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Bankruptcy

  • June 13, 2018

    2nd Circ. Hands ING Bank A Win In Marine-Fuel Lien Dispute

    A Manhattan federal judge erred in quashing ING Bank's lien on a ship's fuel bill and also in entering an "ill-advised" grant of summary judgment in favor of the vessel, the Second Circuit held Wednesday, issuing a reversal in a money fight flowing from the bankruptcy of shipping fuel provider O.W. Bunker.

  • June 13, 2018

    Avenatti's Ex-Partner Seeks Assets To Satisfy $10M Judgment

    A former partner at Eagan Avenatti LLP has asked a California bankruptcy court to turn over the defunct class action firm’s assets to him to satisfy a $10 million judgment — a request that includes payments tied to Michael Avenatti’s representation of Stormy Daniels in her lawsuit against President Donald Trump.

  • June 13, 2018

    Madoff Trustee Recovers $280M In Ezra Merkin Settlement

    The trustee for Bernie Madoff's defunct investment firm Wednesday asked a New York bankruptcy court to approve a $280 million settlement of his claims that disgraced financier J. Ezra Merkin received fraudulent transfers from Madoff’s fund.

  • June 12, 2018

    Concertgoers Object To 50 Cent's Sanction Bid In Bankruptcy

    Two Massachusetts women on Monday fought 50 Cent’s attempt to have a Connecticut bankruptcy judge sanction them for continuing to pursue a personal injury case over one of the hip-hop artist’s concerts, arguing their suit is exempt from restrictions in the rapper’s reorganization plan.

  • June 12, 2018

    MACH Gen Gets Del. Court Nod For $10M DIP Draw

    Bankrupt commercial power producer New MACH Gen LLC secured access to the first half of a proposed $20 million bankruptcy financing loan Tuesday, under a Delaware Chapter 11 reorganization plan that would take two of the company’s three current plants to a confirmation hearing on July 23.

  • June 12, 2018

    Puerto Rico Investors Cry Foul Over Sales Tax Revenue Deal

    Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.

  • June 12, 2018

    The Walking Company's Ch. 11 Plan Gets Court Approval

    The Chapter 11 plan of reorganization of comfort shoemaker and retailer The Walking Company received court approval in Delaware Tuesday, wrapping up its bankruptcy case a little more than three months after it was filed.

  • June 12, 2018

    Delta Pilots' Pension Fund Suit Trimmed To A Single Claim

    A Washington, D.C., federal judge on Monday lopped five claims off a suit accusing the Pension Benefit Guaranty Corp. of shortchanging thousands of retired Delta Airlines pilots by misallocating their insolvent retirement plan’s assets after the company’s 2005 bankruptcy, leaving the agency to face a single fiduciary-duty breach claim.

  • June 12, 2018

    Venezuela's Foley Hoag Attys Can Depart Crystallex Appeal

    The D.C. Circuit said Tuesday that Foley Hoag LLP could withdraw as counsel for Venezuela in its appeal of a district court's confirmation of bankrupt miner Crystallex International Corp.'s $1.2 billion arbitral award, instructing the beleaguered country to secure new representation by July 16.

  • June 12, 2018

    Authentic Brands Makes $340M Bid For Nine West Assets

    Bankrupt fashion accessory maker Nine West Holdings Inc. announced Monday that a "highly competitive" bidding process had resulted in a larger-than-expected bid of over $340 million for its Nine West and Bandolino brands from stalking horse bidder Authentic Brands Group.

  • June 12, 2018

    Deals Rumor Mill: Abraaj, Sportradar, Xiaomi

    Abraaj is accused of owing a private debt specialist roughly $300 million, KKR and Blackstone landed a spot in a second bidding round for a minority stake in Sportradar AG, and smartphone maker Xiaomi aims to raise $5 billion from mainland Chinese investors.

  • June 12, 2018

    Fyre Festival Investor Can Pursue $3M Claim Amid Ch. 7

    A New York bankruptcy judge has agreed to let an investor for the doomed Fyre Festival pursue a $3 million claim against the company and its organizers while the beleaguered concert operation goes through liquidation.

  • June 12, 2018

    Tilton Balks At $500K White & Case Role In Zohar Ch. 11

    Financier Lynn Tilton and her investment firm Patriarch Partners LLC objected Monday to the appointment of White & Case LLP under a $500,000 retainer as counsel to an independent director assigned to the Delaware Chapter 11 cases of her Zohar funds.

  • June 11, 2018

    BMW Can't Immediately Appeal In $33M Fisker Clawback Case

    A Delaware federal judge refused Monday to let BMW immediately appeal a bankruptcy court order keeping alive a $32.6 million clawback suit by the trustee for the estate of electric-car company Fisker, saying there's nothing present to justify such an appeal.

  • June 11, 2018

    Marsh Supermarkets Gets Del. Ch. 11 Liquidation Approval

    Conceding that his decision was a close call, a Delaware bankruptcy judge on Monday confirmed a liquidating Chapter 11 plan for remnants of the Marsh Supermarkets chain, overruling a U.S. trustee objection to provisions for blanket, nonconsensual liability releases.

  • June 11, 2018

    FirstEnergy Excludes Unions From Bonuses, Workers Say

    A collection of unions representing employees at FirstEnergy Corp.'s bankrupt nuclear generation unit filed court papers Friday complaining that the company is seeking to pay nearly all but its unionized workers an aggregate of $100 million in bonuses for staying on the job as operations wind down.

  • June 11, 2018

    2nd Circ. Urged To Seek Texas Justices' View On Sabine Case

    Nordheim Eagle Ford Gathering LLC urged the Second Circuit on Monday to reconsider its ruling that Sabine Oil & Gas Corp. could reject gas-gathering contracts after filing for bankruptcy, arguing the Texas Supreme Court must first decide whether such contracts are linked with drilling lands under state law.

  • June 11, 2018

    Mass. Power Plant Owner Back In Ch. 11 With $700M Of Debt

    A Massachusetts natural-gas power plant owner sought bankruptcy protection Monday in Delaware, listing more than $700 million in secured debt as it pursues confirmation of a prepackaged Chapter 11 plan on a five-week timeline, just four years after a previous in-court reorganization.

  • June 11, 2018

    GM Ignition Switch Suit Goes From SDNY To NM State Court

    A New York federal judge on Monday sent a suit blaming a fatal accident on a GM car’s ignition mechanism back to New Mexico state court, saying the accident at issue took place after GM reorganized and was only “remotely related” to the company’s 2008 bankruptcy.

  • June 11, 2018

    Rehab Network Extends Sale Timeline To Appease Creditors

    Bankrupt drug and alcohol addiction treatment network EBH TopCo LLC on Monday reached a deal with its post-petition lender and its unsecured creditors committee in Delaware to extend the proposed milestones in its asset sale process by about three weeks to address the concerns of the newly formed committee.

Expert Analysis

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Series

    Judging A Book: Berzon Reviews 'We The Corporations'

    Judge Marsha Berzon

    My advice to prospective clerks will now include the suggestion that they read Adam Winkler's new book, "We the Corporations: How American Businesses Won Their Civil Rights," for the same reason I recommend taking a corporations course — appreciating the critical role of business corporations in American life and law, says Ninth Circuit Judge Marsha Berzon.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 3

    Michele Alexander

    In this third installment of their series on how the tax overhaul impacts U.S. media companies, Bracewell LLP attorneys Michele Alexander and Ryan Davis look at how the international and domestic provisions intended to bring tax dollars home have affected media companies' decisions regarding foreign versus domestic production.

  • What ABA’s Position On Harassment Means For Employers

    Minjae Song

    In the #MeToo era, the American Bar Association’s recently passed Resolution 302 is a reminder of harassment policy best practices to all employers, and it should be of particular interest to employers in the legal industry, say attorneys with Hunton Andrews Kurth LLP.

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • Supporting Nontraditional Data Types In E-Discovery

    Jason Paroff

    The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.

  • The Fastest Federal Civil Court For A Decade

    Bob Tata

    Out of 94 district courts nationwide, the Eastern District of Virginia has the fastest civil trial docket in the country, now for at least the 10th straight year. The modern EDVA bench clearly takes pride in efficiently dispensing justice, and this dedication to efficiency has continued even in the face of increased filings, says Bob Tata of Hunton Andrews Kurth LLP.

  • For Some Insurance Claims, Plain Language Isn’t Enough

    Robert Helfand

    Sometimes words with multiple definitions can cause interpretive problems for an insurance policy. One solution is the define-by-association approach, which was used in Kostin v. Pacific recently to determine whether a bankruptcy trustee's action to avoid a transfer of funds can qualify as a claim for personal injury, says Robert Helfand of Pullman & Comley LLC.