Two former SunEdison Inc. officers with pending whistleblower suits against the bankrupt solar energy giant and the lead plaintiffs in a Securities Act multidistrict litigation have asked the New York bankruptcy court overseeing the case for assurances that their suits won’t be affected by a recent $32 million settlement with unsecured creditors.
An informal court dispute over a competitor’s disclosure demands in the Chapter 11 sale of wearable drug injection device-maker Unilife Corp. escalated Wednesday, with a Delaware judge ordering formal submissions from all sides.
A Chapter 11 auction of the assets of bankrupt saltwater battery maker Aquion Energy Inc. resulted in a sale price more than three times greater than the initial stalking horse bid for the company in a deal approved by the court Wednesday in Delaware.
The unsecured creditors of bankrupt Limitless Mobile LLC pushed back on Wednesday against the company’s request for a new $2 million debtor-in-possession loan to fund its ongoing reorganization efforts, telling a Delaware bankruptcy court it’s time to shut down the “failed” and “cash-burning” venture.
Marblegate Asset Management LLC, a lender to Education Management Corp. whose challenge to the troubled for-profit education firm’s restructuring plan was thwarted by the Second Circuit, has filed a new suit to make the borrower pay its debts under an alternate legal theory.
A Delaware bankruptcy judge on Tuesday gave the company that distributes products from the chef that inspired the “Soup Nazi” character on “Seinfeld” interim approval to tap a $2 million post-petition loan described as “high risk,” but not before her concerns about the “very expensive” financing were addressed.
The restructuring of defunct ticket reseller and possible Ponzi scheme vehicle National Events Holdings LLC was again put on pause Tuesday when a New York bankruptcy court concluded there simply wasn’t enough information to make a major ruling in the hopelessly tangled case just yet.
Bankrupt Keystone Tube Co. mostly breezed through an initial Delaware court hearing on its more than $400 million prepackaged debt restructuring Tuesday, with only scattered warnings of future dissent.
The Chapter 11 cases of Midwestern grocery chain Central Grocers Inc. will be administered in Illinois, where creditors filed an involuntary petition against the company two days before the company filed its own petitions, according to an order of transfer filed in Delaware on Tuesday.
Three securities industry groups have urged a New York federal judge to uphold a bankruptcy court decision dismissing a Lehman Brothers unit’s bid to recover $1 billion from swaps transactions the firm says were wrongfully terminated, saying the terminations are protected by bankruptcy law.
A split Sixth Circuit panel found Tuesday that Indian Harbor Insurance does not have to cover former officers of bankrupt Capitol Bancorp from an $18.8 million suit by the liquidation trustee, saying the pre- and post-Chapter 11 bank are the same entity for the purpose of the policy.
Groups of bondholders are accusing the Puerto Rico government of impermissibly attempting to protect government officials and conceal information that should be open to legal discovery by expanding the automatic litigation shield enabled by its court-monitored financial restructuring.
New Source Energy Partners LP investors asked a New York federal judge Monday to preliminarily sign off on a $2.85 million settlement that would resolve a shareholder disclosure suit over the bankrupt oil and gas company’s 2015 preferred-share offering.
Westchester Fire Insurance Co. on Monday asked the Delaware bankruptcy court to modify the sales agreement for Molycorp Minerals LLC's idled California rare earth mine to require the buyer to replace the $18 million in surety bonds that Westchester has issued on the mine.
The Millennium Labs Chapter 11 plan is quietly winding its way through the appellate system on a path that could spell the demise of the uncommon but powerful tool of liability releases granted without an affected creditor’s consent, a result experts say might drive increased conflict in bankruptcy cases.
Shareholders in a helicopter services company took a second shot Monday at gaining approval of a $3.9 million settlement, one month after a New York federal judge said preliminary approval of the deal could cause absent class members to think “the deck is stacked against them.”
A creditor of in-store media provider Muzak and parent company Mood Media told a New York bankruptcy court on Friday that the companies' bid for Chapter 15 protection should fail to the extent that it will disrupt pending patent infringement claims potentially worth up to $130 million.
Justice Sonia Sotomayor discusses the one thing she hates seeing at oral arguments, why diversity matters on the federal bench, and her habit of embracing audience members at live talks, in the first of two articles based on an exclusive interview with the 111th justice.
Energy Future Holdings Corp.'s first-lien note trustee filed a marked-up version of the company's proposed $6.3 billion Delaware Chapter 11 debtor-in-possession refinancing motion Monday, tucking in revisions to either nail down full payment of claims or qualify its support.
The federally appointed board overseeing Puerto Rico's restructuring is facing heat over its proposal to appoint independent agents to resolve competing claims over the territory’s sales tax revenues, as bondholders and insurers complained Friday that the agent selection process is flawed.
Lateral candidates looking to make the last — or perhaps only — move of their career cannot afford to just stand by and let a law firm’s vetting process unfold on its own, says Howard Flack, a partner at Volta Talent Strategies who previously led lateral partner recruiting and integration at Hogan Lovells.
One frequently hears from leading malpractice insurers that one of the highest risk categories for law firms is that of lateral partners not sufficiently vetted during the recruitment process, says Howard Flack, a partner at Volta Talent Strategies Inc. who previously led lateral partner recruiting and integration at Hogan Lovells.
While the new European Account Preservation Order promises to harmonize protective account measures across 26 European Union member states, certain EAPO features mean it might not always be the best choice for judgment creditors deploying an international litigation strategy, say attorneys with Kobre & Kim LLP.
Using the same standard credit agreement provisions for all types of borrowers and guarantors hurts both borrowers and lenders. This is especially true of borrowers and loan parties subject to insurance regulations and market conditions, say Daniel Rabinowitz and David Berg in the final part of this article.
Insurance companies and insurance holding companies are subject to a complicated tangle of laws, regulations and market conditions, and therefore need special provisions in their credit agreements. Certain representations and warranties, conditions, and events of default must be modified to account for such borrowers, say Daniel Rabinowitz and David Berg of Kramer Levin Naftalis & Frankel LLP.
The Ninth Circuit’s opinion may not be the last word in the matter of Sunnyslope Housing Limited Partnership, as the dissent implicitly urged U.S. Supreme Court review. In the meantime, the ruling is binding within the Ninth Circuit and will be persuasive precedent in other jurisdictions, say Samuel Kidder and Michael Pankow of Brownstein Hyatt Farber Schreck LLP.
This is the second in a series of articles discussing ideas proposed by the NYU School of Law Civil Jury Project to resuscitate the American jury trial. In this article, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman argue for setting early and strict time limits in civil jury trials.
In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.
With ever expanding bargaining leverage, borrowers are negotiating creative ways to minimize "most-favored nation" provisions and related incremental loan protections. Clifford Chance LLP attorneys Daniel Winick and Andrew Young discuss some of the key MFN exceptions borrowers have been pursuing of late.
Thousands of mortgage lenders across the country either recently received, or will soon be receiving, from Lehman Brothers Holdings Inc. a document that may seem innocuous but likely presages a future lawsuit by LBHI against the recipient, says Philip Stein of Bilzin Sumberg Baena Price & Axelrod LLP.