The Delaware bankruptcy judge presiding over the Takata family of cases said Tuesday that he would grant the company’s Japanese parent Chapter 15 recognition over the objections of a group of plaintiffs suing over the debtor’s dangerously defective airbag inflators who say their due process rights are being squelched.
Last minute talks produced an interim breakthrough Monday on post-petition borrowing and Chapter 11 bidding for bankrupt upholstery maker GST Autoleather Inc., although tensions remain high between unsecured creditors and lenders.
The judge presiding over Puerto Rico’s historic restructuring proceedings ruled Monday that the territory’s insolvent electric company will remain under local government control as it restructures $9 billion worth of debt and addresses operational weaknesses, blocking a federal panel from installing an emergency manager to run the utility.
The Delaware bankruptcy judge presiding over the Takata case ruled Monday that state and government agencies will not be exempted from a five-day extension of a litigation freeze connected to the debtor’s dangerously defective airbag inflators.
A bankrupt natural gas storage complex in Wyoming won a Delaware judge’s approval Monday to put a last-ditch, $16.5 million sale plan to a creditor and investor vote, while acknowledging that substantial opposition will likely blow up the option.
Lenders to the failed production company behind “American Idol” who accuse 21st Century Fox and Apollo Global Management of siphoning off its assets and leaving creditors with scraps as part of a complex merger of production companies they controlled have filed a new suit in New York state court after similar litigation in Los Angeles was put on hold.
The Chapter 11 trustee of F-Squared Investments Inc. on Friday said a pair of excess insurers owe it $7.7 million for the costs the firm ran up defending against the U.S. Securities and Exchange Commission action that bankrupted it, arguing the insurers are wrongly claiming the SEC probe started the day before the policies went into effect.
A Delaware bankruptcy judge gave Romano’s Macaroni Grill final approval Monday for its $5 million post-petition loan after hearing the debtor resolved issues unsecured creditors had with the loan and how it addressed operational costs, but the sides hinted at a bigger fight to come over the Chapter 11 plan.
Pacific Drilling SA on Sunday became the latest company in the offshore oil industry to seek bankruptcy protection, saying it needs to restructure approximately $3 billion in debt to ride out the sector’s current troubles.
Virgin Media Inc. has agreed to a confidential settlement of claims in an $8.8 billion New Jersey state court lawsuit alleging the company and its predecessors never paid for crisis management and turnaround services rendered by investment management services firm W.R. Huff Asset Management Co. LLC.
The last week has seen the Premier League bring a copyright claim against Barclays, Bank of Scotland sue an NHS trust and another suit from liquidators at Bilta who have been accusing banks of participating in a vast carbon trading tax fraud. Here, Law360 looks at those and other new claims in the U.K.
A Delaware bankruptcy judge said Thursday that La Paloma Generating Co. LLC’s buyer, senior creditor LNV Corp., does not have successor liability for what was estimated at $63 million in environmental costs under California’s “cap-and-trade” program, ruling that the regulation itself doesn’t permit it.
An insurer for the Diocese of Duluth, Minnesota, has agreed to pay nearly $9 million to settle a dispute with the diocese over coverage for sexual abuse claims against local clergy, according to documents filed in Minnesota bankruptcy court on Thursday.
The former CEO of security screener Altegrity Inc. has asked a Delaware bankruptcy court to lift restrictions on company insurer payments for her defense against a post-confirmation damage suit, saying she is “unambiguously entitled” to the funds.
Bankrupt storage and cleaning product maker Katy Industries Inc. and the Pension Benefit Guaranty Corp. will submit papers to a Delaware bankruptcy judge after a hearing Thursday on the sale of a nondebtor real estate parcel so the court can determine if it has jurisdiction to decide where the sale proceeds should be directed.
A bankruptcy judge refused Thursday to allow newly bankrupt New York contractor Navillus to pay out worker bonuses at will, deferring a decision after unions holding a $76 million judgment against the company said the power might be used to unfairly move or hide money.
Bankrupt mobile broadband provider Limitless Mobile LLC reached a deal Thursday with its unsecured creditors and the U.S. Department of Agriculture over the status of secured claims lodged by the government on account of grants and loans made to Limitless to build out its wireless network in Pennsylvania.
The largest customer and a key lender to bankrupt Ryckman Creek Resources LLC’s Wyoming natural gas storage complex on Thursday branded the company’s latest Delaware Chapter 11 disclosure “inadequate," saying the documents lack key operating, performance and financial assurances.
21st Century Oncology Holdings Inc. and a putative class of patients claiming the bankrupt cancer treatment center operator exposed their personal information in a data breach told a New York bankruptcy court Thursday they reached an agreement to let the patients' lawsuit proceed.
Two linked investors alleging SunEdison Inc. favored certain creditors when putting together a Chapter 11 exit financing agreement received a blunt rebuke Thursday when a New York bankruptcy judge said their complaints sounded like bitterness over their own offer's rejection, not like legal impropriety.
The justice gap is a well-documented problem and over the past two decades, law firms have mobilized attorneys to provide millions of hours of pro bono every year. But for many in-house counsel, there remains a big hurdle — restrictive multijurisdictional practice rules, says Eve Runyon, president and CEO of Pro Bono Institute.
A New York bankruptcy judge’s recent opinion in the Arcapita Bank Chapter 11 case is certain to have a dramatic impact in adversary proceedings involving foreign defendants. Unfortunately for those foreign defendants, it may now be much more difficult to escape from those proceedings, says Mark Salzberg of Squire Patton Boggs LLP.
To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.
Within their first year, associates should make it a priority to take on a pro bono matter and approach a partner about supervising the project. By collaborating with a partner on a pro bono case, young associates can cultivate sponsorship relationships while simultaneously contributing to the public good, say Michael Scudder and Jay Mitchell of Skadden Arps Slate Meagher & Flom LLP.
As a new attorney, it was astonishing to realize how little I knew. I soon began to appreciate that everyone I met had a unique take or way of doing something. Many things I learned during that first year from my colleagues are still incorporated into my practice today, says Patrick Mendes of Tyson & Mendes LLP.
There are various barriers to corporate pro bono work, including lack of malpractice insurance coverage, limited resources, and the transactional nature of the majority of in-house legal work. But at the end of the day, we’ve overcome many of these barriers, says Ann Warren, associate general counsel of Duke Energy Corp.
The initial hurdle in every case involving bar order litigation is whether the bankruptcy court has jurisdiction to enter the proposed bar order. The Eleventh Circuit’s recent opinion in Fundamental Long Term Care offers the clearest statement to date of the law upholding the power of bankruptcy courts to issue bar orders, say attorneys with Berger Singerman LLP.
Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.
The bankruptcy court bench is the least diverse bench in the federal court system, which is curious given that diversification of the Article I benches is within the control of other federal judges, says U.S. Bankruptcy Judge Frank Bailey of the District of Massachusetts.
Financial Crisis Anniversary
The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.