Bankruptcy

  • April 2, 2018

    Hobbico Approved For Pair Of Ch. 11 Asset Sales At $26M

    Bankrupt model vehicle retailer Hobbico Inc. received court approval Monday in Delaware for a pair of asset sales that will bring in $25.8 million in proceeds to the debtor’s estate, with more sales planned for next week.

  • April 2, 2018

    EV Energy Partners Hits Ch. 11, Seeks To Shed $343M In Debt

    EV Energy Partners LP filed for Chapter 11 bankruptcy Monday to implement a prepackaged restructuring support agreement it reached with a majority of its senior lenders to swap old debt for new equity and prune its funded debts by more than $343 million.

  • April 2, 2018

    Failed Developer Asks 1st Circ. To Undo Bankruptcy Judgment

    A failed condominium developer fighting multimillion-dollar debts and criminal harassment charges told the First Circuit on Monday that he was ambushed by a creditor's belated claim in bankruptcy court.

  • April 2, 2018

    FirstEnergy Power Generation Units Seek Relief In Ch. 11

    A group of FirstEnergy Corp. subsidiaries operating the electric utility’s fossil fuel and nuclear power plants across Ohio and Pennsylvania filed for bankruptcy on Saturday with the aim of reducing more than $3 billion worth of funded debt and becoming part of a fully regulated business.

  • April 2, 2018

    Stillwater Loses Appeal Over Transfer Claims For 11 Funds

    A New York federal judge ruled Friday that Stillwater Liquidating LLC cannot bring certain claims over the allegedly fraudulent prebankruptcy transfer of assets out of 11 funds, since they were not debtors in the underlying Stillwater bankruptcy proceedings.

  • April 2, 2018

    Deals Rumor Mill: Shree Renuka, GreenSky, Tabarak

    Shree Renuka Sugars Ltd. is reportedly making a third attempt at selling a pair of Brazilian sugar mills, private financial technology company GreenSky LLC filed confidential plans to list publicly and Tabarak earned more time to finance its deal for the Commercial Bank of Qatar’s stake in United Arab Bank.

  • April 2, 2018

    11th Circ. Revives Bankruptcy Client's Claims Against Attys

    The Eleventh Circuit revived a putative class suit accusing attorneys at Florida-based Kaufman Englett & Lynd PLLC of violating federal law by encouraging a cash-strapped client to put their fees on his credit card while he explored filing for bankruptcy.

  • March 30, 2018

    Probe Sought In Ch. 11 Tied To Alleged Indian Fraudster

    The federal government's bankruptcy watchdog is seeking the appointment of a special examiner to investigate Indian billionaire Nirav Modi's ties to his bankrupt U.S. jewelry businesses, citing accusations that he orchestrated a $2 billion banking fraud in India.

  • March 30, 2018

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

    The last week has seen more than a dozen former professional soccer players sue several financial advisers, the former owner of now-insolvent British fashion chain Jaeger lodge a contract dispute against Lloyds Bank and a private equity fund that bought him out, and Denmark's tax authority lodge an action against Barclays and other firms. Here, Law360 looks at those and other new claims in the U.K.

  • March 30, 2018

    Co. Punished For Dodging Discovery Tied To $75M IP Loss

    A Massachusetts federal judge on Thursday blasted Biolitec AG, its leader and local counsel for making it nearly impossible for AngioDynamics Inc. to collect on a years-old $75 million judgment in an IP dispute, ordering monthly sanctions that could add up to $1 million total until it complies with a discovery order.

  • March 30, 2018

    House Panel Skewers Puerto Rico Fiscal Board's Performance

    The federal board charged with stewarding Puerto Rico's financial rehabilitation has fallen well short of expectations since it was installed nearly two years ago, a U.S. House committee said in a letter Thursday, complaining the board must do more to reach debt restructuring deals with the territory's creditors.

  • March 30, 2018

    Zohar Claims Fund Manager Lacks Standing For Ch. 11 Exit

    A collateral manager opposing Lynn Tilton in a tug of war over the Zohar funds lacks standing to break them out of a Chapter 11 for a pivotal Delaware Supreme Court review, the Zohar bankruptcy debtors said late Thursday.

  • March 30, 2018

    KPMG Hong Kong Exits Fraud Suit Over Work For Failed Firm

    A Massachusetts federal judge on Friday freed a Hong Kong affiliate of KPMG International from a securities fraud suit seeking to hold it and Morgan Stanley responsible for losses on bonds issued by a Chinese calcium carbonate manufacturer that collapsed in 2011 amid an accounting scandal.

  • March 30, 2018

    5th Circ. Says Ch. 11 Crucial In Comcast, Network Debt Row

    A Fifth Circuit panel on Thursday sent a dispute between the bankrupt Houston Regional Sports Network and cable provider Comcast over a $74 million debt back to district court, saying the court had failed to take the Chapter 11 plan into account when it valued the loan’s collateral.

  • March 30, 2018

    Lehman Benefits Plan Blasts Whistleblower 1st Circ. Appeal

    A Lehman Brothers medical insurance plan and asset manager Neuberger Berman have moved to shut down an appeal by a former Lehman employee who claims she was fired for blowing the whistle on the investment bank’s pre-crisis conduct, telling the First Circuit the case must be tossed on ironclad procedural grounds.

  • March 30, 2018

    Hobbico Committee Questions Atty's Ties To Stalking Horse

    The official committee of unsecured creditors of radio-controlled model retailer Hobbico Inc. objected late Thursday in Delaware bankruptcy court to the company’s bid procedures and sale of a tranche of its assets, saying it was uncomfortable with connections between a debtor attorney and the stalking horse bidder.

  • March 30, 2018

    Goodwin Liu Talks Academia, Constitutional Law, Oxtail Stew

    California Supreme Court Associate Justice Goodwin Liu discusses his interest in constitutional law, the transition from academia to judgeship, and the challenges that Asian-Americans currently face in the legal industry, as well as some of his personal hobbies.

  • March 30, 2018

    DC Circ. Sides With NLRB In Newspaper Successorship Row

    The D.C. Circuit on Friday ruled that the National Labor Relations Board was right in determining that a Puerto Rico-based company that purchased a newspaper publisher’s assets out of bankruptcy should have collectively bargained with unionized workers from the defunct company after it hired them for its own version of the publication.

  • March 30, 2018

    Republic Airways Execs Escape Securities Fraud Suit

    A New York federal judge on Thursday tossed a securities fraud claim from investors in Republic Airways, finding they had not shown how statements made by the regional airline's executives during a pilot shortage were misrepresentations or omissions of the truth that harmed their equity in the company.

  • March 30, 2018

    Remington Bankruptcy Could Halt Deal Appeal At 8th Circ.

    Gun owners objecting to the fairness of a settlement ending claims that Remington Arms Co. rifles were made with faulty trigger mechanisms have two weeks to convince the Eighth Circuit that their appeal should proceed after the gun-maker recently filed for bankruptcy, the appeals court said on Friday.

Expert Analysis

  • How To Serve Your Blind Client Effectively

    Julia Satti Cosentino

    While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.

  • Per Plan Or Per Debtor? New Ruling Has Precedential Value

    Luke Barefoot

    While lower courts remain split on the question, the Ninth Circuit in Transwest Resort Properties recently provided the first circuit-level ruling on whether the impaired accepting class requirement applies to bankruptcy plan confirmation on a per-plan or a per-debtor basis. The opinion will have persuasive weight for lower courts that have not previously weighed in, say Luke Barefoot and Dan Soltman of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    Evolving Due Process In The Digital Age

    Stephen Kane

    Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.

  • Under New Tax Law, Time Is Running Out For Ponzi Victims

    Kevin Diamond

    Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.

  • The Meaninglessness Of 'Disinterested'

    Richard Roth

    The Black Elk bankruptcy — related to the criminal indictment and upcoming trial of seven former Platinum Partners and Black Elk executives — involved a claimed disinterestedness that seems to indicate that the Bankruptcy Code’s disinterested requirement is something seasoned counsel can work around, says Richard Roth, a corporate and securities attorney.

  • Centers Of Influence Are Key To Small Law Firm Rainmaking

    Frank Carone

    In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.

  • Feature

    From Law Firm To Newsroom: An Interview With Bob Woodruff

    Randy Maniloff

    Lawyers who have left the traditional practice for perceived greener pastures are many. But the circumstances surrounding broadcast journalist Bob Woodruff’s departure are unique. Like none I’ve ever heard, says Randy Maniloff of White and Williams LLP.

  • Series

    Judging A Book: Kendall Reviews 'On The Jury Trial'

    Judge Virginia Kendall

    As someone who spent half her days last year on the bench presiding over trials, I often find the alarmist calls to revamp the jury trial system a tad puzzling — why is making trial lawyers better rarely discussed? Then along comes a refreshing little manual called "On the Jury Trial: Principles and Practices for Effective Advocacy," by Thomas Melsheimer and Judge Craig Smith, says U.S. District Judge Virginia Kendall of the Northe... (continued)

  • Do I Need New Trial Counsel? 9 Questions To Ask

    Russell Hayman

    Initial selection of defense counsel is usually made at the outset of litigation, long before it is known whether the case may actually proceed to trial. Attorneys with McDermott Will & Emery discuss questions in-house lawyers should consider when deciding whether their litigation counsel should remain lead trial counsel in a case proceeding to trial.

  • Lessons On Atty Fee Recovery In Stay Violation Litigation

    Jeremy Retherford

    Through its recent opinion in Mantiply v. Horne, the Eleventh Circuit joins the Ninth and Fifth Circuits in finding that legal fees incurred by a debtor beyond those necessary to stop a stay violation may be recovered, bringing a number of takeaways for both creditor and debtor lawyers, say Jeremy Retherford and Jonathan Grayson of Balch & Bingham LLP.