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Bankruptcy

  • 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.

  • July 27, 2018

    Necco Plant Shuttered After Ch. 11 Purchaser Sells Co.

    The Massachusetts plant for New England Confectionery Co., which manufactures iconic candies including Necco Wafers and Sweethearts, was abruptly closed this week, less than two months after the investment firm that purchased the company out of bankruptcy decided to resell it.

  • July 27, 2018

    McCarter & English Adds Banking And Finance Atty In Philly

    A former Spruce Law Group attorney is joining McCarter & English LLP's Philadelphia bankruptcy and debt restructuring practice, but her experience goes even deeper to include banking, lending, leasing and general counsel work at practices large and small.

  • July 26, 2018

    Warren, Sanders Introduce Bill To Ax Puerto Rico Debts

    Sen. Bernie Sanders, I-Vt., Sen. Elizabeth Warren, D-Mass., and three of their Democratic colleagues on Wednesday introduced a bill that would allow disaster-torn Puerto Rico to significantly reduce the debilitating debt they say is blocking the U.S. territory’s recovery.

  • July 26, 2018

    Firms Waived Right To Object To Bankruptcy Deal: 9th Circ.

    A Ninth Circuit panel ruled Wednesday that attorneys from Reid & Hellyer APC and Walter Wilhelm Bauer forfeited their right to appeal a court-approved settlement of an involuntary Chapter 11 bankruptcy, finding they had previously only objected on behalf of their clients, not “explicitly” on their own behalf.

  • July 26, 2018

    Tucker Arensberg Nabs Associate For Foreclosure Practice

    Tucker Arensberg PC has added a former Weltman Weisberg & Reis Co. LPA attorney with experience in commercial business transactions, bankruptcy and creditors' rights to its Pittsburgh headquarters, the firm announced Wednesday.

  • July 26, 2018

    Tops Markets Beats Ch. 11 Objections Over Retention Bonuses

    Bankrupt grocery chain Tops Markets LLC secured court approval Thursday to implement a $3 million bonus plan designed to reward roughly 115 employees for staying with the company through its reorganization process, beating challenges launched by the U.S. Trustee's Office and a workers' union.

  • July 26, 2018

    Nine West Seeks Ch. 11 Plan Extension Amid Creditor Talks

    Nine West Holdings Inc. asked a New York bankruptcy court on Wednesday to extend its Chapter 11 plan filing and solicitation period by 41 days so that it can continue finalizing provisions with stakeholders, noting that calculations have changed since a better-than-expected sale of its shoe brands.

  • July 26, 2018

    Fiat Chrysler Must Face Negligence Claims In Rider's Death

    Fiat Chrysler must face a suit over a passenger’s death in a 2015 accident in which the Chrysler Dodge Durango he was riding in lost control and overturned, after a South Carolina federal judge ruled Thursday that negligence and warranty breach claims aren’t barred by Chrysler's 2009 bankruptcy sale order.

Expert Analysis

  • 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.

  • Establishing Diversity When A Trust Is Involved

    Andrew McClain

    The Third Circuit's opinion in GBForefront v. Forefront Management makes clear that traditional trusts and business trusts are treated differently for purposes of diversity jurisdiction. At the same time, the case begs the question of how to differentiate between a business trust and a traditional trust, says Andrew McClain of Foley & Lardner LLP.

  • The State Of Creditor Recovery Efforts In Venezuela: Part 2

    Richard Cooper

    The next several weeks may shed a great deal of light on how vulnerable Venezuela and its state-owned oil company PDVSA are to creditor collection efforts. Bondholders should also closely monitor developments in the U.S. bribery suit brought by the PDVSA U.S. Litigation Trust, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.