Bankruptcy

  • September 5, 2017

    US Judge Seeks Input On English Ruling In Similar Fuel Row

    A Connecticut federal judge in a case involving a bankrupt marine fuel supplier and Norwegian Cruise Line advised counsel for both sides to consider what effect an English court decision in a similar case might have on his own disposition of Norwegian’s bid to stop the supplier from seeking arbitration over payment of a bunker fuel delivery.

  • September 5, 2017

    Dewey DA Slams Ex-CFO's Bid To Dodge Fraud Conviction

    Manhattan prosecutors on Friday pushed back against former Dewey & LeBoeuf Chief Financial Officer Joel Sanders’ effort to nix his conviction for fraud and conspiracy, telling a New York state judge that Sanders is just rehashing already decided arguments.

  • September 5, 2017

    Exec's Widow Wants Casino Trustee's Estate Claim In Probate

    The widow of an Emerald Casino Inc. executive Tuesday asked an Illinois district court to block an attempt by the casino’s bankruptcy trustee to collect a portion of a $45 million judgment from her husband’s estate, saying it is a probate court matter.

  • September 5, 2017

    $43M Peabody Pollution Cleanup Deal With US Gets Court OK

    A Missouri bankruptcy judge on Tuesday approved a $43 million settlement between coal producer Peabody Energy Corp. and the U.S. government over environmental liabilities incurred by a Peabody subsidiary at 13 Superfund sites contaminated by heavy metal mining and production.

  • September 5, 2017

    Credit Suisse Sheds Solar Energy Short-Selling Suit

    Credit Suisse International was handed a win by a New York federal judge in a proposed class action brought by Energy Conversion Devices Inc. shareholders alleging the bank pushed ECD into bankruptcy by manipulating the market for the solar panel maker’s stock through short selling.

  • September 5, 2017

    Soupman Says It Has Resolved Objection To Ch. 11 Sale

    Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.

  • September 5, 2017

    Saul Ewing, Arnstein & Lehr Merger Yields 15-Office Firm

    Saul Ewing LLP and Arnstein & Lehr LLP announced Tuesday they have merged to create a more than 400-attorney firm with 15 offices along the East Coast and in the Midwest.

  • September 5, 2017

    Cox Seeks Arbitration, Dismissal In Used Car Antitrust Fight

    Cox Enterprises Inc. and its affiliates have urged a Florida federal judge to compel arbitration or dismiss allegations by a bankrupt used car dealership that the conglomerate monopolized the used car market for financial gain, calling the allegations “meritless.”

  • September 5, 2017

    3 Things Developers Are Eyeing Amid Retail Bankruptcy Wave

    Brick-and-mortar retailers continue to feel pressure from e-commerce, with big players filing for bankruptcy in 2017. Lawyers say developers would be wise to keep a few key points in mind when formulating their retail strategy since more bankruptcies are likely to follow.

  • September 1, 2017

    Dots Seeks End To Ch. 11 Cases, Citing Lack Of Funds

    Dots LLC asked a New Jersey bankruptcy judge Friday to end its Chapter 11 cases, saying the retailer worked diligently to get as much as it could out of its assets, but that it doesn’t have enough money to repay a number of claims and fees, let alone confirm a Chapter 11 plan, so there’s nothing left to do.

  • September 1, 2017

    Ticket Reseller's Ch. 7 Trustee Can Subpoena Banks

    A New York bankruptcy judge on Thursday granted requests by the liquidating trustee of National Events Holdings LLC to collect information from seven big banks in an effort to uncover details about the defunct ticket reseller’s alleged Ponzi scheme and the disappearance of $70 million.

  • September 1, 2017

    PwC Can't Halt $2B Suit Over Mortgage Fraud That Sank Bank

    An Alabama federal judge said Friday that she won’t pause a $2 billion suit that alleges PricewaterhouseCoopers LLP overlooked a mortgage fraud scheme that brought down a bank while the auditor appeals the court’s rejection of its attempt to shift the blame to federal regulators.

  • September 1, 2017

    Ex-RadioShack Employees File WARN Act Violation Suit

    A group of former employees of electronics retailer RadioShack filed a putative class action complaint in the company’s Delaware bankruptcy court proceeding Friday, alleging the company violated the Worker Adjustment and Retraining Notification Act by terminating workers on short notice.

  • September 1, 2017

    Jumio Ch. 11 Trust Accuses Ex-Brass Of Accounting Scheme

    The liquidating trust set up by Jumio Inc.’s Chapter 11 plan launched an adversary action Friday targeting former company brass for an alleged revenue report padding scheme that the trust argues sunk the software developer’s fortunes and ultimately drove it into bankruptcy.

  • September 1, 2017

    GM Gas-Tank Defect Suit Dead For Now: Bankruptcy Judge

    A New York bankruptcy judge slammed the door Friday on the possibility of punitive damages against General Motors Co. over a woman's catastrophic burn injuries from what she said was a defectively designed gas tank, saying such damages aren't allowed against New GM and directing the parties to take the entire suit back to the drawing board.

  • September 1, 2017

    MF Global Urges Court To Rethink Insurer Arbitration Order

    MF Global asked a New York bankruptcy judge Thursday to reconsider his order requiring the defunct brokerage to arbitrate in Bermuda a coverage dispute with its excess insurer, Allied World, urging the court to take another look at the firm's contention that its liquidation plan supersedes an arbitration provision.

  • September 1, 2017

    SunEdison Asks To Split Insurance To Cover Securities Deals

    SunEdison Inc. on Thursday asked a New York bankruptcy judge to allow its insurers to split more than $23 million in coverage between the settlements of two shareholder suits against its yieldcos.

  • September 1, 2017

    Fed OKs Qualified Financial Contracts Rule For Big Banks

    The governors of the Federal Reserve voted Friday morning to approve a new rule meant to prevent a stampede of defaults on derivative and swap contracts if a massive bank that anchors the global financial system goes under.

  • August 31, 2017

    IRS Isn't Shielded From $13M Ponzi Clawback, 9th Circ. Says

    The Ninth Circuit on Thursday affirmed a roughly $13 million victory for the bankruptcy trustee of collapsed real estate firm and Ponzi vehicle DBSI Inc. over the IRS in a suit brought to claw back fraudulent tax payments, finding Congress has unequivocally waived the government’s sovereign immunity defense against the claims.

  • August 31, 2017

    Draw Another Circle Trustee Alleges $25M Looting By Execs

    The liquidating trustee of Draw Another Circle LLC filed an adversary complaint in Delaware bankruptcy court Thursday, alleging that former executives of the media retail company looted it of $25 million to fund their own pet projects to the detriment of shareholders.

Expert Analysis

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Series

    My Strangest Day In Court: The Life Partners Bankruptcy

    Joseph Wielebinski

    The bankruptcy courtroom was filled with interested investors. They hung on every argument and every word of testimony. When Life Partners management argued that the allegedly fraudulent business model worked just fine, they cheered, recalls Joseph Wielebinski of Munsch Hardt Kopf & Harr PC.

  • Where AI Meets Cybersecurity And The Legal Profession

    Randy Sabett

    Artificial intelligence and machine learning will continue to be a major focus for the legal community, whether as an isolated topic, as it intersects with cybersecurity, or within the legal profession itself. Each of these raises unique concerns for attorneys, says Randy Sabett, vice chair of Cooley LLP's privacy and data protection practice group.

  • Weekly Column

    Innovating For Wise Juries: Interim Arguments

    Roy Futterman

    By allowing attorneys to summarize what has just occurred in testimony and how it fits into the wider case narrative, courts can substantially improve juror comprehension through every step of a trial. Yet interim arguments are not practiced regularly, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Unstructured Data Is Just The Tip Of The Iceberg

    David Turner

    Recent amendments to the Rules of Civil Procedure mean issues like spoliation, sanctions and adverse impacts are focus areas for many attorneys, providers and clients. David Turner of FTI Consulting Inc. discusses the technological best practices regarding preservation and proportionality, as well as the challenges associated with clients' structured data.

  • 5 Questions To Ask Firm Before Accepting A Litigation AFA

    Gregory Lantier

    Outside counsel experienced with alternative fee arrangements will have many war stories regarding successful — and less successful — fee arrangements. Asking outside counsel to share these experiences can provide useful insight into the strength of a proposed AFA, say attorneys with WilmerHale.

  • Working Capital True Up Is Not An End Run Around Liability Bar

    Stephen Quinlivan

    In Chicago Bridge & Iron v. Westinghouse Electric Co., the Delaware Supreme Court examined the interaction between a working capital true up and alleged breaches of financial statement representations and warranties in a purchase agreement. The result will likely lead to heated debates between buyers and sellers, says Stephen Quinlivan of Stinson Leonard Street LLP.

  • Opinion

    Why You Should Argue Your Appeal

    Stewart Milch

    Conventional wisdom says that oral argument is a mere formality; that in courts where judges read briefs in advance, their minds are made up and will rarely — if ever — change. But conventional wisdom notwithstanding, oral argument can be critical, says Stewart Milch of Goldberg Segalla LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.