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Bankruptcy
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May 24, 2024
Exiled Chinese Businessman Is No $1B Fraudster, Jury Told
Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.
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May 24, 2024
Weinstein Atty Trying To Chill Retrial Testimony, DA Says
The Manhattan District Attorney's Office has argued that a lawyer for Harvey Weinstein violated ethics rules by publicly accusing one of the movie mogul's alleged rape victims of perjury in an "obvious" attempt to dissuade her from testifying again at an upcoming retrial.
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May 24, 2024
Biden Urges 1st Circ. To Find Debt Cap Challenge Moot
The Biden administration asked the First Circuit to affirm a finding that a government workers' union lacks standing to challenge the debt ceiling's constitutionality and that its case was further rendered moot by passage of a deal to suspend the spending limit until January.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 23, 2024
FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation
The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.
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May 23, 2024
Ex-Judge Pushed False Narrative On Atty Romance, Firm Says
U.S. Bankruptcy Judge David R. Jones of Texas, who resigned last year after his secret relationship with a Jackson Walker LLP partner was revealed, attempted to head off rumors about the relationship by asking the firm to file a false, partial disclosure in 2022, the firm alleged.
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May 23, 2024
Houston Law Firm Wants To DQ Creditors' Counsel In Ch. 11
Troubled MMA Law Firm PLLC is seeking to stop another firm from representing its bankruptcy creditors, arguing that MMA's principal had previously spoken with the other firm as a prospective client and had shared confidential information that now could be used against his firm.
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May 23, 2024
DC Judge Bars Giuliani From Defaming Ga. Poll Workers
A D.C. federal judge has entered an injunction barring Rudy Giuliani from repeating lies that two Georgia poll workers meddled with the 2020 presidential election, resolving a second lawsuit the election workers launched after securing a $146 million judgment against the former New York City mayor.
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May 23, 2024
J&J Loses Expedited Bid For Beasley Allen Docs In Talc MDL
Johnson & Johnson has lost its bid in New Jersey federal court to have the Beasley Allen Law Firm quickly produce documents related to what J&J said seems to be an "intentional effort" by the firm to "bias the vote" against a proposed $6.5 billion reorganization plan for its talc subsidiary.
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May 23, 2024
Jackson Lewis Questions Role In Wage Suit After Ch. 11
Jackson Lewis PC attorneys were unsure if they were able to keep representing more than a dozen Pennsylvania nursing homes as an unpaid-wage case approaches a critical deadline, telling a federal court during a conference Thursday that the Bankruptcy Code suspended their service to a group of defendants who filed for Chapter 11 bankruptcy earlier in May.
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May 23, 2024
Alex Jones Atty Escapes Suspension, For Now
The Connecticut Appellate Court on Thursday threw out the six-month suspension of Norm Pattis, the lead attorney in Infowars host Alex Jones' Sandy Hook Elementary School defamation trial, ordering new proceedings against the attorney for supervising the transmission of the victims' confidential records to other Jones lawyers.
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May 22, 2024
Salesforce Gets Texas Judge To Move Patent Suit To California
For at least the second time in a week, a federal judge in Austin, Texas, has explained why he has shipped a patent lawsuit from his court to the Northern District of California — this time in a case brought by a bankrupt startup against one of Salesforce's brands.
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May 22, 2024
Michael Best Accused Of Malpractice In Startup's Restructure
Michael Best & Friedrich LLP, one of its partners and one of its former attorneys are accused of mishandling a technology startup's reorganization, jeopardizing tax benefits for its founders, according to a legal malpractice lawsuit filed in Illinois state court.
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May 22, 2024
Cancer Patients Target J&J Talc Unit's Asset Shuffles
Cancer patients who have sued Johnson & Johnson alleging that its talcum powder caused their illness alleged Wednesday that the company has tried to intentionally prevent tort victims from getting their day in court through a scheme of fraudulent corporate transactions.
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May 22, 2024
EB-5 Investors Say Developers' $150K Shouldn't Go To Attys
Chinese investors looking to recoup a nearly $40 million investment in failed developments urged an Illinois federal court against allowing bankrupt developers to use $150,000 in assets to pay the developers' attorneys, saying the lawyers shouldn't be paid before the investors.
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May 22, 2024
1st Circ. Affirms UBS Win In Puerto Rico Pension Fight
The First Circuit said public pensioners in Puerto Rico can't advance their claims that UBS Financial Services illegally underwrote $3 billion in bonds, ruling that the island's financial restructuring plan transferred the right to those claims to a special committee.
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May 22, 2024
Cleaning Products Maker Supply Source Files For Ch. 11
Cleaning products company Supply Source Enterprises has told a Delaware bankruptcy court that it is seeking a sale in Chapter 11 to deal with $180 million in debt after overestimating the post-pandemic market for cleaning products.
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May 22, 2024
Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk
A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.
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May 22, 2024
Fraud Defendant Strikes Deal To End Ch. 11, Sell House
A corporation owned by the defendant in a $93 million securities fraud case Wednesday told a Florida bankruptcy judge it has reached a deal to end its Chapter 11 case and sell the multimillion-dollar Coral Gables home that is its sole asset.
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May 22, 2024
Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt
Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.
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May 22, 2024
Tommy's Boats Hits Ch. 11 After Alleged M&T Bank Default
Boat and water sports retailer Tommy's Boats has filed for Chapter 11 protection in Texas bankruptcy court, listing up to $500 million in debt after allegedly breaching an agreement with lender M&T Bank.
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May 21, 2024
Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.
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May 21, 2024
Red Lobster Gets OK To Tap $40M Ch. 11 Loan
A Florida bankruptcy judge Tuesday gave seafood chain Red Lobster interim permission to draw on $40 million in Chapter 11 financing the company says is necessary to keep its restaurants running while it seeks a sale.
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May 21, 2024
SPAC Investor's Suit Changes Came Too Late, Chancery Rules
A shareholder of a special-purpose acquisition company that merged with a now-defunct medical technology company in 2021 waited too long to amend his year-old proposed class action and must defend the case against a motion to dismiss in June, Delaware's Court of Chancery said Tuesday.
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May 21, 2024
Tremont Chicago Hotel Lender Calls For End To Ch. 11 Case
Citing a bankrupt owner's lack of equity and longstanding defaults, the senior secured creditor to Chicago's defunct former Tremont Hotel has asked a Delaware bankruptcy judge to dismiss the case or lift its Chapter 11 automatic stay.
Expert Analysis
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What 3rd Circ. Trust Ruling Means For Securitization Market
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.
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Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key
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.
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Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy
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.
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NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors
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.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
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.
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Cannabis Ruling Lights Path For Bankruptcy Protection
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.
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This Earth Day, Consider How Your Firm Can Go Greener
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.
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What Bankruptcy Deadline Appeal May Mean For Claimants
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.
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Practicing Law With Parkinson's Disease
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.
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Series
Playing Hockey Makes Me A Better Lawyer
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.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
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.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
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.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
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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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Conn. Bankruptcy Ruling Furthers Limitation Extension Split
A recent Connecticut bankruptcy court decision further solidifies a split of authority on whether Bankruptcy Rule 9006(b) may be used to extend the limitations period, meaning practitioners seeking to extend should serve the motion on all applicable parties and, where possible, rely on the doctrine of equitable tolling, says Shane Ramsey at Nelson Mullins.