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Bankruptcy

  • June 18, 2018

    Rockport DIP Financing Is Approved, But Allocation Is Punted

    The post-petition financing package for bankrupt shoemaker The Rockport Co. LLC received final approval Monday from a Delaware judge, but she punted on the part of the package that determined how the company’s secured debt would be allocated to various debtor entities.

  • June 18, 2018

    Justices Reject Momentive Ch. 11 Make-Whole Payments Row

    The U.S. Supreme Court on Monday denied a last-ditch attempt by creditors of Momentive Performance Materials Inc. to collect on $200 million in fees tied to bonds repaid in bankruptcy, ignoring their argument that allowing the silicone manufacturer to keep the money contradicts “bedrock principles” of bankruptcy law.

  • June 18, 2018

    Brazil Telecom's $20B Restructuring Deal Clears US Court

    A Manhattan bankruptcy judge has approved the restructuring plan of troubled Brazilian telecommunications company Oi SA, clearing the way for a $20 billion debt-for-equity swap to take the company out of bankruptcy.

  • June 18, 2018

    In Their Own Words: Minority Partners On Reaching The Top

    Despite decades of industrywide initiatives, movement up the ladder has stagnated for minority lawyers. Here, five industry success stories tell Law360 about the paths they took and what needs to change in BigLaw.

  • June 18, 2018

    Celebrity Restaurateur Faces Remand Move By Investors

    A couple who accused celebrity chef Jose Garces of cheating his New York City restaurant's investors out of returns want their suit hashed out in New Jersey court instead of getting folded into his Chapter 11 case, arguing that their claims have nothing to do with his bankruptcy.

  • June 18, 2018

    $340M Ch. 11 Sale Of Nine West, Bandolino Brands Approved

    Nine West Holdings Inc. received bankruptcy court approval on Monday to sell its namesake women’s fashion business as well as its Bandolino brand to Authentic Brands Group for $340 million in cash, a sum nearly 75 percent higher than the purchaser’s stalking horse bid.

  • June 15, 2018

    Minority Lawyers On Why They Left BigLaw

    Despite the proliferation of diversity committees and inclusion initiatives, corporate law firms remain overwhelmingly white and male, especially at leadership levels. Here, minority attorneys discuss their reasons for leaving a large firm.

  • June 15, 2018

    Taking On The ‘Petri Dish’ Of BigLaw Bias

    The often-informal processes for deciding matters like compensation at law firms can create, as one expert put it, a “petri dish” for the effects of unconscious bias. Here’s how some firms are looking to shake up the system.

  • June 15, 2018

    The Best Firms For Minority Attorneys

    While U.S. law firms have long vowed to make their ranks more diverse and inclusive, the industry has long failed to deliver on those promises. Here are the firms making some headway, according to this year’s Diversity Snapshot.

  • June 15, 2018

    Law360’s Diversity Snapshot: By The Numbers

    Efforts to increase diversity have again yielded few meaningful changes in law firm demographics, according to Law360’s annual headcount survey, even as law schools continue to enroll students of color in increasing numbers.

  • June 15, 2018

    Law360’s Pro Say: What BigLaw Should Do About Diversity

    For years law firms have had programs aimed at increasing attorney diversity, but nothing is working. On this week’s Pro Say podcast we take a look at our latest survey of diversity at law firms, and unpack what experts say are the things that could actually move the needle on this issue.

  • June 15, 2018

    Indian Bank Seeks Ch. 11 Exam Of Alleged Fraudster, Others

    Punjab National Bank, the alleged victim of a seven-year, billion-dollar bank fraud by diamond mogul Nirav Modi and his uncle, asked a New York bankruptcy court on Thursday for permission to subpoena Modi and others connected to three Modi-linked jewelry companies that are under court protection in the U.S.

  • June 15, 2018

    Weinstein Co. Floats Deal With 'Hotel Mumbai' Producers

    Bankrupt film studio The Weinstein Co. filed a motion Friday in Delaware seeking approval of a proposed settlement with the producers of a film about the 2008 terror attacks on Mumbai, India, that would resolve a dispute over who owns the distribution rights to the film.

  • June 15, 2018

    Ch. 11 Case Solutions Tightened As Jevic Anniversary Passes

    A year and some change after the U.S. Supreme Court ruled that so-called structured dismissals of Chapter 11 cases cannot sidestep the Bankruptcy Code's “absolute priority” rule, practitioners feel relieved the decision didn’t altogether upend creditor “priority-skipping” payments, but say case liquidation now looms larger.

  • June 15, 2018

    $300M Pellet Facility Bankruptcy Suit Kicked To Fed. Court

    A federal magistrate judge in Louisiana has removed a lawsuit from state court against a German insurance company that issued a policy covering a now-bankrupt $300 million heating pellet facility, finding that the matter invokes an international arbitration clause.

  • June 15, 2018

    US Trustee Slams IHeartMedia Executive Bonuses

    The U.S. Trustee on Thursday asked a Texas bankruptcy court to reject iHeartMedia Inc.’s plan to pay its top executives up to $25 million in bonuses, saying the company has failed to show the plan’s performance goals are a challenge or how the executives would help reach them.

  • June 15, 2018

    Maxus Trustee Targets YPF, Repsol In $14B Ch. 11 Fraud Suit

    The liquidating trust for bankrupt Maxus Energy on Thursday launched a potential $14 billion, 23-count adversary suit in Delaware Bankruptcy Court against Spanish energy giant Repsol SA and Argentina-based YPF SA, accusing both of using Chapter 11 to duck U.S. environmental liabilities.

  • June 14, 2018

    Casino Ch. 7 Trustee Wins Bid To Capture CEO’s Assets

    An Illinois federal judge agreed Wednesday to compel the turnover of assets from the deceased chief executive of a Chicagoland casino to its bankruptcy trustee, ruling that the CEO had fraudulently transferred them to his wife.

  • June 14, 2018

    Augustus Energy Cleared For $14M Del. Ch. 11 Asset Sale

    Gas well developer Augustus Energy Resources LLC secured Delaware bankruptcy court approval Thursday for a $14.2 million all-asset sale to its lone bidder, Texas-based Own Resources LLC, after a monthslong search for other offers.

  • June 14, 2018

    Insurers To Pay Minn. Diocese $15M For Sexual Abuse Claims

    The Diocese of Duluth on Wednesday asked a Minnesota bankruptcy court to approve settlements totaling more than $15 million with a pair of insurers to end their disputes over coverage for sexual abuse claims against local clergy.

Expert Analysis

  • Defining A Shareholder's Bankruptcy Veto Power

    Sarah Borders

    The Fifth Circuit's recent decision in Franchise Services of North America should give comfort to investors that seek to negotiate consent rights with respect to a bankruptcy filing. The fact that an investor also holds a claim against the company will not, in and of itself, invalidate a bankruptcy consent provision, say attorneys with King & Spalding LLP.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 1

    Craig Levinson

    Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.

  • Establishing Diversity When A Trust Is Involved

    Andrew McClain

    The Third Circuit's opinion in GBForefront v. Forefront Management makes clear that traditional trusts and business trusts are treated differently for purposes of diversity jurisdiction. At the same time, the case begs the question of how to differentiate between a business trust and a traditional trust, says Andrew McClain of Foley & Lardner LLP.

  • The State Of Creditor Recovery Efforts In Venezuela: Part 2

    Richard Cooper

    The next several weeks may shed a great deal of light on how vulnerable Venezuela and its state-owned oil company PDVSA are to creditor collection efforts. Bondholders should also closely monitor developments in the U.S. bribery suit brought by the PDVSA U.S. Litigation Trust, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP. 

  • The State Of Creditor Recovery Efforts In Venezuela: Part 1

    Richard Cooper

    There is a large pool of creditor claims against Venezuela and its state-owned oil company PDVSA that are not yet in litigation. Until recently, creditors had little incentive to litigate, but that may be changing for two reasons, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP. 

  • Opinion

    Why Widespread Use Of Live Video Testimony Is Not Justified

    Geoffrey Wyatt

    Despite the partiality some courts have shown to live video testimony, it provides no advantages — and several disadvantages — over the tried-and-true method of videotaped depositions, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Series

    Judging A Book: Wallach Reviews 'Uncivil Warriors'

    Judge Evan Wallach

    "Uncivil Warriors: The Lawyers' Civil War," by Peter Hoffer, is a new book about the involvement of lawyers on both sides in the American Civil War. The discussion is enlightening and often fascinating, but falls short in several key areas, says Federal Circuit Judge Evan Wallach.

  • Structured Finance Is Safe Despite Merit Ruling

    J.R. Smith

    While the U.S. Supreme Court’s decision in Merit Management v. FTI Consulting seemingly narrowed the reach of the Section 546(e) safe harbor, it did little to change the landscape for the multibillion-dollar U.S. structured finance industry, including warehouse lending structures, say J.R. Smith and Shannon Daily of Hunton Andrews Kurth LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • 9th Circ. Rejects Textualist Approach To Bankruptcy Code

    Steve Werth

    The Ninth Circuit's recent decision in Lee v. Field indicates that the court will adopt a commonsense interpretation of the Bankruptcy Code, closer in line to the practical rulings made by bankruptcy courts than those of the U.S. Supreme Court, says Steve Werth of SulmeyerKupetz.