Bankruptcy

  • March 30, 2018

    Battle Intensifies Over Patriot National D&O Insurance

    Former Patriot National Inc. directors and officers hit back late Thursday at objections to their bid for greater access to company liability insurance benefits, in advance of a Delaware bankruptcy court-mandated mediation over multiple claims to the coverage.

  • March 30, 2018

    Weinstein Accusers Face Uncertain Path In Ch. 11 Case

    Caught in the middle of a collapsed sale of The Weinstein Co. and ensuing bankruptcy, the women accusing studio co-founder Harvey Weinstein of sexual abuse face uncertainty in their path to monetary compensation from the company, but experts say their claims should be given special attention in the Chapter 11 case.

  • March 29, 2018

    Real Industry Seeks Court's OK For Sale To Noteholders

    Bankrupt holding company Real Industry Inc. was cleared Thursday for the $364 million sale of its Real Alloy Recycling subsidiary and received a go-ahead to seek confirmation of a Chapter 11 parent company reorganization with a $17.5 million buy-in by new investors.

  • March 29, 2018

    Fed Board Seeks Additional Cuts In Puerto Rico Fiscal Plan

    Puerto Rico’s financial monitors told the island’s government Wednesday they will need to see deeper cuts — including pension benefit reductions — before they can approve the commonwealth's latest revisions to its five-year fiscal plan.

  • March 29, 2018

    FDIC Settles Tax Refund Row With Defunct Ill. Co. For $240M

    The Federal Deposit Insurance Corp., a receiver for eight failed banks formerly owned by a defunct Illinois-based company, reached a $240 million settlement with the now-shuttered financial company, a spokesperson for the FDIC said Thursday.

  • March 29, 2018

    Appvion OK'd For New $100M DIP Over Lender Objections

    Bankrupt specialty paper maker Appvion Inc. received final court approval Thursday in Delaware for a $100 million supplemental post-petition financing package when a judge overruled the objections of earlier post-petition lenders.

  • March 29, 2018

    Separate Westinghouse Suits 'Dumbest Possible Idea': Judge

    Two law firms vying to lead proposed class actions against Westinghouse Electric for allegedly laying off workers without sufficient notice must get creative, a New York bankruptcy judge said Thursday, directing the firms for a second time to find a way to consolidate what are currently four separate cases.

  • March 28, 2018

    Winn-Dixie Parent Co. Gets OK On Ch. 11 Credit Amendments

    The parent company of regional grocery chains Winn-Dixie and Bi-Lo received approval Wednesday from a Delaware bankruptcy judge for an unusual funding mechanism for its Chapter 11 cases that will see its largest vendor extend the terms of its credit arrangement to provide needed liquidity for the debtors.

  • March 28, 2018

    Judge Notes 'Disturbing' Allegations In Zohar Ch. 11 Dispute

    A Delaware bankruptcy judge on Wednesday described allegations regarding cash movements just before and after the outset of a Chapter 11 filed in connection with the Zohar Funds of distressed investment fund founder Lynn Tilton “disturbing” if true.

  • March 28, 2018

    $1.1B M&G Ch. 11 Plant Sale OK'd Over Bancomext Objection

    M&G USA Corp. secured a Delaware bankruptcy court go-ahead Wednesday for the more than $1.1 billion sale of its unfinished Texas chemical plant, after Mexico's export-import bank lost a bid for a hold on part of the proceeds pending resolution of fraud claims.

  • March 28, 2018

    Briefing Allowed In EFH Claim Reserve Application Row

    Creditors of reorganized debtor Energy Future Holdings Inc. will be allowed to complete briefing on an application for a $60 million administrative claim made by spurned buyer NextEra Inc. after a Delaware judge declined Wednesday to delay consideration of the request.

  • March 28, 2018

    Aeropostale Ch. 11 Plan, 3rd-Party Releases Approved

    The bankrupt estate for teen fashion retailer Aeropostale can carry out a Chapter 11 liquidation plan that drew opposition from federal officials, a New York bankruptcy judge ruled Wednesday, saying the plan’s disputed third-party litigation releases are justified by the history of the case and considerable lender contributions.

  • March 28, 2018

    Allied Nevada Investors Can't Block Ch. 11 Plan: 3rd Circ.

    The Third Circuit on Tuesday handed yet another loss to three Allied Nevada Gold Group shareholders seeking to overturn the bankrupt mining company’s Chapter 11 plan, saying more than two years after confirmation the plan is too far along to redo.

  • March 28, 2018

    Chicago Cab Co. Wants Dykema, Ch. 7 Trustee Sanctioned

    A major Chicago cab company’s leaders and owners struck back Tuesday at a lawsuit in Illinois federal court filed by the trustee overseeing the company’s Chapter 7 proceeding, saying he and his Dykema Gossett PLLC counsel should be slapped with sanctions for making “false, misleading and impermissibly vague allegations.”

  • March 27, 2018

    M&G's $1B Plant Sale Delayed After Committee Settlement

    A proposed $1 billion sale of a Texas plastic resin plant by bankrupt M&G USA Corp. will wait at least one more day as the debtor resolved all but one objection to the deal Tuesday, but will return to Delaware court Wednesday for argument on the final opposition.

  • March 27, 2018

    Remington Approved For Unique Ch. 11 DIP Funding Plan

    Bankrupt gunmaker Remington Outdoor Co. Inc. received interim approval Tuesday from a Delaware bankruptcy judge to tap into part of a uniquely formatted debtor-in-possession funding package worth a total of $293 million to fund its trip through Chapter 11 and provide working-capital needs upon emergence.

  • March 27, 2018

    Rapper Ja Rule To Give Fyre Fest Info To Ch. 7 Trustee

    Rap artist Ja Rule has agreed to cooperate with a bankruptcy trustee's probe of last year's Fyre Festival debacle, in exchange for the withdrawal of an extensive information request, according to papers filed in a New York court Monday.

  • March 27, 2018

    Puerto Rico Energy Regulator Seeks Injunction In PREPA Case

    Fighting for what it believes is a mandatory role in the fiscal plan certification process of Puerto Rico's publicly owned electric utility, the territory’s energy regulator argued to a New York federal judge on Tuesday that its oversight duties are being overrun in the island’s restructuring proceedings.

  • March 27, 2018

    Westinghouse Secures Approval Of Ch. 11 Plan

    Westinghouse Electric Co. LLC finally clinched its whirlwind reorganization Tuesday, with a New York bankruptcy judge approving the ailing nuclear giant’s $10 billion Chapter 11 plan after a few last-minute wrinkles were ironed out in court.

  • March 27, 2018

    Relativity Cofounder Says Ch. 11 Plan Blocks Fraud Suit

    Relativity Media LLC’s cofounder asked a court on Tuesday to put the brakes on California state court claims that he committed fraud to get a $2 million loan before the company went bankrupt, telling a New York bankruptcy judge that the company’s 2016 bankruptcy plan bars these kinds of claims.

Expert Analysis

  • Series

    My Supreme Court Debut: Just Me And My Flash Cards

    Matthew McGill

    I had not expected to be in the U.S. Supreme Court on March 22, 2016. To me, our opponent's petition seemed quite like a long shot. But clearly I had underestimated the appeal of their argument, says Matthew McGill of Gibson Dunn & Crutcher LLP.

  • 3rd Circ. Confirms Limits Of The Rooker-Feldman Doctrine

    Steven Wilamowsky

    The Third Circuit's recent decision in Philadelphia Entertainment & Development Partners limited the reach of the Rooker-Feldman doctrine as a defense to bankruptcy avoidance actions. The court’s reasoning, however, has implications that go beyond bankruptcy, say Steven Wilamowsky and Sara Ghadiri of Chapman and Cutler LLP.

  • How To Control Data As Technology Complicates E-Discovery

    Peter Ostrega

    While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.

  • What To Do With Performance Bonds When Projects Default

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    Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.

  • Oil States Patent Dispute Will Affect Bankruptcy Courts

    Benjamin Feder

    A patent dispute before the U.S. Supreme Court this term, Oil States v. Greene’s, concerns the limits of Congress’ ability to create courts under Article I and therefore raises separation-of-power issues similar to those in Stern v. Marshall, where the Supreme Court limited the authority of the bankruptcy courts, says Benjamin Feder of Kelley Drye & Warren LLP.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Crystallex's Implications For Holders Of Venezuelan Debt

    Richard Cooper

    As the economic situation in Venezuela continues to deteriorate and the number of bond defaults continues to mount, the Third Circuit’s recent ruling against Crystallex is a poignant reminder about the challenges of recovering on claims against a determined sovereign. However, Crystallex is not without further litigation options, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

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    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.