Bankruptcy

  • May 11, 2017

    Greenberg's AIG Loss Strengthens Gov't's Crisis Powers

    The Federal Circuit's decision reversing Maurice R. "Hank" Greenberg's win in his campaign against the U.S. government over its bailout of American International Group Inc. was the latest in a string of defeats for investors challenging financial crisis bailouts, and could further strengthen the government's hand in future crises, experts say.

  • May 11, 2017

    Central Grocers Extends Ch. 11 Cash Use For Another Week

    Bankrupt grocery cooperative Central Grocers Inc. received court approval Thursday in Delaware to continue its use of lender cash for another seven days in anticipation of the filing of a debtor-in-possession financing package.

  • May 11, 2017

    NJ Regulator Approves New Leases For Caesars' Casinos

    The new operation structure of two Atlantic City, New Jersey, casinos currently controlled by Caesars Entertainment Corp. cleared a regulatory hurdle Wednesday when the state’s Casino Control Commission approved the leases for the properties.

  • May 11, 2017

    RadioShack Gets Court OK On Sprint Wind-Down Settlement

    Former electronics retail giant RadioShack gained court approval Thursday for a settlement with Sprint Corp. to unwind the partnership forged in the debtor’s previous bankruptcy nearly two years ago.

  • May 11, 2017

    Ex-Football Team Owner Gets 3-Plus Years In Fraud Plot

    The former owner of the now-defunct Chicago Rush Arena Football League team was sentenced to 41 months in prison Thursday after admitting he lied to the league about his assets in order to purchase the team.

  • May 11, 2017

    The Limited Asks For More Time To File Ch. 11 Plan

    Women’s clothing retailer The Limited Stores Co. LLC on Wednesday asked a Delaware bankruptcy court for about two and a half more months to come up with a Chapter 11 plan, saying that its restructuring is complicated but that it has a draft plan.

  • May 11, 2017

    GM, Car Buyers Spar Over Tronox Ruling In Bankruptcy Case

    A consolidated group of General Motors’ car buyers seeking to bring claims related to vehicle defects against post-bankruptcy GM told a New York bankruptcy court Wednesday that the Second Circuit's recent Tronox decision does not stop them in their tracks, as the carmaker contends.

  • May 11, 2017

    Ryckman Creek Lines Up Ch. 11 Sale Plan

    Ryckman Creek Resources on Wednesday asked a Delaware bankruptcy court to approve a plan to sell the bankrupt energy storage company’s assets.

  • May 11, 2017

    Marsh Supermarkets Opens Del. Ch. 11 With $67M Debt

    Indiana-based supermarket chain Marsh Supermarkets Holding LLC sought Chapter 11 protection Thursday in Delaware, reporting that the company would seek an accelerated sale of more than 40 core stores while closing others to resolve some $67 million in debt and trade liabilities.

  • May 10, 2017

    Trustees Press Ponzi-Scheme Insurance Case At 11th Circ.

    The trustees for bankrupt Rothstein Rosenfeldt Adler PA told the Eleventh Circuit on Tuesday that the professional services exclusion in a directors and officers insurance policy does not bar coverage of a $50 million judgment owed by a bank over its alleged role in enabling a $1.2 billion Ponzi scheme run out of the law firm.

  • May 10, 2017

    Dewey Appeal To Take Broad Look At Tangled Prosecution

    The lone Dewey & LeBoeuf LLP executive convicted at trial is likely on appeal to attack the government's case as an attempt to "rebrand" conduct for which he was already cleared, a strategy that experts say could bring the case's tangled history into play.

  • May 10, 2017

    Weil's High Fees Bid In Bankruptcy Case Gets Bench Slap

    An Iowa bankruptcy judge on Tuesday awarded just half of Weil Gotshal & Manges’ “staggering” nearly million-dollar fees request for representing a lender in the bankruptcy of aerospace parts maker Wellman Dynamics, saying the number of attorneys and hours billed showed “a distinct lack of billing judgment.”

  • May 10, 2017

    NJ Water Agency Demands Docs From Trenk DiPasquale

    A defunct Newark water agency on Wednesday called on Trenk DiPasquale Della Fera & Sodono PC to immediately turn over additional documents after delays in meeting discovery demands related to a lawsuit alleging the firm and others enabled unlawful and wasteful conduct at the agency.

  • May 10, 2017

    Fast Molycorp Injunction Action Denied As Sale Murk Grows

    A Delaware court declined Wednesday to expedite a challenge to a side deal in the upcoming sale of Molycorp Minerals’ remaining bankruptcy assets, as new objections surfaced to increasingly tangled plans for winding up remains of what was once the nation’s largest rare earth mine.

  • May 10, 2017

    Australian Co. Seeks Ch. 15 In Wake Of Tax Avoidance Case

    An Australian borrowing and lending entity that operated within a complex group of companies targeted by Australian authorities for 25 years of tax avoidance asked a New York bankruptcy court on Tuesday for Chapter 15 protection, hoping to avoid obstructions in the process of winding down.

  • May 10, 2017

    Maxus Secures Del. Ch. 11 OK For Sale Of Gulf Assets

    Maxus Energy secured tentative approval for the $15.3 million sale of a large oil and gas well asset Wednesday, as a larger and potentially contested confirmation hearing approaches for the company’s liquidating Chapter 11 plan.

  • May 10, 2017

    Voices Of Desperate SunEdison Shareholders Flood Docket

    In a flurry of objections filed Tuesday and Wednesday, several dozen pained SunEdison Inc. shareholders urged a New York bankruptcy judge to step in and force the green energy giant to explain just how it lost billions of dollars in investment capital.

  • May 10, 2017

    Dutch Court Says Russia Unlawfully Bankrupted Yukos

    A Dutch appeals court on Tuesday said Russia unlawfully bankrupted the once-prominent Yukos Oil Co., deciding that the bankruptcy cannot be recognized in the Netherlands, according to a statement from a foundation that seeks to protect company assets outside Russia.

  • May 10, 2017

    Optima Steel Parent Co. To Contribute $200M In Plan Proposal

    A plan support agreement that will see Optima Specialty Steel Inc.'s parent company contribute $200 million to the estate to satisfy all outstanding claims in full received bankruptcy court approval Wednesday in Delaware over the opposition of the debtor's post-petition lenders.

  • May 10, 2017

    Texas Driller Says Shabby Investor Deals Risk Its Ruin

    Oil and gas company Camber Energy Inc. asked a Texas federal judge on Tuesday to prevent a key investor from compelling it to issue new shares, saying the investor's moves rest on a strained interpretation of “unconscionable” contracts and are driving Camber toward bankruptcy.

Expert Analysis

  • Google, NASA, Planes And A Stronger Legal Team

    Nicholas Cheolas

    Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.

  • Acquiring Midstream Assets And Gas Agreements: Part 2

    Greg Krafka

    Because the value of natural gas gathering systems, processing plants and related midstream assets depends on fees to be paid under associated gas gathering and processing agreements, terms and conditions of these agreements — with respect to acreage dedication, well connections, covenants running with the land, and other matters — must be scrutinized before asset purchases, say Greg Krafka and Jim Strawn of Winstead PC.

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Acquiring Midstream Assets And Gas Agreements: Part 1

    Greg Krafka

    In the acquisition of natural gas gathering systems, processing plants and related midstream assets, a primary focus of legal due diligence will be the gas gathering and processing agreements associated with these assets. Terms and conditions governing service levels, fees, environmental costs, termination and other issues must be carefully reviewed before purchase, say Greg Krafka and Jim Strawn of Winstead PC.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • How Lenders Can Minimize Risks Of Borrowing Base Fraud

    Nathan Novak

    Major financial institutions lend millions of dollars to companies every day based on little more than their borrowers’ own word as to the existence and value of their collateral — referred to as a “borrowing base.” Such an arrangement, if not properly managed, presents significant opportunity for fraud, says Nathan Novak of Orrick Herrington & Sutcliffe LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • How The Gordmans Stores Bankruptcy Will Affect Landlords

    Michael Robert Carney

    It is important that the Gordmans department store chain filed for Chapter 11 bankruptcy in Nebraska because the Eighth Circuit has developed specific case law related to Gordmans' obligation to pay "stub rent," says Michael Robert Carney of QAV Capital LLC.

  • Health Care Bankruptcy: Not An Ordinary Chapter 11 Case

    David A. Samole

    For the remainder of 2017, due in part to the current uncertainty in the health care industry and its legislative oversight, more financially distressed providers are considering Chapter 11 bankruptcy. However, health care provider Chapter 11 cases are multifaceted and include additional parties and issues compared to standard Chapter 11 cases, says David Samole of Kozyak Tropin & Throckmorton LLP.