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Bankruptcy

  • November 5, 2018

    National Events Trustee, D&O Insurer Reach $1.65M Deal

    The trustee for bankrupt ticket brokerage National Events Holding has again asked a New York bankruptcy court to authorize a $1.65 million settlement with the company’s directors and officers' insurer over coverage for a suit stemming from the company founder’s $70 million Ponzi scheme.

  • November 5, 2018

    Precious Metals Refiner Hits Ch. 11 With Hopes Of A Sale

    Precious metals refiner Republic Metals Corp. and its affiliates filed for Chapter 11 on Friday in New York bankruptcy court, following the discovery of an inventory discrepancy that led to months of negotiations with lenders over its $177 million in senior debt.

  • November 5, 2018

    Bally's, Casino Dealers Seek OK On $500K Wage Settlement

    A class of Bally's Atlantic City card table dealers and the casino on Monday asked a New Jersey federal judge to grant preliminary approval to a $500,000 proposed settlement in a wage-and-hour suit over payment for attending pre-shift staff meetings.

  • November 2, 2018

    Rajaratnam Tells 2nd Circ. $93M SEC Fine A Bridge Too Far

    An attorney for convicted Galleon Group LLC founder Raj Rajaratnam urged the Second Circuit to reconsider his $92.8 million civil penalty for insider trading, telling the appeals court that U.S. District Judge Jed Rakoff failed to properly take into account the severe criminal penalties he incurred.

  • November 2, 2018

    Cobalt Investors' $147M Deal OK'd In Angolan Oil Bribe Row

    A Texas federal judge on Friday granted investors preliminary approval of their $146.9 million settlement in a securities suit claiming the now-bankrupt Cobalt International Energy Inc. bribed Angolan officials and made misrepresentations that cost the investors billions.

  • November 2, 2018

    Examiner In Jeweler's Ch. 11 Asks To Start Bank Fraud Probe

    The court-appointed examiner in the Samuels Jewelers Inc. bankruptcy case has asked the court for permission to issue subpoenas in his investigation into how deeply the company was involved in a $2 billion Indian bank fraud.

  • November 2, 2018

    Dixie Electric Hits Ch. 11 In Delaware With $295M Debt

    Dixie Electric LLC, which provides electrical infrastructure to energy providers, hit Chapter 11 in Delaware on Friday with $295 million in debt and a planned debt-for-equity swap, citing the downturn in the oil and gas industry as a cause of the company's financial woes.

  • November 2, 2018

    Investors Say TerraForm Can't Use Option To Kill $57M Deal

    Investors in renewable energy power plant company TerraForm Global Inc. on Thursday told a New York federal court the company was wrong to say it should be able to terminate a $57 million settlement that resolved claims the company made misrepresentations in its initial public offering documents because there were too many investor opt-outs.

  • November 1, 2018

    Tilton Cos. Excluded From Zohar Ch. 11 Reports

    Citing the case’s extraordinary sensitivities, a Delaware bankruptcy judge on Thursday approved the withholding of all financial information regarding the Lynn Tilton-controlled portfolio companies now being “monetized” as part of a Chapter 11 for Tilton’s Zohar funds.

  • November 1, 2018

    Sears To License Manufacturing Of Kenmore, DieHard Brands

    Bankrupt Sears Holdings Corp. on Thursday announced that it has inked licensing deals with several other companies to produce and market some of its Kenmore- and DieHard-branded products, a move executives said was one part of their “expansion strategy to unleash the power of these iconic brands.”

  • November 1, 2018

    Gastar Hits Ch. 11 With Plan To Erase $300M In Debt

    Oil and gas producer Gastar Exploration Inc. has filed for Chapter 11 in a Texas bankruptcy court, saying it is the latest victim of the depressed oil and gas market and is seeking to enact a prepackaged restructuring to shed $300 million in debt.

  • November 1, 2018

    Schulte Roth Forced To Aid Platinum Partners Liquidators

    Schulte Roth & Zabel LLP must turn over documents relating to its former representation of two failed Platinum Partners hedge funds to the Cayman Islands-based liquidators who are now winding the funds down, a New York bankruptcy judge said Thursday over the firm's objections.

  • November 1, 2018

    Pharma Co. Cleared To Use Lender Cash In Ch. 11

    A Delaware bankruptcy judge approved first-day motions for Egalet Corp. on Thursday that included allowing the use of lender cash to fund the pharmaceutical company’s operations as it pursues a plan to emerge from Chapter 11 by early 2019.

  • October 31, 2018

    Reorganized Westinghouse Must Return $166M: Ch. 11 Estate

    The Chapter 11 estate of Westinghouse Electric has asked a New York bankruptcy court to force the nuclear power plant builder and its new owner, Brookfield Business Partners LP, to return $134 million that was supposed to be used to pay subcontractors but that Brookfield is allegedly trying to pocket.

  • October 31, 2018

    Tops Ch. 11 Plan Faces Pushback From Gov't Watchdog

    The U.S. Department of Justice’s bankruptcy monitoring program told a New York bankruptcy court on Tuesday that a proposed plan of reorganization by grocery chain Tops Markets LLC contains overly broad third-party releases and an unjustified management incentive plan.

  • October 31, 2018

    Real Estate Firm Fights For Control Of Ex-Exec's Jet

    A California real estate firm whose owner was recently charged with money laundering sought to intervene Wednesday in a dispute over an airplane owned by a former company executive, an attorney who the firm says fraudulently acquired the jet by using company money.

  • October 31, 2018

    Del. Judge Nixes Irish Bank Creditor's U.S. Ch. 15 Suit

    A Delaware bankruptcy judge rejected a creditor’s bid Wednesday for clearance to sue foreign representatives of Irish Bank Resolution Corp. in Delaware for actions in Ireland, saying the proposal was "well beyond the scope" of the bank’s Delaware Chapter 15 case.

  • October 31, 2018

    Pacific Drilling Gets Court Approval Of Ch. 11 Plan

    Pacific Drilling SA is set to put its Chapter 11 case in the rear view after receiving New York bankruptcy court approval Wednesday to restructure $3 billion in debt through a plan of reorganization and seed the company with $400 million in cash going forward.

  • October 31, 2018

    Pharma Co. Egalet Hits Ch. 11 With $129M Debt

    Pharmaceutical company Egalet Corp. hit Chapter 11 in bankruptcy court in Delaware with nearly $129 million in debt and a prepackaged plan that includes a debt-for-equity swap and the purchase of four pain management drugs from another pharmaceutical company.

  • October 31, 2018

    NY Wheel Builder To Seek Ch. 11 Sale Of Project Components

    Mammoet-Starneth LLC told a Delaware bankruptcy court judge Wednesday that it will pursue a Chapter 11 sale of the manufactured components of the large observation wheel it was contracted to build in New York City after the project developer couldn’t secure alternative funding.

Expert Analysis

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    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 Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Equitable Mootness Is Alive And Well In Chapter 9

    Richard Cooper

    Last month's opinion in Bennett v. Jefferson County brings the Eleventh Circuit in line with other courts that have found that the equitable mootness doctrine should apply in Chapter 9. The decision may be particularly relevant in Puerto Rico's ongoing restructuring proceedings, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • How Reckless Judicial Impeachments Threaten Rule Of Law

    Jan van Zyl Smit

    Judicial impeachment fever seems to be spreading through the states, with West Virginia legislators recently voting to remove their state's entire Supreme Court, and lawmakers in Pennsylvania and North Carolina threatening the same. These actions are a serious threat to judicial independence, says Jan van Zyl Smit of the Bingham Centre for the Rule of Law.

  • Series

    Judging A Book: Fogel Reviews 'Good Judgment'

    Judge Jeremy Fogel

    In this time of partisan conflict over judicial selection, a new book by Canadian jurist Robert J. Sharpe —​ "Good Judgment" — represents a refreshing, deeply thoughtful departure from binary arguments about how and why judges make decisions, says U.S. District Judge Jeremy Fogel, director of the Federal Judicial Center.

  • 10 Ways To Prevent E-Discovery Woes

    Debbie Reynolds

    E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.

  • 11th Circ. Changes Course On New Value Defense

    Paul Avron

    The Eleventh Circuit’s decision this month in Kaye v. Blue Bell Creameries confirms that the prior requirement that new value must remain unpaid is no longer the law in the circuit, wiping out a valuable tool for debtors, trustees and post-confirmation estate representatives for avoiding and recovering preferential transfers, says Paul Avron of Berger Singerman LLP.

  • 4 Key Components To New Firm Partnership Agreements

    Russell Shinsky

    A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.