns there might have been a breach of fiduciary duty.
Level Solar Inc. filed for Chapter 11 bankruptcy protection in New York on Monday with plans to investigate its former CEO, a little more than two months after the residential solar panel installer was accused of abruptly closing its doors and terminating all employees without legally required advanced warning.
A West Virginia federal judge on Monday tossed a suit against Blasingame Burch Garrard & Ashley PC by a pelvic mesh class member who said she was pushed into a settlement and the money became property of her bankruptcy estate, saying a different court already settled the question of whose property it was.
Mortgage lender and servicer Walter Investment Management Corp. received interim approval on Monday from a New York bankruptcy court to access a $1.9 billion debtor-in-possession warehouse lending facility it says is needed to finance its primary operating subsidiaries.
In the rare instance when otherwise collectible assets are owned by a debtor’s spouse — who is not liable on the underlying judgment — a creditor must be determined and creative in order to recover on its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.
Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.
Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.
By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.
Bankruptcy courts have taken divergent approaches to analyzing whether they have jurisdiction to approve nonconsensual third-party nondebtor releases. While the New York bankruptcy court's recent decision in SunEdison provides another data point for the debate, it leaves some questions unanswered, say attorneys with Gibson Dunn & Crutcher LLP.
Enforcing a judgment, particularly in foreign jurisdictions, is a complex and difficult endeavor, and filing lawsuits in foreign countries often proves ineffective and costly. These situations require specialization and expertise, and litigants are increasingly turning to court-appointed receivers as a solution, say Craig Weiner and Chelsea Walcker of Robins Kaplan LLP.
While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.
In Merit Management v. FTI Consulting, the U.S. Supreme Court is reviewing the Seventh Circuit’s decision that the Section 546(e) safe harbor does not protect from avoidance a transfer that is conducted through a financial institution where the institution acts merely as a conduit. Based on the justices’ questions at oral argument last week, the odds are good that the Supreme Court will agree with the Seventh Circuit, says Meaghan ... (continued)
Before a bankruptcy court can examine whether a nonconsensual third-party nondebtor release is permissible, it must first determine whether it has authority to approve such releases. Two recent — and conflicting — opinions suggest that this determination depends on the bankruptcy court's view as to what "operative proceeding" governs the matter, say attorneys with Gibson Dunn & Crutcher LLP.
Last year, the New York City Bar Association created its Task Force on Puerto Rico to monitor and comment on the actions of stakeholders involved in the implementation of the Puerto Rico Oversight Management and Economic Stability Act. The task force's focus has naturally shifted in the aftermath of Hurricane Maria's catastrophic impact, say Roger Juan Maldonado and Neysa Alsina of the New York City Bar Association.