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Bankruptcy

  • June 1, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen CIS Insurance lodge another claim against IBM, a dispute emerge between a bankrupt mini-bond scheme and its security trustee, and Chubb sue Harvey Weinstein amid a fight over who should pay the cost of defending the movie producer against sexual harassment claims. Here, Law360 looks at those and other new claims in the U.K.

  • June 1, 2018

    Paragon Ch. 11 Trust Seeks To Keep Claims In Bankruptcy

    The litigation trust created under the Chapter 11 plan of offshore oil driller Paragon Offshore PLC argued Friday to keep its adversary action against former parent company Noble Corp. in the Delaware bankruptcy court, saying the company’s plan reserves jurisdiction for prosecution of its claims.

  • June 1, 2018

    Rockport Creditors Challenge Bid Protections In Ch. 11

    The Rockport Co. LLC’s unsecured creditors objected Friday to proposed protections in the footwear maker’s agreement with a stalking horse bidder, saying a $4.5 million breakup fee and $2 million expense reimbursement aren’t appropriate because they’d be due even if the bidder killed the deal, forcing the debtor to liquidate.

  • June 1, 2018

    Texas Grid Regulator’s Immunity Will Hurt Market, Court Told

    Bankrupt power plant owner Panda Power Funds has asked for en banc review of a Texas appellate panel’s ruling granting immunity to power grid operator the Electric Reliability Council of Texas Inc., saying the decision will “destabilize” the state’s competitive energy market.

  • June 1, 2018

    Necco Sold To Backup Bidder After Canceled Auction Deal

    The bankrupt New England Confectionery Co., which manufactures candies including Necco Wafers and Sweethearts, agreed to a $17.3 million takeover by the second highest bidder of a Chapter 11 auction last month after the winning bidder walked away from the deal, the companies said on Friday.

  • May 31, 2018

    Unions Launch Bid To Dismantle Puerto Rico Fiscal Plan

    Three labor unions are suing the U.S. and Puerto Rican governments in an attempt to tear up the island’s federally imposed restructuring process, calling it an unconstitutional deprivation of rights that evokes the “badges and incidents of slavery.” 

  • May 31, 2018

    Disbarred Texas Atty Wins New Trial For Alleged Misconduct

    A Texas state appellate court on Thursday overturned a misconduct finding against an attorney who was disbarred for allegedly lying under oath and hiding assets during a bankruptcy, ruling in a split decision that the lower court was wrong to allow a federal judge to testify against him and ordering a new trial.

  • May 31, 2018

    Guitar Co. Gibson Reaches Deal On $135M DIP Package

    Bankrupt guitar maker Gibson Brands Inc. received final approval Thursday in Delaware for its $135 million post-petition financing package after a week of negotiations with its secured lenders and noteholders.

  • May 31, 2018

    Nine West Creditors Seek Probe Of Sycamore's $2.2B Buyout

    Unsecured creditors of Nine West Holdings Inc. filed bankruptcy court papers asking to launch an investigation into Sycamore Partners' 2014 takeover of the women’s shoe and apparel company, suggesting the $2.2 billion transaction may have enriched the private equity firm at the debtors’ expense.

  • May 31, 2018

    Polsinelli Expands Into Seattle With 8 Foster Pepper Attys

    Polsinelli PC announced Thursday it has opened a new Seattle office, headed by a former CEO of Seattle-based Foster Pepper PLLC and staffed by seven of his colleagues from the firm.

  • May 31, 2018

    Fraud Restitution No Longer In The Eye Of The Bill-Holder

    The U.S. Supreme Court said this week that a mandatory restitution law does not require criminal defendants to foot the bill for company-initiated internal investigations into their crimes, flipping what was the law in many courts and tossing a life raft to some individual defendants.

  • May 31, 2018

    Navillus Ch. 11 Plan Hinges On $176M Appeal In Union Fight

    Construction heavyweight Navillus Tile Inc. has unveiled a Chapter 11 restructuring plan premised almost entirely on winning a pending appeal in the Second Circuit, as the contractor seeks to fend off $176 million in union claims tied to the disastrous district court ruling that pushed Navillus into bankruptcy in the first place.

  • May 30, 2018

    Relativity Media Lender Seeks To Dispel Ch. 11 Concerns

    The joint venture seeking to take over Relativity Media LLC sought Wednesday to assuage any fears that the bankrupt film studio’s Chapter 11 case is being run without consideration for other creditors, promising to engage openly with other parties and continue providing funding for the beleaguered company.

  • May 30, 2018

    Color Spot Approved For Use Of Lender Cash In Ch. 11 Case

    California flower grower Color Spot Holdings Inc. received court approval Wednesday in Delaware bankruptcy court for the consensual use of the cash collateral of senior secured lender Wells Fargo Bank NA to fund its Chapter 11 case.

  • May 30, 2018

    Fox Rothschild Announces Merger With Shaw Fishman

    Philadelphia-headquartered Fox Rothschild LLP has agreed to merge with Shaw Fishman Glantz & Towbin LLC, a 23-attorney firm with focuses in commercial bankruptcy & restructuring, commercial litigation and real estate, according to statements released Wednesday.

  • May 30, 2018

    Takata Special Master Reports How Victims Can Get Payout

    The special master overseeing the handling of a nearly $1 billion restitution fund in the criminal lawsuit over Takata Corp.’s potentially deadly air bag inflators made a report in Michigan federal court Tuesday explaining how victims and their families can request payouts.

  • May 30, 2018

    Circuit City, RadioShack Seek To Revive Disk Drive MDL

    Trustees for bankrupt electronics retailers RadioShack and Circuit City asked the Ninth Circuit on Wednesday to revive their antitrust suit against Samsung and Toshiba, saying a California federal judge erroneously tossed the suit because the retailers failed to show an alleged industrywide price-fixing scheme for disk drives explicitly targeted them.

  • May 29, 2018

    11 Bankruptcy Appeals Resolved In GM Ignition Switch MDL

    A federal judge in Manhattan on Tuesday resolved 11 appeals of a New York bankruptcy court’s rulings related to the storied multidistrict litigation over the recall of millions of General Motors LLC, or New GM, vehicles with faulty ignition switches, breaking with some, but not all, of the bankruptcy court’s rulings.

  • May 29, 2018

    Suits Show Conflict Even At BigLaw's Best Places For Women

    Women have been gaining ground at Ogletree Deakins and Morrison & Foerster, but gender discrimination lawsuits against these firms and others suggest that expanding women's representation doesn’t necessarily lead to equal treatment.

  • May 29, 2018

    Reform Or Retreat? UK Firms Eye Next Steps On Pay Data

    U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.

Expert Analysis

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • Series

    Dissolving Practice: Partner Agreement Clauses That Can Help

    ​​​​​Leslie Corwin

    Given the competing public policies of protecting clients’ right to counsel of their choice, lawyer mobility, and the fiduciary duty partners owe to a dissolved firm, it behooves law firms to carefully review their partnership agreements to make sure they adequately spell out what happens in the unfortunate event that the law firm chooses to wind down, say ​​​​​Leslie Corwin and Rachel Sims of Blank Rome LLP.

  • Series

    Dissolving Practice: The Unfinished Business Doctrine

    Thomas Rutledge

    There has been, of late, significant dispute as to the application of the unfinished business doctrine, particularly with respect to hourly rate matters of now-dissolved large law firms. And the California Supreme Court’s recent decision in Heller Ehrman, like others as to similar points, is highly questionable, says Thomas Rutledge of Stoll Keenon Ogden PLLC.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 1

    Michele Alexander

    While the media has been reporting on tax reform, tax reform will impact the media industry itself. Reform's effects are numerous, from a reduction in tax rates and new deductions to the loss of important deductions and new international regimes that have kept tax experts waiting in anticipation of further guidance, say attorneys Michele Alexander and Ryan Davis of Bracewell LLP.

  • A Cautionary Tale For Sublicensees

    John Loughnane

    Sirius Radio has been defending itself against a patent infringement suit that deserves the attention of any party that has ever sublicensed rights. The case is a reminder that a sublicensee whose licensor commences bankruptcy should pay close attention to the proceedings and take appropriate action, says John Loughnane of Nutter McClennen & Fish LLP.

  • A Notable Footnote In High Court Merit Management Decision

    Elliot Moskowitz

    The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Elliot Moskowitz and Tina Hwa Joe of Davis Polk & Wardwell LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Opinion

    Roman J. Israel, Esquire, Meet Donald J. Trump, POTUS

    Kevin Curnin

    Despite the Trump administration's desire to shut down the Legal Services Corp., thankfully the budget that Congress passed and the president signed into law last week has restored $410 million of funding to the legal aid organization. An unlikely brief for preserving LSC may be found in the quirky Denzel Washington film "Roman J. Israel, Esq.," says Kevin Curnin, immediate past president of the Association of Pro Bono Counsel.

  • Opinion

    We Need A Cybersecurity Framework For Law Firms

    Shaun Jamison

    In order to enable lawyers to best meet cybersecurity challenges, state bars should pass rules that adopt a cybersecurity framework to be developed by a national committee, says Shaun Jamison, associate dean of faculty and professor at Purdue University's Concord Law School.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.