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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

  • Make-Whole Provisions Still Enforceable After Momentive

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    After the recent bankruptcy court decision in 1141 Realty Owner, debtors should think twice before assuming that a Southern District of New York bankruptcy filing will allow them to avoid a hefty make-whole premium — notwithstanding the Second Circuit’s 2017 Momentive decision, say Matthew Kelsey and Michael Gocksch of Gibson Dunn & Crutcher LLP.

  • Slamming The Brake On Traffic Ticket Protections For Debtors

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    The Seventh Circuit's decision this month in the Steenes case makes clear the city of Chicago can now collect from “scofflaws” who use Chapter 13 bankruptcy to avoid the consequences of speeding and parking tickets. Raphael Janove of Eimer Stahl LLP discusses three key takeaways.

  • Setting The Record Straight On Women In Court Reporting

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    Today, 89 percent of court reporters are women, but I remember sitting behind my steno machine in the '80s and being asked by a judge if I, as a woman, would have the emotional fortitude to work a murder case, says Karen Santucci, chairwoman of the Plaza College court reporting program.

  • Opinion

    Limiting Supreme Court's Size Is Not Enough

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    The proposal by Sen. Marco Rubio, R-Fla., for a constitutionally mandated nine-justice U.S. Supreme Court does not address any of the well-known problems with the current system — problems that could be solved through a nonpartisan package of reforms, says Gordon Renneisen of Cornerstone Law Group.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • Tech Trends From SXSW Pose Unique Questions For Lawyers

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    These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.

  • In Bar Admissions Process, It's Candor Or Bust

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    You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.

  • Series

    Judging A Book: Bashant Reviews 'Doing Justice'

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    My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.

  • Firms Can Leverage Communications When Economy Is Slow

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    Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.

  • Del. Bankruptcy Court Reclaims Control Of Article III Suits

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    A Delaware bankruptcy court's recent decision in Paragon Litigation Trust v. Noble Corp. makes it more likely that fraudulent transfer claims can be finally adjudicated in bankruptcy courts, but sets up a potential circuit split, say Matthew Kelsey and Matthew Porcelli of Gibson Dunn & Crutcher LLP.

  • A Deep Dive Into The CDS And Syndicated Financing Markets

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    The interrelationship between the credit default swap and syndicated term loan markets has become increasingly important and complex over the past five years. Four case studies help illustrate the interplay, say attorneys at Davis Polk & Wardwell LLP.

  • Ethical Social Media Marketing For Lawyers

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    Social media presents rich opportunities to reach prospective clients. Attorneys should not let those opportunities pass them by, but they should keep their ethical obligations in mind as they post, says Cort Sylvester of Nilan Johnson Lewis PA.

  • Q&A

    A Chat With Norton Rose Diversity Director Nina Godiwalla

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Nina Godiwalla, director of diversity and inclusion at Norton Rose Fulbright.

  • With WARN Act And Bankruptcy, Better Think Inside The Box

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    Using traditional bankruptcy structures to give individual creditors a voice — thinking like a bankruptcy lawyer and not a class action lawyer — can lead to a more reasonable and efficient resolution of a Worker Adjustment and Retraining Notification Act class action, say David Wender and Grant Stein of Alston & Bird LLP. 

  • 5 Mistakes Law Firms Make When Responding To RFPs

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    More and more corporations are now using requests for proposals to make data-driven decisions about which law firms to work with, so it is more important than ever for law firms to avoid common RFP mistakes, says Matthew Prinn of RFP Advisory Group.

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