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Bankruptcy

  • January 9, 2019

    Investor Suit Against Defunct Carrier Removed To Fed. Court

    The chairman of a local airport authority who was among those named in a $10 million investors suit alleging that now-defunct airline OneJet misled them about its purported abundant financial resources filed Tuesday for removal to Pennsylvania federal court.

  • January 9, 2019

    CFPB Defends Constitutionality In 9th Circ. Oral Args

    The Consumer Financial Protection Bureau defended the constitutionality of its single-director, independent structure before a Ninth Circuit panel on Tuesday in an appeal brought by a California law firm that wants to be freed from an agency administrative subpoena.

  • January 9, 2019

    Mass. AG Says Starion Misrepresented Distress In Ch. 11

    The Massachusetts attorney general told a Delaware bankruptcy court judge late Tuesday that utility provider Starion Energy Inc. misrepresented its financial distress when filing for Chapter 11 protection and that its petition was made in bad faith, requiring its dismissal.

  • January 9, 2019

    ANR Ch. 11 Case Reopened For McKinsey Conflicts Probe

    A Virginia bankruptcy judge said Wednesday he will reopen the completed Chapter 11 case of Alpha Natural Resources to permit a probe into McKinsey & Co. and allegations that the consulting giant held self-enriching conflicts of interest as a bankruptcy adviser to the coal producer.

  • January 9, 2019

    LBI Noteholder Trustees Object To Del. Ch. 11 Disclosure

    Trustees representing holders of $297 million in notes issued by bankrupt LBI Media Inc. objected Wednesday to the company’s Delaware Chapter 11 disclosure statement, citing concerns ranging from inadequate review time and undisclosed details about company sale plans to provisions for top officer compensation.

  • January 9, 2019

    Facebook Users' Call For Cambridge Analytica Docs Granted

    Under a New York bankruptcy judge's order, a group of Facebook users claiming Cambridge Analytica LLC misused their personal data will get a look at the bankrupt political consultant's documents after Facebook vets them for privacy concerns.

  • January 9, 2019

    US Trustee Flags Promise Healthcare's $3M Exec Bonus Plan

    The U.S. Trustee's Office on Wednesday objected to bankrupt hospital operator Promise Healthcare Group LLC’s plan to pay up to $3 million in bonus pay to an executive if certain targets are met in its planned Chapter 11 sale of assets, contending that the debtors have failed to justify the incentive payout.

  • January 9, 2019

    Biometrics Co. Dodges Claims It Bribed Foreign Execs

    A Texas federal judge has found the creditors’ trustee for bankrupt CryptoMetrics Inc. can’t recover money the biometrics company allegedly paid another security technology firm’s executives to bribe foreign officials, saying the bribes were intended to benefit CryptoMetrics.

  • January 9, 2019

    Fairway Energy's Ch. 11 Case Will Remain In Delaware

    The Chapter 11 case of oil storage company Fairway Energy LP will stay in Delaware after a bankruptcy judge on Wednesday denied a bid by a pair of equity holders to transfer the proceedings to Houston, saying great deference should be given to the debtor’s choice of venue.

  • January 8, 2019

    Weinstein Gets Ch. 11 Doc Access Pending NY Class Motion

    Ex-movie mogul Harvey Weinstein received permission in Delaware bankruptcy court Tuesday to use emails exchanged with accusers leveling sexual misconduct claims against him in his civil and criminal defense, but can't make them public for 48 hours to allow a proposed class of accusers time to seek additional restrictions in New York federal court.

  • January 8, 2019

    National Events To Consolidate Estates, Resolve D&O Dispute

    The debtor entities of defunct ticket brokerage National Events Holdings LLC will be substantively consolidated in bankruptcy to further liquidation proceedings and return money to creditors, a Chapter 7 trustee attorney said Tuesday, noting an agreement reached to settle with the company’s directors and officers insurer.

  • January 8, 2019

    Fairway Energy Fights Call To Move Ch. 11 Case To Texas

    Attorneys for bankrupt oil storage firm Fairway Energy LP told a Delaware bankruptcy judge Tuesday that its Chapter 11 proceedings should remain in the First State to facilitate marketing efforts for its underground oil storage operations on a national level.

  • January 8, 2019

    Cambridge Analytica Exec Can’t Stay Out Of Ch. 7 Case

    The Cambridge Analytica LLC director who signed the consulting firm’s bankruptcy papers can’t use a claim he wasn’t properly served to duck his role as the firm’s representative in its Chapter 7 case, a New York bankruptcy judge has found.

  • January 8, 2019

    J&M Sales' Ch. 11 Creditor Seeks Fast Move To Del. Ch. 7

    The current top remaining creditor of bankrupt discount retailer J&M Sales Inc. on Tuesday defended a call for expedited action on conversion of the company’s Delaware Chapter 11 case to Chapter 7 liquidation, terming the business hopelessly incapable of paying all remaining bills.

  • January 8, 2019

    Beauty Brands' Plan To Seek Speedy Ch. 11 Sale Gets OK

    A Delaware bankruptcy judge gave his nod Tuesday to the Chapter 11 first-day motions for cosmetics retailer Beauty Brands LLC to move forward with plans to continue liquidation sales at 23 closing stores and pursue an expedited process to sell 33 other stores.

  • January 8, 2019

    Gov't Can't Claim $1B Loss At Platinum Criminal Trial

    Prosecutors will not be allowed to introduce evidence of an alleged $1 billion in investor losses at next month's criminal trial for four former Platinum Partners executives accused of defrauding the hedge fund's investors, a New York federal judge ruled Tuesday.

  • January 8, 2019

    Promise Healthcare OK'd To Sell Mo. Hospital For $10M

    A Delaware bankruptcy judge on Tuesday approved Promise Healthcare Group LLC’s $10 million sale of its ownership stake in a St. Louis hospital as the bankrupt hospital operator continues to sell assets in its Chapter 11.

  • January 8, 2019

    Takata Allows $53M Ch. 11 Claim To End Price-Fixing Suit

    Takata has agreed to carve out a $53.2 million unsecured claim in its Chapter 11 for a proposed class of car owners accusing the Japanese auto parts maker of conspiring with others to fix prices.

  • January 8, 2019

    Sears Gives Ex-CEO's Fund 1 Day To Submit Revised Bid

    Sears Holding Corp. told a New York bankruptcy judge Tuesday that it will consider a revised version of a $4.4 billion bid for the company from a hedge fund owned by company chairman and ex-CEO Edward Lampert, giving the retail giant a chance to avoid liquidation.

  • January 8, 2019

    Platinum Liquidators Can't DQ Curtis From Fraud Suit

    Curtis Mallet-Prevost Colt & Mosle LLP won't be disqualified — at least not yet — from defending a former Platinum Partners founder against a suit brought by the hedge fund's liquidators over an alleged $1 billion fraud, despite having represented the fund in the past, U.S. District Judge Jed S. Rakoff said Monday.

Expert Analysis

  • Jurors Should Ask More Questions During Trials

    Matthew Wright

    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.

  • Calif. Ruling Dings Engagement Letter Arbitration Clauses

    Sharon Ben-Shahar Mayer

    The California Supreme Court's recent decision in Sheppard Mullin v. J-M Manufacturing has cast doubt on arbitration clauses in attorney engagement agreements, jeopardizing the efficient resolution of malpractice claims and fee disputes, say Sharon Ben-Shahar Mayer and Mark Drooks of Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.

  • 10 Things We Wish We Were Told When Going In-House

    Dana Lee

    Attorneys at Albert Einstein College of Medicine, Perkins Coie LLP and the Healthcare Association of New York State reflect on lessons they learned the hard way when transitioning to in-house counsel positions.

  • The Virtual Law Team: Advantages For Litigants And Lawyers

    Jessica Cox

    The virtual law team was created as a necessary response to mass tort litigation — however, with advances in technology and ever-increasing specialization of the legal practice, the model should be considered in multiplaintiff litigation of any size, say attorneys at Faegre Baker Daniels LLP.

  • Emerging Cybersecurity Threats In The Legal Industry

    Michael Hall

    Predicting how the cybersecurity landscape will develop is critical for any organization wanting to mitigate the risk of the inevitable future attack. Michael Hall of HighQ Solutions Ltd. discusses five threats to look out for in the next 12 months.

  • The Legacy Of Madoff, A Decade Later

    Mark Kornfeld

    Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP.

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • 3rd-Party Releases Bring Chapter 11 Venue Considerations

    Samuel Schwartz

    Courts are increasingly upholding involuntary releases of third parties and nondebtors in bankruptcy, including recently in the case of Millennium Lab Holdings. This means parties should consider several factors when picking a venue for a Chapter 11 filing, say Samuel Schwartz and Kristina Perez of Brownstein Hyatt Farber Schreck LLP.