Bankruptcy

  • May 7, 2018

    Puerto Rico Finance Monitor Can't Duck Journos' Bid For Docs

    A Puerto Rico district court has ruled that the island’s federally appointed oversight board must turn over internal documents to journalists, a move that severely undermines the board’s claims of broad constitutional immunity and could open the door to future lawsuits against it.

  • May 7, 2018

    EV Energy Investors Seek Appointment Of Ch. 11 Examiner

    A pair of equityholders of bankrupt oil and gas producer EV Energy Partners LP asked a Delaware bankruptcy judge Monday to appoint an examiner in the case to look into potential prepetition transactions that allegedly stripped the debtor of value.

  • May 7, 2018

    Nine West Creditors Warn Of Fight Over $50M DIP Term Loan

    The unsecured creditors of Nine West Holdings Inc. could make it more difficult for the bankrupt women’s shoe and apparel company to gain access to a proposed $50 million debtor-in-possession term loan, as an attorney for the creditors complained Monday that it seemed “exorbitantly expensive” and restrictive.

  • May 7, 2018

    Bertucci's Appeases Creditors With Extended Sale Timeline

    Bankrupt Italian eatery chain Bertucci’s resolved objections Monday in Delaware from the official committee of unsecured creditors in its Chapter 11 case by extending the deadlines for its asset sale procedures and increasing the committee’s budget.

  • May 7, 2018

    Weinstein Co. Says Creditors Trying To 'Sabotage' $310M Sale

    The Weinstein Co. and its unsecured creditors stepped up their feud Monday over an unofficial after-the-deadline bid for the bankrupt business, an offer that TWC said appeared to be a "coordinated effort to sabotage" a $310 million cash deal with Lantern Entertainment LLC.

  • May 7, 2018

    Lehman Deal's Terms Not So 'Plain Vanilla,' 2nd Circ. Hears

    A Korean bank that refused to honor an unsigned settlement after a judge ruled in its favor in a dispute with bankrupt lender Lehman Brothers Holdings Inc. asked the Second Circuit on Monday to reverse a judge’s finding that the deal was binding, saying the “plain vanilla” terms that weren’t addressed in mediation were actually complex.

  • May 4, 2018

    Law360 Reveals Titans Of The Plaintiffs Bar

    They’ve gone up against big-name companies while advocating for plaintiffs ranging from grieving family members to shareholders and consumers in some of the biggest and most well-known cases of the past year.

  • May 4, 2018

    Jumio Investor Claims Leadership Bungling In Ch. 11 Suit

    Six former insiders and counsel of identity-verification startup Jumio, including a WilmerHale partner, were sued in Delaware bankruptcy court on Friday by an investor who said they ruined the company by causing it to forgo opportunities to be recapitalized before it filed for bankruptcy in March 2016.

  • May 4, 2018

    Pa. Atty Blabbed About Confidential Depo, KeyBank Says

    KeyBank NA urged a Pennsylvania federal judge on Friday to sanction a lawyer with McCullough Eisenberg LLC, alleging that the attorney emailed confidential information from a deposition to more than a hundred bankruptcy attorneys operating in the state seeking input on a case.

  • May 4, 2018

    Drivers Fight To Keep Suit Over Fiat Chrysler Recalls Alive

    Two drivers who accused Fiat Chrysler of implementing a new set of defects when it recalled faulty cars said Thursday that a New York bankruptcy judge's decision to shift the suit to California didn't lay the groundwork for dismissal, and the case should be permitted to move forward.

  • May 4, 2018

    New GM Must Face Some Groundwater Claims, Judge Says

    Michiganders with property-contamination claims against GM must submit to the provisions of GM's 2009 bankruptcy sale order, a New York bankruptcy judge ruled Friday — but that order does allow them to press claims over contaminants that were purportedly dumped presale but migrated onto their land post-sale.

  • May 4, 2018

    NRC Nixes Duke Energy License For Failed $24.7B Plant

    The U.S. Nuclear Regulatory Commission has rescinded construction and operating licenses held by Duke Energy Florida LLC related to a $24.7 billion nuclear power plant, putting a lid on the company’s now-failed venture with bankrupt Westinghouse Electric Co.

  • May 4, 2018

    Mammoet, NY Wheel Developer Reach Deal On Ch. 11, Project

    Bankrupt Mammoet-Starneth LLC, the entity hired to design and build the world's largest observation wheel in New York City, announced a resolution Friday allowing the developer to transition to a new contractor and get financing to finish the project while allowing the Chapter 11 case to continue in Delaware.

  • May 4, 2018

    GE Says Subprime Mortgage Unit May Face Ch. 11

    In a U.S. Securities Exchange Commission filing this week, General Electric Co. said its subprime mortgage unit may be heading into Chapter 11 if it is found liable in pending legal action over defective loans.

  • May 3, 2018

    Weinstein Accusers See 11th-Hour Deposition As Scare Tactic

    Accusers bringing sexual abuse allegations against Harvey Weinstein say a Wednesday-night notice by the Weinstein Co. in Delaware bankruptcy court for the handover of creditor communications regarding the Chapter 11 sale of the studio is meant to silence their support for a late bid that creates a fund for abuse victims.

  • May 3, 2018

    CFPB Beats Back Law Firms’ Bid To Chuck Illegal Fee Fight

    Three law firms and two attorneys can’t shake a Consumer Financial Protection Bureau suit claiming they charged millions of dollars in illegal up-front fees for debt relief services, a California federal judge said Thursday, finding many of those fees were collected within the three-year statute of limitations for enforcement actions.

  • May 3, 2018

    GM Trust Seeks OK For Ignition Switch Settlement

    The bankruptcy trust of Old GM Thursday asked for approval from a New York bankruptcy court for a settlement over legacy ignition switch lawsuits that could cost the reorganized New GM $1 billion in stock depending on what number the court puts to the remaining claims.

  • May 3, 2018

    Bankrupt Gun Seller Says It Was Felled By Trump's Election

    Ohio-based firearms distributor AcuSport Corp. filed for Chapter 11 bankruptcy this week, saying it has fallen on hard times ever since the 2016 presidential election because it increased inventory in mistaken anticipation that Hillary Clinton would win, causing a spike in demand.

  • May 3, 2018

    Relativity Media Re-Enters Ch. 11 With Asset Sale Plan

    Film studio Relativity Media LLC on Thursday re-entered Chapter 11 in a New York bankruptcy court with what it says is a plan to sell its assets to a joint venture.

  • May 3, 2018

    'Amityville Horror' Family Challenges Weinstein's Film Deal

    The family at the center of the notorious "Amityville Horror" house filed an adversary complaint Wednesday in the Delaware bankruptcy case of The Weinstein Co., saying the debtor didn’t meet film production milestones and forfeited the film rights to the family’s story.

Expert Analysis

  • Bankruptcy Notice Lessons From Lyondell

    Robert Millner

    The Eighth Circuit’s decision in Dahlin v. Lyondell Chemical Co., addressing what a debtor needs to include in a claim bar date notice to unknown creditors, makes clear that due process in the notice context is rooted in reasonableness, say Robert Millner and Geoffrey Miller of Dentons.

  • Opinion

    Companies Should Avoid The BigLaw Bonus Structure

    Michael Moradzadeh

    Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.

  • Chief Innovation Officer — The New Star On Legal Teams

    Mark Williamson

    Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

  • Considerations For Appointing Equity Committees In Ch. 11

    Shivani Shah

    Equity security holders are increasingly requesting the appointment of official equity committees to represent their interests in bankruptcy cases. Shivani Shah of Norton Rose Fulbright examines the bases for such appointments and the standard that courts apply in evaluating such requests.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

  • New Bribery Suit's Implications For Venezuela Restructuring

    Richard Cooper

    The decision by Venezuela’s state-owned oil company PDVSA to pursue claims in the U.S. over an alleged bribery scheme raises a number of legal and strategic issues not just for the defendants named in the suit, but also for PDVSA’s bondholders and creditors of the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • Bitcoin: A New, Volatile Asset In Bankruptcy

    Erin Jane Illman

    Given the mainstream use of bitcoin and the “staying power” of this cryptocurrency, bankruptcy practitioners need to prepare to see bitcoin as part of the assets in future bankruptcy cases. The volatility of bitcoin value, however, will require bankruptcy courts and parties to come up with creative solutions, say Erin Illman and Robert Cox of Bradley Arant Boult Cummings LLP.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • In Lakeridge, Concurring Justices Take The Spotlight

    Steven Wilamowsky

    The U.S. Supreme Court last week held in Village at Lakeridge that the appropriate standard for determining nonstatutory insider status in bankruptcy is the clearly erroneous standard that was applied by the Ninth Circuit. But the concurring opinions, which address an issue that was not before the court, appear to be more significant, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.