The Third Circuit on Tuesday affirmed the 6½-year sentence of a Philadelphia financial planner convicted of pilfering $400,000 from investors to buy a bar that later went bankrupt, saying the lower court was correct in finding he’d lied during the bankruptcy proceedings.
A nearly $12 million bid by a division of hedge fund-owned Digital First Media has tentatively won a Delaware Chapter 11 auction for the Boston Herald, the bankrupt newspaper announced early Wednesday.
Rent-A-Wreck of America Inc. did not enter Chapter 11 proceedings in good faith, a Delaware bankruptcy judge ruled Tuesday, finding the discount car rental company appears to be solvent and has attempted to use the bankruptcy process to “redistribute value from a longtime adversary.”
Real estate investment trust mogul Nicholas Schorsch and three former Schorsch-venture executives won a partial victory Tuesday in a Delaware Chancery Court fight for $18 million in legal fees arising from investor lawsuits and government investigations.
The Woodbridge Group of Cos. told the Delaware bankruptcy court Tuesday that the U.S. Securities and Exchange Commission did not agree to allow Gibson Dunn & Crutcher LLP to continue representing the debtor after a settlement that resolved the agency’s bid for a court-appointed trustee to take over the case.
A Delaware bankruptcy judge gave jewelry and accessories retailer Charming Charlie Inc. the green light Tuesday to poll creditors on its Chapter 11 plan to rework its more than $150 million in debt, approving the debtor’s disclosure statement on the plan after it resolved concerns from unsecured creditors.
The judge presiding over the Chapter 11 case for Breitburn Energy Partners LP said Tuesday he would admit into evidence a recent unsolicited $1.8 billion bid for the oil and gas enterprise, raising questions if the move actually reshapes a fight over the company’s estimated valuation and pending restructuring plan.
A noteholder in envelope maker Cenveo Inc. on Monday asked a New York bankruptcy court to appoint an examiner to look at what it called insider dealing at the company, saying its restructuring plan hands out bonuses to management and shortchanges junior creditors.
The review of tens of millions of pages of documents and a slew of other discovery work has not unearthed “a shred of evidence” that Proskauer Rose LLP and a former partner knew about onetime client Robert Stanford’s massive Ponzi scheme, the firm told a Texas federal judge on Monday.
A three-bidder auction has netted leather upholstery-maker GST AutoLeather a $166.9 million purchase offer, the company told a Delaware bankruptcy judge on Monday, with tentative plans now in the works for a closing in late March.
Environmental lawyers at the U.S. Department of Justice have reached a $6 million consent decree with real estate investment trust and paper and wood mill unit owner Potlatch Corp. in Idaho federal court over the $13.43 million cost for cleanup of environmental contamination that Potlatch allegedly worsened at a former Idaho railroad operation site.
Bankrupt powersports company Velocity Holding Co. Inc. objected Monday to a request by its committee of unsecured creditors to compel the production of discovery into past transactions, saying the group is using a “false and misleading” front to broaden the scope of documents the company already agreed to turn over.
The trustee for Bernie Madoff's shuttered investment firm announced Monday that the bankrupt estate has settled Ponzi scheme profiteering allegations against a feeder fund for just over $76 million, saying the sum covers all transfers received by the fund in the two years preceding the collapse of Madoff's fraud.
Firearm maker Remington Outdoor Co. Inc. said Monday that it plans to file for Chapter 11 protection in Delaware with an agreement in hand with its creditors to slash some $700 million in debt from its balance sheet through an equity swap with term lenders and noteholders.
Takata came to a major settlement over the weekend with the committee representing those suing for wrongful death, personal injury and other claims connected to the deadly air-bag inflators that prompted its bankruptcy, clearing away what was expected to be stiff opposition to the company’s Chapter 11 plan confirmation.
A group alleging damages from defects in old General Motors' cars Thursday asked a New York bankruptcy court for a few more weeks to rework a $1 billion settlement a GM bankruptcy trust backed out of last month, saying the trust has new management and counsel and a deal may still be possible.
Counsel for a group of residential mortgage-backed securities trusts faced skepticism from the bench Friday while delivering closing arguments in a bid to augment the trusts’ allowed Chapter 11 claim against Lehman Bros. Holdings Inc. for selling them misrepresented loans, saying their $11.4 billion damage calculations have been substantially supported.
A licensing partner of bankrupt shoe and accessory retailer Aerogroup International Inc. objected Friday to the debtor’s proposed sale of its assets, arguing that it would breach their long-term licensing deal.
New Jersey-based Archer & Greiner PC has announced it is expanding its bankruptcy group and doubling its New York City presence with the addition of boutique law firm DiConza Traurig Kadish LLP to its bench.
Securities and Exchange Commission attorneys sought a contempt of court finding against accused fraudster Robert H. Shapiro late Wednesday, saying in a federal district court motion that Shapiro failed to comply with an order to disclose family trust assets and accounts under his control.
Lawyers who have left the traditional practice for perceived greener pastures are many. But the circumstances surrounding broadcast journalist Bob Woodruff’s departure are unique. Like none I’ve ever heard, says Randy Maniloff of White and Williams LLP.
As someone who spent half her days last year on the bench presiding over trials, I often find the alarmist calls to revamp the jury trial system a tad puzzling — why is making trial lawyers better rarely discussed? Then along comes a refreshing little manual called "On the Jury Trial: Principles and Practices for Effective Advocacy," by Thomas Melsheimer and Judge Craig Smith, says U.S. District Judge Virginia Kendall of the Northe... (continued)
Initial selection of defense counsel is usually made at the outset of litigation, long before it is known whether the case may actually proceed to trial. Attorneys with McDermott Will & Emery discuss questions in-house lawyers should consider when deciding whether their litigation counsel should remain lead trial counsel in a case proceeding to trial.
Through its recent opinion in Mantiply v. Horne, the Eleventh Circuit joins the Ninth and Fifth Circuits in finding that legal fees incurred by a debtor beyond those necessary to stop a stay violation may be recovered, bringing a number of takeaways for both creditor and debtor lawyers, say Jeremy Retherford and Jonathan Grayson of Balch & Bingham LLP.
On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.
I had not expected to be in the U.S. Supreme Court on March 22, 2016. To me, our opponent's petition seemed quite like a long shot. But clearly I had underestimated the appeal of their argument, says Matthew McGill of Gibson Dunn & Crutcher LLP.
The Third Circuit's recent decision in Philadelphia Entertainment & Development Partners limited the reach of the Rooker-Feldman doctrine as a defense to bankruptcy avoidance actions. The court’s reasoning, however, has implications that go beyond bankruptcy, say Steven Wilamowsky and Sara Ghadiri of Chapman and Cutler LLP.
While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.
Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.
A patent dispute before the U.S. Supreme Court this term, Oil States v. Greene’s, concerns the limits of Congress’ ability to create courts under Article I and therefore raises separation-of-power issues similar to those in Stern v. Marshall, where the Supreme Court limited the authority of the bankruptcy courts, says Benjamin Feder of Kelley Drye & Warren LLP.