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Bankruptcy

  • 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.

  • July 26, 2018

    Transmar's Trustee Won't Pursue Revived $2.6M Award

    Bankrupt New Jersey trading firm Transmar Commodity Group Ltd.’s trustee does not intend to collect a $2.6 million arbitral award against Peruvian cocoa and coffee growing concern Cooperativa Agraria Industrial Naranjillo Ltda., saying he wants to close the action, a New York federal judge has been told.

  • July 25, 2018

    Puerto Rico Gov't Battles Over Fed. Board Budgeting Powers

    Attorneys for Puerto Rico's governor and lawmakers told the judge presiding over the island's bankruptcy-like cases on Wednesday that the federal board appointed to oversee the restructuring process must be stopped from implementing fiscal plans that effectively change legislative policy in the commonwealth.

  • July 25, 2018

    Delaware Ruling Ends Calif. Plant's Ch. 11 Tax Refund Suit

    A bankrupt California power plant's argument for a $14 million refund on five years' worth of property taxes fizzled Wednesday with a Delaware judge's ruling that sovereign immunity protects a state tax agency from federal bankruptcy court action on the claim.

  • July 25, 2018

    Bankrupt Plant Grower Gets OK For $74M Sale To Wells Fargo

    The $74 million sale of bankrupt plant grower Color Spot Holdings Inc.’s assets to Wells Fargo Bank NA received Delaware bankruptcy court approval Wednesday, clearing the way for the deal to close soon enough to avoid disrupting customer orders for next year.

  • July 25, 2018

    11th Circ. Won’t Convert Fla. Pair’s Bankruptcy To Ch. 11

    The Eleventh Circuit on Tuesday refused to let a pair of bankrupt Floridians convert their Chapter 7 bankruptcy to a Chapter 11, after ruling that their bid was a “sham” and that they had no way to fund a reorganization plan.

  • July 25, 2018

    Gibson Delays Hearing On Disputed Del. Ch. 11 Disclosure

    Gibson Brands Inc. put off a bid for court approval of its Chapter 11 disclosure statement Wednesday, under pressure from creditors who accused the iconic guitar-maker of selling itself short in a restructuring that will hand most of the business to secured noteholders.

  • July 25, 2018

    From Billable Hours To Bedtime Stories: Lawyering With Children

    Attorneys are clocking more billable hours than ever before, and when children enter the picture, the demands on their time and finances can drive stress levels to new heights.

  • July 24, 2018

    Relativity Ch. 11 Judge Deflects Bid To Convert Old Cases

    A New York bankruptcy judge on Tuesday turned down a U.S. Trustee effort to immediately convert old Chapter 11 cases filed by Relativity Media LLC and its affiliated entities to Chapter 7 in order to investigate why millions of dollars in claims remain unpaid, saying the measure could hurt creditors.

  • July 24, 2018

    Brand Bankruptcy: High Court Mulls TM License Circuit Split

    The U.S. Supreme Court is currently weighing whether to tackle a tricky question that’s quietly led to a deep circuit split: What happens to a trademark license when the brand owner goes bankrupt? Experts say a clear answer can’t come soon enough.

  • July 24, 2018

    Del. Court Flags Creditor Sale Of Aerogroup Ch. 11 Assets

    A Delaware bankruptcy judge cautioned Tuesday that he would likely block a planned foreclosure auction of shoe retailer Aerogroup International Inc. litigation rights if creditors and the company fail to come up with a plan that addresses other potential interests in the assets.

  • July 24, 2018

    SEC's $15B In Penalties Were Illegal, Skeptical Judge Hears

    A Massachusetts federal judge on Tuesday appeared skeptical of the notion that the U.S. Securities and Exchange Commission had overstepped its bounds in seeking almost $15 billion in disgorgements under a 2017 U.S. Supreme Court decision that a liquidation trustee says obliterated the commission's ability to pursue such penalties.

  • July 24, 2018

    Trustee Flags Oil & Gas Co.'s Ch. 11 Plan For Releases

    The Office of the U.S. Trustee objected Monday to the confirmation of oil and gas exploration company Enduro Resource Partners LLC's Chapter 11 plan, arguing the liability releases are too broad and cover too many parties.

Expert Analysis

  • 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. 

  • The State Of Creditor Recovery Efforts In Venezuela: Part 1

    Richard Cooper

    There is a large pool of creditor claims against Venezuela and its state-owned oil company PDVSA that are not yet in litigation. Until recently, creditors had little incentive to litigate, but that may be changing for two reasons, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP. 

  • Opinion

    Why Widespread Use Of Live Video Testimony Is Not Justified

    Geoffrey Wyatt

    Despite the partiality some courts have shown to live video testimony, it provides no advantages — and several disadvantages — over the tried-and-true method of videotaped depositions, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Series

    Judging A Book: Wallach Reviews 'Uncivil Warriors'

    Judge Evan Wallach

    "Uncivil Warriors: The Lawyers' Civil War," by Peter Hoffer, is a new book about the involvement of lawyers on both sides in the American Civil War. The discussion is enlightening and often fascinating, but falls short in several key areas, says Federal Circuit Judge Evan Wallach.

  • Structured Finance Is Safe Despite Merit Ruling

    J.R. Smith

    While the U.S. Supreme Court’s decision in Merit Management v. FTI Consulting seemingly narrowed the reach of the Section 546(e) safe harbor, it did little to change the landscape for the multibillion-dollar U.S. structured finance industry, including warehouse lending structures, say J.R. Smith and Shannon Daily of Hunton Andrews Kurth LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • 9th Circ. Rejects Textualist Approach To Bankruptcy Code

    Steve Werth

    The Ninth Circuit's recent decision in Lee v. Field indicates that the court will adopt a commonsense interpretation of the Bankruptcy Code, closer in line to the practical rulings made by bankruptcy courts than those of the U.S. Supreme Court, says Steve Werth of SulmeyerKupetz.

  • Analyzing The Economics Of Litigation Funding

    J.B. Heaton

    The growth of litigation funding has only increased the controversy surrounding it. Looking to move beyond the rhetoric for and against the practice, attorney and investment analytics expert J.B. Heaton, of J.B. Heaton PC and Conjecture LLC, attempts an objective analysis of the underlying economics of the litigation funding arrangement.

  • How We Got Here: A Look Back At Trailblazing Women In Law

    Jill Norgren

    Today's female lawyers stand on the shoulders of several generations of pioneers. Here, historian Jill Norgren explains how the status of women in the legal profession has changed since the 1870s.