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.
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.
A group of Illinois investors who say carmaker Fisker Automotive’s top shareholders duped them into buying its stock just before going bankrupt brought their claims six months too late to proceed under the state’s securities laws, the Seventh Circuit held Monday.
The indenture trustees for priority guarantee notes issued by iHeartMedia Inc. told a Texas bankruptcy court that the distressed broadcast giant should amend its pending financial restructuring plan, contending that prebankruptcy indemnity protections must be preserved.
Two pension funds suing SunEdison for failing to disclose financial problems that later led the renewable energy giant’s stock price to collapse secured class certification on Monday, after a New York federal court split the single proposed class into two separate subclasses.
Atlanta federal prosecutors asked a judge to throw the book at a former name partner of defunct firm Morris Hardwick Schneider on Friday, urging a nearly 22-year sentence for his embezzlement of more than $20 million from the firm and its clients.
Multistate cosmetics retailer Beauty Brands LLC filed for Chapter 11 protection in Delaware on Sunday, carrying roughly $20 million in debt and seeking an emergency order to initiate closing sales at about 25 stores as it pursues an auction seeking a buyer for 33 other stores on an expedited basis.
The U.S. Supreme Court on Monday invited the U.S. solicitor general to weigh in on whether the justices should grant certiorari to Argentina and its state-controlled YPF SA in their bid to stop a suit by two bankrupt Spanish companies over losses allegedly suffered when the oil and gas company was nationalized.
A New York federal judge on Monday denied a request from former Bernie Madoff aide Annette Bongiorno to conclude her six-year sentence for involvement in Madoff’s Ponzi scheme at home, saying she needs to ask the Bureau of Prisons first.
Bankrupt utility provider Starion Energy Inc. objected late Friday in Delaware to a motion to dismiss its Chapter 11 case, saying its petition was filed in good faith in order to save its business after a Massachusetts enforcement action crippled its cash access.
Squire Patton Boggs LLP announced Monday it has added a two-man team of Clark Hill PLC restructuring partners to its Washington, D.C., office.
Sears has reportedly lined up a backup plan in case chairman Edward Lampert’s bid to rescue the beleaguered retailer falls through, Centerbridge Partners is close to selling off P.F. Chang’s to Triartisan Capital Advisors, and BP is considering selling off a 28 percent stake in Shearwater assets.
The fate of billions of dollars in collateral from employer contributions to Puerto Rico's largest public pension fund could hinge on the fact that an official Spanish-to-English translation altered the English name of the fund, an action whose impact on bondholders staking a claim to the collateral was debated Monday before a First Circuit panel.
The Tenth Circuit on Friday refused to nix a deal allowing the trustee of a defunct U.S. talc mine investor to abandon the estate's interest in certain talc deposits, an issue that had arisen in an ultimately unsuccessful underlying investor-state claim against the Slovak Republic.
Wedding gown giant David’s Bridal Inc. secured an uncontested confirmation Friday for its $800 million Delaware Chapter 11 restructuring, just in time for what the retail chain described as the start of its busy season.
Synergy Pharmaceuticals Inc. received bankruptcy court approval Friday to move forward with an auction of its business in Chapter 11 after resolving objections raised by creditors and shareholders over its proposal to set a $200 million offer from Bausch Health Cos. Inc. as the stalking horse bid.
Medical device company Angel Medical Systems Inc. received approval Friday in Delaware bankruptcy court for up to $2.5 million in post-petition financing in connection with its planned Chapter 11 debt-for-equity swap.
The U.S. Supreme Court on Friday took on the task of resolving a circuit court split arising from a consumer bankruptcy case over whether a creditor can be held in civil contempt if, in good faith, it violates a debt discharge injunction.
A former Miramax executive named in a wide-ranging proposed class action against Harvey Weinstein and more than a dozen of his former businesses and associates asked a New York federal court Friday to dismiss the claims against him, given his tenuous connection to Weinstein's alleged sexual misconduct.
The former managing partner at a foreclosure firm asked an Atlanta federal judge on Thursday for eight years in prison for embezzling what prosecutors say was more than $20 million from the now-defunct firm's accounts.
Anthony Thompson’s "Dangerous Leaders: How and Why Lawyers Must Be Taught to Lead" explores the conflict many lawyers face when charged with the responsibility of leadership. The book is an excellent read for all lawyers, says U.S. District Chief Judge Nannette Jolivette Brown of the Eastern District of Louisiana.
Trial lawyers are frequently taught that they should appear invisible during direct examination — that their job is merely to prompt the witness to start speaking. But the most powerful direct examinations are the ones in which the examiner, not the witness, is controlling the pace, say attorneys with Kobre & Kim LLP.
The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.
Following Sears' bankruptcy filing this week, there could be an announcement that the company has agreed to sell its most valuable stores to an affiliate of its largest shareholder, say Karen Park of ParkLaw LLC and Tara Desai of Greenhouse Branding Inc.
With the recent ruling in My Big Coin Pay that bitcoin and other cryptocurrencies are “commodities,” bankruptcy courts will likely have greater discretion regarding how to treat the valuation of cryptocurrencies in a variety of contexts, say Joanne Lee Molinaro and Susan Poll Klaessy of Foley & Lardner LLP.
In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.
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 Pier D'Angelo, chief pricing and practice officer at Allens.
The Sears bankruptcy was filed early Monday, but the company's insolvency has been in plain view in the form of financial market evidence for a very long time. This case presents a prime example of the role such evidence can play for companies, their insiders, and outside advisers and auditors, says J.B. Heaton of the University of Chicago Law School.
In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.
In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.