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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.