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Bankruptcy

  • June 13, 2019

    Orchids Paper DIP Punted As Possible Sale Battle Brews

    Approval of Orchids Paper Products Co.'s Chapter 11 debtor-in-possession financing has been punted to another day to see if a resolution can be reached to thwart another potential battle with unsecured creditors over a $175 million credit bid submitted from a private-equity-backed lender that is serving as stalking horse bidder.

  • June 13, 2019

    Crooked Fund CEO Demoted Me, Finance Pro Tells Jury

    A career finance pro told Manhattan jurors Thursday that the CEO of Premium Point Investments became angry and demoted him when he complained about what he called rampant overvaluing of mortgage-debt assets at the now-bankrupt hedge fund.

  • June 13, 2019

    Hastings Owner Must Face Ch. 11 Liquidating Trust Claims

    A Delaware bankruptcy judge allowed breach of fiduciary duty claims brought against the owner of Hastings Entertainment to survive Thursday, saying a liquidating trustee in the company’s Chapter 11 case had shown a likelihood that the businessman had personally benefited from $25 million of transactions that hurt the company ahead of its bankruptcy.

  • June 12, 2019

    Cloud Peak Energy Stretches Out Ch. 11 Sale Schedule

    Bankrupt coal mining venture Cloud Peak Energy Inc. secured Delaware bankruptcy court approval Wednesday for revised bid procedures, pushing key dates out two weeks or more and allowing more time for efforts to market the Wyoming-based business.

  • June 12, 2019

    Tweaked Shopko Ch. 11 Plan Gets Nod After Initial Rejection

    A Nebraska bankruptcy judge has approved a revised Chapter 11 plan for bankrupt retail chain Shopko, minus the litigation releases that caused him to reject it two weeks ago.

  • June 12, 2019

    Southcross Ch. 11 Sale Delayed By 'Overwhelming Response'

    Bankrupt natural gas handler Southcross Energy told a Delaware judge Wednesday that it needs to extend its Chapter 11 sale timeline into September because the company has received such an "overwhelming response" to its asset marketing efforts that the additional time is necessary to parse through the anticipated bids.

  • June 12, 2019

    Triangle Petroleum Makes Case For Ch. 11 Debt-Equity Swap

    Midstream oil and gas services company Triangle Petroleum urged the Delaware bankruptcy court on Wednesday to sign off on its Chapter 11 debt-for-equity swap that would wipe more than $150 million of secured obligations from its balance sheet two years after its exploration subsidiary went through bankruptcy.

  • June 12, 2019

    Former Young Conaway Partner Joins Del. Bankruptcy Bench

    The Delaware bankruptcy court added its seventh judge Tuesday, as former Young Conaway partner John T. Dorsey was sworn in to fill one of two newly created posts aimed to help move the bench's busy docket.

  • June 12, 2019

    Elk Petroleum Lender Wants Ch. 11 Trustee To Take Over Case

    A secured lender in Elk Petroleum Inc.'s Delaware Chapter 11 moved to appoint an independent trustee to take control of the bankruptcy late Tuesday after branding the oil and gas producer's proposed counsel and chief restructuring officer too conflicted to serve.

  • June 12, 2019

    Puerto Rico Retirees, Oversight Board Unveil Pension Deal

    A committee of retired Puerto Rican government workers and the island's financial oversight board announced Wednesday they had reached a tentative deal that will spare more than half the island's government retirees any pension cuts and limit the cuts to the remainder.

  • June 12, 2019

    Deals Rumor Mill: Forever 21, T-Mobile, Church's Chicken

    Forever 21 has sought out restructuring advice from Latham & Watkins LLP, T-Mobile assets up for sale have earned the interest of Altice USA, Charter Communications and Dish Network, and private equity firm FFL Partners could sell Church’s Chicken.

  • June 12, 2019

    Ex-Avenatti Partner Threatens Suit Of Other Attys Over $10M

    A former partner of Michael Avenatti pressing for payment on a $10 million judgment raised a threat Tuesday that other lawyers who have accepted fees from the embattled Avenatti could be sued for fraudulent transfers.

  • June 11, 2019

    Chancery Sends Asbestos Injury Trust Audit Fight To Trial

    A Delaware Chancery Court battle over insurers' rights to audit asbestos personal injury trust payouts for a bankrupt affiliate of Philips Electronics North America Corp. accelerated toward a September trial late Tuesday, after both sides saw their summary judgment arguments flatly rejected.

  • June 11, 2019

    United Sporting's $15M Interim DIP Proposal Misses Target

    Firearm and outdoor sporting equipment distributor United Sporting Cos. Inc. received court permission to access a portion of its $30 million post-petition financing package in Delaware bankruptcy court Tuesday, but only after the proposed $15 million interim borrowing base was reduced by the court's questions about its necessity.

  • June 11, 2019

    Westinghouse Wants $300M Nuclear Equip. Row Kept In NY

    Westinghouse Electric Co. slapped back at a dismissal bid seeking to relocate a fight over $300 million worth of nuclear reactor equipment from a failed power plant development deal to a South Carolina federal court at a New York bankruptcy court hearing on Tuesday.

  • June 11, 2019

    TridentUSA, Silver Point Seek End To Refinancing Challenge

    Bankrupt health care provider TridentUSA and debtor-in-possession lender Silver Point Capital have fired back at challenges to Silver Point’s Chapter 11 claims, saying no one lied to lenders about Trident’s finances leading up to a 2018 refinancing deal.

  • June 11, 2019

    Platinum Judge Won't Toss Case, May Limit Feds' Closings

    The judge overseeing the securities fraud trial of the former top executives of Platinum Partners on Tuesday said he intends to deny their midtrial bids to escape the charges, but indicated he was likely to preclude the government from arguing that the hedge fund overvalued its assets.

  • June 11, 2019

    Insys Seeks Speedy Ch. 11 Sale As Liabilities Mount

    Insys Therapeutics Inc. told a Delaware judge Tuesday it is taking responsibility for its part in the nation’s opioid crisis as it moves quickly toward a Chapter 11 sale of its assets and a plan to pay legal liabilities, including roughly $200 million to settle government claims.

  • June 11, 2019

    MoFo Tapped To Defend PG&E In Wildfire Investigations

    A California federal bankruptcy judge on Tuesday approved Pacific Gas and Electric Co.’s retention of Morrison & Foerster LLP as special regulatory counsel to defend against ongoing wildfire investigations and regulatory enforcement actions brought by the California Public Utilities Commission.

  • June 11, 2019

    High Court Asked To Decide If Puerto Rico Fed Board Is Legal

    The government has asked the U.S. Supreme Court to override a First Circuit ruling that the federal board overseeing Puerto Rico's financial overhaul was unconstitutionally appointed, saying the ruling calls 200 years of territorial government into question.

  • June 11, 2019

    Blank Rome Taps Katten Quartet To Open New Chicago Office

    Blank Rome LLP said Tuesday that it has brought on four Katten Muchin Rosenman LLP attorneys as the first on its roster of Chicago partners as the firm opens a new office in the Windy City.

  • June 11, 2019

    Legacy Eyes Prepackaged Ch. 11 To Cut $900M In Debt

    Struggling oil and gas producer Legacy Reserves Inc. said Tuesday that it will soon file for Chapter 11 with a prepackaged plan that would cut $900 million from its debt load and inject $200 million in new equity.

  • June 10, 2019

    FERC Rebuke Won't Be Last Word In PG&E Power Deals Fight

    A bankruptcy judge's smackdown of the Federal Energy Regulatory Commission's bid to weigh in on whether Pacific Gas & Electric Co. can shed $42 billion worth of power purchase agreements in Chapter 11 tees up another battle in the war over whether the agency or the court gets to determine the fate of such contracts.  

  • June 10, 2019

    Feds Slam Ex-Platinum Execs' Acquittal Bid In Fraud Case

    Federal prosecutors slammed former top Platinum Partners executives' mid-trial request to be acquitted of fraud charges in a letter in New York federal court Monday, arguing that they've presented enough evidence to show that the executives knowingly made material misrepresentations to investors.

  • June 10, 2019

    Creditors Say EdgeMarc Ch. 11 Sale Timeline Is Too Short

    Unsecured creditors of bankrupt oil and gas producer EdgeMarc Energy Holdings LLC told a Delaware judge Monday that the proposed sale deadline included in post-petition financing and bidding procedure motions won't allow the debtor to realize maximum value for its assets in a Chapter 11 transaction.

Expert Analysis

  • High Court Bankruptcy IP Case May Spur Rejection Litigation

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    In its Mission Product Holdings v. Tempnology decision this week, the U.S. Supreme Court delivered a significant win for trademark licensees, while potentially leaving a larger gray area as to what other contractual rights of nondebtor parties may survive rejection under the Bankruptcy Code, say Laura Davis Jones and Jonathan Kim of Pachulski Stang.

  • Distressed Cannabis Companies See Hope In 9th Circ. Ruling

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    The Ninth Circuit's recent decision in Garvin v. Cook Investments offers a possible interim solution to the vexing question of whether a debtor that has engaged in, or derived income from, a state-legal marijuana business can reap the benefits of the Bankruptcy Code, says Keith Owens of Venable.

  • Opinion

    How Lawyers Can Help Save The Planet

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    Over a dozen major law firms have joined our effort to overcome the legal obstacles that states, cities and businesses face in fighting climate change. But more lawyers are needed, say Michael Gerrard of Columbia Law School and John Dernbach of Widener University Commonwealth Law School.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • The Problem With 9th Circ. CFPB Leadership Structure Ruling

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    In Consumer Financial Protection Bureau v. Seila Law, the Ninth Circuit recently ruled that the CFPB’s single-director structure is constitutional. However, the opinion applies the U.S. Supreme Court's decision in Humphrey’s Executor v. U.S. in a way that ignores that decision's fundamental holding, says Alan Kaplinsky of Ballard Spahr.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • PG&E Oversight Battle Looms For FERC, Bankruptcy Court

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    Although the Federal Energy Regulatory Commission recently reasserted its concurrent jurisdiction with the bankruptcy court over the disposition of Pacific Gas and Electric’s wholesale power contracts in bankruptcy, it is reasonable to assume that this clash between two governmental entities will ultimately be resolved in the U.S. Supreme Court, say attorneys at Blank Rome.

  • Getting Out Of Legal Project Management Debt

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    If a client does not demand the application of project management techniques at the start of a matter, or a law firm does not routinely apply them, it is highly likely that additional, avoidable work — legal project management debt — will materialize throughout the matter, says Anthony Widdop of Shearman & Sterling.

  • 6 Ways To Keep Your Jury From Zoning Out

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    Science suggests that at least some jurors pay attention to less than 65% of the evidence during a trial due to "task-unrelated thoughts," but there are steps attorneys can take to present information in a more engaging, cognition-friendly fashion, say Dennis Stolle and Dennis Devine of Barnes & Thornburg.

  • 5 Myths In Legal Crisis Communications

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    Having worked at a boutique law firm, a crisis communications agency and in BigLaw, I have identified a number of common misconceptions across these disparate business models when it comes to crisis and litigation communications, says Robert Gemmill of Hogan Lovells.

  • An Overview Of The Debate Over Litigation Finance Disclosure

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    In light of a New York federal court's recent decision in Benitez v. Lopez, which joins a growing body of case law denying forced disclosure of commercial litigation finance, Stephanie Spangler of Norris McLaughlin and Dai Wai Chin Feman of Parabellum Capital break down the arguments commonly raised for and against disclosure.

  • Contempt Standard For Chasing Invalid Debts Hangs On Intent

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    Given the U.S. Supreme Court justices' questions last week in the Taggart v. Lorenzen argument, it seems likely that courts will be able to take a creditor's good faith into account when determining sanctions for violations of a debtor's discharge injunction, says James Bentley of Schulte Roth.

  • Ch. 7 Ruling Protects Banks From Debtor-Account Dilemma

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    A New York federal court's decision last month in Weidenbenner confirms that banks may address their customers’ bankruptcies with policies that are protective of bank interests and the bankruptcy estates, without risking a violation of the automatic stay, say Steven Wilamowsky and Bryan Jacobson of Chapman and Cutler.

  • How To Identify And Deal With Narcissists In Law

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    Given that a large swath of the legal profession may display some narcissistic tendencies, it is important for lawyers to know how to address the narcissist in the room — and it may be you, says Jennifer Gibbs of Zelle.

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