Bankruptcy

  • March 23, 2018

    MGA Entertainment CEO Trying To Save Toys R Us Stores

    Billionaire toy mogul Isaac Larian has launched a $1 billion GoFundMe campaign to spare a few hundred Toys R Us Inc. stores from the looming threat of permanent shutdown in a long-shot bid that may nonetheless be the iconic retailer’s best shot at making it out of bankruptcy alive.

  • March 23, 2018

    Breitburn Earns Court Approval Of Amended Ch. 11 Plan

    Breitburn Energy Partners LP on Friday overcame a final hurdle in its lengthy quest to reorganize in bankruptcy, receiving court approval of a modified Chapter 11 plan after bumping up the levels of recovery for retail bondholders and other unsecured creditors.

  • March 23, 2018

    $1.1B M&G Texas Plant Sale Pact Delayed As Cash Dwindles

    Talks on a reported $1.125 billion sale agreement for bankrupt M&G USA Corp.’s huge plastic resin-making complex in Texas bogged down in the home stretch Friday, with company representatives resetting a sale hearing for Monday and warning of a cash crunch.

  • March 23, 2018

    Remington Ch. 11 Filing Days Away, Co. Says

    New documents filed by gun maker Remington Outdoor Co. Inc. on Friday describe details of the restructuring support agreement it has reached with secured creditors as well as the terms of potential post-petition financing for the company when it files an expected Chapter 11 petition in Delaware in the coming days.

  • March 23, 2018

    Nationstar Must Face Suit Over Post-Ch. 7 Collection Calls

    An Illinois federal judge on Thursday declined to toss a man's lawsuit accusing Nationstar Mortgage LLC of placing numerous debt collection calls to him after he had filed for Chapter 7 bankruptcy, disagreeing with Nationstar's argument that the man failed to prove he discharged the debt.

  • March 22, 2018

    Toys R Us Approved To Liquidate US Stores By June 30

    A Virginia bankruptcy judge on Thursday officially authorized Toys R Us Inc. to wind down its U.S. operations and close over 700 stores, giving the iconic retailer until June 30 to empty store shelves and maximize returns, on the same day the company's founder passed away.

  • March 22, 2018

    Creditor Loses Bid For Nearly $4M Of BioChemics-SEC Deal

    A Florida private equity firm cannot take priority over the U.S. Securities and Exchange Commission to recover nearly $4 million it was owed by a cash-strapped company being turned over to the government to satisfy a court judgment, a federal judge in Boston ruled from the bench Thursday.

  • March 22, 2018

    Puerto Rico Reaches Deal With US Treasury On Disaster Loan

    U.S. Treasury Secretary Steven Mnuchin and Puerto Rico Gov. Ricardo Rossello announced Thursday that they have reached an agreement to ease the bankrupt U.S. territory's access to a $4.9 billion community disaster loan.

  • March 22, 2018

    Judge Nixes Constellation Creditors' Settlement Appeal

    The unsecured creditors committee of defunct metal fabricator Constellation Enterprises LLC will not get another shot at undoing a bankruptcy resolution that cut them out of a recovery, a Delaware federal court ruled Thursday, finding that when the case was converted to a liquidation afterwards, the committee “automatically dissolved and ceased to exist.”

  • March 22, 2018

    Pennsylvania Withdraws Objection To Refinery Bankruptcy

    Pennsylvania tax officials on Wednesday withdrew their objection to Philadelphia Energy Solutions LLC's fast-track prepack Chapter 11 plan, saying the oil refinery agreed to amend the plan to preserve the state’s right to collect on a $3.8 billion tax claim.

  • March 22, 2018

    Mich. Residents Say New GM Must Face Groundwater Suit

    Michigan residents suing General Motors over groundwater contamination urged a New York bankruptcy court on Wednesday not to curtail their claims, saying their due process rights were violated when, despite the car company’s prebankruptcy knowledge of the issue, they weren’t notified about proceedings that would affect their rights.

  • March 22, 2018

    RMBS Seller's Bankruptcy Axes Class Suit Against Citibank

    A New York federal judge on Tuesday dismissed a proposed class action alleging Citibank NA failed to properly oversee investments in certain residential mortgage-backed securities, saying the bankruptcy of the companies that sold and serviced the securities had blocked the bank from taking steps that might have helped investors.

  • March 22, 2018

    Boies, BigLaw May Get Small Change In Weinstein Ch. 11

    A bankruptcy spawned by the still unfolding Harvey Weinstein scandal has driven seven BigLaw firms into unaccustomed roles as last-paid instead of first in The Weinstein Co.'s cash-poor Chapter 11, with Boies Schiller & Flexner LLC accounting for half of the group's $20.6 million in claims.

  • March 21, 2018

    IHeartMedia Legacy Noteholders Sue Over Ch. 11 Debt Plan

    A group of debtholders have hit iHeart Media Inc. with an adversary proceeding in the media giant’s bankruptcy case, alleging the company has orchestrated a secret, “fraudulent and otherwise wrongful” scheme to shortchange them in its proposed restructuring plan.

  • March 21, 2018

    Appvion DIP Lenders Oppose Priming By New Financing Deal

    Two minority lenders under a $325 million debtor-in-possession financing package to bankrupt specialty paper maker Appvion Inc. objected Wednesday to final approval of a second $100 million postpetition loan, saying it will prime their secured liens and violate their rights under the earlier credit agreements.

  • March 21, 2018

    UBS Securities Beats $14.4M Clawback Action Over Sentinel

    UBS Securities LLC doesn’t have to return $14.4 million that it received when it emptied out its account with failed investment firm Sentinel Management Group Inc. several months before its collapse in 2007, an Illinois federal judge ruled Tuesday, halting a nearly decadelong effort by Sentinel’s trustee to claw back the funds.

  • March 21, 2018

    Vitamin World Creditor Seeks To Convert Ch. 11 To Ch. 7

    A creditor of bankrupt health supplement retailer Vitamin World Inc. on Wednesday asked the Delaware bankruptcy court to convert the company’s Chapter 11 case to a Chapter 7, saying the company has no assets and no chance of rehabilitation.

  • March 21, 2018

    Weil Reasserts Distance From Debt Holder In Breitburn Ch. 11

    Weil Gotshal & Manges LLP on Tuesday sought to reassure a New York bankruptcy court that the firm has no conflicts of interest as counsel for Chapter 11 debtor Breitburn Energy Partners LP and that its representation of a party affiliated with a large creditor is unrelated.

  • March 21, 2018

    9th Circ. Nixes Trusts' ERISA Suit Over Unpaid Contributions

    The Ninth Circuit on Wednesday refused to revive several employee benefit trust funds’ ERISA claims against two officers of a glass and glazing company in their suit seeking unpaid contributions allegedly owed under labor agreements governing benefit plans they managed for the company.

  • March 21, 2018

    Jones Day And Orrick Kill Heller Clawback

    Knowing the California Supreme Court’s decision would have broad ramifications for the legal industry, attorneys for Jones Day and Orrick Herrington & Sutcliffe LLP beat a clawback bid by the bankruptcy trustee of Heller Ehrman by arguing a core principle: A defunct law firm doesn’t have a property interest in hourly matters continued by a dissolved firm’s former partners.

Expert Analysis

  • Health Republic’s Curious Liquidation: Part 13

    James Veach

    A year and a half into Health Republic's liquidation, policyholders have yet to receive any money from approved claims. We will see what the Feb. 14 status conference reveals, and hopefully some of Health Republic's former policyholders will appear and participate, says James Veach of Mound Cotton Wollan & Greengrass LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • Series

    Judging A Book: Tymkovich Reviews 'Gorsuch'

    Timothy Tymkovich

    John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.

  • Roundup

    My Strangest Day In Court

    Logo

    Every seasoned litigator has his or her fair share of courtroom stories. Check out the strange experiences that captured reader interest in this popular 2017 series.

  • How 2 Devices And 1 Domain Changed My Practice In 2017

    Paul Kiesel

    The question I ask about new technology is how can it improve the quality of my practice — and my life? This year, the iPhone X, the Apple Watch Series 3 and a .LAW domain have proven to be great investments, for professional and personal reasons, says attorney Paul Kiesel of Kiesel Law LLP.

  • Alternative Fees: My Experience At Bartlit Beck

    J.B. Heaton

    Bartlit Beck was a wonderful place to work for 18 years, and the lawyers there are not only excellent attorneys but also great people. That said, I can look analytically at the Bartlit Beck fee model and make some observations on its pros and cons, says J.B. Heaton, founder of investment analytics company Conjecture LLC.