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Bankruptcy

  • June 4, 2018

    Reinsurance Co. Nets Higher Plan Funding Offer At Auction

    Bankrupt reinsurance firm Scottish Holdings Inc. received court approval Monday in Delaware for a plan sponsorship offer worth nearly $10 million more than an initial stalking horse bid previously approved by the court.

  • June 4, 2018

    Coal Money Stays With Bankruptcy Estate, 6th Circ. Says

    A Sixth Circuit bankruptcy appeals panel on Friday ruled that a man who bought land in Kentucky that had carried mining royalties for the previous owner's heirs can't collect the money because the heirs were part of a Chapter 11 reorganization plan approved long before he laid claim to the property.

  • June 4, 2018

    Justices Back Bankruptcy Protections For Dishonest Debtors

    The U.S. Supreme Court on Monday cemented enhanced protections for financially strapped individuals seeking to wipe away their debts in bankruptcy, resolving a circuit split over the dischargeability of debts procured by fraudulent statements that involve a debtor’s financial condition.

  • June 1, 2018

    Easton Execs Strike Out On Bonus Pay

    A Delaware bankruptcy judge on Friday rejected the bids of three former Easton Baseball/Softball executives to get hundreds of thousands of dollars’ worth of bonuses that they signed away during the asset sale and restructuring of Performance Sports Group Inc.

  • June 1, 2018

    Weinstein Accusers Say Studio Mocked Them In Ch. 11 Reply

    Attorneys for a proposed nationwide class of victims alleging sexual assault and harassment by filmmaker Harvey Weinstein urged a Delaware bankruptcy judge Friday to lift a Chapter 11 stay shielding The Weinstein Co. from a federal racketeering suit, branding some of the studio’s opposition as mockery.

  • June 1, 2018

    Tops Markets Reaches Pension Fund Deal, Sets Up Ch. 11 Exit

    Tops Markets LLC has reached terms to settle a long-running dispute over liability for $184 million in employee benefit fund contributions, telling a New York bankruptcy court on Thursday it agreed to new collective bargaining agreements and pension liabilities that will help its bid to restructure in Chapter 11.

  • June 1, 2018

    Nuke Plant Workers Defeat Scana's Bid To Toss Class Action

    Scana Corp. can't escape from a suit alleging it shares the blame for abruptly shutting down a Westinghouse Electric nuclear reactor project without giving sufficient notice to workers, a South Carolina federal court has ruled.

  • 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.

Expert Analysis

  • 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.

  • Series

    Judging A Book: Hardiman Reviews 'Without Precedent'

    Judge Thomas Hardiman

    In his new book, "Without Precedent: Chief Justice John Marshall and His Times," professor Joel Richard Paul ably explains more than a dozen of Marshall’s most significant opinions, which comes as no surprise​. ​What is a surprise — a pleasant one — is the book's readability, says Judge Thomas Hardiman of the Third Circuit.

  • Top Tax Changes For Law Firms: What Lawyers Need To Know

    Evan Morgan

    For law firms structured as corporations, a lower maximum corporate tax rate and repeal of the corporate alternative minimum tax are good news. But many law firms are pass-through entities, so deduction limitations mean they'll see less benefit from the new tax law, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA.

  • Bankruptcy Notice Lessons From Lyondell

    Robert Millner

    The Eighth Circuit’s decision in Dahlin v. Lyondell Chemical Co., addressing what a debtor needs to include in a claim bar date notice to unknown creditors, makes clear that due process in the notice context is rooted in reasonableness, say Robert Millner and Geoffrey Miller of Dentons.

  • Opinion

    Companies Should Avoid The BigLaw Bonus Structure

    Michael Moradzadeh

    Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.

  • Chief Innovation Officer — The New Star On Legal Teams

    Mark Williamson

    Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

  • Considerations For Appointing Equity Committees In Ch. 11

    Shivani Shah

    Equity security holders are increasingly requesting the appointment of official equity committees to represent their interests in bankruptcy cases. Shivani Shah of Norton Rose Fulbright examines the bases for such appointments and the standard that courts apply in evaluating such requests.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.