Bankruptcy

  • May 31, 2022

    Rockall Energy Gets OK For $85M Ch. 11 Sale Plan

    A Texas bankruptcy judge Tuesday approved oil and gas driller Rockall Energy Holdings' plan to end its bankruptcy case by selling its assets to private equity fund Formentera Partners for $85 million for the benefit of its creditors.

  • May 31, 2022

    Catching Up With Delaware's Chancery Court

    Tales of backstabbing, disabling conflicts and handbags costing six figures closed out a three-day trial for Aerojet Rocketdyne Holdings Inc. last week. The Delaware Chancery Court also pounded the gavel on a Brooklyn-based startup's power struggle, censured some "contumacious" cannabis company investors, and told a reality TV star to get real.

  • May 31, 2022

    LeClairRyan Trustee Seeking OK For $21M UnitedLex Deal

    The Chapter 7 trustee for LeClairRyan PLLC asked a Virginia bankruptcy judge on Tuesday to approve an approximately $21 million settlement with legal services provider UnitedLex for the part it allegedly played in driving the law firm into liquidation.

  • May 30, 2022

    Law360 Names 2022's Top Attorneys Under 40

    Law360 is pleased to announce the Rising Stars of 2022, our list of 176 attorneys under 40 whose legal accomplishments belie their age.

  • May 30, 2022

    Fla. Judge Gives Initial OK To $1B Surfside Collapse Deal

    The $1 billion settlement ending the consolidated litigation over the collapse of the Champlain Towers South condominium in Surfside, Florida, got past its first hurdle Saturday when the judge overseeing the lawsuit granted his preliminary approval of the blockbuster deal.

  • May 27, 2022

    9th Circ. Halts Blackfeet Tribe's Fight With Bankrupt Campsite

    The Ninth Circuit has granted an automatic stay of a dispute between a campsite operator and the Blackfeet Nation, saying the halt in proceedings was triggered by the company's notice of bankruptcy.

  • May 27, 2022

    Blank Rome Adds Finance, Deals Partner In Chicago Office

    Blank Rome LLP has added as partner a finance and transactions attorney to its Chicago office who has experience advising financial institutions and large companies. 

  • May 27, 2022

    Rockall Energy Cancer Plaintiff Seeks Lift Of Ch. 11 Stay

    A state court plaintiff alleging her esophageal cancer was caused by affiliates of bankrupt Rockall Energy Holdings LLC asked a Texas judge on Friday to lift the automatic stay that came with the company's Chapter 11 filing so she can pursue her claims to a final judgment.

  • May 27, 2022

    Limetree Bay Reaches Ch. 11 Deal On OSHA Penalties

    The former owner of a St. Croix oil refinery has received court approval for an agreement with the Occupational Safety and Health Administration that resolves a series of penalties assessed against debtor Limetree Bay Refining before it commenced its Chapter 11 case.

  • May 27, 2022

    Pareteum Says It Faces Six-Week Deadline For Ch. 11 Sale

    A New York bankruptcy judge struck a compromise Friday, delaying for the weekend a decision on sale plans for telecom software maker Pareteum Corp., as creditors questioned the short sale timeline but the debtor argued it only has six weeks before it loses its officers.

  • May 26, 2022

    Landlord Asks For Loss Protection In Senior Home Ch. 11

    The landlord of the bankrupt Edgemere retirement community in Dallas asked a Dallas bankruptcy judge Thursday to find it has an interest in its 400 housing units and that it should get guarantees against the risk the debtor will allow the property to drop in value.

  • May 26, 2022

    Dutch Lien On MD Helicopters' Factory Denied In Ch. 11

    A Delaware bankruptcy judge ruled Thursday that a $16.1 million judgment lien held by the Dutch government against bankrupt aviation company MD Helicopters did not attach to the debtor's manufacturing facility in Arizona, saying state law there classified leasehold interests as personal property rather than real property.

  • May 26, 2022

    Armstrong Flooring Gets OK For Ch. 11 Auction In June

    A Delaware bankruptcy judge approved Armstrong Flooring's plans to put its assets on the block by the end of next month after hearing the manufacturer had resolved all objections to the proposed short-deadline Chapter 11 sale.

  • May 26, 2022

    Alston & Bird Adds Bankruptcy Partners From Gibson Dunn

    Alston & Bird LLP announced recently that two experienced bankruptcy attorneys have joined the firm's New York office as partners to bolster its financial restructuring and reorganization group.

  • May 26, 2022

    Chamberlain Hrdlicka Grows Houston Office With 8 Attys

    Tax-focused firm Chamberlain Hrdlicka White Williams & Aughtry PC announced a major expansion of its Houston office, adding eight attorneys in a wide range of practice areas including bankruptcy, labor and employment, tax planning, and trusts and estates.

  • May 25, 2022

    China's HNA Group On Hook For $184M Skyscraper Award

    Affiliates of New York commercial office space giant SL Green Realty Corp. are owed $184.5 million by failing Chinese conglomerate HNA Group International Ltd. over an investment in a bankrupt New York office tower SL Green invested in several years ago.

  • May 25, 2022

    Exiled Chinese Billionaire, Lender Ask For Ch. 11 Exit

    Exiled Chinese billionaire Ho Wan Kwok and the lender who has pursued him for years for repayment of a $28 million loan found themselves on Wednesday pulling in the same direction, with both asking a Connecticut bankruptcy judge to dismiss Kwok's Chapter 11 case.

  • May 25, 2022

    No Cause To Revive Atty's Defamation Suit, Del. Justices Told

    Counsel for an attorney accused of falsely branding another lawyer a racist because of his "white skin and Christian religion" told Delaware's Supreme Court on Wednesday that a defamation suit filed by the subject of the comments shouldn't be revived.

  • May 25, 2022

    Non-Atty Debtor Advice Co. Shielded From NY Prosecution

    Legal nonprofit Upsolve will be allowed to give advice to low-income debtors without fear of prosecution for practicing law without a license, a New York federal judge ruled Wednesday, saying the organization's activity is First Amendment-protected speech.

  • May 25, 2022

    3rd Circ. Finds No Conflict In Sidley Repping Scouts, Insurers

    Sidley Austin LLP was not conflicted when it represented the Boy Scouts of America in bankruptcy proceedings despite also representing the organization's liability insurers, the Third Circuit has ruled.

  • May 24, 2022

    Brazos Wants To Set Trial Date On ERCOT $1.9B Ch. 11 Claim

    Bankrupt power provider Brazos Electric Power Cooperative Inc. told a Texas judge Tuesday that it wants to set a date for a trial over the $1.9 billion claim asserted by the Electric Reliability Council of Texas to resume even as mediation among the various parties is ongoing, saying it needs to move its case forward.

  • May 24, 2022

    2nd Circ. Case's Relevance Disputed In $1.4B Award Fight

    Luxembourg-based steelmaker ArcelorMittal on Monday rebutted arguments by Essar Group that a recent Second Circuit decision sending a dispute over a canceled $1.1 billion power plant project to Angola supports the Indian conglomerate's bid to toss litigation filed by the steelmaker to enforce a $1.4 billion arbitral award.

  • May 24, 2022

    Legislators Add Condo Reforms To Special Session Agenda

    Florida legislators opted Tuesday to again attempt to pass reforms to the Florida Condominium Act meant to prevent another collapse like that of Champlain Towers South, expanding the weeklong special session on property insurance to include a bill that would implement regular building inspections statewide and require condominium associations to maintain reserves.

  • May 24, 2022

    Mass. Power Plant, Contractor Strike Deal On Ch. 11 Discovery

    Massachusetts power plant Salem Harbor Power Development told a Delaware bankruptcy judge Tuesday it will let a contractor take discovery into whether it has claims against managers or shareholders for the events leading to the contractor's $237 million arbitration award.

  • May 24, 2022

    Lantern Says Yucaipa Hiding Docs In Weinstein Co. Sale Row

    Lantern Asset Management's attorney complained to a California judge Tuesday that investor Ron Burkle's Yucaipa Companies is hiding financial documents requested while defending against Yucaipa's lawsuit over Lantern's purchase of The Weinstein Co.'s assets and is unwilling to go under oath about them, which he called "a big red flag."

Expert Analysis

  • Strategies For Coping With Stress In The Legal Profession

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    Attorneys should explore certain fast, accessible strategies for stress management, as unexpected stressors from work obligations increase at the beginning of the year and are only heightened by improvements in technology and an accelerated flow of communication, says David Kouba at Arnold & Porter.

  • How AI Can Transform Crisis Management In Litigation

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    Attorneys should understand how to use rapidly advancing artificial intelligence technology to help clients prepare for potential catastrophic events and the inevitable litigation arising from them, from predicting crises before they occur to testing legal theories once they arise, say Stratton Horres at Wilson Elser and David Steiger.

  • Takeaways From 6th Circ.'s RE Tax Foreclosure Ruling

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    The Sixth Circuit's recent decision in Lowry v. Southfield sheds light on when exactly real estate tax foreclosures can be avoided as fraudulent transfers, and could potentially impede municipalities' ability to collect unpaid property taxes through tax sales, says Scott Bernstein at Skolnick Legal Group.

  • Supervisor Relationships Are Key To Beating Atty Burnout

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    In order to combat record attorney turnover and high levels of burnout, law firm partners and leaders must build engaging relationships with supervisees, fostering autonomy and control, enabling expression of values, and building a sense of community and belonging, says Anne Brafford at the Institute for Well-Being in Law.

  • Make-Whole Claim Lessons From Hertz Bankruptcy Ruling

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    After the Delaware bankruptcy court's recent decision in Wells Fargo v. Hertz, courts may continue to hear the assertion that early payoff premiums constitute unmatured interest, which could shape best practices in formulating make-whole clauses to avoid such arguments, say attorneys at Mayer Brown.

  • The Rising Demand For Commercial Litigators In 2022

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    Amid broken supply chains, pandemic-induced bankruptcies and a rise in regulation by litigation, strong commercial litigators — strategists who are adept in trying a range of tortious and contractual disputes — are becoming a must-have for many law firms, making this year an opportune moment to make the career switch, say Michael Ascher and Kimberly Donlon at Major Lindsey.

  • Evaluating Director Protections After Del. Bankruptcy Ruling

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    The Delaware Bankruptcy Court's recent decision in Friedman v. Wellspring Capital, outlining the conditions under which an alleged duty of loyalty breach can survive a motion to dismiss, may undermine corporate decision makers' ability to negotiate for what are customary and necessary protections as they manage distressed entity transactions, say attorneys at Ropes & Gray.

  • Exculpation Ruling Shows Danger Of Overbroad Clauses

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    A New Jersey bankruptcy court’s recent decision in BAK Advisors v. Sax, holding that an accounting firm’s exculpation clause was too broad and contrary to public policy, should urge accountants and advisers to narrow and specify liability limitation language in agreements, and to carefully consider the timing of dismissal motions, says Kenneth Rosen at Lowenstein Sandler.

  • How In-House Counsel Can Make The Case For Settling Early

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    Following the recent settlement in McDonald's v. Easterbrook, in-house counsel should consider decision-tree analyses and values-driven communications plans to secure effective, early resolutions in litigation, saving time and money and moving the company mission forward, say Ronald Levine at Herrick Feinstein and Richard Torrenzano at The Torrenzano Group.

  • To Retain Talent, GCs Should Prioritize Mission Statements

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    With greater legal demands and an increasing number of workers resigning during the pandemic, general counsel should take steps to articulate their teams' values in departmental mission statements, which will help them better prioritize corporate values and attract and retain talent, says Catherine Kemnitz at Axiom.

  • Recent Bias Suits Against Law Firms And Lessons For 2022

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    2021 employment discrimination case filings and developments show that law firms big and small are not immune from claims, and should serve as a reminder that the start of a new year is a good time to review and update salary, promotion and leave policies to mitigate litigation risks, says Hope Comisky at Griesing Law.

  • Associate Hiring Outlook At Law Firms Is Bright For 2022

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    After a year of extraordinary signing bonuses, nearly instantaneous offers and flexible work arrangements, strong demand for talented law firm associates will continue into 2022 — with some differences between East and West Coast markets — and junior attorneys should take steps to capitalize on the opportunity, say Ru Bhatt and Summer Eberhard at Major Lindsey.

  • Roundup

    The Most-Read Legal Industry Guest Articles Of 2021

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    Popular legal industry guest articles this year included commentary on the admissibility of video depositions, an unusual U.S. Supreme Court citation, the perils of lawyer perfectionism, and more.

  • A Law Firm Leader's Guide To Seeking Effective Feedback

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    Law firm leaders often claim to have their fingers on the pulse of the people in their firms, but perspectives can be heavily weighted toward certain partners, so leaders should take certain steps to ensure they receive well-rounded feedback that helps them make more informed decisions, says Jennifer Johnson at Calibrate Legal.

  • 8th Circ. Ruling Clarifies Bankruptcy Rent Cap Guidance

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    The Eighth Circuit in Lariat Cos. Inc. v. Wigley resolved a rarely addressed question of whether the balance of a landlord's state law claim is viable against other entities outside of bankruptcy after the application of a statutory rent cap, providing valuable guidance for debtor-tenant counsel, says Brian Shaw at Cozen O'Connor.

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