Bankruptcy

  • May 07, 2021

    Bigger In Texas: Ch. 11s In Lone Star State Outpace Delaware

    Rising out of the energy sector turmoil that began in 2015, Texas bankruptcy courts have fashioned themselves into an attractive venue for complex Chapter 11 cases, and have used their growing reputation for efficiency and predictability to surpass Delaware and New York as the most popular destinations for corporate reorganizations.

  • May 07, 2021

    KPMG To Face Investor Class Action Over Miller Energy Audit

    Accounting giant KPMG will have to face a certified class's claims that it helped the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, a Tennessee federal judge ruled Friday.

  • May 07, 2021

    Liberty Power Keeps Access To Parent Co.'s Systems

    A Florida bankruptcy judge has refused to grant a request by the parent company of Liberty Power Holdings that it said has been misinterpreted to allow the bankrupt power retailer to use the parent company's systems to run its business.

  • May 07, 2021

    Chancery Denies Tilton Secrecy Bid In Cosmetics Co. Dispute

    Distressed company turnaround mogul Lynn Tilton lost a bid Friday for a temporary seal on a Chancery Court complaint challenging control of one of her "Patriarch Partners" companies just ahead of a bankruptcy court's supervised sale effort.

  • May 07, 2021

    Ex-BigLaw Atty Gets Prison For Conduct In Bankruptcy Case

    A Manhattan federal judge hit a hedge fund pro and onetime BigLaw lawyer with six months in prison Friday for illegally pressuring Jefferies Financial Group not to challenge his bid for assets sold by retailer Neiman Marcus in a Texas bankruptcy.

  • May 07, 2021

    Sidley Beats Challenge To Boy Scouts Representation

    A Delaware federal judge has upheld a bankruptcy court decision that allowed Sidley Austin LLP to serve as the Boy Scouts of America's counsel in its Chapter 11 case, rejecting claims from the Scouts' insurer that the firm had a conflict of interest.

  • May 07, 2021

    Purdue Asks For Another Month's Hold On Opioid Suits

    Purdue Pharma is asking a New York bankruptcy judge for another 27-day extension of an injunction freezing opioid suits against the company and its owners, saying it needs more time to ensure it gets court approval for its Chapter 11 plan disclosures.

  • May 07, 2021

    Greensill Administrators Have Recovered £3.7B Of Assets

    The administrators of collapsed finance firm Greensill Capital said they have recovered only £3.7 billion ($5.1 billion) of the company's last-reported assets of £17.7 billion since the supply chain financing firm entered into insolvency proceedings in March.

  • May 06, 2021

    11th Circ. Says Use Of Biz Account Bars Ch. 7 Debt Discharge

    A man who used his company's business account to "get by financially" after being hit with a $20 million judgment and more than $300,000 in back taxes can't get those debts discharged in bankruptcy, the Eleventh Circuit has ruled.

  • May 06, 2021

    Jevic Ch. 7 Trustee Can't Pursue Ex-Committee's Claims

    The Chapter 7 trustee overseeing the bankruptcy of trucking company Jevic Holding Corp. cannot step into the shoes of the plaintiff in a suit brought by the official committee of unsecured creditors, after a Delaware judge said Wednesday that a post-petition financing order limits adversary actions to those brought by the committee only.

  • May 06, 2021

    Longtime Ch. 13 Trustee Named U.S. Trustee For Ga., Fla.

    The U.S. Department of Justice has announced it has appointed longtime Georgia standing Chapter 13 trustee Mary Ida Townson as the U.S. trustee for Georgia, Florida, Puerto Rico and the U.S. Virgin Islands.

  • May 06, 2021

    1st Circ. Hints Insys Execs' Convictions Will Stand

    Emotional patient testimony and a prosecutor's improper remark during closing arguments likely aren't enough to overturn a landmark verdict convicting five former Insys Therapeutics executives of a scheme to bribe doctors to prescribe opioids, a First Circuit panel suggested Thursday.

  • May 06, 2021

    Del. Court Awards $57.4M To Car-Hauler's Ch. 11 Estate

    A Chapter 11 trustee has won a fight in Delaware for a $57.4 million breach of contract recovery benefiting the estate of bankrupt Allied Systems Holdings Inc., with simple interest from 2009 under governing New York law nearly doubling the potential award to more than $110 million.

  • May 06, 2021

    Shiloh Industries Gets OK For Unsecured Payout Ch. 11 Plan

    Global auto parts supplier Shiloh Industries on Thursday won approval from a Delaware bankruptcy judge for a Chapter 11 plan that carves out $3 million for unsecured creditors from the proceeds of the company's $218 million asset sale.

  • May 05, 2021

    Girardi's Southern California Mansion Listed For $13M

    Bankrupt trial lawyer Thomas Girardi's 10,277-square-foot mansion near Los Angeles is on the market for $13 million, well below the $16.5 million he had told lenders it was worth, court documents say.

  • May 05, 2021

    Puerto Rico Board Reaches Deal With Highway Bondholders

    Puerto Rico's fiscal oversight board said Wednesday that it had reached a deal with the holders of more than $2 billion in highway and convention center bonds to end ongoing litigation and slash the amount owed by the island's government by 70%.

  • May 05, 2021

    Judge Revives Ch. 11 Claims Against Ex-Essar Execs

    A Delaware bankruptcy judge on Wednesday denied a motion to dismiss a new complaint alleging that former top executives of steelmaker Essar Steel Minnesota helped loot $1 billion from the company and pushed it into Chapter 11, saying it has enough details to be viable.

  • May 05, 2021

    Harvey Weinstein Accuses Jose Baez Of Legal Fee Fraud

    Harvey Weinstein on Tuesday accused prominent criminal defense attorney Jose Baez of refusing to refund him $1 million in legal fees after backing out of his case in 2019, according to a suit filed in New York state court.

  • May 05, 2021

    Hertz Says New Ch. 11 Sponsor Bid Tops Centerbridge Deal

    Bankrupt car rental giant Hertz Global announced Wednesday that a competing bid from a prospective sponsor for its Chapter 11 plan beat the existing deal the company has with a group of sponsors led by Centerbridge Partners, triggering a potential auction if Centerbridge decides to counter the offer.

  • May 05, 2021

    Baker Donelson Loses Bid To Shake Timber Scam Suit

    Baker Donelson, along with a firm partner and a Baker lobbyist, suffered another setback Wednesday in a federal case in Mississippi accusing them of aiding — and profiting from — a $100 million timber scam.

  • May 05, 2021

    Maxus Trust Slams YPF Bid To Appeal White & Case DQ Denial

    The Maxus Liquidating Trust urged the Delaware bankruptcy court Tuesday to reject Argentine energy company YPF SA's bid to directly appeal to the Third Circuit the denial of its motion to disqualify White & Case LLP from representing the trust in a $14 billion environmental liability case, saying the effort is procedurally flawed.

  • May 05, 2021

    Liberty Steel Group Announces Restructuring Committee

    British steel maker Liberty Steel Group on Wednesday announced it has appointed a committee to restructure and refinance the company in the wake of the March collapse of its principal lender, financial group Greensill Capital.

  • May 04, 2021

    Defunct Wholesaler Fights Renewed DQ Bid In Suboxone Case

    Rochester Drug Co-Operative Inc. has urged a Pennsylvania federal judge to once again reject arguments that the company's ongoing bankruptcy meant that it could not continue serving as class representative in a massive antitrust suit accusing drugmaker Indivior PLC of scheming to maintain its monopoly on the opioid addiction treatment Suboxone.

  • May 04, 2021

    Stoneway Noteholders Kick Off Restructuring Venue Dispute

    Secured creditors of Canadian holding company Stoneway Capital Ltd. have told a New York bankruptcy court they wanted to resume a restructuring proceeding that was pending in Ontario before Stoneway filed for Chapter 11 protection in the Empire State.

  • May 04, 2021

    Orchid Paper Trustee Says CEO Drove Company Into Ch. 11

    The liquidating trustee of the bankrupt Orchid Paper Products Co. filed a suit in Delaware bankruptcy court Tuesday accusing the company's leadership of recklessly sending the business into Chapter 11 with an "overly-ambitious and ill-conceived" expansion plan.

Expert Analysis

  • Thought Leadership's Critical Role In Law Firm Diversity

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    Minority attorneys are often underrepresented in conferences, media interviews and other law firm thought leadership campaigns, which affects their visibility with potential clients and their ability to advance at their firms, says John Hellerman at Hellerman Communications.

  • Del. Rulings Guide On D&O Insurance For Corporate Fraud

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    Two recent Delaware decisions chart a helpful path for policyholders seeking directors and officers coverage for incidents involving fraudulent conduct, and also demonstrate the flexibility afforded by choice-of-law clauses, say Brian Scarbrough and Eric Fleddermann at Jenner & Block.

  • What Associates Should Consider Before Switching Practices

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    The current high demand for midlevel associates provides them a rare opportunity to potentially explore new practice areas, but associates should first ask themselves six questions to begin figuring out why a change sounds appealing, says Stephanie Biderman at Major Lindsey.

  • 4 Effective Ways To Prioritize Client Advocacy

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    To truly support a client going through a complicated lawsuit or a painful experience, lawyers must think beyond interpreting legal guidelines and navigating court proceedings, says attorney Scott Corwin.

  • A Call For Greater Clarity Around SEC Cooperation Credit

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    The U.S. Securities and Exchange Commission’s decision not to fine Gulfport Energy in a recent enforcement action over disclosure failures highlights the need for SEC guidance on the benefits a company will receive for cooperating with agency investigations, say Robert Cohen and Brook Jackling at Davis Polk.

  • Remote Law Firm Culture Should Prioritize Associate Training

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    Due to the pandemic, the gap between law school and the first day on the job has never been wider, but law firms can leverage training to bridge that intimidating gap and convey the unique value of their culture in a virtual environment, say Melissa Schwind at Ward and Smith, and William Kenney and Jaron Luttich at Element Standard.

  • A Bumpy Road To Normality After UK Pandemic Support Ends

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    As U.K. government relief measures that have shored up businesses amid the pandemic taper off, parties that cannot resolve restructuring or insolvency issues through commercial bargaining will influence the types of matters appearing before courts for years, say attorneys at Freshfields.

  • Virtual Litigation May Unravel The Narcissistic Lawyer

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    The virtual courtroom limits a narcissistic lawyer's ability to intimidate witnesses and opposing counsel, boast to clients or engage in grandstanding — an unexpected benefit of the global pandemic as some aspects of remote litigation are likely here to stay, says Jennifer Gibbs at Zelle.

  • NY's New Status Quo For Mezzanine Foreclosures

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    Following a New York state court's recent decision in Shelbourne v. SR 677 Bway, it will be harder for borrowers to stop mezzanine foreclosure sales, and injunctive relief is effectively off the bargaining table, so both lenders and borrowers may need to alter their strategies, say Marc Hamroff and Danielle Marlow at Moritt Hock.

  • ABA Remote Work Guide Raises Bar For Atty Tech Know-How

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    A recent American Bar Association opinion on lawyers' ethical duties of competence and confidentiality when working remotely should be viewed as part of a larger movement by which attorneys are being exhorted to develop competence in 21st century technology, say Jennifer Goldsmith at Ironshore and Barry Temkin at Mound Cotton.

  • Lateral Hire Conflict Screening Lessons From DLA Piper Case

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    While a Texas federal court recently denied a motion to disqualify DLA Piper from representing Apple in a patent dispute after the law firm hired an attorney who formerly represented opponent Maxwell, the case is a reminder that robust conflict checks during lateral hiring can save firms the time and expense of defending disqualification motions, says Hope Comisky at Griesing Law.

  • 3 Cybersecurity Questions To Ask Before A Remote Mediation

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    Lawyers preparing to mediate or arbitrate a case through videoconference should take steps to ensure they and their alternative dispute resolution providers are employing reasonable security precautions to protect digital client data and conform to confidentiality obligations, say F. Keith Brown and Michael Koss at ADR Systems.

  • A Uniform Mediation Act Primer As States Continue Adoption

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    With Georgia expected to soon become the 13th jurisdiction to adopt the Uniform Mediation Act and with more states likely to follow suit amid widespread trial delays, practitioners should familiarize themselves with the act's conflict disclosure requirements and the boundaries of its confidentiality provisions, says Richard Mason at MasonADR.

  • Safeguarding Privileged Communications In A Remote World

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    With the pandemic ushering in remote collaboration tools, counsel must revisit fundamentals of the attorney-client privilege and the work-product doctrine, study cases involving email and other recent technologies, and follow 10 best practices to protect confidentiality, say attorneys at DLA Piper.

  • 3rd Circ. Ruling Rejecting Ch. 11 Setoff May Provide Alternative

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    While the Third Circuit's recent ruling in Orexigen Therapeutics is the latest in a string of decisions rejecting the enforceability of triangular setoff in bankruptcy, the court also indicated a potential alternate structure that could prove acceptable, say attorneys at Cleary.

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