Bankruptcy

  • August 31, 2017

    RadioShack's Unsecured Creditors Say Reorg Doc Lacks Info

    A group of unsecured creditors of bankrupt electronics retailer RadioShack objected Thursday to the company’s disclosure statement describing its proposed Chapter 11 reorganization plan, saying the document doesn’t provide them adequate information.

  • August 31, 2017

    SEC Sues Advisory Firm That Used F-Squared's 'AlphaSector'

    The U.S. Securities and Exchange Commission hit Navellier & Associates Inc. and its founder with a suit in Massachusetts federal court, alleging Thursday that the investment adviser defrauded clients through its marketing of investment products based on bankrupt adviser F-Squared Investments Inc.’s AlphaSector strategies.

  • August 31, 2017

    Peak Hotels Trustee Says Move Bid Aims To Halt Claims Probe

    The trustee overseeing the Florida bankruptcy cases involving luxury hotel group Aman Resorts said Wednesday that a bid by Aman's chairman, a Russian real estate tycoon, to move the cases to New York appears to be an improper attempt to thwart her claims investigation of company insiders.

  • August 31, 2017

    C&J Energy Blasts $5M Legal Fee Bid In Merger Suit

    C&J Energy Services Inc. late Wednesday blasted a $5 million legal fee request from a shareholder who unsuccessfully challenged a $2.9 billion merger with Nabors Industries Ltd. in Delaware Chancery Court, arguing the suit did not result in any corporate benefit and the bid would be squelched anyway due to C&J’s prior bankruptcy.

  • August 31, 2017

    Paul Hastings Says Doral Trustee's Clawback Claims Still Fail

    Paul Hastings LLP asked a New York bankruptcy court Wednesday to again stop an attempt by the trustee of bankrupt Doral Financial Corp. to claw back $3.9 million in payments to the firm, saying the trustee's amended complaint still lacks sufficient detail.

  • August 31, 2017

    Deals Rumor Mill: BHP Billiton, Deutsche AM, Bon-Ton

    BHP Billiton has hired advisers to help sell its roughly $10 billion U.S. shale oil and gas business, Deutsche Asset Management is selling a nearly $1.3 billion stake in U.K. water company Kelda, and debt-ridden U.S. retail chain Bon-Ton is exploring its options.

  • August 31, 2017

    Madoff Trustee Seeks $156M From BNP Paribas, Upping Ante

    The bankruptcy trustee for Ponzi schemer Bernie Madoff’s investment company asked a New York federal court on Wednesday to make BNP Paribas SA and its affiliates pay $156 million for allegedly “turning a blind eye” to obvious signs of fraud in a thirst for profits.

  • August 31, 2017

    Slater & Gordon To Split Off Troubled UK Biz

    Slater & Gordon Ltd. is continuing to struggle, saying Thursday it will split off its troubled U.K. business and turn it over to creditors while the publicly traded Australian law firm looks to focus on its core market at home.

  • August 30, 2017

    Fyre Festival Investors Secure Involuntary Ch. 7

    Bankruptcy proceedings are officially underway for infamous music festival production company Fyre Festival LLC after a New York bankruptcy judge on Tuesday granted an involuntary petition for Chapter 7.

  • August 30, 2017

    Puerto Rico Board Argues Utility Receiver Will Doom Business

    Puerto Rico’s fiscal advisory agency and the federal board charged with mending its debt crisis said Tuesday that a request by bondholders and insurers to appoint a receiver for its insolvent electric company must be rejected because it would violate restructuring legislation and chase away business.

  • August 30, 2017

    Frankel Wyron Founder Tapped As Takata's Future Claims Rep

    A Delaware bankruptcy judge gave the green light Wednesday for Takata to appoint a founding Frankel Wyron LLP partner as its future claims representative, rejecting an alternative choice floated by product liability litigation organization Attorneys Information Exchange Group.

  • August 30, 2017

    Soupman Sale Approval Withheld On Fairness Concerns

    A roughly $2 million proposed sale of Original Soupman Inc. assets to an affiliate of shareholder WealthColony Management Group LLC failed to gain bankruptcy court approval Wednesday, after two days of hearings on the terms and process behind the deal.

  • August 30, 2017

    SunEdison Shopped For Ch. 11 Plan Votes, Court Told

    Two affiliated SunEdison Inc. investors have set their sights on undoing a $300 million financing arrangement that helped the bankrupt renewable energy giant secure Chapter 11 plan confirmation, arguing to a New York federal court that the funding agreement was essentially used to buy creditor support for the plan.

  • August 30, 2017

    Peabody Says Bankruptcy Shields It From Climate Suit

    Peabody Energy Corp. shouldn’t have to fight a suit brought by two California counties and a city accusing it and several other companies of causing climate-change-related damage, it has told a Missouri bankruptcy court, arguing that its bankruptcy agreements prevent it from facing claims stemming from its actions prior to reorganization.

  • August 30, 2017

    Rupari Permitted To Control Ch. 11 Case Into October

    A Delaware bankruptcy judge agreed Wednesday to allow Rupari Food Services Inc.’s estate to maintain control of its Chapter 11 proceedings through early October, just before he decides whether the case should be converted into a Chapter 7 liquidation.

  • August 29, 2017

    Tishman, Lehman Pull Out Win In 10-Year Archstone Slog

    A Colorado federal court has given wins to Tishman Speyer, Lehman Brothers and slew of other defendants involved in the $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, ending a 10-year-long investor suit over one of the biggest real estate deals to come out of the mid-2000s property bubble.

  • August 29, 2017

    Bankruptcy Court Skeptical Of New GM Punitives Claim

    A New York bankruptcy judge considering a bid by a General Motors plaintiff to pursue punitive damages over an alleged gas tank defect in a 1980s pickup was highly skeptical of the request on Tuesday, saying it’s been blocked by earlier orders.

  • August 29, 2017

    'Soup Nazi' Distributor Pegs Investor Group As Ch. 11 Buyer

    The distributor for the chef who inspired the "Soup Nazi" character on "Seinfeld" told the Delaware bankruptcy court Tuesday that a unit of the shareholder group WealthColony Management Group LLC, which was once embroiled in a fierce dispute with the company, won an auction for its assets.

  • August 29, 2017

    Puerto Rico Board Says Fiscal Plan Gripes Aren't Actionable

    The oversight board tasked with steering Puerto Rico through its bankruptcy-like process hit back on Monday against two bond insurers seeking to overturn the island’s proposed fiscal plan, telling the federal court overseeing the restructuring that the insurers have no standing and their suit must be dismissed.

  • August 29, 2017

    Judge OKs Rothstein Feeder Fund $7M Deal With Bank

    A Florida bankruptcy judge signed off Monday on a $7 million deal between the liquidating trustee for an investment fund that fed into jailed attorney Scott Rothstein's $1.2 billion Ponzi scheme and Sabadell United Bank NA.

Expert Analysis

  • 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.

  • Turnaround Advisers Must Beware Calif. Labor Landscape

    Karl Block

    In working with businesses in California, turnaround advisers and acquirers should be sure to monitor developments on the state's Fair Day’s Pay Act, which could have a significant impact on restructurings, says Karl Block of Loeb & Loeb LLP.

  • Oh, The Indemnity! New Claims May Follow RMBS Settlements

    Joseph Cioffi

    Defendants in pre-financial crisis residential mortgage-backed securities litigation may look to underlying transaction documents, contract law or equitable principles to seek indemnity from other securitization parties for any settlement payouts, expenses or losses incurred from claims against them, says Joseph Cioffi of Davis & Gilbert LLP.

  • Weekly Column

    Innovating For Wise Juries: Openings Before Voir Dire

    Richard Lorren Jolly

    This week’s idea for improving civil jury trials is remarkably simple: Allow counsel to provide complete opening statements to the entire venire before voir dire begins instead of after the jury is impaneled, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • 5 Questions To Ask Client Before Proposing A Litigation AFA

    Gregory Lantier

    The first step in assembling an intelligent response to a request for an alternative fee arrangement is for outside counsel to be certain they understand the primary reasons that the client is making the request, say attorneys with WilmerHale.

  • How Good-Faith Defenses Can Waive Attorney-Client Privilege

    John Emmanuel

    A Florida bankruptcy court's recent decision in the case of Mongelluzzi bears comment for the considerations it may present to any party relying on a good-faith defense, whether rooted in the Bankruptcy Code or otherwise, say John Emmanuel and Frank Harrison of Buchanan Ingersoll & Rooney PC.

  • 3 Key Areas Legal Operations Teams Should Focus On

    Jaime Woltjen

    These days, legal operations directors can easily get stretched too thin between responsibilities like overseeing support staff and taking on office management responsibilities. Legal operations teams should focus their time and effort on outside counsel management, technology planning and analytics, says Jaime Woltjen of Stout Risius Ross LLC.

  • Protecting And Enforcing Judgment Creditor Interests In IP

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    Judgment creditors typically satisfy their claims through settlement or, if necessary, by seizing and selling a debtor’s real and tangible personal property. In the rare case when a debtor’s only asset is intellectual property, a creditor must be more determined and creative in order to satisfy its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.

  • How To Use The Bona Fide Prospective Purchaser Defense

    Excerpt from Lexis Practice Advisor
    Nicholas Rigano

    Under the Comprehensive Environmental Response, Compensation and Liability Act, current owners and operators of real property are strictly liable for costs to clean up environmental contamination. However, the bona fide prospective purchaser defense may shield a prospective purchaser from CERCLA liability stemming from pre-existing contamination, says Nicholas Rigano of Rigano LLC.

  • Recap

    What The Experts Said About High Court Rulings This Term

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    With the U.S. Supreme Court term now concluded, we take a look back at some first impressions from the experts when the most impactful decisions for corporate law were handed down.