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Bankruptcy

  • April 30, 2018

    Gordon Ramsey In Hot Water Over Caesars Eatery Contracts

    Companies that collaborated with Gordon Ramsay on restaurants asked an Illinois bankruptcy judge to sanction the celebrity chef, saying he has failed to comply with their requests for documents regarding his plans for eateries with Caesars and accusing him of withholding information as a delay tactic.

  • April 30, 2018

    MF Global Ch. 11 Litigation Trust Seeks 3-Year Extension

    The litigation trust created in the wake of MF Global’s Chapter 11 bankruptcy to pursue leftover claims on behalf of creditors has asked for a three-year extension, saying the trust still stands to recover several million dollars against intransigent insurers.

  • April 30, 2018

    'Idol' Lenders Say Apollo Mismanaged Co. For Own Benefit

    Lenders to the failed production company behind “American Idol” on Friday told a New York bankruptcy court that Apollo Global Management helped sink the company as part of setting up a merger deal for its own benefit.

  • April 30, 2018

    CST Ch. 11 Dismissal Granted Pending Timing Issues

    The Chapter 11 cases of bankrupt storage tank maker CST Industries Holdings Inc. will be dismissed after the debtor successfully argued Monday in Delaware that there are no assets left in the estate to administer, leaving only applications for professional fees to be decided by the court.

  • April 30, 2018

    Foley & Lardner Snags BakerHostetler Bankruptcy Expert

    Foley & Lardner LLP has picked up a restructuring and commercial law expert from BakerHostetler for its Los Angeles office, the firm announced Monday.

  • April 30, 2018

    Weinstein Claims TWC Ch. 11 Sale Rush May Mingle Assets

    Entertainment producer Harvey Weinstein, who has been accused of sexual assault and misconduct, charged Monday that The Weinstein Co. is pushing toward an all-asset bankruptcy auction in Delaware on Friday without proving ownership of all assets to be sold, including his own.

  • April 30, 2018

    Pa. Turnpike Agency Inks $2M Deal To End IT Contract Row

    The Pennsylvania Turnpike Commission has accepted a $2 million settlement from a bankrupt technology company it had targeted for more than 20 times that amount in damages for alleged overbilling and alleged failure to adequately perform under a string of contracts in the 2000s.

  • April 27, 2018

    FDIC Vice Chairman Set To Depart Agency

    The Federal Deposit Insurance Corp. said Friday that its vice chairman is stepping down after serving out his six-year term at the agency, where he advocated for stronger capital standards for large banks.

  • April 27, 2018

    Pension Fund Says Bankrupt Grocer Should Be Arbitral Ally

    A pension fund for warehouse and logistics workers who supply Tops Markets LLC told a bankruptcy judge Thursday that nothing prevents the upstate New York grocer from taking part in mediation with a wholesaler over liability for millions in fund contributions.

  • April 27, 2018

    Taxation With Representation: Wachtell, Gibson, Baker

    In this week’s Taxation With Representation, Quality Care Properties, Welltower and Promedica cooperated on a $2 billion deal, EQT Midstream Partners and Rice Midstream Partners agreed on a $2.4 billion merger, Searchlight Capital Partners LP paid $2 billion to take Mitel private and CenterPoint Energy acquired Vectren for $6 billion.

  • April 27, 2018

    NYC Plugs Its $9B Media Biz As Weinstein Co. Sale Looms

    Wary of losing part of New York City’s $9 billion film and television industry when disgraced filmmaker Harvey Weinstein’s empire goes up for a Delaware bankruptcy auction May 4, Mayor Bill de Blasio’s entertainment office fired off a gender-focused plug for the city on Thursday.

  • April 27, 2018

    Weinstein's Doc Demand Not About Ch. 11 Case, Studio Says

    Bankrupt movie studio The Weinstein Co. objected Friday to a demand from its former CEO Harvey Weinstein for the production of a wide array of corporate documents, saying the requested materials have nothing to do with the Chapter 11 cases and are instead designed to avoid denials of the documents in other courts.

  • April 27, 2018

    Wells Fargo, Other Lenders Want 8th Circ. To Nix Ponzi Suit

    Wells Fargo & Co., Bank of America Corp. and a group of other lenders on Thursday asked the Eighth Circuit to uphold a lower court's decision to dismiss a hedge fund's suit against JPMorgan Chase & Co. alleging the bank aided businessman Thomas Petters' $3.7 billion Ponzi scheme, on the grounds that it was filed too late.

  • April 27, 2018

    $57M SunEdison Deal May Be In Trouble After Funds Opt Out

    A Manhattan federal judge said Friday that hedge funds that invested in a SunEdison affiliate can opt out of a proposed $57 million class action settlement over the renewable energy giant's collapse, a decision that could threaten the settlement if the funds' positions are large enough to trigger a termination clause.

  • April 27, 2018

    'Extraordinary' $46M BofA Award Upends Punitives Formula

    When a bankruptcy judge hit Bank of America with a $46 million award last year — and then sidestepped U.S. Supreme Court precedent limiting punitive damages by sending most of that money to third parties — he may have set an example that could come back to haunt corporate wrongdoers, experts say.

  • April 27, 2018

    GM Faces Potential $1B Payout Tied To Defective Switches

    The bankruptcy trust of Old GM has reached a settlement over legacy ignition switch lawsuits that could cost the reorganized New GM $1 billion if it’s approved by the New York bankruptcy court overseeing the case.

  • April 27, 2018

    As Suniva Ch. 11 Hopes Dim, Second Creditor Seeks Sale

    Saying that bankrupt solar panel maker Suniva Inc. has no plan or prospect for restructuring, a second major creditor is eyeing a collateral sale, seeking approval late Thursday to sell $8 million worth of Suniva equipment and intellectual property listed as collateral for its $15 million claim.

  • April 26, 2018

    Investor Wants To Trade Claims While On Creditor Committee

    An Aurelius Capital Management unit has asked that it be allowed to continue trading claims in the Nine West bankruptcy case, despite the fact that the hedge fund is serving on the Committee of Unsecured Creditors.

  • April 26, 2018

    Real Industry Equity, Stock Groups Contest Ch. 11 Plan

    Objections to liability releases and disputed treatment of stock warrant holders prompted two new challenges Thursday to the confirmation of holding company Real Industry Inc.’s Delaware Chapter 11 plan.

  • April 26, 2018

    Woodbridge Creditor Seeks Block On Shapiro Play For $133K

    A former bank to the Woodbridge Group of Companies LLC and its affiliates sued in Delaware Bankruptcy Court Thursday to block a California lawsuit seeking the release of $133,000 remaining from a disputed consulting agreement filed by accused Ponzi scheme architect Robert H. Shapiro.

Expert Analysis

  • Health Republic’s Curious Liquidation: Part 14

    James Veach

    On Feb. 14, Health Republic Insurance of New York's liquidator will ask the New York Supreme Court to approve its report on the present status of its liquidation, but it is what the report doesn't discuss that will be most revealing, says James Veach of Mound Cotton Wollan & Greengrass LLP in the final part of this series.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • When Blockchain Meets Article 9 And Bankruptcy

    Andrew Helman

    Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • Another Bankruptcy Discharge Case Before High Court

    Thomas Byrne

    The government’s once-sterling record of victories in bankruptcy cases before the U.S. Supreme Court has been dinged in recent years, but the odds still would have to favor the government's side in Lamar Archer & Cofrin v. Appling, where the Supreme Court will weigh in again on one of the most litigated issues in bankruptcy, says Thomas Byrne of Eversheds Sutherland.

  • How To Fix Your Broken Client Teams

    Mike O'Horo

    Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.

  • Cook Inlet Decision Rightly Protects Deemed Consolidation

    Darren Azman

    The Alaska bankruptcy court's recent ruling in Cook Inlet Energy should give debtors confidence that consolidating for a limited purpose does not open them up to the liabilities associated with substantive consolidation. The ability to retain their preferred structure can have a profound impact on debtors, with far-reaching implications for financing and tax matters, say Darren Azman and Michael Galen of McDermott Will & Emery LLP.

  • The Bankruptcy Eligibility Of Quasi-Government Entities

    James Heiser

    In cases where a not-for-profit corporation is closely related to or controlled by a governmental unit, a creditor may challenge the corporation’s eligibility to file for bankruptcy. An Illinois bankruptcy judge's decision in Lombard Public Facilities is a reminder that eligibility is a fact-specific inquiry, say attorneys with Chapman and Cutler LLP.

  • How To Serve Your Blind Client Effectively

    Julia Satti Cosentino

    While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.