Bankruptcy

  • June 03, 2022

    Ch. 11 Cheat Sheet: GT Real Estate Holdings

    GT Real Estate Holdings LLC, a development entity associated with the owner of the Carolina Panthers, filed for Chapter 11 protection June 1 in Delaware bankruptcy court after public funding pledges failed to materialize for a sprawling practice and office facility for the NFL team. Construction of the project was shut down in March, and the debtor is planning to ensure the safety and security of the partially constructed facility through its bankruptcy case.

  • June 03, 2022

    Brazilian Infrastructure Co. Looks To Enforce $40M Award

    A division of Brazilian infrastructure investor Grupo Equipav has sought the help of a New York court to enforce a $40.7 million arbitral award that arose out of a since-abandoned joint business venture with a Brazilian mogul, who's now been accused of stashing away money in the Empire State.

  • June 03, 2022

    Community Bank Wants $2.7M As Pa. Construction Co. Closes

    In a lawsuit made public Friday, Community Bank NA claimed that Pittsburgh-area Nello Construction Co. defaulted on a $3.5 million line of credit during its winding down of operations, with the bank alleging that the construction company owes it $2.7 million in principal and interest.

  • June 03, 2022

    Failed Funding For Panthers Complex Blamed For Co.'s Ch. 11

    A public funding fumble triggered the collapse and bankruptcy of an $800 million project to build a new Carolina Panthers football team headquarters and practice complex in South Carolina, according to a Chapter 11 filing in Delaware by a top adviser to debtor GT Real Estate Holdings.

  • June 03, 2022

    Armstrong Flooring Frees Up Extra Cash In Ch. 11 DIP Deal

    Bankrupt building supply manufacturer Armstrong Flooring Inc. told a Delaware judge Friday that it had reached a deal with its post-petition lenders that will provide extra cash to fund the debtor's operations until a Chapter 11 sale can close, resolving objections from unsecured creditors.

  • June 03, 2022

    Texas Justices To Decide Fate Of Ex-Astros Owner Fraud Suit

    The Texas Supreme Court on Friday agreed to decide whether a billionaire former owner of baseball's Houston Astros must face a lawsuit alleging that he lied to get a better price for the team and its stake in a now-bankrupt regional sports network.

  • June 03, 2022

    Tilton Wants Chancery To Delay Ouster From Stila Styles

    Distressed debt mogul Lynn Tilton has asked the Delaware Chancery Court to stay a May 31 order that found her self-appointment as manager of cosmetic company Stila Styles LLC invalid, saying she intends to seek an expedited appeal.

  • June 03, 2022

    Rising Star: Akin Gump's Naomi Moss

    Akin Gump Strauss Hauer & Feld LLP restructuring partner Naomi Moss earned a big win for secured creditors of telecom provider Avaya Inc. and helped internet support company GTT Communications slash $1 billion from its capital structure, landing her a spot among the bankruptcy attorneys under age 40 honored by Law360 as Rising Stars.

  • June 02, 2022

    Hertz Ch. 11 Judge Balks At Wider Probe Of Customer Arrests

    A Delaware bankruptcy judge acknowledged Thursday that "systemic" problems could justify a finding that wrongly arrested Hertz auto rental customers were entitled to actual notice of the company's bankruptcy, but the judge balked at immediately approving expanded discovery by victim attorneys.

  • June 02, 2022

    TPC Can Roll Debt Into Group DIP

    A Delaware bankruptcy judge said Thursday he was inclined to approve Texas petrochemical maker TPC Group's $523 million in Chapter 11 financing, saying it allows challenges to the roll-up of hundreds of millions of prebankruptcy debt into the package.

  • June 02, 2022

    Texas Power Plant Gets Lender Cash Use Approved In Ch. 11

    The owner of a Texas power generating plant received approval to access the cash of its secured lenders Thursday when a Delaware judge said the money is needed to keep operations going and preserve the value of its assets ahead of a Chapter 11 sale.

  • June 02, 2022

    Infowars Agrees To End Ch. 11 But Defamation Claims Remain

    Alex Jones' Infowars has agreed to drop its bankruptcy case after defamation claims over his false conspiracy theory that the Sandy Hook school shooting was a hoax were removed from the Chapter 11 proceeding.

  • June 02, 2022

    Harvey Weinstein Loses Appeal Of NY Assault Conviction

    A New York state appeals court on Thursday upheld Harvey Weinstein's conviction and 23-year prison sentence for sexually assaulting two women, rejecting the disgraced movie mogul's objections to the fairness of his trial and the quality of the evidence against him.

  • June 02, 2022

    Carolina Panthers Owner Punts Real Estate Firm Into Ch. 11

    A holding company at the center of the Carolina Panthers' scuttled plan for a new $800 million headquarters and practice facility limped into Delaware bankruptcy court, reporting more than $100 million in debt.

  • June 01, 2022

    Tom Girardi Disbarred By California Supreme Court

    Thomas V. Girardi, one of the nation's most revered personal injury lawyers before revelations in 2020 that he stole millions from clients' settlements, was disbarred Wednesday by the Supreme Court of California in a largely symbolic ruling.

  • June 01, 2022

    Sidley Not Conflicted, NJ Diocese Ch. 11 Moves Forward

    The bankrupt Diocese of Camden received approval for its Chapter 11 plan disclosures with warnings from the court, Sidley Austin was found not to be conflicted when it represented the Boy Scouts of America, and Arizona law doomed a $16 million lien claim asserted by the Dutch government in the MD Helicopters bankruptcy. This is the week in bankruptcy.

  • June 01, 2022

    Teamsters Fund Urges High Court To Take Up Pension Dispute

    A Teamsters pension fund asked the U.S. Supreme Court on Wednesday to overturn a Second Circuit ruling allowing a wholesale grocer to avoid paying it $58 million, arguing that the appeals court's ruling misinterpreted federal laws designed to prevent employers from using corporate transactions to skirt liability.

  • June 01, 2022

    Judge Backs $4.2M Fee For Losing Bidder In Bouchard Sale

    A Texas bankruptcy judge is backing a bankruptcy court order allowing a $4.2 million payment to the losing bidder in the Chapter 11 auction of Bouchard Transportation Co.'s oil barge fleet, saying its bid drove up the final price and justified Bouchard's promise to pay the fee.

  • June 01, 2022

    Fed. Circ. Says No To 'Lehman Brothers' TM On Whiskey

    Barclays successfully blocked a small liquor company from lampooning the Lehman Brothers name on whiskey bottles Wednesday, with a precedential opinion from the Federal Circuit that the trademarks had not been abandoned after the firm's collapse in 2008.

  • June 01, 2022

    Ch. 11 Cheat Sheet: TPC Group Inc.

    Petrochemical maker TPC Group Inc. filed for Chapter 11 protection Wednesday in a Delaware bankruptcy court, saying it is dealing with $1.3 billion in debt and issues including supply chain problems, commodity prices and liability for a 2019 plant explosion.

  • June 01, 2022

    Examiner Gets $950K In Fee Cuts In J&J Talc Unit's Ch. 11

    The examiner appointed to keep watch over the fee and expense applications filed in the Chapter 11 case of Johnson & Johnson's talc unit told a New Jersey bankruptcy judge that he was able to achieve $952,000 in reductions from the 17 firms retained in the proceedings, and would support approval of their applications with those cuts.

  • June 01, 2022

    Embattled TPC Group Hits Ch. 11 With Deal To Cut $1.3B Debt

    Texas-based petrochemical maker TPC Group filed for Chapter 11 protection Wednesday in a Delaware bankruptcy court, saying it is dealing with $1.3 billion in debt and issues including supply chain problems, commodity prices and liability for a 2019 plant explosion.

  • May 31, 2022

    Chancery Rules Tilton Grab Of Stila Styles Invalid

    A Delaware judge ruled Tuesday that turnaround mogul Lynn Tilton's takeover of cosmetics company Stila Styles LLC in 2017 was invalid but stopped short of saying who the manager should be, leaving in limbo a Chapter 11 effort to appoint Kevin Carey, a retired bankruptcy judge, as manager of the cosmetics business.

  • May 31, 2022

    Power Plant Owner Defends Ch. 11 Plans Against Challenges

    The owner of a bankrupt Texas power plant defended its Chapter 11 intentions Tuesday in the Delaware bankruptcy court, saying its access to lender cash is critical to its case, which is not being run for the benefit of equity holders.

  • May 31, 2022

    Camden Diocese Gets Nod For New Ch. 11 Plan Disclosures

    The Diocese of Camden received bankruptcy court approval Tuesday in New Jersey for a new Chapter 11 plan disclosure statement that outlines an $87.5 million settlement with the official committee of tort claimants.

Expert Analysis

  • The Key To Turning Solid Briefs Into Winning Briefs

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    Even a well-written brief can omit key facts, make tone-deaf legal arguments or ignore practical implications, so lawyers drafting motions and appeals should incorporate feedback processes akin to moot courts and jury research, says Andrew Nichols at Charis Lex.

  • Opinion

    Scouts Mass Tort Shows How Victims Can Be Left Behind

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    A number of recent mass-tort cases, including pending litigation against the Boy Scouts of America over sexual abuse claims, demonstrate how plaintiffs lawyers' efforts to make cases bigger and more lucrative can undermine the actual interests of victims, says O.H. Skinner at Alliance for Consumers.

  • Walter Dellinger's Little-Known, Outsize Impact On Legal Aid

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    The late Walter Dellinger’s pro bono work distinguishes him forever, but his greatest moment involved a little-known U.S. Supreme Court case, Brown v. Legal Foundation of Washington, which helped preserve one of the largest sources of legal aid funding — and Dellinger’s arguments were as magical as the program he helped save, says David Lash at O'Melveny.

  • Why I'll Miss Arguing Before Justice Breyer

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    Carter Phillips at Sidley shares some of his fondest memories of retiring Justice Stephen Breyer both inside and out of the courtroom, and explains why he thinks the justice’s multipronged questions during U.S. Supreme Court oral arguments were everything an advocate could ask for.

  • Recent Rulings Show Lawyer Criticism Of Judges Is Perilous

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    Although many lawyers may believe the First Amendment broadly protects their opinions and good faith criticism of judges, recent sanctions decisions from courts across the country suggest lawyers are at greater risk of discipline for criticizing judges than they have been in the past, says John Harris at Frankfurt Kurnit.

  • Breyer's Role In Courthouse Design Sets A Judicial Template

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    As U.S. Supreme Court Justice Stephen Breyer prepares to retire, his pivotal role two decades ago in the design of the award-winning John Joseph Moakley U.S. Courthouse in Boston demonstrates how the judiciary can engage in civic architecture and specifically the design of courthouses, says Kate Diamond at HDR.

  • Opinion

    J&J Can't Be Allowed To Dodge Civil Justice With Bankruptcy

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    Next week, the New Jersey Bankruptcy Court should not allow Johnson & Johnson to use the bankruptcy system to derail tens of thousands of talcum powder lawsuits, or it could lay the groundwork for other thriving companies to circumvent the civil justice system, say attorneys at Tycko & Zavareei.

  • BigLaw Must Nix All-Or-Nothing Work Model To Retain Talent

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    Record numbers of workers quitting in the “Great Resignation,” paired with the growing success of nontraditional and freelance legal services, show that BigLaw’s management committees must reconsider rigid billable hour expectations and be open to part-time and noncontinuous work arrangements, says Hui Chen at Hui Chen Ethics.

  • Opinion

    Biden's Supreme Court Nominee Should Have 5 Key Qualities

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    In fulfilling his campaign promise to nominate a Black woman to the U.S. Supreme Court, President Joe Biden should look for candidates with experience as a state trial judge, a background in public education and a few other important characteristics, says Benes Aldana, president of The National Judicial College.

  • Using 3rd-Party Releases In Chapter 11 After Court Pushback

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    A Virginia federal court recently vacated the Mahwah Bergen bankruptcy confirmation order for containing impermissible nonconsensual third-party releases, representing another blow from federal judges to the long-used bankruptcy tool and laying out stringent guidelines for its usage, say attorneys at Schulte Roth.

  • The Flaws In The Traditional Approach To Hiring A Law Firm

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    Trevor Faure at Smarter Law Solutions and Gregory Richter at Major Lindsey offer an inside look at Teva Pharmaceuticals' recent overhaul of its law firm relationships through anonymous grading, and discuss how the company’s surprising findings on the correlation between quality and cost reveal shortcomings in traditional business development.

  • Bankruptcy Blocking: What Wind Power Cos. Must Know

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    Winter brings the risk of severe weather events that could force some wind energy companies to seek restructuring, but this can be difficult when key parties are able to block bankruptcy filings — so companies, lenders and other industry players should monitor courts' rulings on this issue and proactively address any conflicts, say attorneys at DLA Piper.

  • Fight Real Estate Defaults With Proactive Bankruptcy Filings

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    Borrower-debtors facing default should consider wielding tactical filings under the Bankruptcy Code as a sword to fight off overzealous lenders seeking accelerated payments, cure their defaults and move forward without risk in the wake of COVID-19 disruptions, say Joseph Pack and Jessey Krehl at Pack Law.

  • Keys To Keeping Law Firm Talent Amid The Great Resignation

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    With employees leaving their jobs at an unprecedented pace during the "Great Resignation," law firm leaders looking to retain associates and professional staff need to operate with emotional intelligence, talk about failures openly and take the time to offer frequent feedback, says Dorianna Phillips at Lane Powell.

  • Ch. 11 Ruling Highlights When Reasonableness Backfires

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    A Hawaii bankruptcy court’s recent ruling in the Minesen case, holding up an assignment of a contract despite federal law to the contrary, is reason to rethink the advisability of agreeing, in writing, to be reasonable, says Lisa Tancredi at Womble Bond.

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