Bankruptcy

  • May 12, 2021

    Bankrupt NHL Player's Creditors Say He Can Pay His Debts

    A creditor of San Jose Sharks forward Evander Kane is appealing a California bankruptcy judge's denial of its motion to convert Kane's Chapter 7 bankruptcy to a Chapter 11 while another is pressing to dismiss the case entirely, arguing he has the income to pay his debts.

  • May 12, 2021

    Flyers Elevate Merger Case From Bankruptcy To District Court

    Customers in a long-running challenge to the merger of American Airlines and US Airways have asked a New York district court to revive their case after losing a rare bench trial in bankruptcy court on their antitrust claims, contending the bankruptcy judge ignored key precedent.

  • May 12, 2021

    Ad Agency Wants To Revive Beef With NRA After Ch. 11 Toss

    The National Rifle Association's former advertising agency asked a Texas federal court on Wednesday to lift a stay on its defamation counterclaim against the group, lodging the request one day after a Texas bankruptcy judge tossed the NRA's Chapter 11 case.

  • May 12, 2021

    Chesapeake's Ch. 11 Deal On Royalty Suits Approved In Texas

    A Texas bankruptcy judge approved a deal Tuesday that resolves about $150 million in claims levied against reorganized debtor Chesapeake Energy by landowners who say they were underpaid on royalty obligations owed by the debtors.

  • May 12, 2021

    Bumble Bee Drops From Tuna MDL, But Attys Can't Buzz Off

    A massive price-fixing litigation against bankrupt tuna giant Bumble Bee has been stayed in California federal court, but the presiding judge said its lawyers can't quit the case because doing so subjects the company to default.

  • May 12, 2021

    Purdue's Ch. 11 Confirmation Hearing Set For August

    A New York bankruptcy judge on Wednesday approved a motion setting an August date for Purdue Pharma's Chapter 11 plan confirmation hearing, assuming the drugmaker's plan disclosure statement is approved next week.

  • May 12, 2021

    Hertz Ch. 11 Auction Ends With $6B Knighthead Winning Bid

    Bankrupt car rental giant Hertz Global Holdings announced Wednesday that an investment group led by Knighthead Capital Management and Certares Opportunities won a Chapter 11 auction to fund the debtor's reorganization, ending a weekslong competition among eager funding sources.

  • May 11, 2021

    Stream TV Says It Can Reclaim Assets To Reorganize In Ch. 11

    Stream TV and its secured lenders wrapped up their arguments Tuesday before a Delaware bankruptcy judge over whether the television technology company has assets left to reorganize as they sparred over the lenders' attempt to dismiss Stream TV's Chapter 11.

  • May 11, 2021

    Cyprus Mines To Depose Candidates For Ch. 11 Claims Rep

    Bankrupt talc miner Cyprus Mines will be able to depose two candidates proposed by the debtor's past insurers to represent the interests of future injury claimants after a Delaware judge approved a discovery timeline Monday related to competing motions to appoint such a representative.

  • May 11, 2021

    Cayman Islands Court OKs Disclosure In $1.5B Award Fight

    A Cayman Islands appeals court has affirmed an order directing the principal holding company for Indian conglomerate Essar Group to disclose information and documents relating to the assets of an Essar unit that owes U.S. steel company ArcelorMittal more than $1.5 billion under a 2017 arbitral award.

  • May 11, 2021

    'By Chloe' Chef Says PE Firms Tried To 'Milk' Her IP For Profit

    Celebrity chef Chloe Coscarelli is suing private equity giants including Bain Capital in New York federal court for allegedly infringing and profiting off her trademarks, the latest in a long-running fight over control of her now-bankrupt "By Chloe" vegan restaurant chain.

  • May 11, 2021

    Caribbean Banks Ask To Leave Ch. 11 Behind

    The U.S. subsidiary of an Anguillan bank has asked a New York bankruptcy judge to wind down its nearly five-year-old Chapter 11 case, saying a litigation trust will take over its claims against the bank regulator it claims used it as a "piggy bank."

  • May 11, 2021

    NRA Ch. 11 Case Dismissed As Bad Faith Bankruptcy

    A Texas bankruptcy judge dismissed the National Rifle Association's Chapter 11 case Tuesday after finding the group filed its petition in bad faith in order to gain advantage in litigation brought by New York's attorney general.

  • May 10, 2021

    Former XFL Commish Can't Rush Witness Bid In Firing Suit

    A Connecticut federal judge on Monday denied a request from a former XFL commissioner to speed up consideration of his bid to expand pretrial questioning in his termination suit, a bid league founder Vince McMahon has said is part of a "pattern of abusive and harassing discovery tactics and gamesmanship."

  • May 10, 2021

    Stream TV Creditors Reach Deal To Back Ch. 11 Dismissal

    A Delaware bankruptcy judge Monday heard arguments for and against the dismissal of television technology company Stream TV's Chapter 11 case, with its unsecured creditors coming down for dismissal after reaching a settlement with its secured creditors.

  • May 10, 2021

    Hawaii Co. Insists $200M FCC Case Should Stay In Fed. Circ.

    A bankrupt Hawaiian telecommunication company has argued that the Federal Circuit wrongly upheld a trial court's dismissal of its lawsuit seeking to recoup $200 million in funding pulled by the Federal Communications Commission, saying the full circuit court bench must rethink the ruling.

  • May 10, 2021

    NY Packaging Co. Workers Sue 'Missing' Atty For Missing Pay

    Workers at a Queens packaging factory are among the latest to lob claims against beleaguered New York City real estate attorney Mitchell Kossoff, naming him and others in a proposed class action claiming they abruptly stopped being paid this spring.

  • May 10, 2021

    Hertz OT Suit Dismissed After Ch. 11 Settlement Approval

    A Florida overtime lawsuit brought by a class of managers at car rental giant Hertz Global's airport locations was voluntarily dismissed Friday after a Delaware bankruptcy judge approved a Chapter 11 deal that resolved the $75 million in claims.

  • May 10, 2021

    YPF Can Appeal White & Case DQ Denial To 3rd Circ.

    A Delaware bankruptcy judge on Monday ruled that YPF SA can directly appeal to the Third Circuit certain questions surrounding his refusal to disqualify White & Case LLP from representing the Maxus Liquidating Trust in a $14 billion environmental liability case.

  • May 07, 2021

    Bigger In Texas: Ch. 11s In Lone Star State Outpace Delaware

    Rising out of the energy sector turmoil that began in 2015, Texas bankruptcy courts have fashioned themselves into an attractive venue for complex Chapter 11 cases, and have used their growing reputation for efficiency and predictability to surpass Delaware and New York as the most popular destinations for corporate reorganizations.

  • May 07, 2021

    KPMG To Face Investor Class Action Over Miller Energy Audit

    Accounting giant KPMG will have to face a certified class's claims that it helped the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, a Tennessee federal judge ruled Friday.

  • May 07, 2021

    Liberty Power Keeps Access To Parent Co.'s Systems

    A Florida bankruptcy judge has refused to grant a request by the parent company of Liberty Power Holdings that it said has been misinterpreted to allow the bankrupt power retailer to use the parent company's systems to run its business.

  • May 07, 2021

    Chancery Denies Tilton Secrecy Bid In Cosmetics Co. Dispute

    Distressed company turnaround mogul Lynn Tilton lost a bid Friday for a temporary seal on a Chancery Court complaint challenging control of one of her "Patriarch Partners" companies just ahead of a bankruptcy court's supervised sale effort.

  • May 07, 2021

    Ex-BigLaw Atty Gets Prison For Conduct In Bankruptcy Case

    A Manhattan federal judge hit a hedge fund pro and onetime BigLaw lawyer with six months in prison Friday for illegally pressuring Jefferies Financial Group not to challenge his bid for assets sold by retailer Neiman Marcus in a Texas bankruptcy.

  • May 07, 2021

    Sidley Beats Challenge To Boy Scouts Representation

    A Delaware federal judge has upheld a bankruptcy court decision that allowed Sidley Austin LLP to serve as the Boy Scouts of America's counsel in its Chapter 11 case, rejecting claims from the Scouts' insurer that the firm had a conflict of interest.

Expert Analysis

  • 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.

  • Tips For Protecting Privilege When Working With Outside PR

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    As lawsuits stemming from companies' COVID-19 responses grow and businesses hire public relations firms to manage the fallout, companies and their counsel should consider strategies to best protect themselves in court — and in the court of public opinion — without stepping on a privilege land mine, say Daniella Main and Mia Falzarano at Alston & Bird.

  • How To Mitigate Risk In Buying A Distressed Gov't Contractor

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    Buying a government contractor in financial or legal distress can be lucrative if appropriate due diligence is conducted and the buyer proceeds with a clear understanding of the target company's liabilities and potential exposure, say Todd Canni and Marques Peterson at Pillsbury.

  • 3 Procurement Priorities For Law Firms In Uncertain Times

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    As the pandemic and its associated economic disruption linger, law firm procurement teams should expand their objectives beyond purchasing and getting the best price for goods and services, to help firms become more nimble and achieve overarching strategic goals, says Lee Garbowitz at HBR Consulting.

  • Bankruptcy Ruling Highlights Longer Lookback Trend

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    The U.S. Bankruptcy Court's recent decision in Zagaroli underscores a trend among bankruptcy courts to allow longer lookback periods in certain types of fraudulent transfer cases, which could be a significant source of estate recovery for creditors, say attorneys at Lowenstein Sandler.

  • How Debtor-In-Possession Loans Guide On Libor's Exit

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    Benchmark replacement lessons from debtor-in-possession loans, which many companies turned to amid bankruptcy reorganization during the pandemic, are instructive for Libor transition processes in the broader corporate loan market, says Jeffrey Armstrong at Berkeley Research.

  • Opinion

    UK Is Proof Nonlawyer Ownership Threatens Legal Profession

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    Advocates claim that nonlawyer ownership of law firms — now allowed in Arizona — will increase low-income Americans' access to legal services, but the reality in the U.K. demonstrates that nonlawyer owners are drawn to profitable areas like personal injury and create serious conflicts of interest, say Austin Bersinger and Nicola Rossi at Bersinger Law.

  • Remote Bar Exams Pose New Learning Disability Challenges

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    New bar exam formats necessitated by the COVID-19 crisis — going from paper to computer, in-person to remote, human to artificial intelligence proctoring — may exacerbate shortcomings in disability assessments for learning-disabled test takers seeking accommodations, says Rebecca Mannis at Ivy Prep.

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