Bankruptcy

  • June 10, 2020

    Ex-Judge Bolsters Kelley Kronenberg's Insolvency Services

    Kelly Kronenberg has added a new partner in Florida with broad experience in insolvency and other fiduciary matters just as the field is expected to see a rush of work as a result of the coronavirus pandemic's negative impact on the economy.

  • June 10, 2020

    Mall Of America Takes Sears Lease Row To 2nd Circ.

    The owners of the Mall of America told a New York federal judge Wednesday that it will be asking the Second Circuit to review her determination that she lacked the authority to rule that Sears' new owners can't assume the bankrupt retailer's Mall of America lease.

  • June 10, 2020

    XFL Parent May Be Roped Into Ex-Commissioner's Firing Suit

    The $24 million breach of contract suit between ousted XFL Commissioner Oliver Luck and the bankrupt football league's owner, Vince McMahon, won't be resolved until a Connecticut federal judge decides whether the league's corporate parent should be added to the case.

  • June 10, 2020

    Zohar Claims Lynn Tilton Is Withholding Tax Info

    The Zohar funds are asking the Delaware bankruptcy court to authorize them to compel funds founder Lynn Tilton to turn over tax documents they say she is withholding as part of the long-running fight between them over control of Zohar's portfolio of companies.

  • June 10, 2020

    Fracking Sand Firm Hits Ch. 11 With At Least $500M In Debt

    Fracking sand firm Vista Proppants and Logistics LLC filed for Chapter 11 protection late Tuesday in Texas bankruptcy court, saying in initial court documents that it has about $500 million of secured debt against about $400 million in assets.

  • June 10, 2020

    Major Restaurant Food Distributor Hits Ch. 11 Amid Pandemic

    Maines Paper & Food Service Inc., a food distributor that counts Burger King, Longhorn Steakhouse and Olive Garden among its clients, sought Chapter 11 protection in Delaware early Wednesday with $50 million to $100 million in debt, weeks after being taken into foreclosure.

  • June 09, 2020

    Exide Clean-Up Settlement Plans Approved In Ch. 11 Case

    Battery maker Exide Technologies LLC received Delaware bankruptcy court approval Tuesday for a framework that will require environmental regulators to participate in negotiations with the debtor about the cleanup of its non-operating properties.

  • June 09, 2020

    Dura Creditors Denied Standing For Suit Against Lynn Tilton

    Unsecured creditors of bankrupt Dura Automotive Systems LLC were denied standing Tuesday needed for a bid to salvage derivative claims against distressed debt investor Lynn Tilton and other prepetition lenders, with a Delaware bankruptcy judge finding that state limited liability company law bars the move.

  • June 09, 2020

    Hong Kong To Offer $3.5B Financing To Cathay Pacific

    Airline Cathay Pacific said Tuesday it will be receiving over $3.5 billion in funding from the government of Hong Kong as it deals with the COVID-19 pandemic and the political unrest in the Chinese territory and readies for "tough decisions" on the company's future.

  • June 09, 2020

    Advantage Rent A Car Lender Says Sale Plan Is Too Vague

    Concerned over risks that it could get "sand-bagged" by vague wording in bankrupt Advantage Rent A Car's Delaware Chapter 11 sale plans, vehicle lender Element Fleet Corp. objected Monday to the debtor's bid procedures, saying its $25 million stake in vehicle liens and rights should be clearly acknowledged.

  • June 09, 2020

    RentPath Cleared For $588M Ch. 11 Sale And Reorg Plan

    Bankrupt online rental property marketing company RentPath Holdings Inc. received Delaware bankruptcy court permission Tuesday for a $588 million sale of its assets and for its proposed Chapter 11 plan that will make distributions to creditors from the proceeds of the sale.

  • June 09, 2020

    JC Penney Shareholders Get Judge's OK To Form Committee

    A Texas bankruptcy judge allowed for the creation of an estate-funded ad hoc committee for shareholders of retail chain J.C. Penney on Tuesday, saying the shareholders will need professional guidance to navigate the case.

  • June 09, 2020

    Balbec Collects $1.2B For Bankruptcy-Focused Credit Fund

    Balbec Capital LP, a private investment firm focused on buying loans or claims that are in bankruptcy, said Tuesday that it has wrapped up its fourth global credit fund after raising roughly $1.2 billion from investors, making it the largest fund in firm history.

  • June 08, 2020

    Borden's Ch. 11 Bonuses OK'd As Judge Scolds Stakeholders

    A Delaware judge on Monday gave his nod for Borden Dairy Co. to pay up to roughly $2 million in potential incentive bonuses to certain executives, after expressing displeasure with stakeholders who were unable to hash out performance target adjustments as he had previously requested.

  • June 08, 2020

    PG&E Rips Objections To $59B Bankruptcy At Trial's Close

    Pacific Gas and Electric Co. slammed objections to its $59 billion Chapter 11 reorganization plan during closing arguments at a bench trial Monday, rebuffing allegations that its wildfire mitigation is inadequate and that wildfire survivors were forced into a part-equity settlement, and urging a U.S. bankruptcy judge to confirm the plan.

  • June 08, 2020

    Judge Says Cert. Unlikely For Parent ADHD Med Buyers

    Parents who say they overpaid for their children's ADHD medications can't pause their antitrust suit against Actavis and Shire while they appeal the court's decision to deny them class certification, a Massachusetts federal judge ruled Monday.

  • June 08, 2020

    Whiting Noteholders Flag Ch. 11 Plan For Lack Of Info

    A group of Whiting Petroleum Corp. noteholders is asking a Texas bankruptcy court to reject the oil producer's Chapter 11 plan disclosure, saying it contains none of the information the noteholders need to determine what they would get out of the plan.

  • June 08, 2020

    Bankruptcy Court Can't Touch Pot Patent, Trustee Says

    The U.S. Trustee's Office objected Friday to United Cannabis Corp.'s request that a Colorado bankruptcy judge OK the termination of some patent licensing agreements, saying to do so would involve the court in a business that violates the Controlled Substances Act.

  • June 08, 2020

    Nine West Ch. 11 Trust Seeks $1.5B From Former Insiders

    A civil suit filed by the litigation trust created in the Chapter 11 plan of Nine West Holdings Inc. is seeking to recover more than $1.5 billion from the former directors, officers and shareholders of the company's former parent after a series of transactions in 2014 allegedly doomed the retailer to bankruptcy.

  • June 08, 2020

    Ex-Del. Bankruptcy Judge To Join Boy Scouts Mediation Panel

    A Delaware bankruptcy judge on Monday said she will appoint her former colleague on the bench, Kevin J. Carey, to serve on a three-member mediation panel in the Boy Scouts of America's Chapter 11 as the complex case moves forward.

  • June 08, 2020

    PG&E Seeks About $9B From Investors For Ch. 11 Exit

    Pacific Gas and Electric said Monday it plans to raise about $9 billion in exit financing to help the utility emerge from its $59 billion Chapter 11 proceedings, which were triggered by deadly California wildfires.

  • June 08, 2020

    Le Pain Quotidien Adds $1.4M To Ch. 11 Loan For Rent Tab

    Pressed by landlords wary of unfunded rent payment assurances, bankrupt bakery chain Le Pain Quotidien secured Delaware bankruptcy court approval Monday for a $1.4 million boost in its Chapter 11 loan to pay property owners waiting to learn if a buyer will pick up their leases.

  • June 08, 2020

    Feds Want Assurance Avenatti Isn't Using Internet On Release

    Federal prosecutors say Michael Avenatti may have broken the rules about accessing the internet while he's free from jail, prompting a California federal judge Monday to ask for assurances under oath that the embattled attorney isn't surfing the web while he prepares for his trial in December.

  • June 08, 2020

    Feds Say Oil Biz Can't Ditch $7M Jones Act Fees In Ch. 11

    U.S. Customs and Border Protection has asked a Delaware bankruptcy court to reject Furie Operating Alaska LLC's third try at a Chapter 11 sale, saying the oil and gas company is trying to duck out on $7 million it owes for a Jones Act settlement.

  • June 05, 2020

    Judge Rejects Early Verdict Bid In Westmoreland Coal Fight

    A Texas bankruptcy judge on Friday rejected Jay Alix's position that McKinsey & Co. "failed utterly" to make its case in a fight over disclosures in the Westmoreland Coal Co. Chapter 11 and that a verdict in its favor should be granted immediately

Expert Analysis

  • Remote Depositions Bring Ethics Considerations For Lawyers

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    Utilizing virtual litigation technologies and participating in remote depositions require attorneys to beware of inadvertently violating their ethical obligations, including the principal duty to provide competent representation, say attorneys at Troutman Sanders.

  • Early Pandemic-Related Shifts We're Seeing In Legal Finance

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    As law firms chart their paths forward during these unsettled times, litigation funders are already observing changes in the types of products firms are seeking, such as an increase in one-off case funding requests, says Eric Blinderman at Therium.

  • Litigation Risks For Energy Executives During Bankruptcy

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    With oil prices at historical lows and a deluge of bankruptcies in the sector inevitable, it is vital that directors and officers understand the legal framework that governs their conduct, the types of transactions that will face enhanced scrutiny, and what to do now to minimize bankruptcy litigation risks, say attorneys at King & Spalding.

  • Opinion

    The Death Of The LSAT

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    Over the last year, the LSAT has been anything but unflappable — it has not been the objective, standardized law school entrance exam it's supposed to be, say soon-to-be law student Elliot Fuchs and attorney Saul Bienenfeld.

  • COVID-19 And Force Majeure: Lessons From Early Cases

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    Five contract disputes stemming from the COVID-19 crisis spotlight the key phrases, and outright gaps, in force majeure and related provisions that will be pivotal in resolving emerging disputes and preempting future ones, say attorneys at Mintz.

  • Relief For Ginnie Mae Servicers Comes With Strings Attached

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    While Ginnie Mae's recently announced liquidity relief for its mortgage-backed securities platform should help mortgage servicers withstand the impending tidal wave of delinquencies, several of the program's compliance requirements present significant obstacles for issuers, say attorneys at Dentons.

  • Pandemic May Prompt Legislative Action On Court Deadlines

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    The COVID-19 crisis shines light on the fact that the federal government and most states do not have the power to toll statutes of limitations, and could lead to a full-scale reconsideration of the Federal Judiciary Emergency Powers Tolling Act or other legislative efforts, say Reed Brodsky and Michael Nadler at Gibson Dunn.

  • Keys To Defending A Bankrupt Insured In A Civil Case

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    Due to COVID-19, claims and litigation involving bankrupt and liquidated insureds stand to become more frequent, and thus defense counsel should prepare for the novel bankruptcy stay, evidence preservation, witness and settlement issues that arise in such situations, say Gregory Brown at Kaufman Dolowich and Robert Norton at Lexington Insurance Company.

  • 11 Good Ideas For Retail Bankruptcy Reform During Pandemic

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    If Congress is open to any good idea that would stabilize the economy, it should consider Bankruptcy Code changes that would help companies — particularly retailers — survive a Chapter 11 filing during the COVID-19 economic downturn, says Norman Kinel at Squire Patton.

  • Series

    Judging A Book: Richardson Reviews 'Criminal Dissent'

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    In his important new book, "Criminal Dissent," Wendell Bird endeavors to catalog every single actual, or even threatened, prosecution under the Sedition Act and removal under the Alien Friends Act — a monumental undertaking — and the results are striking, says U.S. District Judge Eli Richardson of the Middle District of Tennessee.

  • Tips For Minimizing Law Firm Liability During COVID-19

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    Lawyers may be advising clients on COVID-19 matters without the benefit of considered analysis or interpretive guidance, which could lead to legal malpractice suits down the road, but law firm management can mitigate the risks through certain protocols, says Nicole Hyland at Frankfurt Kurnit.

  • Suppliers Should Prep For Price Discrimination Claim Surge

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    As customers increasingly ask for extended payment terms due to pandemic-related financial hardship, suppliers should implement policies that comport with the Robinson-Patman Act to avoid price discrimination claims and lawsuits by bankrupt customers seeking large damage awards, say Colin Kass and David Munkittrick at Proskauer.

  • The Perils Of Ignoring Contractual Forum Selection Clauses

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    Dean Foods' decision to ignore its own forum selection clause did more than create a procedural hiccup in the now-bankrupt company's fiduciary duty breach claim against its former chairman — and others can and should learn from Dean's blunder, says Greg Brassfield at Lynn Pinker.

  • A Proposed Technology-Assisted Review Framework

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    Cases involving technology-assisted review often suffer from expensive arguments between parties over protocols and accuracy, but a new report card system that would allow litigants and courts to objectively assess a given document review methodology could mitigate those problems, say attorneys at Redgrave and Kirkland.

  • Navigating Loan Doc Implications Of Pandemic Disruption

    Excerpt from Lexis Practice Advisor
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    As the negative impacts of the pandemic make it harder for corporate borrowers to comply with loan terms, parties to new debt financings should review covenants, grace periods and penalties for potential breaches, say attorneys at Shearman.

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