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Bankruptcy

  • July 31, 2018

    Global Brokerage Shareholder Can't Use Ch. 11 To See Docs

    The New York bankruptcy judge who approved the Chapter 11 restructuring plan for Global Brokerage Inc. said Tuesday he cannot resolve a discovery dispute in a pending derivatives action against the company’s former and current company directors, saying that must be heard by the trial court in Delaware.

  • July 31, 2018

    Puerto Rico Utility, Bondholders Reach Tentative Debt Deal

    Puerto Rico’s governor, its federally appointed oversight board and a group of bondholders on Monday unveiled a tentative plan to restructure the crushing $9 billion debt load of the island’s ailing power utility, even as other creditors vowed to fight for a better deal.

  • July 31, 2018

    Ryckman Creek Ch. 11 Sponsor Balks At $11M Trustee Claim

    The Chapter 11 plan sponsor and purchaser of the reorganized Ryckman Creek natural gas storage complex Monday objected to the company’s liquidating trustee's claim it is owed an $11 million minimum payment for its share of the company under the terms of the bankruptcy plan.

  • July 31, 2018

    McKinsey Aims To Dismiss RICO Suit Over Ch. 11 Disclosures

    Global consulting firm McKinsey & Co. on Monday asked a New York federal court to dismiss a racketeering action brought against it by the founder of a rival company, saying he has escalated a dispute over bankruptcy disclosure rules into a "baseless and reckless" lawsuit.

  • July 31, 2018

    Furniture Co. Hopeful For Ch. 11 Sales Of Product Lines

    Attorneys for bankrupt furniture manufacturer Heritage Home Group LLC told a Delaware bankruptcy judge Tuesday that it has signed an asset purchase agreement for its luxury product line and is in serious talks with potential buyers for its remaining assets.

  • July 31, 2018

    Rising Star: Kirkland's Chad Husnick

    Kirkland & Ellis LLP's Chad J. Husnick has worked on a slew of huge bankruptcy cases on behalf of big-name companies over his career, including his current role guiding Energy Future Holdings Corp. through massive Chapter 11 proceedings, earning him a spot as one of five bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 30, 2018

    Puerto Rico Board Constitutional Challenges Certified To AG

    A federal judge on Monday certified to Attorney General Jeff Sessions two lawsuits filed last week challenging the constitutionality of Congress' legislative package intended to fix Puerto Rico's debt crisis, asking if the government once again wants to defend the law and creation of a fiscal oversight board.

  • July 30, 2018

    Marsh Must Face Asbestos Claims Once Barred By Trust

    Insurance broker Marsh must face state court asbestos claims that it had argued were categorically barred by a massive asbestos-claim trust from the 1980s, a New York federal judge ruled Monday.

  • July 30, 2018

    Adidas Settlement Paves Way For Closing Of Rockport Sale

    A settlement approved Monday by a Delaware bankruptcy judge among debtor The Rockport Co. LLC, its former owner Adidas AG and Reebok International Ltd. resolved a potential $54 million claim fight between the two parties and will allow Rockport’s $150 million Chapter 11 asset sale to close as soon as Wednesday.

  • July 30, 2018

    Furniture Company Returns To Ch. 11 With $280M Debt

    Home furnishing company Heritage Home Group LLC filed for Chapter 11 protection Sunday night with $280 million in debt, laying out plans to sell assets just five years after its predecessor company also went through bankruptcy.

  • July 30, 2018

    Relativity Media Sees Pushback On Ch. 11 Sale To Lenders

    Relativity Media LLC will have to fight to advance a sale of the company to its senior lenders after the U.S. Trustee's office asked for heightened scrutiny of litigation releases and content distributor Netflix alleged the transaction is tainted by self-dealing orchestrated by the company founder.

  • July 30, 2018

    Whiteford Taylor & Preston Lands 2 Litigation Pros In Va.

    Whiteford Taylor & Preston LLP said on Monday that it had added as partners two former LeClairRyan attorneys with experience litigating banking disputes, construction and bankruptcies, and representing sports agents and athletes, in its Richmond, Virginia, office.

  • July 30, 2018

    Rising Star: Jones Day's Stacey L. Corr-Irvine

    Jones Day's Stacey L. Corr-Irvine has stood out at her firm for making instrumental contributions in major restructuring cases, including handling day-to-day case management for plastics maker M&G USA Corp., earning her a spot as one of five bankruptcy practitioners under age 40 honored by Law360.

  • July 30, 2018

    Lehman Administrators Get OK To Pay Out Surplus Assets

    Administrators of Lehman Brothers International Europe can start paying out remaining assets from the failed U.S. investment bank to creditors after a judge at the High Court in London approved their plans to distribute the surplus.

  • July 27, 2018

    Law360 Names Top Attorneys Under 40

    The 168 attorneys selected as Law360's 2018 Rising Stars are lawyers whose accomplishments belie their age. From guiding eye-popping deals to handling bet-the-company litigation, these elite attorneys under 40 are leading the pack.

  • July 27, 2018

    In 'Rare Case,' Law Firm Beats Atty's Defamation Suit

    A New York federal judge dismissed an attorney’s defamation suit alleging law firm Ressler & Ressler convinced a third party to dump her as counsel, finding that "in this rare case," the attorney failed to diligently pursue discovery and that her current discovery requests would only yield speculative communications.

  • July 27, 2018

    VER Technologies Ch. 11 Plan Confirmed After Settlement

    VER Technologies HoldCo LLC received Delaware bankruptcy court approval Thursday to execute a plan of reorganization reached after the production equipment rental company entered into a global settlement with several classes of stakeholders, allowing it to fulfill plans to merge with a competitor.

  • July 27, 2018

    Indian Bank Gets Ch.11 OK To Subpoena Alleged Fraudsters

    A New York Bankruptcy Judge on Friday agreed to let Punjab National Bank access records and interview executives tied to diamond mogul Nirav Modi and his bankrupt jewelry companies, as the financial institution looks to uncover whether the entities benefited from an alleged seven-year, billion-dollar bank fraud tied to their owner.

  • July 27, 2018

    Dentons And USAE Investors Get OK For $12.2M Deal

    A California federal judge gave final approval to a $12.2 million settlement between Dentons and U.S. Aerospace Inc. shareholders who claimed the company's value was wrongly transferred by an attorney at a law firm acquired by a predecessor of Dentons.

  • July 27, 2018

    50 Cent Wins Sanctions Bid Against Concertgoers

    A U.S. bankruptcy judge has determined that damages are warranted against two Massachusetts women who continued to pursue a personal injury suit stemming from one of hip-hop artist 50 Cent’s concerts, granting the sanctions bid Friday and asking for an accounting of costs.

Expert Analysis

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Options For Failing Marijuana Cos. And Their Creditors

    Brett Theisen

    In the marijuana industry, there is ambiguity surrounding failing businesses because the product remains illegal under federal law. Brett Theisen of Gibbons PC identifies the credit risks associated with lending to, or working with, a marijuana business and highlights key state law solutions for both debtors and creditors.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.

  • A Growing Divide On Trademark License Rights In Bankruptcy

    Luke Barefoot

    The U.S. Supreme Court has been asked to clarify in the case of Tempnology the extent to which trademark license rights survive rejection in bankruptcy proceedings. In the meantime, licensees face continued uncertainty on their ability to use licensed trademarks following rejection, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 1

    John Reed Stark

    Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.

  • A Valuable Precedent On Bankruptcy Vote Designation

    Steven Wilamowsky

    The Ninth Circuit's opinion in Fagerdala represents one of very few circuit-level decisions that touch on vote designation under Section 1126(e) of the Bankruptcy Code — and the severest limit to date upon its application, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 2

    Craig Levinson

    I agree with the legal pundits speculating that NewLaw’s present and future disruptors will radically change the legal services industry, but that change may not come quite as rapidly as predicted. Regardless, now is the time for both the incumbents and the challengers to best position themselves for the eventual shakeup, says Craig Levinson, founder of Levity Partners.

  • Defining A Shareholder's Bankruptcy Veto Power

    Sarah Borders

    The Fifth Circuit's recent decision in Franchise Services of North America should give comfort to investors that seek to negotiate consent rights with respect to a bankruptcy filing. The fact that an investor also holds a claim against the company will not, in and of itself, invalidate a bankruptcy consent provision, say attorneys with King & Spalding LLP.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 1

    Craig Levinson

    Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.