Bankruptcy

  • May 17, 2024

    Cantor, Lutnick Strike Deal With Window SPAC Investors

    Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.

  • May 17, 2024

    EndoStim Emerges From Delaware Insolvency Proceeding

    Delaware's Court of Chancery has approved the final accounting for medical device company EndoStim Inc.'s state-administered insolvency proceeding after no creditor or other party raised any objections at a final hearing on Friday.

  • May 17, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.

  • May 17, 2024

    'We Feel It': NJ Ranks 2nd In Ch. 11 Cases, Chief Judge Says

    New Jersey federal courts saw the second most Chapter 11 bankruptcy filings in the nation over the last year, Chief U.S. District Judge Renée Marie Bumb of the District of New Jersey said on Friday.

  • May 16, 2024

    Convicted Insurance Mogul Says He'll Trim Empire

    Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.

  • May 16, 2024

    NJ Judge Scrutinizes J&J Unit's Libel Claim Over Talc Study

    A bankrupt Johnson & Johnson unit's libel claims over a scientific article linking talcum powder to mesothelioma intrigued a New Jersey federal judge during an oral argument on Thursday, prompting her to muse that the author's consideration of other exposures seemed to bolster the study at issue.

  • May 16, 2024

    Rue21 Seeks To Reject 51 Leases As Stores Close

    Bankrupt teen retailer rue21 has asked a Delaware bankruptcy court for approval to reject its leases at 51 store locations where going-out-of-business sales have already wrapped up or aren't planned, saying the move would represent "a significant cost savings" to the bankruptcy estate.

  • May 16, 2024

    DOL Unveils Long-Delayed Abandoned Retirement Plan Rules

    After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.

  • May 16, 2024

    Colombian Consumer Lender Hits Ch. 11 To Trim $55M Of Debt

    Colombian consumer lending giant Credivalores-Crediservicios filed for bankruptcy in New York on Thursday, with a prepackaged Chapter 11 plan to cut $55 million from its balance sheet and emerge from bankruptcy next month.

  • May 16, 2024

    Fracking Services Co. Nitro Hits Ch. 11 After IP Trial Loss

    Oil and gas fracking services provider Nitro Fluids LLC filed for Chapter 11 protection in a Texas bankruptcy court with more than $50 million in debt, months after a jury found it had infringed another company's patents.

  • May 15, 2024

    'Not Enough Money': Atty. Objects To Plan For Dead Law Firm

    An attorney representing a small group of creditors of failed California debt relief law firm Litigation Practice Group raised concerns at a hearing Wednesday that once the bankruptcy estate pays professional fees and administrative claims, little money will be left.

  • May 15, 2024

    MLB, NHL, NBA Doubt Bally Sports Parent Can Reorganize

    The bankrupt parent of Bally Sports-branded regional sports networks touted the extension of a carriage contract with DirecTV Wednesday in Texas bankruptcy court, at the same time that the parent company's partners in major American sports leagues expressed skepticism about its ability to successfully reorganize.

  • May 15, 2024

    Ollie's Can Make $14.6M Stalking-Horse Bid For 99 Cents Only

    Discount retail chain 99 Cents Only received approval Wednesday from a Delaware bankruptcy judge for a $14.6 million stalking-horse bid for 11 of its properties in Texas from Ollie's Bargain Outlet Inc., another discount retailer.

  • May 15, 2024

    Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark

    A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.

  • May 15, 2024

    AI Job Recruiter Joonko Blames CEO Fraud For Ch. 11 Filing

    AI-powered employee recruitment venture Joonko Diversity Inc. has filed for Chapter 11 protection in a Delaware bankruptcy court, saying its business had rested almost entirely on fraudulent claims made by its ex-CEO.

  • May 15, 2024

    Grocery Chain Outfox Files Ch. 7 After Closing All Locations

    The parent company of Foxtrot Market and Dom's Kitchen & Market filed for Chapter 7 in Delaware, less than a month after the grocery chain announced it would be closing its 35 stores in Illinois, Texas and the Washington, D.C., area.

  • May 14, 2024

    5th Circ. Nixes Catholic Abuse Claimants' Ch. 11 Appeal

    Sex abuse claimants removed from a Catholic archdiocese's bankruptcy unsecured creditors committee don't have grounds for an appeal because they couldn't show the removal was a sanction on them that cost the claimants anything, the Fifth Circuit said.

  • May 14, 2024

    Giuliani, For Now, Can't Appeal Defamation Verdict In Ch. 11

    A New York bankruptcy judge on Tuesday denied Rudy Giuliani's bid to lift his bankruptcy's automatic stay so he can challenge a $148 million defamation verdict, saying the Republican firebrand needs to make more progress in his Chapter 11 and chiding him for repeating false accusations about two former Georgia poll workers.

  • May 14, 2024

    Biotech Co. Hits Bankruptcy With Creditor Deal In Hand

    Biotech company Gamida Cell Inc. filed for Chapter 11 protection in Delaware bankruptcy court after reaching a take-private deal with its largest creditor to extend up to $45 million in new capital and forgive more than $4 million in secured debt.

  • May 14, 2024

    Sullivan & Cromwell Seeks To Ax Claims Of Aiding FTX Fraud

    Sullivan & Cromwell LLP wants a Florida federal court to dismiss a proposed class action alleging the firm knew about and helped facilitate the massive fraud by FTX, saying customers of the cryptocurrency exchange platform fail to claim anything beyond a "series of speculative allegations with no factual basis."

  • May 14, 2024

    Jackson Walker Wants Out Of Texas Judge Romance Suit

    Law firm Jackson Walker told a Texas federal court it wants out of a lawsuit accusing it of harming a tug boat company whose case was pending before a bankruptcy judge engaged in a romantic relationship with a firm attorney.

  • May 13, 2024

    Kabbage Inks 2 FCA Deals With Feds Totaling $120M

    Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.

  • May 13, 2024

    50 Cent, GC Accused Of Federal Wiretap Violations

    A liquor business consultant has told a New York state court that Curtis "50 Cent" Jackson and the rapper's general counsel violated federal and New Jersey wiretap statutes, after the court dismissed an earlier counterclaim lodged under the Illinois Eavesdropping Act.

  • May 13, 2024

    Eletson Creditors Seek Over $1M Cut In Reed Smith Fees

    Unsecured creditors of shipping company Eletson Holdings have asked a New York bankruptcy judge to cut more than $1 million from the fees being sought by Eletson counsel Reed Smith LLP, saying the firm overstaffed the case and wasted money on needless and meritless fights.

  • May 13, 2024

    Binance Says Sullivan & Cromwell, FRA To Serve As Monitors

    Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.

Expert Analysis

  • What Calif. Eviction Ruling Means For Defaulting Borrowers

    Author Photo

    A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.

  • Think Like A Lawyer: Follow The Iron Rule Of Trial Logic

    Author Photo

    Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.

  • Banks Have Won Syndicated Loan Battle, But Not The War

    Author Photo

    Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.

  • Potential Unintended Consequences Of NY Sovereign Debt Bill

    Author Photo

    New York lawmakers recently proposed a law to create a framework for restructuring sovereign debt, but there are concerns that the bill will increase financing costs and that it attempts to solve problems that have largely been dealt with by collective action clauses, say Jeffrey Rothleder and Tara Peramatukorn at Squire Patton.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

    Author Photo

    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Bankruptcy archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!