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Bankruptcy

  • September 21, 2018

    Claire’s Gets Nod On Ch. 11 Plan After Clinching Creditor Deal

    A Delaware bankruptcy judge confirmed accessory retailer Claire’s Chapter 11 plan on a mostly uncontested basis Friday after a three-day confirmation hearing during which stakeholders hashed out the details of a deal struck Monday that granted second-lien creditors higher recovery rates.

  • September 20, 2018

    Bankrupt Museum Exhibitor To Auction Off Titanic Artifacts

    Thousands of artifacts dredged up from the Titanic are set to go up for auction in a Florida bankruptcy case next month, with a $19.5 million stalking horse bid in place, according to a sale notice filed Wednesday.

  • September 20, 2018

    Kokesh Defeats JPMorgan's $286M Coverage Award: NY Court

    A New York appeals court on Thursday reversed an order requiring a group of insurers to pay J.P. Morgan Securities Inc. $286 million for settlement costs that Bear Stearns shelled out in a deal with the U.S. Securities and Exchange Commission, saying coverage is precluded based on the U.S. Supreme Court's 2017 ruling in Kokesh that disgorgement is a penalty.

  • September 20, 2018

    J&M Vendors' Skittishness Threatens Ch. 11 Plan Hopes

    The prospects of discount retailer J&M Sales Inc. getting to a confirmed Chapter 11 plan of reorganization dimmed Thursday, when attorneys for the chain of stores told a Delaware bankruptcy judge that its vendors were wary of signing on to a process where they would provide inventory on shortened terms.

  • September 20, 2018

    IHeartMedia Gets OK To Solicit Creditor Votes On Ch. 11 Plan

    A Texas bankruptcy judge issued an order Thursday approving the disclosures and solicitation materials for iHeartMedia Inc.'s Chapter 11 plan, which is expressly opposed by the broadcast media giant's unsecured creditors and has faced challenges from federal authorities.

  • September 20, 2018

    Earl of Sandwich's Quick Win Bid Draws Ire In Caesars' Ch. 11

    Investment adviser Whitebox Advisors LLC blasted an Earl of Sandwich location’s request for an order declaring it the owner of a $3.6 million claim in Caesars’ Illinois federal court bankruptcy, arguing that the evidence shows the now-shuttered Atlantic City eatery had reached a binding preliminary deal to sell the claim.

  • September 20, 2018

    Eckert Seamans Adds To Philly Mass Tort, Litigation Groups

    Eckert Seamans Cherin & Mellott LLC welcomed to its Philadelphia office this month a pair of new members with experience in mass torts, commercial litigation and bankruptcies.

  • September 20, 2018

    Ice Miller Adds Bankruptcy Pro From Wollmuth Maher

    Ice Miller LLP has brought in bankruptcy specialist John Giampolo to join the firm as a partner in its bankruptcy litigation group out of New York City.

  • September 19, 2018

    Trustee Objects To Debt Forgiveness In ActiveCare's Ch. 11

    The Office of the U.S. Trustee objected Wednesday to roughly $4.1 million in debt forgiveness being included in ActiveCare Inc.’s proposed Chapter 11 sale to stalking horse bidder Telcare Inc., calling it an improper setoff.

  • September 19, 2018

    AngioDynamics Says Rival Must Stay In $145M Damages Row

    Medical device maker AngioDynamics Inc. pushed back Wednesday against a competitor’s attempt to toss racketeering claims, arguing in Massachusetts federal court that the competitor is culpable in Biolitec AG’s alleged scheme to avoid paying $145 million in a judgment and contempt fines.

  • September 19, 2018

    FirstEnergy Can't Bar Union Workers From Ch. 11 Bonus Plan

    An Ohio bankruptcy judge denied FirstEnergy Corp.'s bankrupt nuclear generation unit permission to pay its employees up to $100 million in retention bonuses, saying Tuesday that the company hadn’t given sound reasons to exclude union workers from the plan.

  • September 19, 2018

    Tilton Asks To Keep Zohar Portfolio Financials Private

    Patriarch Partners LLC founder Lynn Tilton sought a protective order in the Chapter 11 cases of the Zohar Funds in Delaware bankruptcy court Wednesday, asking to keep private the financial information of companies owned by the funds to preserve the value of the portfolio companies in the event of a sale by Zohar.

  • September 19, 2018

    Liquidators Seek Ch. 15 To Track Cayman Firm's Cash

    The liquidators of a bankrupt Cayman Islands-based investment advisory firm Tuesday asked a New York bankruptcy court to begin Chapter 15 proceedings, saying they need to act to find and protect the U.S. assets they believe the firm has.

  • September 19, 2018

    Mortgage Lenders Seek Appeal Over Venue In Lehman Fight

    Dozens of mortgage loan originators targeted by Lehman Brothers for $1.2 billion in settlement indemnification claims stemming from purchases of shoddy loans asked Tuesday for leave to appeal a decision keeping the adversary suits in New York bankruptcy court, arguing the jurisdictional issue “remains unresolved in the Second Circuit.”

  • September 19, 2018

    Bally's Casino Dealers Push To Revive OT Wage Settlement

    A class of Bally’s Atlantic City card table dealers asked a New Jersey federal magistrate judge Wednesday to reopen a wage-and-hour action alleging employees weren't paid for attending pre-shift staff meetings, saying casino owner Caesars Entertainment Corp.'s emergence from bankruptcy can allow a $500,000 settlement to move forward.

  • September 19, 2018

    3rd Circ. Asked To Weigh In On Nuverra’s Ch. 11 ‘Gifting’

    A Nuverra Environmental Solutions Inc. noteholder who challenged the company’s confirmed Chapter 11 plan last year asked the Third Circuit on Wednesday to weigh in on claims that the plan did not treat unsecured creditors fairly and equitably by permitting “gifting” that led to more recovery for some.

  • September 19, 2018

    Simpson Thacher And Recruiting Firm Settle Payment Row

    Simpson Thacher & Bartlett LLP and a legal recruiter on Tuesday confidentially settled a nearly $1 million dispute in Manhattan federal court over the firm's alleged nonpayment for the placement of a bankruptcy partner, closing the book on a sticky discovery dispute regarding internal firm communications.

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    Nixing Bonuses, Judge OKs Health Co.'s Ch. 11 Financing

    A New York bankruptcy judge gave health screening company Provant Health provisional approval for its debtor-in-place Chapter 11 financing Tuesday, but turned down its proposal to pay up to $650,000 in bonuses to be split among four top executives.

  • September 18, 2018

    WR Grace's $1.6M Tax Win Affirmed By Delaware Court

    A Delaware federal court on Monday affirmed a bankruptcy court ruling that increased reorganized debtor W.R. Grace's 1998 tax refund by $1.6 million, finding that a judge was correct in applying the interest rate included in the company's confirmed Chapter 11 plan.

Expert Analysis

  • The Future Of Authenticating Audio And Video Evidence

    Jonathan Mraunac

    The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • 6th Circ. Clarifies Approach To Mandatory Abstention

    Tamar Dolcourt

    In HNRC Dissolution, the Sixth Circuit took a holistic approach to determining the core nature of a proceeding in bankruptcy, which will likely make it more difficult for litigants to obtain mandatory abstention in certain cases, says Tamar Dolcourt of Foley & Lardner LLP.

  • How NJ Law Protects Tenants By The Entirety

    Bruce Buechler

    A New Jersey state appellate court's decision in Jimenez v. Jimenez shows that when dealing with property owned by a husband and wife as tenants by the entirety, New Jersey law can impose very serious ramifications on a judgment creditor’s efforts to collect or levy on that property, says Bruce Buechler of Lowenstein Sandler LLP.

  • 3 Cautionary Tales For Buyers Of Bankruptcy Claims

    Nancy Peterman

    Courts have usually provided little guidance regarding problems that might affect the use of claims purchased in bankruptcy cases for strategic reasons. With three recent decisions, this dynamic has begun to change, say Nancy Peterman and John Elrod of Greenberg Traurig LLP.

  • New Privacy Laws' Unintended Impact On Bankruptcy Sales

    Walt Sapronov

    When the next downturn occurs, bankruptcies and opportunities for investors to pick up distressed assets on the cheap will follow. Where those assets include customer lists or other personal information protected by new privacy laws in the EU and California, those sales will become more difficult, say Walt Sapronov and Paul Kouroupas of Sapronov & Associates PC.

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • Roundup

    Cities In Distress

    Cities in Distress

    Five years after the city of Detroit filed for Chapter 9 bankruptcy, experts look at the financial troubles of Chicago and other U.S. cities in this special series.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • Series

    Cities In Distress: Municipal Recovery Lessons From Pa.

    Juliet Moringiello

    As we reflect on the five years since Detroit’s bankruptcy filing, Pennsylvania’s experience in intervening in its municipalities’ financial distress provides some useful insights on the problems plaguing municipalities as well as lessons for states, says professor Juliet Moringiello of Widener University Commonwealth Law School.