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Bankruptcy

  • May 24, 2019

    Actresses Say They're Not In Any Weinstein Sex Abuse Deal

    Actresses Ashley Judd and Wedil David on Friday debunked reports of a global settlement between disgraced filmmaker Harvey Weinstein and those who claim he sexually harassed them, saying they are not parties to any deal.

  • May 24, 2019

    Puerto Rico Summons Detroit Tactic With $6B Debt Challenge

    Officials leading Puerto Rico’s historic restructuring have moved to wipe out nearly half of the commonwealth’s general obligation bond debt, mirroring tactics used by the city of Detroit to drive bondholders to the negotiating table and settle for less.

  • May 24, 2019

    Elk Petroleum Says Ch. 11 Case Poised For Creditor Fight

    Bankrupt oil and gas driller Elk Petroleum Inc. told a Delaware judge Friday that it anticipates a heated battle among creditors as it progresses through the Chapter 11 process after allowing certain preferred equity holders to convert their holdings to unsecured debt prior to filing its bankruptcy petition.

  • May 24, 2019

    Lone Star Laterals: Crowe & Dunlevy, Husch Blackwell

    In our latest roundup of Texas partners on the move, Crowe & Dunlevy PC added a trio of partners in Dallas, Husch Blackwell LLP picked up an appellate partner in Houston and Barnes & Thornburg LLP added a former in-house counsel for an asset management firm to its corporate group. 

  • May 24, 2019

    FCA Suit Against Ex-Aegerion Execs Is Likely To Live On

    A False Claims Act case against former executives of newly bankrupt Aegerion Pharmaceuticals Inc. will likely survive a motion to dismiss, a Boston federal judge said Friday, suggesting the suit can move forward even though the government settled claims against the company and declined to intervene against the executives.

  • May 24, 2019

    New Zealand Crypto Exchange Wants US Bankruptcy Cover

    A New Zealand-based online asset exchange undergoing liquidation in its home country is asking a New York bankruptcy court to protect as much as $130 million in client assets that it says are being held by an Arizona-based server company, according to a Friday memorandum.

  • May 23, 2019

    Aegerion Pharma's Interim Ch. 11 Cash Request Irks Judge

    A New York bankruptcy judge on Thursday told attorneys for embattled specialty drug provider Aegerion Pharmaceuticals Inc. that he will approve the company's first-day request to use on-hand cash that is subject to creditor liens once it removes provisions that parties not yet present might find objectionable.

  • May 23, 2019

    Ex-Platinum CFO Troubled By Business Methods, Jury Hears

    A former chief financial officer of Platinum Partners on Thursday told a New York federal jury weighing the fate of the hedge fund manager's former top executives of his unease with the company's problematic business practices and lack of cash to fund operations and pay back investors.

  • May 23, 2019

    Hollander Gets Interim Access To $90M Ch. 11 DIP Package

    Bankrupt mattress retailer Hollander Sleep Products LLC received preliminary approval to tap a $90 million debtor-in-possession loan Thursday, after a New York bankruptcy court initially rejected the proposed order because it locked in too many perks for the lenders.

  • May 23, 2019

    Sears Creditors Say Ch. 11 Plan Lacks Legal Basis

    Multiple Sears creditors have asked a New York bankruptcy court to reject the company’s Chapter 11 plan, claiming the proposal has a shakier legal and financial foundation than Sears would have creditors believe.

  • May 23, 2019

    SEC Adds Sales Agent To Woodbridge Ponzi Scheme Suit

    A Massachusetts-based sales agent of the Woodbridge Group is among the perpetrators of a $1.2 billion Ponzi scheme involving a complex network of phony real estate investments and unregistered Florida-based funds, the U.S. Securities and Exchange Commission has alleged.

  • May 23, 2019

    Weinstein Co. Must Wait On Bid To Hire More Counsel

    A Delaware bankruptcy judge on Thursday put off The Weinstein Co.'s bid to hire Bernstein Litowitz as special litigation counsel, saying she didn't want to saddle the estate with the expense until a global settlement of sexual misconduct claims against Harvey Weinstein became final.

  • May 23, 2019

    Elk Petroleum Opens Ch. 11 To Rework $270M In Debt

    Elk Petroleum Inc. and three affiliates sought Chapter 11 protection in Delaware late Wednesday, proposing a reorganization of some $270 million in secured and unsecured debt under a private equity-led plan approved by two secured debtor groups one day earlier.

  • May 22, 2019

    TridentUSA Ch. 11 Lender Fight Over Priority Claims Heats Up

    The stakes have been raised in a battle between lenders in the Chapter 11 case for bedside diagnostics provider TridentUSA, as Silver Point Finance LLC filed an adversary suit Tuesday against a prepetition financier, saying it violated an agreement not to challenge Silver Point's liens.

  • May 22, 2019

    Judge Grows Weary Of Infighting In J&J Talc Supplier's Ch. 11

    A Delaware bankruptcy judge expressed her frustration and displeasure Wednesday with a contentious battle over a firm proposed to serve as special insurance counsel to the official committee of tort claimants in Johnson & Johnson talc supplier Imerys Talc America Inc.’s Chapter 11.

  • May 22, 2019

    Platinum Jury Told Of Black Elk Bond Bait-And-Switch

    A hedge fund portfolio manager on Wednesday told jurors in the securities fraud trial of former top Platinum Partners executives of how his fund was burned by an investment in bonds of Platinum portfolio company Black Elk when proceeds from an asset sale were diverted to preferred shareholders of the oil and gas company.

  • May 22, 2019

    Reading Eagle Gets Nod For Ch. 11 Sale To MediaNews Group

    The Reading Eagle Co. received court approval Wednesday in Philadelphia bankruptcy court for a $5 million sale of its assets to news giant MediaNews Group Inc., ending more than 150 years of family ownership for the eastern Pennsylvania newspaper publisher.

  • May 22, 2019

    PG&E To Pay $100M To Wildfire Victims, Ch. 11 Plan Delayed

    A California bankruptcy judge Wednesday granted Pacific Gas and Electric's request to pay $100 million into a fund to assist with the urgent needs of California wildfire victims and granted the company a four-month extension to file its Chapter 11 plan.

  • May 22, 2019

    Distressed British Fashion Co. Seeks US Bankruptcy Shield

    Embattled English billionaire Philip Green's fashion chain holding company Arcadia Group on Wednesday asked a New York bankruptcy court to recognize its home country insolvency proceedings, saying it plans to sell its 22 Topman and Topshop stores in the U.S.

  • May 22, 2019

    Firm Can't Object To Bankrupt Co.'s Final Report: 6th Circ.

    A law firm that settled in bankruptcy court its claim against a client for unpaid legal fees lacked standing to subsequently challenge in federal district court a trustee's final report of how the client's assets were distributed, the Sixth Circuit has held.

  • May 22, 2019

    Brazil Telecom Resolves Share Dispute With Cape Verde

    Brazilian telecommunications company Oi SA said Tuesday that its indirect subsidiary has agreed to drop arbitration against Cape Verde after the African nation purchased the company's interest in a Cape Verde telecommunications company for $26.3 million.

  • May 22, 2019

    Justices Urged To Pass On Argentina YPF Nationalization Row

    The solicitor general has asked the U.S. Supreme Court not to take up Argentina's appeal in a suit by two Spanish companies who claim to have suffered losses when the country nationalized YPF SA, saying the Second Circuit made the right call by not granting sovereign immunity.

  • May 22, 2019

    Hexion Ch. 11 Disclosures OK'd Ahead Of June Confirmation

    Bankrupt polymer maker Hexion Inc. will begin soliciting creditor votes this week on a Chapter 11 plan of reorganization centered on a debt-for-equity swap that will wipe about $2 billion of debt off its books after a Delaware judge approved the plan disclosure statement Wednesday.

  • May 21, 2019

    Hollander Ch. 11 Needs Less Restrictive DIP, Judge Says

    A New York bankruptcy judge rejected Hollander Sleep Products LLC’s initial request to access $118 million in debtor-in-place financing in its Chapter 11 case, saying it would have locked down too many aspects of the case for a first-day motion.

  • May 21, 2019

    Justices Save TM Licensees From Contract Conundrum

    The U.S. Supreme Court handed trademark licensees a significant victory Monday and spared them a potential “sea change” in contract law by ruling that brand owners in bankruptcy protection do not have the unilateral right to rescind trademark licensing agreements, experts say.

Expert Analysis

  • Series

    Judging A Book: Mills Reviews 'Mississippi's Federal Courts'

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    ​​David M. Hargrove's​ new book​,​ "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.

  • In A Landlord Bankruptcy Sale, What Happens To The Lease?

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    Few cases address a landlord debtor’s bankruptcy and its effect upon tenants. The matter of Revel AC, decided by the Third Circuit on Nov. 30, deals not only with that issue but also with the effect of a Section 363(f) bankruptcy court’s asset sale order, says Michael Cook of Schulte Roth & Zabel LLP.

  • Guest Feature

    The Subtle Art Of Fred Fielding

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    One of the rare attorneys to serve as White House counsel to two presidents, Fred Fielding of Morgan Lewis & Bockius LLP may be the quintessential Washington insider. Attorney Randy Maniloff asks him to elaborate.

  • Recent Trends In Intercreditor Agreements

    Excerpt from Lexis Practice Advisor
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    In the current commercial real estate market, mortgage lenders' cautious approach should continue to provide mezzanine lenders with ample opportunities. By maintaining an important role in transactions, mezzanine lenders can gain more leverage when negotiating intercreditor agreements, say attorneys at Schulte Roth & Zabel LLP.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

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    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

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    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Opening Comments: A Key Strategic Decision In Mediation

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    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • Opinion

    USA Gymnastics Should Dissolve Itself In Bankruptcy

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    USA Gymnastics, facing over 100 lawsuits as a result of the Larry Nassar sex molestation crimes, recently filed for bankruptcy to ensure its survival. However, rather than being preserved, the organization should be replaced by a government agency that can assume financial and moral responsibility, says Ronald Katz of GCA Law Partners LLP.

  • Arbitration In Bankruptcy Isn't Dead After Anderson

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    In Anderson v. Credit One Bank, the Second Circuit declined to enforce a mandatory arbitration provision, despite a long-standing U.S. Supreme Court mandate. While Anderson seems to mark a departure for bankruptcy cases with arbitration provisions, it may simply reflect a narrow exception, says Deborah Reperowitz of Stradley Ronon Stevens & Young LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

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    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.

  • Taberna Bankruptcy Ruling Brings Relief For CDO Investors

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    A New York bankruptcy court's recent dismissal of Taberna Preferred Funding's involuntary Chapter 11 case reinforces the accepted principle that contractual terms are the best means for liquidating a nonrecourse securitization vehicle — good news for those interested in the stability of the collateralized debt obligation model, says James Bentley of Schulte Roth & Zabel LLP.

  • Jurors Should Ask More Questions During Trials

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    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.

  • Calif. Ruling Dings Engagement Letter Arbitration Clauses

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    The California Supreme Court's recent decision in Sheppard Mullin v. J-M Manufacturing has cast doubt on arbitration clauses in attorney engagement agreements, jeopardizing the efficient resolution of malpractice claims and fee disputes, say Sharon Ben-Shahar Mayer and Mark Drooks of Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.

  • 10 Things We Wish We Were Told When Going In-House

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    Attorneys at Albert Einstein College of Medicine, Perkins Coie LLP and the Healthcare Association of New York State reflect on lessons they learned the hard way when transitioning to in-house counsel positions.

  • The Virtual Law Team: Advantages For Litigants And Lawyers

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    The virtual law team was created as a necessary response to mass tort litigation — however, with advances in technology and ever-increasing specialization of the legal practice, the model should be considered in multiplaintiff litigation of any size, say attorneys at Faegre Baker Daniels LLP.

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