Bankruptcy

  • May 03, 2021

    Justices End Madoff Investors' Fight For $41M In Ponzi Profits

    The U.S. Supreme Court on Monday declined to hear an appeal from investors who profited from Bernie Madoff's Ponzi scheme, shutting down their effort to avoid returning $41 million in fraudulent proceeds to the trustee overseeing the late con man's bankruptcy estate.

  • May 03, 2021

    Alamo Drafthouse Gets OK For $21M Sale To Creditors

    A Delaware bankruptcy judge on Monday approved the sale of theater chain Alamo Drafthouse Cinemas' assets to a pair of investment firms for a combination of nearly $21 million in debt, claims coverage and Chapter 11 wind-down costs.

  • April 30, 2021

    Alamo Drafthouse Employee Bonuses OK'd In Ch. 11

    Alamo Drafthouse Cinemas has received permission from a Delaware bankruptcy judge to pay up to $600,000 in employee bonuses, after arguing that the money is needed to keep workers on the job and performing until the theater chain's Chapter 11 sale goes through.

  • April 30, 2021

    4th Circ. Upholds US Trustee Fee Hike In Circuit City Case

    The Fourth Circuit Court of Appeals granted the Office of the United States trustee a pair of wins Thursday in a row with the liquidator of former retailer Circuit City when it upheld the constitutionality of a 2017 increase in quarterly fees charged by the trustee in Chapter 11 cases.

  • April 30, 2021

    Boy Scouts Say Tort Claimants Can't Challenge $350M Note

    The Boy Scouts of America are asking a Delaware bankruptcy judge to deny a request by tort claimants to allow them to try and recategorize $350 million in intercompany debt, saying they don't have any claims worth pursuing.

  • April 30, 2021

    Reverse-Mortgage Millionaire Guilty Of Massive Debt Fraud

    A Manhattan federal jury on Friday convicted Live Well Financial founder Michael Hild of inflating the reverse-mortgage company's debt by hundreds of millions and taking $24 million in pay before it went under, rejecting his claim that he was "along for the ride" as others broke the law.

  • April 30, 2021

    Harvey Weinstein's LA Extradition Stalled By Bad Paperwork

    Harvey Weinstein on Friday succeeded in scuttling the Los Angeles district attorney's initial request for extradition on a new sex crimes indictment after arguing the DA's paperwork was flawed, a small victory for the convicted rapist that will further stall his transfer.

  • April 29, 2021

    Judge Won't Scrub Comments About Atty From GM MDL

    A New York federal judge declined to walk back his comments about an attorney whose representation of a client's ignition switch claims against General Motors "left much to be desired," finding Thursday that the attorney himself had acknowledged much of what was said.

  • April 29, 2021

    Levi & Korsinsky, Bragar Eagel Lead Ultra Ch. 11 Investor Suit

    A Colorado federal judge Thursday tapped Levi & Korsinsky LLP and Bragar Eagel & Squire PC to co-lead a consolidated class action alleging executives at Ultra Petroleum Corp. lied to investors about the oil and gas producer's prospects after it emerged from bankruptcy in 2018.

  • April 29, 2021

    Attys Get $14M After $5.4M Mortgage Lender Judgment

    Mortgage lender Primary Residential Mortgage Inc. will have to pay out $14 million in attorney fees and costs on top of a $5.4 million judgment and $2 million in prejudgment interest after a Minnesota federal judge found it sold bad mortgage loans to the now-defunct Residential Funding Co. LLC.

  • April 29, 2021

    Bankruptcy Watchdog Bares Teeth At BigLaw In Purdue Ch. 11

    The U.S. Trustee's Office's $1 million settlement with Skadden, WilmerHale and Dechert for failing to disclose connections with the Sackler family and Purdue Pharma in its Chapter 11 case was a shot across the bow of large bankruptcy firms, and BigLaw would be wise to take notice, experts told Law360.

  • April 29, 2021

    LaPierre Says NRA Has Fixed Financial Procedure Problems

    The leader of the National Rifle Association on Thursday told a Texas bankruptcy judge that he led his organization through a "high-level course correction" that fixed the issues that form the basis for the attempt by the New York attorney general to dissolve the group.

  • April 29, 2021

    Atty Slams Weinstein Victim Bid For Ch. 11 Fees As 'Front'

    The attorney for an alleged victim of convicted rapist and disgraced film producer Harvey Weinstein ripped another accuser's request for $1.2 million in compensation and fees from The Weinstein Company's bankruptcy estate, arguing Thursday the second woman's lawyers were using her as a "front" in an effort to recover from a failed class-action settlement.

  • April 29, 2021

    Griddy Creditors Get More Time To Assess Ch. 11 Claims

    A Texas bankruptcy judge said Thursday that Griddy Energy's Chapter 11 documents weren't ready for distribution and gave the official committee of unsecured creditors about three weeks to assess the value of any potential claims against the directors and officers of the bankrupt electricity provider and its nondebtor affiliates.

  • April 29, 2021

    Norwegian Air, Boeing Want Intervenors' Bid Delayed

    Norwegian Air Shuttle ASA and The Boeing Co. are asking an Illinois federal court to hold off on deciding whether to allow six of Norwegian's sister firms to intervene in a $1 billion suit alleging Boeing sold defective jetliners, saying the court should make a final decision on whether to remand first.

  • April 29, 2021

    3 Firms Give Up $1M In Fees From Purdue Ch. 11

    Skadden Arps Slate Meagher & Flom LLP, WilmerHale and Dechert LLP have agreed to a settlement with the U.S. Department of Justice to relinquish $1 million in fees earned in their representation of Purdue Pharma in its ongoing bankruptcy cases, after concerns were raised about the adequacy of the firms' disclosures.

  • April 28, 2021

    11th Circ. Revives Consumer's FCRA Suit Against Experian

    The Eleventh Circuit decided on Wednesday that credit reporting giant Experian shouldn't have been granted an exit from a consumer suit alleging it didn't adequately look into disputed information on a Florida man's credit report after he complained that it falsely said he was delinquent on a mortgage.

  • April 28, 2021

    Robust Debt Market Keeps Humming At Record Levels

    Corporate bond sales are matching last year's breakneck pace so far in 2021. While it's uncertain how long the blitz will last, easy monetary conditions and pandemic-related relief are fueling a rush of notable offerings that has kept capital markets attorneys busy.

  • April 28, 2021

    Long Island Diocese Accused Of Shielding Info In Ch. 11

    The official committee of unsecured creditors in the Chapter 11 case of the Roman Catholic Diocese of Rockville Centre told a New York bankruptcy judge late Tuesday that the debtor has failed to turn over requested financial records and suggested the diocese is trying to hide assets from sexual abuse survivors.

  • April 28, 2021

    Hertz Cleared For New Ch. 11 Plan Sponsor Auction Schedule

    Car rental giant Hertz Global received permission Wednesday from a Delaware bankruptcy court for its last-ditch plan to solicit a topping bid on its Chapter 11 plan sponsorship deal that could trigger a competitive auction by mid-May.

  • April 28, 2021

    Hertz Wants $23M Coverage Suit For SEC Probe Revived

    Bankrupt car rental giant Hertz has asked a New York federal judge to give it another chance to go after two insurers the company says are on the hook for a $23 million legal bill relating to a U.S. Securities and Exchange Commission probe.

  • April 28, 2021

    Teary Ex-CEO Tells Jury Mortgage Co.'s Failure Not His Fault

    Live Well Financial founder Michael Hild cried Wednesday as he recalled the bankruptcy of his business, but prosecutors who say he illegally overvalued the company while paying himself $24 million pushed back after Hild told Manhattan jurors he was "just along for the ride" and wasn't to blame.

  • April 28, 2021

    Montgomery McCracken Tells 2nd Circ. Malpractice Suit Is Old

    Montgomery McCracken Walker & Rhoads LLP told the Second Circuit that a lower court was right to toss a proposed class action over the firm's alleged mishandling of toxic tort allegations in a bankruptcy case, arguing the allegations were brought too late.

  • April 28, 2021

    Former WilmerHale Partner Joins Del. Bankruptcy Bench

    A former WilmerHale partner and longtime bankruptcy attorney with U.S. Supreme Court experience was sworn in this week as the Delaware bankruptcy court's newest judge, joining seven other jurists on the bench in one of the nation's busiest insolvency venues.

  • April 28, 2021

    Atty Can't Get Contribution Fee In Nonprofit's Ch. 11

    A New Jersey federal judge has refused to grant attorney William S. Katchen's bid to grab nearly $98,000 from an anti-terrorism nonprofit's Chapter 11 plan, reasoning that he didn't show that his representation of an affiliate benefited the nonprofit itself.

Expert Analysis

  • Keyword Searches To Improve Your Privilege Doc Review

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    "Confidential" and other search terms commonly used to locate privileged documents during e-discovery are pretty ineffective, so practitioners should consider including specific types of keywords that are demonstrably better at targeting privilege, say Robert Keeling at Sidley and Rishi Chhatwal at AT&T.

  • ABA Approves Remote Practice, But Questions Remain

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    Lawyers working remotely during the pandemic while physically outside the jurisdictions in which they are licensed will find some comfort in a recent American Bar Association opinion sanctioning such practice, but there is ambiguity regarding the contours of what's allowed, say attorneys at Harris Wiltshire.

  • Keys To Creating Standout Law Firm Thought Leadership

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    Whether geared toward a global audience or a particular client, a law firm's articles, blog posts and client alerts should strive to be original by harnessing a few editorial tools and following the right distribution sequence, say Steven Andersen and Tal Donahue at Infinite Global.

  • PPP Enforcement Issues To Watch In 2021

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    Derek Adams at Potomac Law, and Ellen London and Steven Deolus at Alto Litigation, examine the evolution of the Paycheck Protection Program, the impact of constant changes to eligibility and reporting rules, and enforcement developments to expect this year.

  • Perspectives

    Judges On Race: The Power Of Discretion In Criminal Justice

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    Judges should take into consideration the several points of law enforcement and prosecutorial discretion — from traffic stops to charging decisions and sentencing recommendations — that often lead to race-based disparate treatment before a criminal defendant even reaches the courthouse, say Judge Juan Villaseñor and Laurel Quinto at Colorado's Eighth Judicial District Court.

  • Buyers May Be Wary Of Climate-Driven PG&E Asset Sale

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    PG&E's plan to sell its Pleasant Creek natural gas storage field will allow the utility to avoid decommissioning and remediation costs, and it aligns with regulators' desire to see the company move in a climate-friendly direction — but buyers may be leery of such assets for the same reasons, say Vidhya Prabhakaran and Patrick Ferguson at Davis Wright.

  • 5 Attorney Business Development Tips For The New Year

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    Lawyers should remember that the basics of interpersonal relationships have not changed despite the completely virtual environment caused by the pandemic, and should leverage the new year as an excuse to connect with clients in several ways, say Megan Senese and Courtney Hudson at Pillsbury.

  • 10 Ways Antitrust Scrutiny Is Heating Up In 2021

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    Companies must prepare to navigate a storm of antitrust forces on the horizon, with the potential for more aggressive antitrust enforcement under the Biden administration, including agency focus on acquisitions of nascent competitors, the life sciences industry and monetary remedies, say attorneys at Cooley.

  • Minimizing Disruption To Clients During Law Firm IT Upgrades

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    For law firms planning overhauls in their information technology infrastructures in light of hard lessons learned from pandemic-era transition to remote work, there are five ways to ensure even the biggest tech upgrade has minimal impact on client service, says Brad Paubel at Lexicon.

  • NY Nine West Bankruptcy Decision Won't Chill Buyout Activity

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    A New York federal court's recent decision in Nine West LBO Securities Litigation — holding that directors may have breached their fiduciary duty by failing to evaluate a leveraged buyout's future insolvency risk — is unlikely to have a chilling effect on LBOs, upend how they are conducted or increase director liability risk, say attorneys at Fried Frank.

  • Tips For Drafting Effective Amicus Briefs

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    Careful construction of an amicus brief's essential elements — including the table of contents, which determines whether a brief gets studied or skimmed — and the order in which they are crafted are key to maximizing a party's hoped-for impact on a case before the U.S. Supreme Court or other appellate courts, say Mark Chopko and Karl Myers at Stradley Ronon.

  • 5 Trends That Will Influence E-Discovery In 2021

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    Changes in the way people work and communicate — which the pandemic has accelerated — will continue to bring new e-discovery challenges and shifts in data recovery this year, says Brian Schrader at Business Intelligence Associates.

  • How Relationship Partners Can Draft Winning RFP Responses

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    With law firms likely to see longtime clients roll out requests for proposal amid cost-cutting strategies this year, relationship partners can ensure they don't lose their clients by taking five critical actions during the response process, says Matthew Prinn at RFP Advisory.

  • Law Firm Merger Predictions For 2021

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    After a brief break in the multiyear streak of increasing law firm mergers, 2021 seems poised for a return to normal, with acquisitions involving small firms — those with under 400 lawyers — likely to dominate, says Peter Zeughauser at Zeughauser Group.

  • The Most-Read Legal Industry Guests Of 2020

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    Popular legal industry guest articles this year included commentary on white privilege in BigLaw, the pandemic's outsize impact on female lawyers, and business development in a socially distanced world.

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