Try our Advanced Search for more refined results
Bankruptcy
-
February 20, 2024
Hess Corp. Oil Refinery Unit Gets OK For Ch. 11 Plan
Oil and gas company Hess Corp.'s bankrupt oil refinery unit HONX Inc. received confirmation of its Chapter 11 reorganization plan that would allow it to pay $105 million to injury claimants who they say were affected by the company's asbestos exposure.
-
February 20, 2024
Insurer Says BlockFi Premium Suit Violates Ch. 11 Plan
A directors and officers insurance carrier for bankrupt cryptocurrency lender BlockFi is seeking to remove a lawsuit attempting to claw back $22.5 million in premiums from New Jersey state court to bankruptcy court, saying the debtor is violating the order confirming its Chapter 11 plan.
-
February 20, 2024
Sullivan & Cromwell Accused Of Aiding FTX Fraud
Sullivan & Cromwell LLP has been accused of knowing about and helping facilitate the massive fraud that brought down cryptocurrency exchange FTX while serving as FTX's outside counsel, and profiting on the back end by overseeing FTX's ongoing bankruptcy, according to a racketeering lawsuit filed last week.
-
February 20, 2024
Girardi Keese Trustee Recovers $1.8M In Fees For Exide Case
A U.S. bankruptcy judge on Tuesday approved an agreement between the Girardi Keese bankruptcy trustee, a former attorney for the firm and the Mandell Law Firm to end an adversary proceeding connected to $1.8 million in attorney fees from a lawsuit over the toxic Exide battery plant in Vernon, California.
-
February 20, 2024
Paul Hastings, Others Seek $9.9M In Kwok Ch. 11 Case Fees
Paul Hastings LLP and six other law firms and professional services organizations have filed applications seeking more than $9.9 million in fees and expenses in the global Chapter 11 saga of Chinese exile Ho Wan Kwok, leaving the cost of the two-year-old case at well more than $30 million.
-
February 20, 2024
Selendy Gay Taps Paul Weiss Bankruptcy Litigation Pro
New York commercial litigation firm Selendy Gay PLLC announced Tuesday it will be welcoming a longtime Paul Weiss partner with extensive bankruptcy and restructuring experience as its latest partner, effective Monday.
-
February 20, 2024
Boomerang In Default For Silence On $7M Del. Contract Suit
A defunct steel tube plant that failed to respond to a Delaware Chancery Court lawsuit seeking $7.35 million for unpaid invoices was found in default Tuesday after failing to appear in court for more than a year and a half.
-
February 20, 2024
Windels Marx Atty Joins Seyfarth's New Restructuring Team
About a month after Seyfarth Shaw LLP launched its restructuring and insolvency practice with two Bryan Cave Leighton Paisner LLP partners, the firm announced Tuesday that it had added another attorney from Windels Marx Lane & Mittendorf LLP.
-
February 16, 2024
Giuliani's Retrial Bid Stuck In Fight Over Representation
Rudy Giuliani has still not sought a new trial in his $148 million defamation case, even though a New York bankruptcy judge said nearly a month ago that he would sign off on the request, as his case has become mired in spats over disclosures and who will pay for the former mayor's special counsel.
-
February 16, 2024
Ex-Yellow Corp. Workers Push WARN Class Cert In Ch. 11
Former employees of trucking firm Yellow Corp. told a Delaware bankruptcy court that recognizing them as a class is the best way to handle their claim that the bankrupt company didn't give them adequate warning of layoffs.
-
February 16, 2024
French Retail Co. Casino Group Files For Ch. 15 Recognition
French retail conglomerate Casino Guichard-Perrachon SA filed for Chapter 15 bankruptcy in New York, seeking recognition of a French insolvency proceeding designed to slash more than €1.5 billion ($1.6 billion) from its debt sheet.
-
February 16, 2024
Kwok Trustee Files RICO Claims As Judge Extends Deadlines
Alleging bankruptcy fraud, money laundering and other claims, the Chapter 11 trustee overseeing the $374 million bankruptcy of Chinese exile Ho Wan Kwok has filed a civil Racketeer Influenced and Corrupt Organizations complaint against Kwok's relatives, his onetime attorney and others, including two companies connected to Donald Trump aides.
-
February 16, 2024
No Coverage For Conn. Firm's Malpractice Fight, Insurer Says
The law firm Evans & Lewis LLC and partner Douglas J. Lewis should lose a breach of contract suit against their malpractice carrier because they were already in the early stages of battling a professional misconduct claim when the relevant policy went into effect, the insurer told the Connecticut Superior Court in seeking summary judgment.
-
February 16, 2024
Fruit Grower Gets OK For $11M DIP Draw After Lender Deal
Bankrupt fruit producer Prima Wawona received interim approval Friday for an $11 million draw on its $22 million in Chapter 11 financing after saying it had reached a deal with objecting lenders on the financing and was working on a deal for its overall bankruptcy plan.
-
February 16, 2024
Supreme Court Pauses Boy Scouts Ch. 11 Plan
The U.S. Supreme Court temporarily paused the Boy Scouts of America's Chapter 11 bankruptcy on Friday amid a dispute over nonconsensual, third-party liability waivers included in its reorganization plan, prompting the $2.5 billion trust that is compensating victims of childhood sexual abuse to suspend operations.
-
February 16, 2024
Firms Connected To 1MDB Scandal Seek Ch. 15 In US
Liquidators overseeing the bankruptcies of five alleged shell companies that they say received an estimated $1.5 billion from 1Malaysia Development Bhd., a Malaysian government-owned fund at the heart of an international corruption scandal, asked a Florida bankruptcy court to grant Chapter 15 recognition of their British Virgin Islands liquidations.
-
February 15, 2024
NRA Accuses NY AG Of Political Bias As Trial Closes
Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.
-
February 15, 2024
Instant Brands May Have Rights Against Supplier, Judge Says
A Texas bankruptcy judge issued a tentative ruling that could favor appliance and housewares maker Instant Brands in its dispute with a supplier objecting to the Chapter 11 plan's treatment of indemnification claims.
-
February 15, 2024
Invitae Can Use Cash Collateral For Speedy Ch. 11
Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.
-
February 15, 2024
Court Mulls If Claims Buyer Qualifies For Special Ch. 11 Trust
A Delaware bankruptcy judge on Thursday considered whether a company that pursues claims on behalf of medical insurers and healthcare organizations can be paid from a specialized opioid trust created by the 2022 Chapter 11 plan of Irish pharmaceutical company Mallinckrodt PLC.
-
February 15, 2024
Judge Doubts NY Diocese Has Enough Votes For Ch. 11 Plan
A New York bankruptcy judge said Thursday the Roman Catholic Diocese of Rockville Centre had sufficiently explained its Chapter 11 plan to creditors, but appeared skeptical that it will garner the necessary votes for approval.
-
February 15, 2024
Byju's Insiders Seek Ch. 11 Dismissal, Calling It Litigation Ploy
Affiliates of Indian tech giant Byju's U.S. arm, which are embroiled in state court litigation with the company's lender, asked a Delaware bankruptcy judge to dismiss the company's Chapter 11 case, saying the bankruptcy petition was filed to stymie the ongoing state court litigation.
-
February 15, 2024
DIP Lenders Sue Allegiance Coal Over $1.8M In Unpaid Fees
Debtor-in-possession lenders of bankrupt mining operation Allegiance Coal USA Ltd. have filed a Chapter 11 adversary suit in Delaware, saying the company has not paid them $1.8 million in fees owed under a court-approved DIP loan order.
-
February 15, 2024
4E Agent Floats Plan To Hand Disputed Atty Fees To Creditors
The Chapter 11 agent for hand sanitizer maker 4E Brands Northamerica LLC has asked a Texas bankruptcy judge to approve a modified reorganization plan that would allow unsecured creditors to recover fees that Jackson Walker LLP may be forced to disgorge over an ethics scandal involving a former partner.
-
February 15, 2024
Peer Street Hits Back Against Ch. 7 Conversion Efforts
Bankrupt real estate investment firm Peer Street Inc. hit back at creditors' motions to convert its case to a Chapter 7 liquidation, saying to the Delaware bankruptcy court that conversion would torpedo its restructuring plan, which has the support of secured creditors and the unsecured creditors committee.
Expert Analysis
-
Opinion
Despite Its Plan Objections, UST Also Won In Purdue Ch. 11
The Second Circuit’s recent decision approving Purdue Pharma’s reorganization plan is a win even for the dissenting Office of the U.S. Trustee because the decision sets extremely stringent guidelines for future use of nonconsensual third-party releases, say Edward Neiger and Jennifer Christian at Ask.
-
Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
-
Post-Siegel Trustee Fee Rulings Further Debtor-Friendly Trend
One year after the U.S. Supreme Court’s bankruptcy ruling in Siegel v. Fitzgerald left the matter of trustee fee refunds open to lower courts, related rulings have sided with debtors, reminding practitioners of the importance of the constitutional backdrop to statutory law, say Daniel Lowenthal and Jonah Wacholder at Patterson Belknap.
-
Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
-
Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
-
Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
-
Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
-
As Subchapter V's Popularity Rises, So Do Its Boundaries
Recent data and bankruptcy court rulings give greater context to Subchapter V’s popularity, but also show how courts continue to interpret its provisions to establish limits and contours, such as the sequence of filing for affiliate debtors, say Jack O’Connor and Heidi Hockberger at Levenfeld Pearlstein.
-
A Comparison Of 2 Bank Failures, With Regulatory Lessons
Though the factors that contributed to the downfalls of Silicon Valley Bank and First Republic Bank were similar, differences in federal regulators' handling of the banks' sales — and the additional two weeks it took to find a buyer for SVB — may help illuminate how regulators can improve their response to future financial panic, say attorneys at Lewis Brisbois.
-
Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
-
Shkreli Cos. Bankruptcy Illustrates Novel Subchapter V Trend
Vyera Pharmaceuticals and related companies founded by convicted "Pharma Bro" Martin Shkreli recently filed for bankruptcy under Subchapter V in Delaware, becoming the latest case to show the appeal of the subchapter for debtors with large contingent or unliquidated liabilities seeking a more efficient form of bankruptcy, says Sam Ashuraey at Paul Hastings.
-
A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
-
Opinion
High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
-
Bankruptcy Ruling Guides Secured Lenders On Proxy Rights
The Delaware bankruptcy court’s recent ruling in the case of CII Parent is an example of how a secured lender can utilize proxy rights to affect a borrower's ability to use bankruptcy as a protective tool against lender action, say David Wender and Nathaniel DeLoatch at Eversheds Sutherland.
-
Opinion
Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.