Bankruptcy

  • June 18, 2021

    Many Zohar Claims Get 2nd Chance In Tilton Ch. 11 Suit

    A Delaware bankruptcy judge dismissed a string of claims Friday in a 15-month-old Chapter 11 battle between interests of distressed-debt mogul Lynn Tilton and bankrupt Zohar Funds holding more than $1.4 billion in Tilton venture-related debt, but allowed repleading for a majority of those tossed.

  • June 18, 2021

    LATAM Creditors Seek Claims Over Canceled Plane Deals

    LATAM Airline Group's creditors have asked a New York bankruptcy court for permission to file claims against a pair of the company's major shareholders, alleging LATAM allowed them to duck out of aircraft sale and leasing deals while it was heading into Chapter 11.

  • June 18, 2021

    Puerto Rico Federal Judge Retiring After High Court Wins

    Puerto Rico U.S. District Judge Francisco A. Besosa plans to take senior status Jan. 1, after a judicial career that saw the U.S. Supreme Court back his rulings on a Puerto Rican debt restructuring law and the criminal-law principle of double jeopardy.

  • June 18, 2021

    Boy Scouts Pledge $250M For Ch. 11 Abuse Settlements

    The Boy Scouts of America on Friday filed a revised Chapter 11 plan with a Delaware bankruptcy court, saying after talks with tort claimants it is willing to pledge up to $250 million, double its previous contribution, to a settlement trust for sexual abuse survivors.

  • June 18, 2021

    Girardi Keese Loaned $20M To Erika Girardi's Biz, Atty Says

    Reality television star Erika Girardi's companies may have received over $20 million in loans from her husband's law firm, Girardi Keese, along with improperly assigned fees from a client settlement, a bankruptcy trustee's special counsel claimed Friday in court documents.

  • June 18, 2021

    DLA Piper Hires Former Milbank, Kirkland Restructuring Attys

    DLA Piper announced it had hired two attorneys to help bolster the firm's restructuring practice, with one lawyer working out of its New York office and the other based in Chicago.

  • June 17, 2021

    Weinstein's Brother Says Ch. 11 Buyer Owes Him Film Profits

    The brother of convicted rapist and disgraced movie mogul Harvey Weinstein told a Delaware bankruptcy judge that the buyer of the Weinstein Co.'s assets owes him more than $2.3 million for his rights to the profits generated by the movie "Scream 4."

  • June 17, 2021

    Ex-Astros Owner Must Face Suit Over Ill-Fated Network Deal

    Billionaire former Houston Astros owner Drayton McLane Jr. and Comcast Corp. can't use a Texas free speech law to duck claims that they lied to get a better price for the team and its stake in a now-bankrupt regional sports network, a state appellate court held Thursday.

  • June 17, 2021

    Puerto Rican Judge Group Calls Foul On Bankruptcy Cuts

    A group of current and former judges of the Puerto Rican judiciary objected to restructuring plan documents for the Commonwealth of Puerto Rico, saying that cuts to judges' pensions violate the U.S. Constitution's separation of powers requirements.

  • June 17, 2021

    Nine Point Denied Quick Win On Pipeline Liens

    A Delaware bankruptcy judge Thursday denied oil and gas driller Nine Point Energy a quick win in its challenge to $157.7 million in liens asserted by its midstream provider, saying whether the liens are valid under state law requires a look at the evidence.

  • June 17, 2021

    Del. Judge OKs Mallinckrodt Toss Of Ill. City's Ch. 11 Claims

    A Delaware bankruptcy judge has summarily rejected a Rockford, Illinois, attempt to block Mallinckrodt PLC from exercising its Chapter 11 right to shed liability for city claims that the company inflated pricing of a drug used to treat multiple sclerosis and infantile spasms.

  • June 17, 2021

    Washington Prime Asks For Approval Of Ch. 11 Backstop Deal

    Mall owner Washington Prime Group Inc., which has filed for Chapter 11 protection, asked a Texas bankruptcy court judge Thursday to approve a backstop deal where creditors have agreed to cover a $325 million new rights offering the company says is crucial to its post-bankruptcy future.

  • June 16, 2021

    Girardi's Ex-Clients Go After His Wife In State Malpractice Suit

    Former clients of celebrity trial lawyer Thomas V. Girardi, along with the bankruptcy trustee liquidating the embattled attorney's personal property, have urged a California bankruptcy judge to lift a stay so the ex-clients can continue their collection pursuit against his estranged wife, "Real Housewives of Beverly Hills" star Erika Girardi.

  • June 16, 2021

    Examiner With Narrow Scope Approved In Purdue Ch. 11

    A New York bankruptcy judge begrudgingly approved the appointment of an examiner in the Chapter 11 case of OxyContin maker Purdue Pharma LP on Wednesday, saying he was doing so only because the baseless allegations included in the examiner motion needed to be addressed publicly.

  • June 16, 2021

    Alarm Co. Select Security Hits Ch. 7 With $93M In Debt

    Alarm company Select Security has filed for Chapter 7 liquidation in Delaware bankruptcy court with nearly $93 million in debt, six months after selling nearly all its assets to Brinks Home Security.

  • June 16, 2021

    Tribe-Linked Lender Funders Urge 9th Circ. To Ax Class Cert.

    Companies that funded a lender accused of charging illegally high interest rates urged the Ninth Circuit to reverse a California federal court's certification of a class of consumers, arguing it was done too hastily while ignoring "serious issues," such as how to identify class members.

  • June 16, 2021

    NYC Doc Gets Over 4½ Years For Taking Insys Kickbacks

    A former New York City doctor on Wednesday was sentenced to more than 4½ years in prison for taking hundreds of thousands of dollars in kickbacks from now-defunct drugmaker Insys Therapeutics Inc. in exchange for prescribing a powerful fentanyl spray to his patients.

  • June 16, 2021

    NY Retirement Community Seeks $199M Ch. 11 Refinance

    The owner of Long Island retirement community Amsterdam at Harborside is seeking Chapter 11 protection in a New York bankruptcy court with a prenegotiated plan to refinance over $199 million in debt as it deals with a failure to attract enough residents.

  • June 15, 2021

    Mallinckrodt Ch. 11 Plan Disclosure Challenges Shot Down

    A Delaware bankruptcy judge Tuesday heard and rejected multiple challenges to opioid maker Mallinckrodt PLC's proposed Chapter 11 disclosures, saying they contain sufficient information on topics ranging from payouts from states to disputed intercompany transfers.

  • June 15, 2021

    Retired NY Bankruptcy Judge Cornelius Blackshear Dies At 81

    Retired Bankruptcy Judge Cornelius Blackshear, who served 20 years in the Southern District of New York, has died, leaving a long legacy of serving Manhattan as a jurist and a police officer. He was 81.

  • June 15, 2021

    Harvey Weinstein's Challenge To LA Extradition Fails

    A New York state judge on Tuesday denied a challenge from Harvey Weinstein regarding his expected extradition to California to face charges of rape and sexual assault, after the imprisoned film mogul initially won a delay of the proceedings due to faulty paperwork.

  • June 15, 2021

    Fla. Fraudster To Face Criminal Charges First, Judge Rules

    A New York federal judge on Tuesday granted the U.S. Department of Justice's request to pause a civil suit accusing a Florida man of lying to clients about his hedge fund to get them to pump $40 million into worthless investments until after the conclusion of a parallel criminal case.

  • June 15, 2021

    Drugmakers Can't End Calif. Opioid Trial, Judge Rules

    A California judge on Tuesday rejected drugmakers' efforts to end a landmark opioid trial in which Golden State communities contend that marketing of narcotic painkillers caused an addiction epidemic.

  • June 15, 2021

    Watchdog Questions Imerys Talc's Ch. 11 Asset Buy Plans

    The Office of the United States Trustee has objected to a proposal from bankrupt talc miner Imerys Talc America to acquire small businesses in its Chapter 11 to serve as investment vehicles for its funds, saying the debtor must show the investments are a proper use of estate resources.

  • June 15, 2021

    Nine Point Asks Court To OK Free And Clear $250M Sale

    Oil and gas company Nine Point Energy is asking a Delaware bankruptcy judge to reject a midstream provider's claim it holds $157.7 million in liens on its wells while reporting that it hasn't gotten a better offer than the $250 million stalking horse bid for its assets.

Expert Analysis

  • Opinion

    NJ Fed. Court Should Ditch Litigation Funding Disclosure Plan

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    The District of New Jersey's wide-reaching proposal to require automatic disclosure of third-party litigation finance poses several problems for attorneys and litigants alike and should be nipped in the bud, say Sarah Williams and Marlon Becerra at Validity Finance.

  • Law Firm Talent Must Reflect Shifting US Demographics

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    Stephanie Scharf at Scharf Banks and Roberta Liebenberg at Fine Kaplan analyze and project U.S. demographic trends to show that law firms that hope to succeed long-term must recruit, retain and advance female lawyers and lawyers of color, and they outline six steps for meeting these goals.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • NextEra Ruling Could Support Initial-Bidder Expense Claims

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    The Third Circuit’s recent broad decision that NextEra's unsuccessful merger bid for Energy Future Holdings could nevertheless benefit EFH's bankruptcy estate provides future stalking horse bidders substantial leverage and may establish an alternative way for them to recover transactional expenses, says Ronit Berkovich at Weil.

  • Expedited Bankruptcies Are Cause For Concern

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    The Office of the U.S. Trustee's recent concerns over the increase in so-called shotgun bankruptcies are legitimate: These expedited processes limit oversight by the bankruptcy court to the detriment of smaller stakeholders, say Brian Shaw and David Doyle at Cozen O'Connor.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Stop Networking, Start Relationship Marketing

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    USA 500 Clubs' Joe Chatham offers four tips for lawyers to get started with relationship marketing — an approach to business development that prioritizes authentic connections — and explains why it may be more helpful than traditional networking post-pandemic.

  • Mortgage Servicers Should Prepare To Be In CFPB Crosshairs

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    In light of recent indications that the Consumer Financial Protection Bureau will make housing security a top priority, residential mortgage servicers should prepare for increased enforcement scrutiny as foreclosures and evictions rise post-pandemic, say attorneys at Manatt.

  • What Attorneys Should Know About Fee Deferral

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    Milestone Consulting’s John Bair explores contingency-fee structuring considerations for attorneys, laying out the advantages — such as tax benefits and income control — as well as caveats and investment options.

  • Predictions On Pandemic's Lasting Impact On Legal Education

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    The pandemic accelerated the pace of technological change for legal education, and some of the changes to how law school courses are taught and on-campus interviews are conducted may be here to stay, says Leonard Baynes at the University of Houston.

  • Lawyer Perfectionism Is A Disease We Can Control

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    The pursuit of perfection that is prevalent among lawyers can lead to depression, anxiety and other mental health impacts, but new attorneys and industry leaders alike can take four steps to treat this malady, says Liam Montgomery at Williams & Connolly.

  • 5 Tips To Help Your 2021 Summer Associates Succeed

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    Despite pandemic-related challenges this year, law firms can effectively train summer associates on writing and communicating — without investing more time than they ordinarily would, says Julie Schrager at Schiff Hardin.

  • Weighing Ability To Pay Criminal Fines Amid FCPA Crackdown

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    As Foreign Corrupt Practices Act enforcement is expected to increase under the Biden administration, companies facing scrutiny should assess the reasonableness of fines in the context of their capacity to continue operations, and the potential impacts of filing an inability-to-pay claim, say analysts at Charles River Associates.

  • Pa. Tax Talk: Takeaways From 2 Commonwealth Court Rulings

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    A Pennsylvania appellate court's recent decision in Good Shepherd Rehabilitation v. Allentown sets a positive precedent for other nonprofits subject to Allentown's aggressive tax position, and its recent decision in Mandler v. Commonwealth offers a reminder that some taxes, including payroll withholding taxes, are never dischargeable in bankruptcy, says Jennifer Karpchuk at Chamberlain Hrdlicka.

  • Firms Should Use Surveys To Make Smart Legal Tech Choices

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    The utility of legal technology innovations may be limited without clear data and objectives from the outset, but targeted surveys can provide specific insights that enable law firms to adopt the most appropriate and efficient tech solutions, says Tim Scott at Frogslayer.

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