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Bankruptcy

  • 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.

  • October 10, 2018

    Sears Adds Turnaround Expert To Board Amid Ch. 11 Reports

    Sears Holding Company has added the CEO of a restructuring advisory firm to its board of directors, amid news reports that the company is preparing to file for Chapter 11 protection.

  • October 10, 2018

    Finance Atty Joins Holland & Knight In Denver

    Holland & Knight LLP has hired finance and bankruptcy attorney Keith Sambur from Haynes and Boone LLP as a partner at its financial services practice group in the Denver office.

  • October 10, 2018

    Navillus Navigates Through Ch. 11, Sees Plan Confirmed

    Navillus Tile Inc., a significant player in major New York City construction projects, received bankruptcy court approval Wednesday to fulfill a plan of reorganization that will allow the contractor to emerge from Chapter 11 intact and placate its once-adversarial union workforce.

  • October 10, 2018

    Deals Rumor Mill: Sears, WeWork, Bayer

    Sears Holdings Corp. is getting ready to file for bankruptcy, SoftBank is in talks to snap up a large chunk of shared-office-space company WeWork, and Bayer AG is reportedly mulling selling off its animal health unit.

  • October 10, 2018

    BioChemics Receiver Named To Help SEC Sniff Out $17M

    After dodging a $17 million payment to the U.S. Securities and Exchange Commission, BioChemics Inc. will have to deal with a court-appointed receiver empowered by a Massachusetts federal judge Tuesday with the ability to find, manage and control the biopharmaceutical company's assets in an effort to make good.

  • October 10, 2018

    Easton Can't Dodge Bulk Of Bat Labeling Class Action

    Easton Diamond Sports LLC has whiffed on its bid to exit a proposed class action alleging it mislabels the weights of its expensive youth baseball bats, after a California federal court tossed a few of the suit’s claims but allowed the meat of it to go forward.

  • October 10, 2018

    One Aviation Hits Ch. 11 In Delaware With $198M In Debt

    Aircraft manufacturer One Aviation Corp. filed for Chapter 11 in Delaware late Tuesday with roughly $198 million in debt and a proposed restructuring support agreement in place for a planned debt-for-equity swap.

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.