The largest unsecured creditor of bankrupt solar cell maker Suniva Inc. filed an adversary complaint late Friday in Delaware seeking to prevent the debtor from having the creditor remove manufacturing equipment it recently purchased at auction from the debtor’s Norcross, Georgia, factory.
A New York bankruptcy judge on Monday approved a request by Aralez Pharmaceuticals Inc. to use up to $1 million from a $5 million debtor-in-possession loan, but instructed the distressed drug distributor to better explain its budget and application of borrowed funds when it seeks the remainder.
Verizon Communications Inc. can’t use its insurance policies to cover the $95 million it paid out to settle claims that it lied to competitor FairPoint Communications Inc. when it sold off some of its landline infrastructure for $2.3 billion, insurers said in a suit filed in New York state court.
Peter G. Johnson, whose cocoa trading business Transmar went under after it deceived lenders out of more than $350 million, was sentenced to three years behind bars by U.S. District Judge Jed Rakoff on Monday, with the judge weighing the loss against Johnson’s life of good works.
Counsel for Norman Seabrook, the former labor boss accused of steering $20 million of union capital to a now-bankrupt hedge fund for a $60,000 bribe, told a Manhattan jury Monday that a key government witness is a “con man” who can't be trusted, but a prosecutor said both men are “cut from the same cloth.”
A liquidating trustee for bankrupt electric car maker Fisker Automotive and its Chapter 11 buyer reported plans Monday for a third round of talks on a "reset" of a capital raise by the company’s new owners that diluted the trustee's original 20 percent share and led to a Delaware lawsuit.
Lehman Brothers’ quest to hold a group of mortgage originators accountable for the $1.2 billion it paid to settle claims after their loans went belly up will stay in New York bankruptcy court, the judge overseeing the defunct investment bank’s Chapter 11 case said Monday.
The Eleventh Circuit on Friday threw out a sanction for a Miami Beach lawyer and his client stemming from a trucking company overtime pay case, saying a decision last fall about conflicting positions taken by a litigant in separate judicial proceedings called for a reversal.
The dissolution of a five-year-old bar group marks the latest setback for disabled attorneys, who often find little support while navigating an inhospitable industry.
In a series of interviews, lawyers tell Law360 how even well-intentioned professors can create barriers, how inclusivity can help a firm’s litigation prowess, and how “inspirational” can be a dirty word.
A committee of unsecured creditors on Thursday asked the Delaware bankruptcy court to halt diabetes patient monitoring company ActiveCare Inc.’s Chapter 11 sale plans, claiming there are problems with proposed financing, the stalking horse bid and the timing of the sale.
A group of noteholders of the Woodbridge Group of Companies LLC says the debtor’s proposed plan disclosure statement is impermissible because it would seek to solicit creditors with potential class claims relating to a Ponzi scheme run by the debtor to assign those claims to a plan litigation trust.
The bankruptcy case of Calrissian LP was converted to a Chapter 7 liquidation Friday when a Delaware judge said the company’s estate needed to explore potential litigation over its failed acquisition of film distribution company Our Alchemy LLC, which led to its own insolvency proceedings.
A company formed by Jay Alix, a critic of consulting giant McKinsey & Co., on Thursday renewed its call for a Virginia bankruptcy court to reopen the Alpha Natural Resources Chapter 11 case, saying it had discovered dozens of conflicts of interest in the case by McKinsey.
A subcontractor on a Washington, D.C., metro improvement project slapped a contract bond provider and an insurance company with a suit in Illinois federal court on Thursday, alleging it’s owed $2.1 million under a payment bond after a bankruptcy court ordered it to give the money back.
Aralez Pharmaceuticals Inc. on Friday said it will sell $250 million worth of assets in separate deals with Canada’s Nuvo Pharmaceuticals Inc. and funds controlled by investment firm Deerfield Management as the company begins bankruptcy proceedings in the U.S. and Canada.
A key prosecution witness in the $20 million cash-for-investment bribery case against former union boss Norman Seabrook told a Manhattan jury Thursday that a designer man-purse and some friendly treatment soothed the defendant when he learned of his less-than-expected $60,000 alleged payout.
Relativity Media LLC defeated a U.S. Trustee objection Thursday to secure bankruptcy court approval of a settlement with its creditor groups that paves the way for a sale of the company to its senior lenders, and was authorized to tap the remainder of a $4 million debtor-in-possession loan.
A liquidating trustee for bankrupt natural gas storage venture Ryckman Creek Resources LLC told a Delaware bankruptcy judge Thursday that Ryckman’s new owner can’t revoke a call-in of $11 million in trustee-held shares, and rejected demands for a $9.5 million price cut.
A New York bankruptcy judge Thursday urged General Motors Co.'s bankruptcy trust and JPMorgan Chase Bank NA to pick up the pace following a bellwether ruling in 2017 intended to resolve a dispute over the nature and value of security interests in GM plants related to a $1.5 billion term loan.
In HNRC Dissolution, the Sixth Circuit took a holistic approach to determining the core nature of a proceeding in bankruptcy, which will likely make it more difficult for litigants to obtain mandatory abstention in certain cases, says Tamar Dolcourt of Foley & Lardner LLP.
A New Jersey state appellate court's decision in Jimenez v. Jimenez shows that when dealing with property owned by a husband and wife as tenants by the entirety, New Jersey law can impose very serious ramifications on a judgment creditor’s efforts to collect or levy on that property, says Bruce Buechler of Lowenstein Sandler LLP.
Courts have usually provided little guidance regarding problems that might affect the use of claims purchased in bankruptcy cases for strategic reasons. With three recent decisions, this dynamic has begun to change, say Nancy Peterman and John Elrod of Greenberg Traurig LLP.
When the next downturn occurs, bankruptcies and opportunities for investors to pick up distressed assets on the cheap will follow. Where those assets include customer lists or other personal information protected by new privacy laws in the EU and California, those sales will become more difficult, say Walt Sapronov and Paul Kouroupas of Sapronov & Associates PC.
People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.
Five years after the city of Detroit filed for Chapter 9 bankruptcy, experts look at the financial troubles of Chicago and other U.S. cities in this special series.
An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.
As we reflect on the five years since Detroit’s bankruptcy filing, Pennsylvania’s experience in intervening in its municipalities’ financial distress provides some useful insights on the problems plaguing municipalities as well as lessons for states, says professor Juliet Moringiello of Widener University Commonwealth Law School.
As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.
Michigan has taken a very aggressive approach to addressing municipal fiscal insolvency. But the state's emergency manager law fails to consider the unintended consequences of short-term financial adjustments, as seen in the case of Flint, say Eric Scorsone and Samantha Zinnes of Michigan State University.