The director of the federal program that monitors U.S. bankruptcy cases was recently asked by a Republican congressman to answer questions about how his office enforces requirements on professional advisers to reveal conflicts of interest, citing a recent report that McKinsey & Co. has a pattern of making very few disclosures.
A stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program will be auctioned off next month after a Florida bankruptcy judge on Wednesday approved bidding procedures for the property, which has attracted a $39.1 million initial bid.
Third-party releases proposed under the Chapter 11 plan of Herald Media Holdings Inc. aimed at protecting reporters and other editorial employees from defamation and libel suits failed to gain court approval Wednesday when a bankruptcy judge determined the employees weren’t contributing enough to the case to justify the releases.
In a “close case,” the Second Circuit on Wednesday rejected an effort by Shinhan Bank to slip an unsigned settlement it reached with Lehman Brothers Holdings Inc., saying some factors weighed against enforcing the deal but that the weight of the evidence cut in favor of Lehman’s position.
Creditors of bankrupt chemical producer M&G USA Corp. pressed the company’s top international officer Wednesday on his motives for seeking dismissal of three Luxembourg-based affiliates from a larger Delaware Chapter 11, saying the move could cost the U.S. estate $40 million.
Silver Lake reportedly approached iHeartMedia about making a $500 million investment, Astellas Pharma is mulling a deal to sell a portion of its European assets, and Aramco is eyeing a stake in chemicals company SABIC.
Puerto Rico Gov. Ricardo Rosselló on Wednesday announced the appointment of the Puerto Rico Electric Power Authority’s third CEO in a week, days after the last CEO and most of the board of directors resigned.
Steadfast Insurance Co. and Zurich American Insurance Co. told a Texas federal court Wednesday that their policies do not cover a Texas builder in an adversarial bankruptcy suit accusing the builder of a $329 million scheme to defraud a highway management company.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about navigating an increasingly competitive business environment. Here we feature Zakiyyah Salim-Williams, chief diversity officer at Gibson Dunn & Crutcher LLP.
Five thousand construction and engineering workers who were abruptly fired when the infamous Virgil C. Summer nuclear reactor project crumpled under the weight of its overexpenditures and delays won official class status Tuesday in South Carolina federal court.
The $1.35 million sale of Gawker.com to the founder of online magazine Bustle was approved by a New York bankruptcy judge on Tuesday, giving the inactive gossip news site a chance to be revived in some form under new ownership.
A Texas appellate panel partially revived a lawsuit Kenyon International Emergency Services Inc. filed against Starr Indemnity and Liability Company on Tuesday, holding the emergency services company had shown that Starr might be on the hook in Kenyon's bid to recoup funds expended in the aftermath of a plane crash.
A Delaware bankruptcy judge on Tuesday approved the $119 million sale of advertising software company Videology Inc. to a marketing technology company at a price driven up about $72 million by a competitive auction between two bidders.
A Manhattan federal judge cut the hedge fund bribery case against Norman Seabrook down to its original size Tuesday, calling a new fraud count "multiplicitous," but also held that prosecutors can try to convince a jury that the labor boss' alleged lawbreaking was tied to his former union's investment losses.
The First Circuit on Monday ruled that a failed condominium developer did not receive proper notice of a belated claim in a creditor's bid to stop him from discharging multimillion-dollar debts, reversing the ruling against him and sending the case back to Massachusetts bankruptcy court.
Montgomery McCracken Walker & Rhoads LLP on Tuesday said a $620 million malpractice suit it recently removed from Pennsylvania state court should remain in a federal judge's hands thanks to its genesis in a bankruptcy proceeding that a group of Luzerne County residents say shortchanged their toxic tort claims against Tronox Inc.
Investor Ron Burkle’s company accused Lantern Asset Management GP of cutting it out of a nearly $6 million payout from Lantern’s $289 million purchase of The Weinstein Co.’s assets from bankruptcy, according to a suit filed in California state court Monday as Lantern’s deal closed.
A Utah-based company that provides patient monitoring services to diabetics filed for bankruptcy Sunday in Delaware with plans to reduce a $36 million debt load and sell its business to supplier and creditor BioTelemetry, saying a transaction must take place right away.
The trustee appointed to oversee the plan administration trust of reorganized debtor Energy Future Holdings Corp. has the authority to make distributions from the trust, a Delaware bankruptcy judge ruled Monday, but the court reserved the right to determine if the trustee’s decisions were a reasonable exercise of that authority as parties fight over a request to pay legal fees for former directors and officers of EFH.
The $150 million asset sale of The Rockport Co. LLC received bankruptcy court approval Monday in Delaware, but issues over liability for a $54 million claim from debtor’s former parent company Adidas AG could threaten the Aug. 13 closing of the transaction and derail the Chapter 11 case.
When the next downturn occurs, bankruptcies and opportunities for investors to pick up distressed assets on the cheap will follow. Where those assets include customer lists or other personal information protected by new privacy laws in the EU and California, those sales will become more difficult, say Walt Sapronov and Paul Kouroupas of Sapronov & Associates PC.
People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.
Five years after the city of Detroit filed for Chapter 9 bankruptcy, experts look at the financial troubles of Chicago and other U.S. cities in this special series.
An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.
As we reflect on the five years since Detroit’s bankruptcy filing, Pennsylvania’s experience in intervening in its municipalities’ financial distress provides some useful insights on the problems plaguing municipalities as well as lessons for states, says professor Juliet Moringiello of Widener University Commonwealth Law School.
As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.
Michigan has taken a very aggressive approach to addressing municipal fiscal insolvency. But the state's emergency manager law fails to consider the unintended consequences of short-term financial adjustments, as seen in the case of Flint, say Eric Scorsone and Samantha Zinnes of Michigan State University.
Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.
Some asbestos plaintiffs have obtained full recovery from viable defendants and simultaneously, or later, recovered more money for the same injury from asbestos bankruptcy trusts established by those same entities. Recognizing this problem, more and more states are turning to asbestos transparency laws as a solution, say Scott Hunsaker and Karl Borgsmiller of Tucker Ellis LLP.
Some distressed municipalities — including Atlantic City, New Jersey, and Hartford, Connecticut — have recently restructured outside of Chapter 9, through legislation and negotiations. But such fixes are intensely political in nature and are entirely dependent on the will of government officials, say Lawrence Larose and Samuel Kohn of Norton Rose Fulbright.