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Bankruptcy

  • June 4, 2019

    Jevic Lenders Sue In Del. To Recover $2M From Busted Deal

    The private equity backer behind defunct trucking company Jevic has sued the company's bankruptcy estate and a handful of law firms, creditors and other stakeholders in Delaware seeking to claw back $2 million paid to fund a settlement that fell apart after the U.S. Supreme Court repudiated the deal.

  • June 3, 2019

    Catholic Church Waiting On Word From High Court

    The U.S. Supreme Court appears to be struggling with its consideration of lower-court orders forcing Catholic parishes and entities in Puerto Rico to sell off assets to meet $4.7 million in pension obligations, sitting on an appeal from the now-bankrupt archdiocese of San Juan for months without action.

  • June 3, 2019

    Cleary To Guide Lampert's Purchase of Sears Hometown

    Sears spinoff Sears Hometown & Outlet Stores Inc. announced Monday that it had reached an agreement to be acquired by a company controlled by former Sears CEO Edward Lampert, which is represented in the transaction by Cleary Gottlieb Steen & Hamilton LLP.

  • June 3, 2019

    National Events Trustee Seeks Millions From NFL's Cardinals

    The liquidating trustee of defunct sports and concert ticket broker National Events Holdings LLC is trying to claw back more than $15 million in what he called fraudulent transfers made to the Arizona Cardinals, online broker TicketNetwork and others.

  • June 3, 2019

    King & Spalding Adds Finance Pros In NY, Chicago

    International law firm King & Spalding has given its corporate, finance and investments group a boost, bringing two partners from Latham & Watkins into its New York and Chicago offices, the firm announced Monday.

  • June 3, 2019

    High Court Won't Review NJ Fraud Foreclosure Case

    The U.S. Supreme Court declined Monday to review an embattled homeowner’s challenge to the foreclosure of her $2 million house, which she pinned on a longtime corruption conspiracy dating back to an investment fraud case against her and her husband.

  • June 3, 2019

    Flower Co. Starts Ch. 11 With $220M Debt, Plans All-Asset Sale

    Wilted by changing markets and an “improvident” expansion, flower delivery company FTD and 14 affiliates sought Chapter 11 protection in Delaware bankruptcy court early Monday with over $220 million in debt and plans to break up and sell the enterprise.

  • June 3, 2019

    Fusion Files For Ch. 11 Following 'Overly Aggressive' Mergers

    Cloud computing services provider Fusion Connect Inc. filed for Chapter 11 on Monday in New York bankruptcy court with roughly $691 million in debt, with plans to sell itself off to the highest bidder or let its creditors take over in a $300 million debt-for-equity swap.

  • June 3, 2019

    Creditors Risk Contempt By Pursuing Invalid Debt: Justices

    The U.S. Supreme Court on Monday held that a creditor can be held in contempt for trying to collect on a debt that was wiped away in bankruptcy if there is no "fair ground of doubt" that a court order barred the creditor's conduct.

  • May 31, 2019

    Ex-Black Elk Atty Gives 'Painful' Detail On Bond Vote

    A former attorney for defunct energy firm Black Elk walked jurors through a bond vote that the government alleges former executives at Platinum Partners rigged in their favor, with the prosecutor on the case getting into a level of detail that a judge called "painful" on Friday.

  • May 31, 2019

    $200M Settlement Reached In Tribune Media Clawback Suit

    A litigation trustee urged a Delaware federal court on Friday to approve a $200 million settlement aimed at resolving part of a long-running fight over alleged fraudulent conveyance in the 2008 leveraged buyout of Tribune Media Co.

  • May 31, 2019

    Claims Rep For J&J Talc Supplier Survives Removal Bids

    A Delaware bankruptcy judge Friday knocked down a flurry of bids to unseat the future claims representative from Young Conaway Stargatt & Taylor LLP nominated by Johnson & Johnson talc supplier Imerys Talc America Inc., rejecting accusations there were conflicts of interest disqualifying him from the role.

  • May 31, 2019

    Shopko's Ch. 11 Plan Rejected Over Executive Releases

    A Nebraska bankruptcy judge has rejected retail chain Shopko’s Chapter 11 plan, saying a global settlement in the proposal goes too far in forcing creditors to give up claims against the company’s top executives.

  • May 31, 2019

    Calif. Regulators Sign Off On PG&E Wildfire Plan

    California regulators on Thursday approved Pacific Gas & Electric’s plan to shut off electricity in extreme weather conditions to avoid disastrous wildfires like last year’s deadly Camp Fire, which killed 85 people.

  • May 31, 2019

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

    The past week has seen two fraud victims sue Lloyds Bank over a banking scheme at HBOS, trustees of BT's pensions scheme sue Nationwide, and the Financial Conduct Authority face a lawsuit in connection with a convicted money lender. 

  • May 30, 2019

    Jurors Hear Of Platinum Boss' Role In Alleged Bond Scheme

    Jurors in the securities fraud trial of former top Platinum Partners executives on Thursday heard of how co-founder Mark Nordlicht floated plans to wield control over bonds of the hedge fund's portfolio company Black Elk Offshore Operations LLC using Platinum affiliates, which prosecutors say was part of a scheme to defraud the oil and gas driller's bondholders. 

  • May 30, 2019

    Unused Cash Concern Delays Orchids Paper's Ch. 11 Loan

    Bankrupt Orchids Paper Products Co. postponed final action on an $11 million debtor-in-possession loan Thursday, after a Delaware bankruptcy judge challenged terms that could leave $7 million unused while $14.5 million in postpetition vendor and trade claims pile up awaiting an uncertain outcome.

  • May 30, 2019

    US Trustee Calls Fuse's Ch. 11 Plan Incomplete

    The U.S. Trustee on Thursday told the Delaware bankruptcy court that Fuse LLC's Chapter 11 plan and disclosure statement lack certain key details about potential claims against and on behalf of the estate and bonuses that may be granted if a sale of the company occurs after the plan's effective date.

  • May 30, 2019

    Calif. Panel Suggests Wildfire Rule Change After PG&E Ch. 11

    A California state-appointed commission on Wednesday recommended the state switch to a different standard for assessing whether utilities are responsible for wildfires, saying the change would reduce the chances of utilities going bankrupt, as PG&E Corp. recently did.

  • May 30, 2019

    TridentUSA Lender Says Loan Fight Breaks Restructuring Deal

    TridentUSA lender Silver Point Finance has launched an adversary action in a New York bankruptcy court claiming another lender has violated the terms of the bedside diagnostics provider's 2018 refinancing by seeking to challenge Silver Point's Chapter 11 priority claims.

  • May 30, 2019

    Novum Keeps Sale Option Open As Ch. 11 Plan Talks Progress

    Bankrupt drugmaker Novum Pharma LLC told a Delaware bankruptcy judge Thursday it was close to finalizing terms on a Chapter 11 plan of reorganization, but that it was also keeping a path toward an asset sale open in case that worked out to be more lucrative for the debtor and its creditors.

  • May 30, 2019

    Tropicana Can't Escape Trustee's Claims CEO Caused Ch. 11

    A Delaware judge handling remnants of the decade-old bankruptcy of the Tropicana Entertainment LLC empire has refused to dismiss the trustee's suit targeting the former head of the company's casino unit and its successors, agreeing with the trustee that the complex case should go to trial.

  • May 29, 2019

    Motherhood & Making Partner: The View From 2 BigLaw Moms

    In a Law360 original video, two BigLaw attorneys reflect on being mothers while trying to make partner in a culture that has made slow progress towards increasing female representation in the highest ranks.

  • May 29, 2019

    5 Attorneys On Being The Only Woman In The Room

    Female attorneys are underrepresented throughout the legal industry, but in some practice areas, they often find they are literally the only woman in the room. Here, Law360 hears from five top women on what it's like to still be considered a rare sight in their field.

  • May 29, 2019

    White Star Gets $15M DIP Funding As Venue Fight Looms

    A Delaware bankruptcy judge on Wednesday gave his nod to White Star Petroleum LLC’s $15 million in interim Chapter 11 post-petition financing as a battle brews over whether the case will proceed in the First State or Oklahoma.

Expert Analysis

  • Implications Of 2nd Circ.'s Madoff Foreign Clawback Opinion

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    While the Second Circuit's Madoff opinion last month closed a potential Bankruptcy Code loophole with respect to fraudulent transfers, the opinion did not resolve a split among bankruptcy courts in the Southern District of New York regarding the extraterritorial reach of the Bankruptcy Code’s avoidance powers, say attorneys at Skadden Arps Slate Meagher & Flom LLP.

  • Guest Feature

    Leon Panetta In The Courtroom, Langley And Area 51

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    Over the course of his career, Leon Panetta has served as a U.S. representative, director of the CIA and secretary of defense. But before all that, he was a lawyer. Randy Maniloff of White and Williams LLP asked him about his legal background — and about little men from outer space.

  • A New 3rd Circ. Damages Formula For Entireties Fraud Cases

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    Shane Ramsey of Nelson Mullins Riley & Scarborough LLP explains the new test, as set forth in the Matter of Titus by the Third Circuit, for calculating damages in fraudulent transfer actions involving the joint-ownership arrangement "tenancy by the entireties."

  • Series

    Why I Became A Lawyer: Finding A Voice, And A New Home

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    My Fulbright scholarship project developed after I talked to my grandmother in the Philippines about the cost of her medication. Drugs developed in the U.S. and Europe are typically sold there for prices beyond the reach of many Filipinos. So I advocated for compulsory licensing for lifesaving medicines, says Melissa Martinez of McGuireWoods LLP.

  • Series

    Judging A Book: Willett Reviews 'Guilty Pleasures'

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    Professor Laura Little’s new book, "Guilty Pleasures: Comedy and Law in America," will make you laugh and make you think — and to a federal circuit judge who reads the Constitution for the articles, it is ... appealing, says Fifth Circuit Judge Don Willett.

  • Women In Law Need Equal Treatment, Not Affirmative Action

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    The sheer number of women entering the legal profession means gender equality is coming, one way or the other. This Women’s History Month, BigLaw firms should reflect on this with the understanding that they dismiss the flight of senior female attorneys from their ranks at their peril, says Tamara Kurtzman, founder of TMK Attorneys PC.

  • What The Justices Are Focusing On In Bankruptcy TM Case

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    At last month's oral argument in Mission Product Holdings v. Tempnology, the U.S. Supreme Court’s questioning centered on three main trademark licensing issues, and appeared to favor Mission Product Holding's reasoning, say Woods Drinkwater and John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • Rebuttal

    Visible Diversity Is A Sign Of Organizational Health

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    A recent Law360 guest article cautioned against the hazards that can stem from pursuing "optimal" diversity, but overlooks the value of paying attention to visible diversity, says Matt Lykken of Potomac Law Group PLLC.

  • Simple Secrets For Writing A Killer Brief

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    These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.

  • How A US Discovery Statute Can Affect Cayman Litigation

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    Though admissibility will continue to be decided on a case-by-case basis, what is clear is that evidence obtained through Section 1782 applications in the U.S. will remain a feature of litigation in the Cayman Islands, say Conal Keane and Nick Hoffman of Harney Westwood & Riegels LLP.

  • Opinion

    Gov't Apathy Toward Prosecutorial Misconduct Is Alarming

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    Two recent federal cases in New York — U.S. v. Walters and U.S. v. Nordlicht — have had grand jury decisions potentially compromised by government leaks. What disturbs me even more than the illegal leaks is the degree to which our government agencies appear to not care, says attorney and communications strategist John Banks-Brooks.

  • Chapter 11 Debtors Could Recoup Some US Trustee Fees

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    Earlier this month, in the matter of Buffets LLC, the U.S. Bankruptcy Court invalidated certain quarterly U.S. Trustee fees as excessive and unconstitutional in their retroactive application, clearing the way for some Chapter 11 debtors in Texas to potentially recover overpayments, say Justin Paget and Nathan Kramer of Hunton Andrews Kurth LLP.

  • 3 Lessons From A Crypto Mock Trial

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    We recently hatched a plan to test whether litigators could get blockchain ledger entries into evidence under the existing Federal Rules of Evidence, and we found a federal judge willing to help us, say attorneys Justin Steffen, Andrew Hinkes, Lisa Braganca, Christopher Veatch, Kashan Pathan and Jimmie Zhang.

  • Give Your Recession Obsession A Break

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    Given all the market tumult in recent months, it has become a parlor game to guess when the next recession will hit. However, credit markets are telling us that such speculation remains premature, says Michael Eisenband of FTI Consulting Inc.

  • Q&A

    A Chat With McDermott COO John Yoshimura

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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 John Yoshimura, chief operating officer at McDermott Will & Emery LLP.

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