The Third Circuit on Wednesday found that investment firm Yucaipa Cos. Ltd. had no standing for its $170 million RICO suit claiming two hedge funds conspired to wipe out its debt claim against bankrupt car hauler Allied Systems Holdings Inc.
A former Kirkland & Ellis LLP partner, whose clients have included Linn Energy in its bankruptcy case and first-lien lenders in Hercules Offshore Inc.’s Chapter 11 liquidation, has joined Willkie Farr & Gallagher LLP in New York.
Velocity Holding Company Inc. and its 18 powersports industry subsidiaries filed for Chapter 11 bankruptcy in Delaware on Wednesday, declaring liabilities of more than $100 million in a comprehensive recapitalization aimed at eliminating $300 million in debt.
There will be only one investigation into the origins of Puerto Rico's crippling debt crisis, a federal judge ruled Wednesday, shutting down a creditor committee's effort to conduct its own probe into some of the island's biggest banks but saying their input should be part of a federal board's ongoing inquiry.
Reorganized security and information firm Altegrity Inc. sought Delaware bankruptcy court clearance Wednesday to settle $24.9 million in disputed tax claims with Oklahoma for $4 million, after a yearslong series of state and bankruptcy court proceedings.
After more than a day of negotiations among bankrupt steel tank maker CST Industries Holding Inc., its creditors and its proposed buyers, a Delaware judge gave his approval Wednesday for a $92.9 million sale transaction that resolved objections from unsecured lenders.
Bankrupt diamond cutter Exelco NV will have to wait a few weeks to learn the fate of competing insolvency proceedings in the United States and Belgium after a Delaware judge on Wednesday declined to decide issues relating to which jurisdiction has the authority to administer the case.
A Delaware bankruptcy judge agreed Wednesday to confirm sexual health and wellness retailer Peekay Acquisition Inc.’s Chapter 11 plan, which centers on a $30 million sale to senior lenders, commending the attorneys for running an efficient and “very, very positive” case.
A New York bankruptcy judge on Wednesday told Westinghouse Electric Co. LLC and former employees at its canceled project to build two new nuclear reactors in South Carolina to come up with a plan to consolidate the former workers' suits against the company over lack of sufficient notice of the project's closure.
Shareholders of the real estate investment trust Resource Capital Corp. who say the company’s board is responsible for a $41 million loss on a loan backed by Puerto Rican hotels urged a New York federal judge on Tuesday not to dismiss their suit, saying that when the board looked into the loss it had a “predetermined outcome” in mind: to let directors off the hook.
An attorney for Marathon Asset Management LP and several Polygon Global Partners funds told the Third Circuit on Wednesday that loan documents gave his clients priority on what remains of a $1.25 billion portion of a $24.5 billion loan that is part of the massive Energy Future Holdings Corp. case.
The governor of Puerto Rico was ardent Tuesday in telling members of Congress that the hurricane-weary and debt-ridden territory will be a model of transparency as it seeks to receive nearly $95 billion in federal aid to help chart its own course on the path to recovery.
Bankrupt steel storage tank maker CST Industries Holdings Inc. told a Delaware judge Tuesday that after a daylong hearing on its proposed sale to a stalking horse bidder, it was close to a deal that would resolve the objections of unsecured creditors and pave the way for a consensual transaction.
Citing weak sales at dozens of its stores, bankrupt health supply retailer Vitamin World Inc. asked a Delaware court Tuesday to quickly lift most restrictions on liquidation sales and store abandonments.
Bankrupt oil and gas driller Venoco Inc. proposed a settlement with the city of Beverly Hills and its school district late Monday, saying it would contribute to the capping and plugging costs of an abandoned well site and related pipeline on the campus of Beverly Hills High School.
Nursing home chain operator Preferred Care Partners on Monday filed for Chapter 11 protection in Texas, saying it and its affiliated nursing homes are being swamped under a wave of pending lawsuits and a recent $28 million injury verdict.
The New Jersey Supreme Court on Tuesday upheld an appeals panel’s decision that anticipated legal fees constitute a valid security interest under the Uniform Commercial Code, dealing a blow to a law firm and an accounting practice creditor who challenged the distribution priority of a bankrupt attorney’s assets.
The restructuring of Breitburn Energy Partners LP is headed for a showdown between the debtor and its fed-up shareholders and unsecured creditors, after those groups promised to fight the proposed Chapter 11 plan to the bitter end in a New York bankruptcy court hearing on Tuesday.
Boeing Co. and bankrupt Alabama Aircraft Industries Inc., which are on opposite sides of a dispute over a $1.2 billion U.S. Air Force contract, each urged an Alabama federal judge Monday to rule in their favor on several claims in the long-running lawsuit and to deny their opponent the same.
Glencore and the Ontario Teachers’ Pension Plan are planning to launch a new base-metals royalty company, KKR nabbed roughly $299 million from the sale of part of its stake in a Chinese appliance manufacturer, and Lufthansa has offered to pay €250 million for assets and employees of bankrupt Alitalia.
A few jurists and commentators have recently caused a stir in the e-discovery community by arguing that litigants should avoid using keyword searches to filter or cull a document population before using predictive coding. This “no-cull” rationale undermines the principle of proportionality at the heart of the recent changes to Federal Rule 26, say John Rosenthal and Jason Moore of Winston & Strawn LLP.
By increasing the likelihood that a Chapter 11 debtor will be required to pay a market interest rate to cram down a plan on secured lenders, the Second Circuit's opinion in MPM Silicones clearly reduces a debtor's leverage in negotiations with secured creditors, say attorneys with Gibson Dunn & Crutcher LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
As widespread claims of sexual misconduct continue to surface in the entertainment industry and beyond, a discussion of how judges treat workplace discrimination cases may be particularly timely. Here, U.S. District Judge John McConnell reviews the book "Unequal: How America’s Courts Undermine Discrimination Law," by professors Sandra Sperino and Suja Thomas.
There remains some debate as to whether events of default can be cured in the absence of, or after the lapse of, an express cure period in credit agreements, and there is little judicial discussion on this specific scenario, say attorneys with Mayer Brown LLP.
In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.
Preparing witnesses to be deposed is a critical element of discovery. It is important to remember that each witness is an individual with unique personal qualities, strengths and weaknesses. Getting to know the witness helps establish rapport and trust, says Alan Hoffman of Husch Blackwell LLP.
Exelon Corp. and Sidley Austin LLP have been working together on both short- and long-term pro bono matters for the past 10 years. We offer a glimpse of how we got started and what we have done in the hope that other corporate legal departments and law firms might find ways to work together to meet the legal needs of the poor, say Kelly Huggins, pro bono counsel at Sidley Austin, and Margaret Balsley-Cross, assistant general counsel at Exelon.
Given the sheer number of rankings and awards for attorneys, how can a potential buyer of legal services sort the wheat from the chaff? In bankruptcy law, the American Board of Certification provides a readily available layer of protection for both practitioners and their clients, says Michael Fielding of Husch Blackwell LLP.
As a master certified barbecue judge with the Kansas City Barbeque Society, I have noticed that the top pitmasters follow a consistent process in approaching each and every competition. Their "secret sauce" — employing project management principles — can also help lawyers achieve success, says Anthony Rospert of Thompson Hine LLP.