Neiman Marcus' unsecured creditors told a Texas bankruptcy judge on Monday that they want to file an alternative Chapter 11 plan to reclaim an allegedly improper $1 billion dividend payment, but they were told they can't attach the plan to their request.
Reed Smith LLP has hired the former head of Akerman LLP's Brazil practice as a partner in its global disputes group's Miami office, helping the firm expand and bolster its international disputes offering in the region.
Bankrupt denim retailer True Religion Apparel received permission Monday from a Delaware bankruptcy judge to pay out $721,000 in Chapter 11 bonuses to its key employees as it pursues a debt-for-equity swap plan.
As he approaches his two-year mark at Stretto next month, general counsel Chris Updike discusses the aspects of working in-house that have surprised him, as well as how the pandemic has affected his responsibilities.
Cruise ship operator Royal Caribbean Group said Monday it is seeking to reorganize its Pullmantur Cruceros joint venture cruise line in a Spanish court, saying the headwinds of COVID-19 travel restrictions were too much for the company to overcome.
Multistate drug rehabilitation and treatment chain American Addiction Centers Inc. sought Chapter 11 protection in Delaware on Saturday, carrying $517.3 million in debts and blaming long-standing debt and liquidity woes, worsened by business disruptions linked to the COVID-19 pandemic.
A U.S. bankruptcy judge on Saturday approved Pacific Gas and Electric Co.'s $59 billion reorganization plan, resolving a turbulent bankruptcy that began when the nation's largest utility sparked a series of wildfires that killed more than 100 people, leveled entire California communities and led it to plead guilty to involuntary manslaughter.
A steady stream of new bankruptcy cases poured into the nation's courts in the past week as the COVID-19 pandemic continues to wreak havoc on the global economy. Cash crunches gave way to insolvency as the prolonged closure of many businesses and the ancillary effects of shutdowns burrowed into the coffers of companies in many sectors.
Former jail union leader Norman Seabrook told a New York federal court Friday that he will appeal its decision to deny him a new trial over what he says is a wrongful conviction for accepting bribes to invest $20 million in union capital in a failing hedge fund.
Two lenders to bankrupt Philadelphia refinery PES Holdings LLC on Friday urged a Delaware judge to compel a redevelopment buyer to pay the original $252 million it agreed to in a Chapter 11 sale earlier this year, despite a recent debtor agreement to a $27.5 million reduction.
The U.S. Trustee's Office on Friday asked a Virginia bankruptcy judge to reject Pier 1 Imports' proposed Chapter 11 plan disclosures, saying that among other problems it assumes consent by nonvoters and would automatically dismiss the case if the plan failed to win approval.
Chisholm Oil and Gas Operating LLC was warned during an initial appearance in Delaware court Friday by junior lenders that a battle could be brewing over the oil and gas driller's Chapter 11 plan to reorganize roughly $500 million in debt.
A long-running trademark battle between descendants of The Palm steakhouse chain's founders came to an end Wednesday when the parties told a Florida bankruptcy court they had reached a deal that will get minority shareholders a fraction of the $126 million judgment they were awarded in a New York court.
The Chapter 7 trustee of Education Management Corp., the operator of a chain of for-profit schools that collapsed amid allegations of fraud and predatory lending, has sued the corporation's former officers in Delaware bankruptcy court seeking more than $200 million in damages.
The owner of two gas-fired electricity generating stations received approval Friday in Delaware to borrow up to $15 million in post-petition financing to help fund its Chapter 11 case in pursuit of a debt restructuring.
An Illinois federal judge has found that a subcontractor on a Washington, D.C., Metro project is owed a $2.1 million bond payment for funds clawed back in another subcontractor's bankruptcy, saying the statute of limitations began to run when the clawback was ordered.
Four sale proposals rolled out by bankrupt trucking conglomerate Comcar Industries got detoured Friday during a Chapter 11 hearing in Delaware, partly because bidding and terms for many of the company's assets had yet to come to a full stop.
The past week in London has seen the Vatican dragged into court by companies connected to a real estate deal that has come under criminal scrutiny, an investment company lodge an appeal following a legal setback in a painting dispute with a London art dealer, and a spread betting service sue tycoon Robert Tchenguiz. Here, Law360 looks at those and other new claims in the U.K.
A chain of Massachusetts gyms is suing Gov. Charlie Baker in federal court for delaying their reopening until the third phase of the state's plan, saying the "unconstitutional" closure orders could force them into bankruptcy.
A Texas bankruptcy judge on Thursday overrode objections by the government bankruptcy watchdog to discount chain Stage Stores Inc.'s proposal to pay up to $1.7 million in bonuses to its top executives.
Electrical weapons maker Phazzer is urging the U.S. Supreme Court to wipe out a $7.6 million judgment in rival Taser's lawsuit against it, saying it shouldn't have to pay because Taser's patent was later invalidated by the Patent Trial and Appeal Board.
Digital medicine company Proteus told a Delaware bankruptcy judge Thursday it is looking to sell its innovative intellectual property and so-called smart pill technology during its Chapter 11, with a $15 million floor bid already in the works with its distributor.
Hertz Global Holdings Corp. late on Thursday dropped its plan to issue up to $1 billion in new and potentially doomed stock to finance its global business and Chapter 11 bankruptcy case in Delaware, days after the U.S. Securities and Exchange Commission said the agency planned to review the proposal.
The owner of two gas-fired power generating stations filed for Chapter 11 on Thursday in Delaware, saying decreasing energy demands and dwindling gas prices have hurt its bottom line and forced the company into its third bankruptcy since 2014.
Following more devastating testimony from victims' families and a call for Pacific Gas and Electric Co. to "burn in hell," a California judge on Thursday ordered PG&E to pay $3.49 million — the maximum criminal fine — for recklessly starting the 2018 Camp Fire that killed 84 people.
The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.
One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.
The Ohio Supreme Court's recent decision in Delphi Automotive v. Ohio Department of Job and Family Services sets an acquirer-friendly precedent for unemployment tax rates in mergers, acquisitions and reorganizations, which could be especially important in the wake of pandemic-related layoffs, say Jeremy Hayden and Christopher Tassone of Frost Brown.
Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.
As potential buyers look to purchase assets of energy companies driven into bankruptcy by the coronavirus pandemic, there are a number of precautionary steps they should take to reduce the risk of liability for the seller's environmental obligations, say Jacob Hollinger and Darren Azman of McDermott.
While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.
As white collar attorneys are increasingly asked to assist with bankruptcy-related investigations by unsecured creditors due to the current economic environment, they should follow best practices concerning discovery, appointment of independent board members, and malpractice claims, say attorneys at Lowenstein Sandler.
History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.
Many lenders accommodated commercial real estate investors and borrowers with short, multimonth payment deferrals amid the COVID-19 crisis, but these grace periods will end well before the fallout of the pandemic will, and the bank will come knocking, says Katherine Amador at Berger Singerman.
With an increasingly litigious tort environment for corporate defendants, companies holding legacy liabilities would do well to investigate a capital markets solution for transferring their risks, say Mark Hemmann at FARA LLC and Peter Kelso at Roux Associates.
Companies seeking bankruptcy relief in the wake of the coronavirus pandemic should be aware of crucial aspects of the employee and debtor-employer relationship that are critical to a smooth transition into Chapter 11 and a chance at successful reorganization, say attorneys at Squire Patton.
The recent debtor-in-possession order in the Rudy's Barbershop case pending in Delaware Bankruptcy Court eliminated defenses to creditor challenge rights and amended the limited liability company agreements, providing one novel solution to the issue of early derivative claims in alternative entity bankruptcies, says Robert Weber of Chipman Brown.
During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.
Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.
Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.