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Bankruptcy

  • October 15, 2018

    Sears Authorized To Tap DIP Loan In 1st Day Of Ch. 11

    Sears Holdings Corp. accomplished an early set of goals Monday shortly after announcing it had filed for bankruptcy to reshape its physical footprint and reduce a debt load of more than $11 billion, receiving court permission to access $300 million in new financing from its existing lenders.

  • October 15, 2018

    Sears Files Ch. 11 In NY With Sale, Store Closing Plans

    Hours away from a major default and facing pressure to liquidate, Sears Holdings Corp. took its long-struggling retail chain into bankruptcy court early Monday with more than $11 billion in debt and plans to sell assets.

  • October 12, 2018

    Will The Future Of The Supreme Court Bar Be Female?

    While women have made significant inroads into the elite world of U.S. Supreme Court advocacy, last term the number of women arguing at the court hit a decade low. Was it an off year? Or a sign of progress stalled?

  • October 12, 2018

    Supreme Court Women: A Vet & 1st-Timer Talk Gender Disparity

    In exclusive on-camera interviews with Law360, the most prolific female U.S. Supreme Court advocate of the past decade and a first-timer reflect on the status of women in a field still dominated by men.

  • October 12, 2018

    Exco Investors Accused Of Staving Off Its Bankruptcy

    Two secured creditors of bankrupt petroleum driller Exco Resources Inc. hit a group of fellow secured creditors with an adversary proceeding on Friday, alleging units of Fairfax Financial Holdings Ltd. and Bluescape Group abused their insider status for years to saddle Exco with the onerous loans that led to its collapse.

  • October 12, 2018

    Cobalt Investors Seek $147M Deal In Angolan Oil Bribe Row

    A class of Cobalt International Energy investors urged a Texas federal judge Friday to approve a $146.9 million settlement in a securities suit claiming the now-bankrupt company bribed Angolan officials and made misrepresentations that cost the investors billions.

  • October 12, 2018

    Sears' Property Tax Breaks Unearned, School District Claims

    A suburban Chicago school district has sued Sears Holding Corp. ahead of its expected bankruptcy, telling an Illinois state court that the struggling retailer has diverted tens of millions of dollars from local schools through property tax breaks that didn't live up to job creation promises.

  • October 12, 2018

    J&M Deal To Keep 85 Stores Open Moves Ahead In Del. Ch. 11

    A transaction that will keep 85 of the discount retail stores owned by bankrupt J&M Sales Inc. operating received a nod from a Delaware judge Friday, saying the offer from Pegasus Trucking LLC was the highest and best bid in an auction held earlier in the week.

  • October 12, 2018

    Woodbridge Property Investors Take Issue With Ch. 11 Plan

    A group of real estate investors objected Thursday to The Woodbridge Group of Companies’ Ch.11 liquidation plan in Delaware, claiming creditors are not treated equally and that the plan improperly seeks to eliminate certain secured creditors' claims.

  • October 12, 2018

    Deals Rumor Mill: Sears, SoftBank, Athenahealth

    Sears Holdings Corp. reportedly plans to close as many as 150 of its stores as part of its restructuring plan, Nomura and Goldman Sachs are among the banks SoftBank has tapped related to the public offering for its Japanese wireless business, and upward of five would-be buyers are eyeing Athenahealth.

  • October 12, 2018

    6th Circ. Refuses To Rehear Fiat Worker's Race Bias Suit

    The Sixth Circuit has refused to rehear the racial discrimination case of an African-American clay modeler at Fiat Chrysler whose case was dismissed because she did not list her potential civil claims when filing for bankruptcy as required, even though she had yet to file her suit at that point.

  • October 12, 2018

    Manning Gross, Kurowski Shultz To Join Forces In January

    National litigation firms Manning Gross & Massenburg LLP and Kurowski Shultz LLC have announced they will join forces starting next year.

  • October 11, 2018

    Applebee's Franchisee Told To Clarify Risks In Ch. 11 Plan

    Bankrupt Applebee’s restaurant franchisee RMH Franchise Holdings won court approval Thursday for its Chapter 11 plan voting disclosure, but only after a judge ordered changes to make its confirmation and funding risks clearer to creditors.

  • October 11, 2018

    J&M Forced Into Hybrid Asset And Liquidation Sale For Ch. 11

    Bankrupt discount retailer J&M Sales Inc. told a Delaware judge Thursday that its hopes of reorganizing its business had evaporated, forcing it to go forward with an auction that resulted in a hybrid sale that will see some of its stores liquidated while others will be acquired as a going-concern.

  • October 11, 2018

    NY Judge Stays Deposition In Madoff Victims' Law Firm Suit

    A New York federal magistrate judge on Thursday granted Chaitman LLP and Becker & Poliakoff LLP's motion for a stay on deposition discovery in a suit by victims of Bernie Madoff against their former attorney, saying it is appropriate given the costs of the deposition and the firms' pending motions to dismiss.

  • October 11, 2018

    Color Spot's Ch. 11 Plan Disclosures Get Go-Ahead In Del.

    Bankrupt flower grower Color Spot Holdings Inc. received interim court approval Thursday in Delaware for a disclosure statement describing its Chapter 11 plan of liquidation that will see all secured claims satisfied, but won’t provide any recovery to unsecured creditors.

  • October 11, 2018

    Tablet Co. Execs Ink $2.5M Deal Over Pump-And-Dump Claims

    The trustee of bankrupt children’s tablet maker Fuhu Inc. has asked the Delaware bankruptcy court to approve a $2.5 million settlement to end a lawsuit in which the trustee alleged the company’s co-founder and its CEO drove it into Chapter 11 with a pump-and-dump scheme.

  • October 11, 2018

    BHP Says Bankrupt Driller Must Repay $9M In Royalties

    Units of global mining and petroleum giant BHP on Wednesday launched a complaint in Texas bankruptcy court against EXCO Resources Inc., saying the bankrupt driller won't turn over at least $9.3 million in oil and gas production royalties and other payments owed to BHP from drilling properties that EXCO operated.

  • October 11, 2018

    Fyre Festival 'Serial Fraudster' Faces 6 Years, $26M Forfeiture

    Billy McFarland, a young entrepreneur who caught the FBI's attention when his ill-fated Fyre Festival left concertgoers stranded on a remote island, was sentenced to six years in prison on Thursday — far less than the government sought — by a judge who called him a "serial fraudster," and also ordered to pay a $26 million forfeiture.

  • October 11, 2018

    Weinstein Ducks 1 Sexual Assault Charge In NY, But 5 Remain

    A New York state judge dismissed one of six sexual assault charges against former movie mogul Harvey Weinstein on Thursday after the Manhattan District Attorney’s Office indicated there were inconsistencies with a former actress’ account of an alleged assault in 2004.

Expert Analysis

  • 5 More GC Tips For Succeeding As A New Associate

    Jason Idilbi

    Jason Idilbi, former BigLaw associate and general counsel of the tech startup Passport Labs Inc., returns to Law360 to share recent thoughts on best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Series

    Judging A Book: Block Reviews 'Tough Cases'

    Judge Frederic Block

    In a new, extraordinary book, "Tough Cases: Judges Tell the Stories of Some of the Hardest Decisions They’ve Ever Made," 13 of my judicial brethren have courageously and dramatically humanized the judicial process, says U.S. District Judge Frederic Block of the Eastern District of New York.

  • The Possible Death Of Nondebtor Substantive Consolidation

    R. Stephen McNeill

    Although many courts permit substantive consolidation of a debtor and a nondebtor absent unusual circumstances, recent decisions have imposed significant practical limitations that effectively make such consolidation all but impossible, say R. Stephen McNeill and D. Ryan Slaugh of Potter Anderson & Corroon LLP.

  • 8 Innovative Ways To Empower Jurors

    Christopher Campbell

    Much time and attention have been focused on improving lawyers' abilities to communicate with and persuade juries in complex trials. But it is equally important to equip and prepare jurors to become better students in the courtroom, say attorneys with DLA Piper and Litstrat Inc.

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • BVI Companies May See More 'Just And Equitable' Petitions

    Andrew Willins

    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • Florida Courts Are Prepared For A New Wave Of Foreclosures

    Victor Petrescu

    For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.