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Bankruptcy

  • 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.

  • 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.

Expert Analysis

  • 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.

  • What Lawyers Can Do To Prevent And Combat Burnout

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    Lawyer burnout has been called a “romantic disorder” because it is characteristic of a work ethic admired in the legal culture. But the negative impacts of burnout are real and lawyers need to recognize the signs and solutions, says Jennifer Gibbs of Zelle LLP.

  • PG&E Highlights Circuit Split On Power Purchase Agreements

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    Along with its historic bankruptcy filing this week, Pacific Gas and Electric Corp. filed a motion regarding the status of its power purchase agreements, setting up a showdown with FERC and bringing this unsettled legal question to the fore, say J. Paul Forrester and Andrew Young of Mayer Brown LLP.

  • 3 Aspects Of Value Preservation For Restructuring Cos.

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    Three papers presented at the American Economic Association conference this month analyzed mechanisms to protect and preserve the value of distressed companies attempting to navigate the restructuring process, say consultants at Analysis Group Inc.

  • Lenders, Law Firms Brace For Foreclosure High Court Ruling

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    The U.S. Supreme Court heard oral argument in the case Obduskey v. McCarthy & Holthus LLP on Jan. 7. The court’s ruling in this case could have major implications for all organizations — including law firms — that utilize the nonjudicial foreclosure process, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • A Look At The Expansion Of Nonrecourse Carveouts

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    The lessons garnered from the 2008 financial crisis, together with portfolio and securitized lenders competing for sponsors, have spurred a progression of nonrecourse carveout provisions as lenders expand nonrecourse financing into both mezzanine and other loan spaces, say Cyril Derzie and Gina Garcia of Seyfarth Shaw LLP.

  • Opinion

    Law Schools Should Be More Like Medical Centers

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    Medical centers and their faculty matter to the practice of medicine. Law schools and their faculty do not matter to the practice of law, says J.B. Heaton of J.B. Heaton PC.

  • Will Bankruptcy Stay Criminal Proceedings For PG&E?

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    Karol Denniston and Stephen Lerner of Squire Patton Boggs LLP discuss the potential impact of Pacific Gas and Electric's impending bankruptcy filing, expected on Jan. 29, on the order to show cause hearing scheduled in its criminal matter for Jan. 30.

  • How To Comply With Qualified Financial Contract Rules

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    Last year, the International Swaps and Derivatives Association published a protocol enabling covered entities to comply with qualified financial contract rules. Attorneys at Arnold & Porter discuss key provisions of the rules and protocol, compliance methods and deadlines, and next steps for affected counterparties.

  • Opinion

    Courts Are Getting It Right On Litigation Funding Discovery

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    Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.

  • Being Strategic About Chapter 11 Communications

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    In Chapter 11 cases, such as the pending Sears bankruptcy and the soon-to-be filed Pacific Gas and Electric bankruptcy, it’s critical to ensure that the communications strategy is aligned with the legal strategy, says Eden Gillott of Gillott Communications.

  • Diversity's Next Step: Developing Minority Partners

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    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Sears’ Biggest Sale (Itself) Offers Valuable Lessons For Retail

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    Although a deal announced Wednesday could keep open more than half the department stores that retail dinosaur Sears Roebuck and Company had when it filed for bankruptcy protection last October, Sears remains a cautionary tale for the retail industry, say Robert Marticello and Philip Strok of Smiley Wang-Ekvall LLP.

  • Arbitrators And Mediators Should Reflect Society's Diversity

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    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

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    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

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