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Bankruptcy

  • October 23, 2018

    Futures Group Says Peregrine Investors' Losses Not Its Fault

    The National Futures Association asked a New York federal judge Monday to throw out a suit by customers of the Peregrine Financial Group who say the association failed to alert the public of Peregrine’s bad accounting and theft, saying the suit is late and legally weak.

  • October 23, 2018

    Oro Negro Stops Rig Seizure By Bondholders After Standoff

    Just days after a daring helicopter pad standoff in the Gulf of Mexico, distressed Mexican oil rig company Perforadora Oro Negro obtained a temporary restraining order Tuesday in New York bankruptcy court to stop a group of Singaporean entities that own the oil rigs from seizing them.

  • October 23, 2018

    EXCO Seeks To Dodge Pipeline Co.'s $237M Contract Claim

    Oil and natural gas driller EXCO Resources Inc. is asking a Texas bankruptcy court to dismiss more than $237 million in breach of contract claims by a pipeline operator, arguing that the operator breached the contract first.

  • October 23, 2018

    Drug Rehab Co. Gets Nod For Additional Ch. 11 Financing

    A Delaware bankruptcy judge on Tuesday approved an interim order for addiction treatment facility network EBH TopCo LLC to access up to $18 million in additional post-petition financing to fund its Chapter 11, with a reminder that parties still need to work out ongoing disputes over certain administrative expenses.

  • October 23, 2018

    Puerto Rican Board Fights Creditors' Collateral Bid At 1st Circ.

    The government agency representing Puerto Rico's largest public pension fund has asked the First Circuit to uphold a ruling denying bondholders' claims to the fund's collateral under the island’s bankruptcy process.

  • October 23, 2018

    $38.5M Sale Of Heritage Home 'Nonluxury' Brand IP Gets OK

    Bankrupt furniture retailer Heritage Home Group LLC on Tuesday in Delaware received approval for a Chapter 11 sale of intellectual property for "nonluxury" brands Thomasville and Broyhill for $38.5 million to stalking horse bidder HHG IPCo. LLC, a price driven up roughly $16 million at auction.

  • October 22, 2018

    Puerto Rico Lawmakers Seek Fed Power Limits At 1st Circ.

    The heads of Puerto Rico’s Legislative Assembly urged the First Circuit on Monday to reverse a decision that shut down litigation challenging a federal board's authority to impose an austere fiscal budgeting plan over the will of the island government, saying it amounts to an unconstitutional power grab.

  • October 22, 2018

    Avenatti On Hook For $4.9M Owed To Former Law Partner

    A Los Angeles judge on Monday ruled that Michael Avenatti, the attorney representing adult film actress Stormy Daniels, must make good on the $4.85 million he owes to his former law partner, ruling that Avenatti has failed to pay off the debt.

  • October 22, 2018

    Withheld Customer Payment Puts Pipeline Builder In Ch. 11

    An Ohio pipeline builder hit Chapter 11 Monday in Delaware after one of its largest customers withheld a $23 million payment this month and filed a lawsuit alleging that the company breached its contract, it said, putting an immediate strain on its near-term liquidity and creating concern among its remaining customers.

  • October 22, 2018

    Unsecured Creditors Flag Drug Rehab. Co.'s Ch. 11 Financing

    The official unsecured creditors committee objected Monday to drug and alcohol treatment facility network EBH TopCo LLC's proposal for up to $18 million in additional post-petition financing in its Chapter 11, claiming the debtor-in-possession lender is reneging on its agreement to fund certain administrative expenses.

  • October 22, 2018

    Ropes & Gray Adds Fried Frank Bankruptcy Atty In NYC

    Ropes & Gray LLP has hired a bankruptcy and restructuring attorney from Fried Frank Harris Shriver & Jacobson LLP as part of a long-standing push to beef up its New York City office.

  • October 22, 2018

    Platinum Defendants Battle Receiver For Attys' Fees

    Four former employees of defunct hedge fund Platinum Partners say insurance money is running out ahead of their trial on charges of defrauding investors and have asked a Brooklyn federal judge to make the fund's receiver dip into its assets for their defense.

  • October 22, 2018

    Showtime Strikes Rights Deal With Bankrupt Distributor

    Bankrupt movie distributor Open Road Films LLC filed a settlement proposal Friday in Delaware court seeking to resolve an ongoing dispute with premium cable channel Showtime Networks Inc. to eliminate a threat of litigation over the rights to distribute a film.

  • October 22, 2018

    IHeartMedia Asks Ch. 11 Judge To Approve Fee Examiner

    IHeartMedia Inc. asked a Texas bankruptcy court on Friday to approve a fee examiner who has been in place since the beginning of the month, making sure requests for payment are reasonable as the radio broadcast giant continues efforts to restructure more than $16 billion in funded debt.

  • October 22, 2018

    Titanic Artifacts' Chapter 11 Sale Gets Court's OK

    A Florida bankruptcy judge granted approval Friday for the $19.5 million sale of a trove of artifacts recovered from the Titanic shipwreck to a consortium of hedge funds at a recent bankruptcy auction.

  • October 22, 2018

    Delphi Retirees Fight PBGC Bid To Ax Pension Suit

    A group of Delphi Corp. retirees has urged a Michigan federal court not to give Pension Benefit Guaranty Corp. a quick win on claims in its suit challenging PBGC's termination of a pension plan that covered thousands of salaried workers, saying the plan could have been saved.

  • October 22, 2018

    Necco Board Insists D&O Suit Belongs In Bankruptcy Court

    The former directors and officers of bankrupt candy maker New England Confectionery Co. Inc. on Monday reiterated their demands to have a suit accusing them of bankrupting the company by neglecting their fiduciary duties transferred to bankruptcy court, saying it makes no sense to have the suit in district court.

  • October 19, 2018

    GreenTech Auto Fetches $50M Ch. 11 Stalking Horse Bid

    An electric car company co-founded by former Virginia Gov. Terry McAuliffe asked a Virginia bankruptcy court for permission to name a Chinese investment firm as the $50 million stalking horse bidder for its assets.

  • October 19, 2018

    Couple Sues Accounting Firm Over Woodbridge Ponzi Losses

    An Oklahoma couple claim they lost $335,000, which they invested in the alleged Ponzi scheme run by now-bankrupt Woodbridge Group LLC just before the company collapsed, on the word of an unlicensed investment adviser working for their accounting firm.

  • October 19, 2018

    Horsehead Execs Challenge Judge's Opinion On Investor Suit

    Former executives at zinc producer American Zinc Recycling LLC urged a Delaware federal court Thursday to reject a magistrate judge's recommendation to keep alive investors’ suit over alleged misrepresentations that inflated stock prices, saying the judge ignored the substance of their dismissal bid.

Expert Analysis

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.

  • The 'Post-Fact' Jury In The 'Fake News' Era

    Ross Laguzza

    The "fake news" phenomenon is ever more prominent in the political arena — but not in the jury box. At a trial, jurors don’t have to rely on the media or any other source to tell them the facts and issues, since they have a front-row seat to the action, says Ross Laguzza, a consultant at R&D Strategic Solutions LLC.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.

  • Federal Law Both Sword And Shield In Cannabis Litigation

    Matthew Pierce

    While federal law prohibits the use of marijuana under any circumstances, the cannabis industry continues growing rapidly as more U.S. states legalize its use. The conflicting legal regimes have led to surprising, sometimes counterintuitive results in litigation and bankruptcy cases, says Matthew Pierce of Landis Rath & Cobb LLP.

  • Series

    Clerking For Ginsburg: 3 Surprises

    David Post

    It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.