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Bankruptcy

  • May 29, 2019

    Deals Rumor Mill: Odebrecht, Axel Springer, Boost Mobile

    Odebrecht SA’s sugar and ethanol unit is getting ready to file for bankruptcy protection, the founding family of German digital publishing house Axel Springer SE is in talks for the company to be taken private by KKR, and would-be buyers are readying offers for Sprint’s Boost Mobile unit.

  • May 29, 2019

    Hogan Lovells Adds Akin Gump Restructuring Atty In LA

    Hogan Lovells has bolstered its expanding Los Angeles office with the addition of restructuring and insolvency partner David Simonds, who has 25 years of experience representing parties on all sides of bankruptcy proceedings.

  • May 29, 2019

    Last-Minute Deals Delay Argos' Ch. 11 Confirmation

    Bankrupt drug developer Argos Therapeutics tentatively ducked Chapter 11 confirmation battles with its top creditors Wednesday, delaying its plan approval hearing after reaching deals to pay off a secured lender and enter arbitration with an unsecured creditor who recently cried foul over the secured creditor plan.

  • May 29, 2019

    Judge Rejects Call For Ratepayer Committee In PG&E Ch. 11

    A California bankruptcy judge has rejected a consumer group's request to appoint a committee to represent PG&E Corp. ratepayers in the utility's Chapter 11 case, saying they don't have claims against the company that need protecting.

  • May 29, 2019

    US Trustee Balks At Cloud Peak’s Ch. 11 Bid Protections

    The U.S. trustee late Tuesday told the Delaware bankruptcy court that Wyoming-based coal mining company Cloud Peak Energy Inc.'s proposed Chapter 11 bid protections are not appropriate since there is no stalking horse offer yet.

  • May 28, 2019

    Bankrupt Coal Co. Can't Kill Benefits, Funds Tell High Court

    Two health benefit funds for retired coal miners have asked the U.S. Supreme Court to reverse an Eleventh Circuit ruling that allowed a bankrupt coal company to sell its assets to entities that refused to fund the ex-miners’ benefits, saying those obligations can’t be erased in bankruptcy court.

  • May 28, 2019

    Judge Nixes Workers' Bid For Quick End To Fisker WARN Suit

    A Delaware bankruptcy judge on Tuesday ruled out a quick partial summary judgment in favor of terminated Fisker Automotive employees' claims to first-in-line rights to Worker Adjustment and Retraining Notification Act benefits dating to 2013.

  • May 28, 2019

    Diamond Execs Want Out Of Ch. 11 Bank Fraud Claims

    A pair of executives for a trio of bankrupt jewelry companies owned by Indian billionaire Nirav Modi told a New York bankruptcy court Tuesday they can't be held responsible for their alleged part in Modi's $2 billion bank fraud scheme.

  • May 28, 2019

    Platinum Boss Said Fear Would Tame Investor Ire, Jury Hears

    A former chief financial officer for Platinum Partners on Tuesday told a New York federal jury that Platinum co-founder Mark Nordlicht told him that "mutually assured destruction" would keep aggrieved investors from ratting the hedge fund manager out to regulators, despite Platinum's inability to make timely repayments.

  • May 28, 2019

    In The March Toward Parity, Law Firms Fall Behind

    Promotion rates for women at law firms may be inching up, but in the march toward gender parity in the profession, other sectors of the legal industry are making greater strides, recent data shows.

  • May 28, 2019

    Can You Spot The Gender Disparity? A Guide To Implicit Bias

    Women’s recent inroads into the top ranks of law firms are paltry at best, Law360’s Glass Ceiling data shows. A top culprit for the limited progress in gender equality? Implicit bias, experts say.

  • May 28, 2019

    The Best Law Firms For Female Partners

    Law360’s annual Glass Ceiling report again showed little progress has been made in the upper echelons of the legal profession to provide equal opportunities for women.

  • May 28, 2019

    5th Circ. Looks To Texas High Court In $79M Clawback Appeal

    A Fifth Circuit panel asked the Texas Supreme Court on Friday to weigh in on an interpretation of "good faith" that's key to a Stanford International Bank investor's attempt to block a clawback of $79 million in allegedly fraudulent transfers.

  • May 28, 2019

    Watchdog Opposes One Aviation’s Ch. 11 Exclusivity Request

    The federal bankruptcy watchdog objected Tuesday to a request from One Aviation to extend the period during which the debtor has the exclusive right to propose and solicit votes on a Chapter 11 plan, saying the aircraft maker has repeatedly delayed a confirmation hearing on its prepackaged plan.

  • May 28, 2019

    Lampert Claims Sears Hasn't Made Good On Sale Deal

    Ex-Sears CEO Edward Lampert's hedge fund has filed an action against Sears Holding Corp. in New York bankruptcy court claiming the bankrupt retail chain owes it hundreds of millions of dollars for assets it failed to turn over and liabilities it has refused to assume.

  • May 28, 2019

    Z Gallerie Says Ch. 11 Bonuses Needed To Close $20M Sale

    Bankrupt home decor retailer Z Gallerie LLC told a Delaware bankruptcy judge that it needs to provide $600,000 in retention and incentive bonuses to two groups of critical employees in order to consummate a $20 million going concern sale of its stores as part of a Chapter 11 plan.

  • May 28, 2019

    DC Circ. Revives Suit Claiming DC Underpaid Health Insurer

    The D.C. Circuit on Tuesday revived a suit claiming that the District of Columbia tanked a health insurer by underpaying it, finding that the suit raises new claims that weren't already covered when the insurer went through reorganization.

  • May 28, 2019

    White Star Petroleum Hits Ch. 11 In Del. With $347M Debt

    White Star Petroleum LLC filed for Chapter 11 protection in Delaware on Tuesday with plans to restructure roughly $347 million in debt and seek a going concern sale, just days after creditors tried to force the oil and gas exploration company into bankruptcy in Oklahoma.

  • May 24, 2019

    Glass Ceiling Slow To Break For Female Attys In 2018

    Our latest survey of the largest U.S. law firms shows the barriers to equality for women increase as they rise up the ranks. Here’s our breakdown of the data from this year’s Glass Ceiling Report.

  • May 24, 2019

    The Best Law Firms For Female Attorneys

    While the latest Glass Ceiling Report again shows marginal gains for women in private practice, some firms are demonstrably forging a path to parity for female attorneys. Here are the law firms leading the way.

  • May 24, 2019

    What 12 Gender Bias Complaints Say About BigLaw

    Law360 looks at a dozen gender bias suits against law firms to see where their complaints dovetail — and where they veer apart. Together, the suits offer a window into the top gender equity hurdles facing the legal industry.

  • May 24, 2019

    5th Circ. Won't Revive UBS Win In 17-Year-Old Enron Info Suit

    The Fifth Circuit declined Friday to revive a proposed class action alleging UBS AG units could have done more to warn of Enron's infamous fraud scheme, finding that the investors failed to allege the entities had material, nonpublic knowledge to disclose and a duty to do so.

  • May 24, 2019

    Del. Bankruptcy Rulings Keep Most Essar Claims Alive

    Most claims in a 32-count, $1.8 billion adversary suit launched by the U.S. trustee for insolvent Essar Steel Minnesota Ltd. remain in play after the Delaware Bankruptcy Court dismissed nine counts but gave the opportunity to replead all but one.

  • May 24, 2019

    Sears Holdings Ordered Into $194M Canadian Court Fight

    A New York bankruptcy judge has allowed a trustee and creditors of bankrupt Sears Canada to bring Sears Holding Corp. into their Canadian suit seeking to claw back $194 million in dividends the U.S. retail chain received from its subsidiary.

  • May 24, 2019

    Resort Owner Seeks Ch. 15 Amid Misconduct Probe

    A British Virgin Islands-based resort owner on Friday asked a New York bankruptcy court to give Chapter 15 protection to its U.S. assets while it investigates what it called “misconduct” by members of its management team.

Expert Analysis

  • Opinion

    The Problem With 'Optimal' Diversity

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    Organizations should seek to avoid discrimination, but they should also be wary of the idea that diverse teams function better than nondiverse teams, because this reasoning lacks evidence and can lead to a slippery slope, says J.B. Heaton of J.B. Heaton Research LLC.

  • Fresh Takes On Seeking Costs And Fees Under Rule 45

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    Recent case law reveals that courts vary widely in their approaches to shifting the costs and fees incurred in responding to a Federal Rule of Civil Procedure 45 subpoena. Nonparties responding to such requests should consider certain district court trends, say attorneys at Pepper Hamilton LLP.

  • Bankruptcy Ruling Reminds Corp. Counsel To Mind Rule 1.13

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    Cruickshank v. Dixon, a recent Bankruptcy Court decision in Massachusetts, is the latest case highlighting the need for attorneys to examine conflicts of interests between a controlling equity holder and corporate interest as laid out in the Model Rules of Professional Conduct, say Christopher Blazejewski and Jessica Gray Kelly of Sherin and Lodgen LLP.

  • Series

    Judging A Book: Smith Camp Reviews 'Echo Of Its Time'

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    "Echo of Its Time" is the story of Nebraska’s federal district court from statehood in 1867 to the demise of Prohibition in 1933. Professors John Wunder and Mark Scherer have written an objective, unsentimental and insightful history, layered with context and rich in character study, says U.S. District Judge Laurie Smith Camp of the District of Nebraska.

  • No Premium Recovery Guarantees For 5th Circ. Lenders

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    While the U.S. Court of Appeals for the Fifth Circuit’s opinion last month directly addressed the allowability of make-whole and prepayment premiums for unsecured creditors in solvent debtor cases, its reasoning also cast doubt on the allowability of such premiums even for oversecured creditors, say attorneys at Latham & Watkins LLP.

  • Momentive Disrupts Intercreditor Agreements And Reorgs

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    The Momentive decision in the Southern District of New York, which warned against allowing senior secured creditors to “completely disable debtors from restructuring” and “scavenge on all assets in bird’s-eye view,” may have the unintended consequence of doing just that, say Adam Shiff and Shai Schmidt of Kasowitz Benson Torres LLP.

  • Opinion

    Sanders And Schumer (Mostly) Right On Share Repurchases

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    One need not agree with all of the proposal by Sens. Chuck Schumer and Bernie Sanders to limit share repurchases and dividends by amending the tax code. Society at large will surely benefit if corporations are required to pay their creditors before paying shareholders, says J.B Heaton of J.B. Heaton PC.

  • Guest Feature

    'The Mooch' Talks Mayhem, Con Law, Lessons From Harvard

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    Anthony Scaramucci is probably best known for the 11 days he spent as White House director of communications in 2017. But when White and Williams LLP attorney Randy Maniloff sat down to chat with "the Mooch," he was interested in hearing a different story.

  • What Happens When Crypto Meets Insolvency

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    Shaya Rochester and Lindsay Lersner of Katten Muchin Rosenman LLP address four issues likely to be found at the intersection of cryptocurrency and insolvency — ownership, classification, volatility, and treatment under the Uniform Commercial Code.

  • Why NY's Sutton 58 Decision Won't Rattle Real Estate Finance

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    Though some have claimed the New York Appellate Division, First Department's ruling in Sutton 58 v. Pilevsky will have earth-shattering consequences, the deceptively narrow decision does not undermine the contract-based foundation upon which recourse carveout guarantees are built, say attorneys at Fried Frank Harris Shriver & Jacobson LLP.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • Why High Court's Schein Decision Is Dangerous For Debtors

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    In a Jan. 8 decision, the U.S. Supreme Court further defined the allocation of power between arbitral tribunals and bankruptcy courts by striking down an exception that had allowed courts to decide whether a claim belongs in arbitration, says Shane Ramsey of Nelson Mullins Riley & Scarborough LLP. 

  • Series

    Why I Became A Lawyer: A Refugee's Journey Of Firsts

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    Even as a child in war-torn Iran, I began to develop a sense of justice and a desire for equality and the rule of law. These instincts ultimately guided me to become a federal prosecutor, and now a partner in private practice, says Raymond Aghaian of Kilpatrick Townsend & Stockton LLP.

  • Keeping PR Strategy Communications Privileged: Part 2

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    Determining whether and to what extent your legal team should invite a PR agent into privileged communications requires weighing many factors — including the unsettled and evolving case law on whether such involvement destroys privilege protection and creates discoverable, usable evidence, says Jeffrey Schomig of WilmerHale.

  • Keeping PR Strategy Communications Privileged: Part 1

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    Companies faced with high-profile litigation often turn to public relations firms to help defend their reputations and maintain shareholder confidence. But recent cases are a reminder that internal PR firm documents face uncertain privilege protection, even when those documents are generated in support of a broader legal strategy, says Jeffrey Schomig of WilmerHale.

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