Bankruptcy

  • January 28, 2025

    Bankruptcy Group Of The Year: Brown Rudnick

    Brown Rudnick LLP's bankruptcy group helped secure a full recovery for BlockFi customers and persuaded a New Jersey bankruptcy judge to grant Chapter 15 recognition to a decentralized autonomous organization for the first time ever, earning it a spot among the 2024 Law360 Bankruptcy Groups of the Year.

  • January 28, 2025

    NY Battery Startup Hits Ch. 11 With $136M Debt, Sale Plans

    Electric vehicle and renewable energy storage lithium-ion battery maker iM3NY filed for bankruptcy protection in Delaware, reporting around $136 million in debt after it wasn't able to drum up new funding for a battery production plant in New York.

  • January 27, 2025

    Party City Inks Deal To Sell IP, Assets In 2nd Ch. 11

    Bankrupt retailer Party City has reached a stalking horse agreement to sell its brand name, other intellectual property and related operating assets to an affiliate of the pop culture merchandiser Ad Populum LLC, which owns the brand behind Chia Pet and is an owner of the entertainment complex at Elvis Presley's home Graceland.

  • January 27, 2025

    Investor Accuses 'Chicken Soup' Parent Of Mismanagement

    A corporate investor in Chicken Soup for the Soul Holdings LLC has accused the publishing company, which has released popular self-help books for decades, of mismanagement leading up to a subsidiary's Chapter 7 liquidation, saying the company didn't provide proper financial information requested by the investor. 

  • January 27, 2025

    J&J Talc Unit's $9B Ch. 11 Plan Draws Slew Of Objections

    The U.S. Trustee's Office and lawyers representing talc claimants have urged a Texas bankruptcy judge to reject a Johnson & Johnson spinoff's $9 billion plan to settle thousands of cancer claims through Chapter 11, arguing the proposed reorganization must fail because the bankruptcy case was filed in bad faith.

  • January 27, 2025

    Fla. Judge Accused Of Bias In Energy Drink Co. Ch. 11

    A Florida federal bankruptcy judge overseeing the Chapter 11 case of the company that makes Bang energy drinks was sued by its founder, who alleged the judge was biased throughout the proceedings and made several rulings that financially harmed him and the company.

  • January 27, 2025

    California's Oldest Indy Bookstore Gets Ch. 11 Lifeline

    A California bankruptcy judge on Monday gave the Golden State's oldest independent bookstore chain, Books Inc., approval on a raft of first-day motions to ease its navigation through a Chapter 11 case the company launched to address burdensome rent and lower profits in the wake of the COVID-19 pandemic.

  • January 27, 2025

    Justices Decline $400M Argentina Bond Default Case

    The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.

  • January 24, 2025

    FDIC Wins Discovery Bid In SVB Fraud Coverage Row

    A Chubb unit must give certain documents to Silicon Valley Bank's former parent SVB Financial Group regarding coverage for a fraud that SVB Financial said caused $73 million in losses, a North Carolina federal court ruled Friday, though relieving an excess insurer of doing the same.

  • January 24, 2025

    Justices Urged To Review Souvenir Store's TM Fraud Case

    A Florida souvenir store chain has asked the U.S. Supreme Court to consider its challenge to a Second Circuit decision foreclosing its arguments that a bankrupt beachwear company fraudulently procured a trademark registration to secure a $3.5 million settlement in yearslong litigation between the competitors.

  • January 24, 2025

    Opt-Out Releases Approved In Container Store Ch. 11 Plan

    A Texas bankruptcy judge on Friday approved a prepackaged Chapter 11 plan for The Container Store that includes opt-out releases in favor of nondebtors, saying the provisions don't run afoul of the Supreme Court's recent Purdue ruling or of Fifth Circuit precedent.

  • January 24, 2025

    9th Circ. Renews Billing Co.'s Suit Against Texas Data Firm

    A Ninth Circuit panel on Friday partly revived a Washington billing services company's lawsuit over a soured business deal with bankrupt Addison Data Services, finding a bankruptcy settlement agreement and the statute of limitations can't keep the plaintiff from pursuing its breach of fiduciary duty claims.

  • January 24, 2025

    Mass Tort Atty Files Ch. 11 Owing $202M To Litigation Funders

    A Houston plaintiffs attorney has filed for personal Chapter 11 protection with more than $202 million of litigation funding liabilities, according to his petition in the Southern District of Texas.

  • January 24, 2025

    Grier Wright Tapped For Insurance Mogul's $2B Liquidation

    Bankruptcy attorney Joseph Grier of Grier Wright Martinez PA will serve as special master to identify, receive, track and distribute billions of dollars that will go toward restitution to victims defrauded by convicted insurance mogul Greg Lindberg, a North Carolina federal judge ruled.

  • January 24, 2025

    La. Judge Returns $22M Hurricane Ida Claim To State Court

    A Louisiana federal judge has sent a $22 million insurance dispute over oil drilling equipment damaged by Hurricane Ida back to state court, citing an invalid arbitration clause between the parties.

  • January 23, 2025

    Yellow Corp. Says It Acted In Good Faith With WARN Notices

    Defunct trucking company Yellow Corp. told a Delaware bankruptcy judge on Thursday that its last delivery was made the day before it laid off 22,000 union workers, making it a "liquidating fiduciary" that would not be liable for inadequate mass-layoff notices under the WARN Act.

  • January 23, 2025

    Conn. Lawmakers Target Healthcare After Hospital's Ch. 11

    In the lead-up to and aftermath of California hospital operator Prospect Medical Holdings Inc.'s $1 billion bankruptcy, Connecticut lawmakers are considering new regulatory powers, promising and penning oversight bills for hospitals owned by private equity firms and real estate trusts while seeking to stabilize the state's healthcare markets.

  • January 23, 2025

    GenapSys Says Paul Hastings Can't Keep Privileged Docs

    GenapSys is pushing back on Paul Hastings LLP's bid to force it to turn over documents that it had inadvertently released during discovery in a legal malpractice suit alleging that the law firm improperly drafted board documents that led to the "demise and liquidation" of the genetic-sequencing company.

  • January 23, 2025

    Exactech Seeks Bonuses For Top Execs For Ch. 11 Sale

    Bankrupt medical implant manufacturer Exactech asked a Delaware bankruptcy judge Thursday for permission to pay up to $5 million in bonuses to its top executives, saying they are performing necessary work for the company's sale plans.

  • January 23, 2025

    White And Williams' NY Office Head Named Bankruptcy Chair

    The managing partner of White and Williams LLP's New York office has taken on the role of chair of the firm's financial restructuring and bankruptcy practice, where she plans to focus on improving the practice group's visibility while ensuring high quality of client service and helping its attorneys to excel.

  • January 23, 2025

    15 States Reach $7.4B Settlement With Sackler Family

    A bipartisan coalition of states on Thursday announced a $7.4 billion settlement in principle with the Sackler family and their company Purdue Pharma Inc., representing the largest settlement to date with the family accused of contributing significantly to the opioid epidemic.

  • January 22, 2025

    Reed Smith Rips Claim Firm Is 'Causing Chaos' In $102M Suit

    Reed Smith fought back Tuesday against allegations by the purported new owners of Eletson Holdings that the BigLaw firm is "causing chaos" by refusing to withdraw as counsel of record in $102 million breach-of-contract litigation, arguing that ownership of the international shipping group is "hotly contested" and being litigated in multiple jurisdictions.

  • January 22, 2025

    Prospect Seeks To Move Conn. Hospital Sale Suit To Texas

    National hospital chain Prospect Medical Holdings on Wednesday told a Connecticut federal judge that its recent Texas bankruptcy filing means a suit over a collapsed $435 million deal to sell its Connecticut-based hospitals belongs in Texas bankruptcy court.

  • January 22, 2025

    Billionaire Debtor's Daughter Loses Appeal Over Jet Sale

    The daughter of bankrupt billionaire Miles Guo on Tuesday lost her appeal of a Connecticut bankruptcy judge's ruling that the $10 million she reaped from the sale of a private jet is the property of her father's estate because he was the beneficial owner of the plan.

  • January 22, 2025

    Pa. Justices Revive Case Over Hospital Care Discontinuation

    Pennsylvania's highest court on Wednesday ruled a trial court had reasonable grounds to halt plans by now-bankrupt hospital operator Prospect Medical Holdings Inc. to discontinue emergency and acute care services at a Delaware County facility.

Expert Analysis

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key

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    Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.

  • Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy

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    In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.

  • NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors

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    Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • Cannabis Ruling Lights Path For Bankruptcy Protection

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    A recent Massachusetts bankruptcy appellate court ruling in Blumsack v. Harrington leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met, but rescheduling marijuana as a Schedule III drug may complicate matters, say Jane Haviland and Kathryn Droumbakis at Mintz.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • What Bankruptcy Deadline Appeal May Mean For Claimants

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    If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

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