Bankruptcy

  • April 26, 2021

    Frontera Holdings Gets OK For $800M Debt Swap

    A Texas bankruptcy judge Monday approved power generating station owner Frontera Holdings LLC's $800 million equity-swap Chapter 11 plan after saying he had been reassured the reorganized company could stay solvent in the face of negative cash flow.

  • April 26, 2021

    Secure Home Holdings Hits Ch. 11 Planning Lender Handover

    Pennsylvania-based home and commercial security venture Secure Home Holdings LLC and four affiliates opened a Chapter 11 case in Delaware with about $229 million in secured debt, aiming for a restructuring that will hand the nationwide company's equity to first-lien lenders.

  • April 23, 2021

    Aeromexico Wants To Cut $800M From Pre-Ch. 11 Boeing Deal

    Mexican airline Grupo Aeromexico SAB de CV asked a New York bankruptcy court on Friday for permission to amend its pre-Chapter 11 petition agreement to acquire Boeing planes in hopes of saving $800 million and staving off potential lease rejection claims.

  • April 23, 2021

    Greenberg Traurig Nabs Simpson Thacher M&A Atty In NY

    Greenberg Traurig LLP has snagged a seasoned attorney with years of experience helping private equity and corporate clients in a range of industries from Simpson Thacher & Bartlett LLP, marking the latest addition to the firm's corporate practice in New York.

  • April 23, 2021

    NRA Board Meeting Raises Red Flag At Ch. 11 Trial

    Attorneys for a National Rifle Association director who says he was blindsided by the group's bankruptcy filing told a Texas judge Friday they don't trust board members not to talk about their testimony in the case when they convene next week. 

  • April 23, 2021

    Garrett Motion's Honeywell Deal Gets Ch. 11 Plan Nod

    Bankrupt vehicle parts manufacturer Garrett Motion Inc. received court approval in New York on Friday for its Chapter 11 plan centered around a $1 billion deal with former parent Honeywell Inc. that addresses legacy asbestos liabilities and gives existing shareholders a significant portion of new equity.

  • April 23, 2021

    Former Pa., Del. Judge In Line To Head Bankruptcy Institute

    Alabama bankruptcy attorney Robert P. Reynolds and former Pennsylvania and Delaware bankruptcy judge Kevin Carey have been selected to leadership positions at the American Bankruptcy Institute, the organization announced Friday.

  • April 23, 2021

    Norton Rose Adds LA Real Estate Team From Loeb & Loeb

    Norton Rose Fulbright has added three real estate lawyers from Loeb & Loeb LLP to the firm's Los Angeles office.

  • April 23, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Citadel Securities sue a former trader, a shipping company appeal findings involving a jailed tycoon, and the U.K. arm of Tata Steel file suit against companies owned by Indian tycoon Sanjeev Gupta. Here, Law360 looks at those and other cases. 

  • April 22, 2021

    NY Church Tells 2nd Circ. Bankruptcy Trustee Out Of Bounds

    A Bronx-based church challenging the legality of a bankruptcy court's appointment of a trustee told the Second Circuit that its building was improperly sold below market value to appease a "usurious lender," and that a judge wrongly dismissed claims that the seizure of several items violated protections for religious institutions.

  • April 22, 2021

    ING Loses Dismissal Bid In Suits Over Shippers' Fuel Debts

    A New York federal judge denied a motion Thursday from ING Bank NV seeking the dismissal of suits filed by shipping companies that ordered maritime fuel from bankrupt company O.W. Bunker, finding that ING's arguments over personal jurisdiction for the parties did not hold up.

  • April 22, 2021

    Del. Judge Delays Ch. 11 Ruling Over Hertz False Arrest Suits

    A Delaware bankruptcy judge preliminarily denied a motion Thursday to lift a stay in The Hertz Corp.'s Chapter 11 to state or U.S. district court suits over the car rental giant's alleged practice of falsely reporting rented cars as stolen, leading to unjustified arrests.

  • April 22, 2021

    Metal Co. Wants Out Of Calif. $136M Toxic Cleanup Suit

    Lead company NL Industries Inc. urged a California federal court Thursday to let it out of a suit from state officials seeking over $136 million from several companies for cleanup of a former battery recycling facility, arguing it bears no blame for the current state of the property.

  • April 22, 2021

    Apple Bank Seeks $27.5M In Charter Plane Financing Dispute

    Apple Bank for Savings has asked a federal judge in Manhattan to declare that the bank is owed nearly $28 million after an air charter broker ran into headwinds honoring the terms of a complex finance arrangement with Apple Bank, Honda Aircraft Co. LLC and the Bank of Utah.

  • April 22, 2021

    Club Can't Shake $12M Verdict In Dallas Cowboy's Death

    A Texas appellate panel on Thursday affirmed a $12 million jury verdict against a now-shuttered Dallas nightclub that was found liable for a drunken driving crash that killed a Dallas Cowboys practice squad player.

  • April 22, 2021

    Bar Louie Gets Ch. 11 Liquidation Plan Confirmed

    Bankrupt gastropub chain Bar Louie cleared a final wind-up hurdle for remnants of its former 134-site business, securing plan confirmation in Delaware for a Chapter 11 liquidation of its remaining assets.

  • April 21, 2021

    YPF Seeks To Appeal Denial Of Bid To DQ White & Case

    Argentine energy company YPF SA is pursuing a bid to disqualify White & Case LLP from representing the Maxus Liquidating Trust in a $14 billion environmental liability case despite a Delaware bankruptcy judge's pointed criticism of its arguments that an attorney who used to represent it was romantically linked with an attorney from the firm.

  • April 21, 2021

    NRA Exec Says Board To Meet Soon On Ch. 11 Reorg Plan

    An executive with the National Rifle Association told a Texas bankruptcy judge Wednesday that the organization's board of directors would meet soon to consider a Chapter 11 plan of reorganization, saying leadership is prepared to handle the bankruptcy process and that no examiner is needed.

  • April 21, 2021

    Actress Accuses Girardi Of Stealing From Crash Settlement

    Actress Christina Fulton alleges Girardi Keese founder Thomas Girardi scammed her out of $729,300 from her car crash settlement, according to a complaint filed this week, adding her to an ever-growing list of former clients who say the acclaimed trial attorney took their money.

  • April 21, 2021

    Hertz Gets OK For Creditor Vote On Ch. 11 Plan

    A Delaware bankruptcy judge Wednesday declined to give potential alternative equity backers of Hertz Global's Chapter 11 plan more time to finalize their proposal, instead giving the car rental giant the go-ahead to send its restructuring plan out for a creditor vote.

  • April 21, 2021

    3rd Circ. Won't Revive Kodak Claims After Ch. 11 Discharge

    The Third Circuit has refused to revive a lawsuit by a man alleging his exposure to a Kodak chemical caused his inflammatory disease, ruling that the claim should have been resolved through the company's Chapter 11 case.

  • April 21, 2021

    Del. Justices Urged To Restore KPMG Negligence Claims

    An attorney for KPMG LLP cautioned three Delaware Supreme Court justices Wednesday that they could trigger an unprecedented expansion of third-party vicarious liability claims if they resurrect a Chancery Court suit against KPMG US for negligent misrepresentations by KPMG Mexico.

  • April 21, 2021

    Liberty Power Cuts Entire Staff And Files For Ch. 11

    Electrical retailer Liberty Power has filed for Chapter 11 in a Florida bankruptcy court, saying it was forced into the action by a nearly $86 million electrical bill stemming from February's freak winter storm in Texas and the loss of its management staff this weekend.

  • April 20, 2021

    Judge Says Insolvency Protects Telehealth Co. From Sanction

    An Illinois federal judge on Monday rejected a medical marijuana business' bid to sanction a telehealth platform in an ongoing contract fight, saying the platform's insolvency proceedings means it can't be sanctioned for violating a preliminary injunction she had entered against it.

  • April 20, 2021

    PG&E Judge Rejects Fire Victims Trustee's 'Forum Shopping'

    A U.S. bankruptcy judge denied a bid by the trustee for victims of deadly California wildfires to remand to state court an action seeking to participate in PG&E and its insurers' arbitration talks over liability coverage for PG&E's former executives, saying Tuesday the bid "smacks of forum shopping."

Expert Analysis

  • Avoiding Materially Adverse Conflicts After New ABA Opinion

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    The American Bar Association's recent guidance on what constitutes materially adverse interests between clients makes clear that lawyers should not take comfort in a current representation just because a former client is not on the opposite side of the v., and those hoping to avoid disqualification should consider five steps, says Hilary Gerzhoy at Harris Wiltshire.

  • Potential Barriers To Health Care Provider Bankruptcies

    Excerpt from Practical Guidance
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    Medicare and Medicaid claims by government authorities can impede health care provider bankruptcies, as exemplified by the Ninth Circuit's Gardens Regional Hospital decision addressing whether amounts owed under Medicare and Medicaid provider agreements are subject to setoff or recoupment in bankruptcy, say Mark Cody and Mark Douglas at Jones Day.

  • Rebuttal

    US Legal System Can Benefit From Nonlawyer Ownership

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    Contrary to claims made in a recent Law360 guest article, nonlawyer ownership has incrementally improved the England and Wales legal system — with more innovation and more opportunities for lawyers — and there is no reason why those outcomes cannot also be achieved in the U.S., say Crispin Passmore at Passmore Consulting and Zachariah DeMeola at the University of Denver.

  • What DOJ's 1st PPP Fraud Settlement Can Teach Borrowers

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    The U.S. Department of Justice's first settlement of False Claims Act fraud allegations with a Paycheck Protection Program borrower, SlideBelts, highlights the need to substantiate loan application statements and that misleading representations or fund misuse may lead to personal liability, say Alexander Canizares and Andrew Smetana at Perkins Coie.

  • Series

    Fixing Ch. 11 For Small Biz: SBRA Has Room For Improvement

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    While congressional attempts to aid small businesses struggling in the pandemic have focused primarily on the provision of additional capital through the Paycheck Protection Plan, Congress could provide greater relief to those businesses through revisions to the Small Business Reorganization Act, says Brook Gotberg at Brigham Young University.

  • Building A Law Firm Knowledge Bank For Thought Leadership

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    Marketing professionals often do not have firsthand knowledge of current legal trends and client issues, so law firms need to commit to an ongoing knowledge extraction process — a series of steps to draw out attorney insights that can help marketers create effective and frequent thought leadership content, says Michelle Calcote King at Reputation Ink.

  • Let's Emerge From The Pandemic As Legal Innovators

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    The pandemic forced a digital reckoning on the legal profession — which switched to remote workforces, paperless workflows and digital signatures seemingly overnight — and law firms and corporate legal departments can keep up the innovation momentum with three guiding principles, says Kevin Clem at HBR Consulting.

  • Anticipating Predictive Analytics' Potential Uses In Litigation

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    Predictive analytics — the marriage of statistics and machine learning now commonly used in litigation for document review and production — will soon likely bring exciting new uses in discovery and beyond, offering attorneys more data-driven ways to establish facts and predict case outcomes, say Richard Finkelman and Karl Schliep at Berkeley Research Group.

  • Opinion

    This Black History Month, Law Firms Should Challenge Norms

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    With so little progress made in the diversification of the legal industry, Black History Month is a good time for law firms to adjust their organizational cultures, ensuring that diversity and inclusion goals are transparent and measured in the same way billable hour and other core targets are — through written, enforceable policies, says Paulette Brown at Locke Lord.

  • Series

    Fixing Ch. 11 For Small Biz: What SBRA Means By 'Engaged'

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    As courts have split over the Small Business Reorganization Act's definition of "engaged in," the majority view — that a debtor need not be currently engaged in business for the act to apply and that an individual guarantor of a small business debtor may elect to use Subchapter V even if the small business is defunct — appears to be correct, say Brian Shaw and Christina Sanfelippo at Cozen O'Connor.

  • Series

    Judges On Race

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    On the heels of nationwide calls to address systemic racism and inequality, five sitting state and federal judges shed light on the disparities that exist in the justice system and how to guard against bias in this series of Law360 guest articles.

  • Law Firm Penalties On Departing Partners Just Got Riskier

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    A D.C. appeals court's recent decision in Jacobson Holman v. Gentner sharply limiting the ability of law firms to financially penalize departing partners continues a clear trend among court rulings and bar ethics opinions, and should encourage firms to review their partnership agreements for any ethical land mines, says Alan Kabat at Bernabei & Kabat.

  • Illiquid Asset Valuation Presents Unique Risks Amid Pandemic

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    The U.S. Securities and Exchange Commission’s recently approved investment adviser rules signal that the valuation of illiquid assets could become a major risk amid COVID-19 market turmoil, with post-2008 valuation disputes offering a cautionary tale, say attorneys at Jenner & Block.

  • Opinion

    Countries Need Int'l Forum For Sovereign Debt Restructuring

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    As countries accrue debt to stave off the financial effects of the coronavirus pandemic, the global economic community should develop a procedure akin to Chapter 11 for restructuring sovereign debt or risk mass defaults, says Mariano Cafiero at Techint Group.

  • NJ Case Has Lessons On Arbitration Clauses In Atty Retainers

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    The New Jersey Supreme Court’s recent opinion in Delaney v. Dickey tracks and builds on other jurisdictions' limitations on the enforceability of arbitration provisions in law firm retainer agreements, and provides useful guidance for lawyers hoping to bind clients to arbitration, say attorneys at Harris Wiltshire.

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