Bankruptcy

  • February 12, 2018

    Gun Maker Remington To File Ch. 11 To Slash $700M In Debt

    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.

  • February 12, 2018

    Takata Paves Way For Ch. 11 Exit With Tort Committee Deal

    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.

  • February 9, 2018

    Plaintiffs Want To Rework $1B Deal With GM Ch. 11 Trust

    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.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    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.

  • February 9, 2018

    Aerogroup Licensee Opposes Sale That Would End Its Rights

    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.

  • February 9, 2018

    Archer & Greiner Nabs NYC Bankruptcy Boutique

    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.

  • February 9, 2018

    SEC Seeks Contempt For Accused Woodbridge Ponzi Boss

    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.

  • February 9, 2018

    Ticket Co. CEO Plans Guilty Plea In Ponzi Scheme Case

    Jason Nissen, the former CEO of bankrupt ticket brokerage National Events Holdings LLC, is planning to enter a guilty plea, his lawyer told a Manhattan federal judge Friday, after prosecutors charged him with running the business as a $70 million Ponzi scheme.

  • February 9, 2018

    UBS Escapes $2.9B Madoff Feeder Fraud Suit In 2nd Circ.

    A federal appeals court rejected a $2.9 billion suit against UBS AG and others on Friday over their role in Bernie Madoff's Ponzi scheme, saying the lower court was correct to take the case out of state court and to find that it lacked the authority to allow the case to proceed further.

  • February 8, 2018

    Bankrupt Cumulus Gets OK To Pay Employee Bonuses

    Hundreds of employees of bankrupt radio giant Cumulus Media Inc. will see 2017 incentive bonuses paid out after a New York bankruptcy judge approved four bonus programs on Thursday.

  • February 8, 2018

    Lehman Puts Finishing Touch On MBS Claims Estimation Trial

    Attorneys for Lehman Brothers Holdings Inc. held firm in closing arguments Thursday that trustees accusing the defunct investment bank of selling toxic mortgage-backed securities have failed to show damages claims in excess of the $2.4 billion Lehman will accept.

  • February 8, 2018

    Bankrupt Hotel Developer Must Face Bid For $15M Payout

    A group of investors in an Iowa hotel franchise can continue to pursue roughly $15 million in fraud judgments against a former business partner who they claim hid millions of dollars in assets and filed for bankruptcy to avoid paying up, a Minnesota federal judge ruled Wednesday.

  • February 8, 2018

    TerraForm Can't Use SunEdison To Halt $231M Suit

    A New York state judge Tuesday rejected a request by SunEdison yieldco TerraForm Power LLC to put a $231 million investor suit on hold pending SunEdison’s emergence from Chapter 11, saying the green energy giant faces no new liability from the suit.

  • February 8, 2018

    5 Cos. Price IPOs Totaling $959M Despite Market Turbulence

    Four operating businesses and a blank check company priced initial public offerings that began trading Thursday after raising $959 million at various points in their price ranges, completing deals despite renewed market volatility.

  • February 8, 2018

    Judge Skeptical Of Dewey CFO's Bid To Vacate Conviction

    Former Dewey & LeBoeuf LLP Chief Financial Officer Joel Sanders got a cold reception from a New York state judge when he argued for his conviction to be nixed on Thursday, with the judge questioning whether a key witness had truly recanted.

  • February 8, 2018

    Ascent Resources Marcellus OK'd For Quick Prepack Ch. 11

    A Delaware bankruptcy judge on Thursday gave Ascent Resources Marcellus Holdings LLC the green light for a prepackaged Chapter 11 case aiming for a six-week confirmation target to rework roughly $1 billion in debt, allowing the oil and gas developer and producer to fund its proceedings with lender cash.

  • February 8, 2018

    Accused Ponzi Leader Seeks End To SEC’s $1B Asset Freeze

    Accused Ponzi scheme architect Robert H. Shapiro asked a Florida federal judge late Wednesday to lift or modify a U.S. Securities and Exchange Commission freeze on some $1 billion in assets under his control, citing limitations in a recent U.S. Supreme Court ruling and calling the lock-up excessive.

  • February 7, 2018

    Judge Questions Attys' Fees In 2 Takata Air Bag Deals

    A Florida federal judge expressed concern Wednesday about the attorneys' fees requested in settlements worth more than $702 million between Honda, Nissan and a class of vehicle owners who sued the car manufacturers over the cost of replacing their defective Takata air bags.

  • February 7, 2018

    Bankrupt Solar Panel Installer Hit With WARN Suit

    A pair of ex-employees of bankrupt solar panel installer Level Solar Inc. on Wednesday took their claims that the company laid off them and hundreds of other workers without notice to New York bankruptcy court, filing an adversary claim alleging the company broke state labor law.

  • February 7, 2018

    Macaroni Grill Plan Confirmed Over WARN Class Objection

    The Chapter 11 plan of bankrupt restaurant chain Romano's Macaroni Grill received court approval Wednesday in Delaware after a judge overruled the objections of a proposed class of terminated employees who said the plan wasn't feasible.

Expert Analysis

  • Series

    Judging A Book: Kendall Reviews 'On The Jury Trial'

    Judge Virginia Kendall

    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)

  • Do I Need New Trial Counsel? 9 Questions To Ask

    Russell Hayman

    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.

  • Lessons On Atty Fee Recovery In Stay Violation Litigation

    Jeremy Retherford

    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.

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    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.

  • Series

    My Supreme Court Debut: Just Me And My Flash Cards

    Matthew McGill

    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.

  • 3rd Circ. Confirms Limits Of The Rooker-Feldman Doctrine

    Steven Wilamowsky

    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.

  • How To Control Data As Technology Complicates E-Discovery

    Peter Ostrega

    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.

  • What To Do With Performance Bonds When Projects Default

    Gary Strong high rez.jpg

    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.

  • Oil States Patent Dispute Will Affect Bankruptcy Courts

    Benjamin Feder

    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.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.