Bankruptcy

  • July 14, 2017

    Takata Asks Bankruptcy Court To Halt Loads Of Air Bag Suits

    Takata asked the Delaware bankruptcy court late Thursday to halt hundreds of lawsuits connected to its defective air bag inflators, including ones brought by government agencies in Hawaii, New Mexico and the U.S. Virgin Islands, arguing that normal bankruptcy protections may not be enough for a Chapter 11 pause.

  • July 13, 2017

    Ex-Lehman Workers Denied $300M In Deferred Pay Claims

    A New York bankruptcy judge on Thursday denied a request from hundreds of former Shearson Lehman Brothers Inc. workers seeking up to $300 million in deferred pay, agreeing with the defunct investment banker’s liquidating trustee that previously signed agreements subordinate their claims.

  • July 13, 2017

    Appeals Court Expands Protection Of NY Reporter Shield Law

    Reorg Research Inc. doesn’t have to reveal the confidential sources behind its reporting on Murray Energy Corp.’s efforts to stave off bankruptcy, a New York state appeals court held Thursday, overturning a lower court’s ruling that the subscription-based service wasn’t covered by the state’s shield law.

  • July 13, 2017

    Trade Groups Kept Out Of Lehman's $1B Bank Clawback Fight

    Three financial industry groups were barred from filing amicus briefs Thursday supporting several big banks from which a Lehman Brothers unit seeks to claw back $1 billion in swaps transactions, with a New York federal court saying the bankruptcy appellees are plenty able to argue the case themselves.

  • July 13, 2017

    FDIC Rips Insurer's Bid To Escape Puerto Rico Bank Dispute

    The Federal Deposit Insurance Corp. and the directors of a failed Puerto Rico bank it is suing over alleged bad loans came together to blast the bank's insurer for its attempt to escape coverage for the suit, saying the insurer is trying to pass off dozens of separate loans as a single prior act.

  • July 13, 2017

    Tidewater Wins OK For Ch. 11 Plan To Rework $2B In Debt

    Tidewater Inc. won confirmation Thursday for its Chapter 11 plan to rework some $2 billion in debt after the oil drilling support company resolves issues with its equity committee, and a Delaware bankruptcy judge overruled objections from the U.S. Trustee’s Office over the scope of liability releases.

  • July 13, 2017

    Asarco Counsel Can't Play 2 Roles, Union Pacific Says

    An attorney for a copper mining company shouldn’t be allowed to act as both a witness and counsel, Union Pacific Railroad Co. told an Idaho federal judge on Wednesday, arguing that allowing her to do both would violate certain rules during a trial over liability for environmental damages.

  • July 12, 2017

    Creditor Bid To Split National Events Case Draws Skepticism

    A New York federal judge on Wednesday stressed he is still deeply skeptical of a proposed grand bargain between National Events Holdings LLC creditors to split the case into two separate investigations, saying doing so amounts to letting "the debtor investigate itself."

  • July 12, 2017

    MF Global Says Insurer's $15M Bond Post Remains Defective

    Defunct brokerage MF Global on Tuesday doubled down on its bid for a New York bankruptcy judge to strike a $15 million bond posted by its excess insurer Allied World as part of its attempt to arbitrate a coverage dispute between them in Bermuda, arguing the bond is defective and the case should stay put.

  • July 12, 2017

    Justice Breyer On Changing His Mind And Sparring With Scalia

    Justice Stephen Breyer discusses the extent to which oral arguments can influence his thinking and recalls his many debates with the late Justice Antonin Scalia, in the second of two articles based on an exclusive interview.

  • July 12, 2017

    Ex-Lehman Workers Grilled Over $300M Deferred Pay Claims

    Hundreds of former Shearson Lehman Brothers Inc. workers seeking up to $300 million in deferred pay from the defunct investment firm's liquidating trustee are looking at an uphill battle after a New York bankruptcy judge said Wednesday she could not get past "clear documentation" that seemingly subordinates their claims.

  • July 12, 2017

    Dallas Man Cops To Diamond Investment Fraud Scheme

    A Dallas man on Tuesday pled guilty to a mail fraud charge linked to an alleged diamond investment fraud scheme that cost 77 investors nearly $5 million, the U.S. Department of Justice announced.

  • July 12, 2017

    3rd Circ. Told Malpractice Claim Belonged In Bankruptcy Court

    The lawyer for an attorney sued for malpractice by a bankruptcy client urged the Third Circuit on Wednesday to affirm the dismissal of the suit, arguing that the district court correctly found that matter should have been raised before the Chapter 11 plan was confirmed.

  • July 12, 2017

    Marsh Supermarkets Continues Cash Collateral Discussions

    Bankrupt grocery retailer Marsh Supermarkets Holding LLC told a Delaware bankruptcy judge Wednesday the company had filed a new draft of its proposed final cash collateral order and would continue negotiations with creditors to get to a consensual order.

  • July 12, 2017

    New GM Out Of Reach For Car Defect Punitive Damages

    A New York bankruptcy judge found Wednesday that General Motors Co. is shielded from punitive damages from product liability claims based on its prebankruptcy actions.

  • July 12, 2017

    EFH's Largest Creditor Resists Berkshire Hathaway Bid

    Energy Future Holdings Corp.’s purportedly largest creditor threw down the gauntlet Wednesday, arguing it was kept out of the loop on the proposed sale to Warren Buffet’s Berkshire Hathaway it contends comes with an “unconfirmable” Chapter 11 plan, and pushing its own possible alternative or another marketing process.

  • July 12, 2017

    DR Horton Reaches $11M Deal With Bankrupt Fla. Community

    A bankruptcy trustee for a Miami Gardens, Florida, homeowners association has reached an $11 million settlement with D.R. Horton Inc. to resolve claims over the residential developer's allegedly shady business practices after a bankruptcy judge ruled against it last year, according to a Tuesday announcement.

  • July 12, 2017

    CST Industries Unsecured Creditors Blast DIP Loan

    The unsecured creditors of defunct storage tank maker CST Industries Holdings Inc. on Tuesday urged a Delaware bankruptcy court not to approve a final, $15 million debtor-in-possession loan, saying it is too expensive and imposes several improper legal burdens on unsecured creditors.

  • July 11, 2017

    Justice Breyer On The Limits Of Presidential Power

    Justice Stephen Breyer discusses the Supreme Court’s role as a check on executive authority and the global influence on U.S. courts, in the first of two articles based on an exclusive interview with the justice. This is part of a series of exclusive Law360 interviews with current and former Supreme Court justices.

  • July 11, 2017

    Bankrupt Co. Tied To Alleged Ponzi Asks To Sell Event Tickets

    Defunct ticket reseller and alleged Ponzi scheme vehicle National Events Holdings LLC asked a New York bankruptcy court on Monday for permission to sell its remaining stock of 11,000 tickets, saying that if they aren't sold soon, they could become worthless.

Expert Analysis

  • Minnesota’s Law Of Prejudgment Interest Needs Clarity

    Michael Olafson

    The Minnesota federal district court's recent decision in Woods v. K. R. Komarek is the latest example of the continuing lack of clarity in Minnesota’s law of prejudgment interest on liquidated or readily ascertainable claims for money damages. A conflict in this area has lingered since 1984 and needs to be resolved, says Michael Olafson of Lindquist & Vennum LLP.

  • An Interview With Floyd Abrams

    Randy Maniloff

    It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.

  • Bucking Tradition: NewLaw And The Coming Millennials

    Jill Dessalines

    Recent surveys show that law firms won't be able to rely on the flood of associates their business model demands as long as they require them to dedicate all day, most nights, every weekend and all holidays to firm business, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant GC at McKesson Corp.

  • Monthly Column

    Gray Matters: We Feel, We Decide

    DecisionError.jpg

    Despite legal education training and the focus on logic and reason by the courts, lawyers address emotional issues on a daily basis — albeit more indirectly. But a shift to consciously and strategically addressing emotions gives us a powerful tool to help our clients reach faster, better decisions, say dispute resolution experts Robert Creo and Selina Shultz.

  • Opinion

    Justice Kennedy's Moderating Influence On The High Court

    Nan Aron

    The guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.

  • Why Likes And Retweets Are Worth Protecting In Bankruptcy

    Victoria Cioppettini

    Bankruptcy counsel armed with knowledge about how to leverage the potentially lucrative asset of a company’s user-generated content — testimonials, reviews, likes, retweets, shares and other customer-driven communications — will be able to maximize the value of the company, defend litigation without spoliation of evidence, and help the corporation achieve an orderly reorganization, say Victoria Cioppettini and Susan Usatine of Cole Schotz PC.

  • Weekly Column

    Innovating For Wise Juries: Juror-Posed Questions

    Roy Futterman

    One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • What Lenders Must Know About The FSMA: Part 2

    Breia Schleuss

    In the concluding part of this primer on the Food Safety Modernization Act, Breia Schleuss and Rachael Dettmann Spiegel of Faegre Baker Daniels LLP discuss the FSMA’s intentional adulteration rule, foreign supplier verification program and produce safety rule, and how they may affect secured lenders.

  • What Lenders Must Know About The FSMA: Part 1

    Breia Schleuss

    In the first part of this two-part series offering practical advice for lenders looking to understand the Food Safety Modernization Act, Breia Schleuss and Rachael Dettmann Spiegel of Faegre Baker Daniels LLP analyze the components addressing preventive controls for human and animal food and sanitary transportation.

  • 6 Things Every Accounts Receivable Buyer Should Know

    Massimo Capretta

    Over the past several years, nonrecourse receivables financing has been embraced by many major financial institutions and nonbank investors in the U.S. market. Attorneys with Mayer Brown LLP outline some of the legal elements any prospective purchaser should be aware of before a purchase.