The federal bankruptcy watchdog blasted the proposed Chapter 11 plan of women’s footwear maker Aerogroup International Inc. on Tuesday, telling a Delaware bankruptcy court the plan contains overly broad third-party releases and that an accompanying disclosure statement doesn’t give enough information.
Bankrupt mobile broadband provider Limitless Mobile LLC on Tuesday in Delaware delayed a confirmation hearing on its third amended Chapter 11 liquidation plan for one week in hopes of receiving approval from the federal government during that time on a settlement deal that is critical to the plan.
A Delaware bankruptcy judge declined Tuesday to postpone a Dec. 11 sale hearing for M&G USA Corp.’s $1.7 billion Chapter 11, but delayed for 10 days a final hearing on the global plastic resin supplier’s $100 million debtor-in-possession loan.
A Delaware bankruptcy judge approved a $150,000 expense reimbursement Tuesday should bankrupt Maurice Sporting Goods Inc.’s Chapter 11 stalking horse sale stumble, despite acknowledging concerns about insufficient legal backing and problematic features.
A Delaware Chancery Court judge Tuesday denied a request to disqualify Morris Nichols Arsht & Tunnell LLP from representing Dollar Tree in an ongoing dispute with spinoff company Dollar Express on the grounds that the law firm had given prior legal advice on the dividend distribution that is at the heart of the case.
A minority shareholder in Texas utility Oncor Electric Delivery Co. LLC told the Delaware Chancery Court on Monday that NextEra Energy owes it $72 million as a breakup fee for a merger shot down by state regulators.
Bankrupt health supplement retailer Vitamin World Inc. will move ahead with plans to sell most of its stores as a going concern operation while liquidating the rest of its locations after receiving approval for the process from a Delaware federal judge on Tuesday.
TransPerfect co-founder Philip Shawe is slated to buy out the shares of his rival Elizabeth Elting, according to letter Monday from the court-appointed custodian overseeing the sale process, potentially resolving what has been a maelstrom of bitter disputes in Delaware Chancery Court over control of the legal translation firm.
Twenty-First Century Fox Inc. has reached a $90 million deal to settle derivative claims stemming from a series of workplace harassment incidents at Fox News, according to an agreement filed Monday in Delaware state court that also requires the media outlet to create a new advisory council on improving workplace culture.
A Delaware vice chancellor cautioned Monday that he remained “skeptical of both sides” after post-trial arguments over a private equity investor’s bid to cash out or force a sale of billionaire William I. Koch’s Oxbow Carbon LLC.
Bankrupt plastics maker M&G USA Corp., its debtor-in-possession lender and top secured creditor hit back Monday at an unsecured creditor's call to delay hearings on the company's bid and sale procedures, warning that the company has no options and dwindling cash.
Shareholders of satellite imaging company DigitalGlobe Inc. filed a petition in Delaware state court late Friday seeking appraisal of their shares in the firm following a $2.4 billion cash-and-stock merger with MacDonald Dettwiler and Associates Ltd. that closed last month.
Maurice Sporting Goods Inc. filed for Chapter 11 protection in Delaware on Monday with roughly $100 million in debt and private investment company Middleton Partners LLC lined up as the stalking horse bidder in a planned asset sale.
The Delaware bankruptcy judge presiding over the Takata case on Monday granted the debtors’ request to extend the freeze on lawsuits connected to its dangerously defective airbag inflators through late February for individual claims, but will revisit a stay on state enforcement actions in 30 days.
A U.S. bankruptcy watchdog wants to dismiss diamond cutter Exelco NV’s Delaware bankruptcy, or possibly convert it to a Chapter 7, saying the company isn’t fulfilling major obligations it took on when it availed itself of court protection.
Bankrupt aluminum recycling firm Real Alloy Holding Inc. received interim approval Monday in Delaware for its $365 million post-petition financing plans that will make about $45 million in new money available as soon as Tuesday to help fund the company's operations.
The Delaware Superior Court has granted a clinic's bid to block testimony from a doctor in a malpractice suit over a bladder punctured during a diagnostic procedure, finding that the testimony did not clearly reflect the opinions of experts in the field.
Bankrupt GST AutoLeather Inc.’s pre- and post-petition lender Royal Bank of Canada took aim Friday at the unsecured creditors committee’s bid to hire investment banker Configure Partners LLC, arguing that the firm is not needed and much too expensive.
Attorneys representing the sellers of Feeney Wireless LLC in a $50 million merger with Inseego Corp. told a Delaware state court judge that fraud claims from the buyer should be tossed because they cite representations made by the seller that were not included in the agreed-upon terms of the transaction.
A lawsuit seeking damages from Orexigen Therapeutics Inc.'s board for sharing confidential information about an unfinished obesity drug trial fails to connect the leaks to any improper intent, a directors' attorney said in arguing for dismissal of the case Friday in Delaware Chancery Court.
Critics of legal tech companies will often say, “Trust a reputable attorney that understands you, your situation and the law.” As an attorney, I wholeheartedly agree. But from the consumer’s perspective, the message seems out of touch with the digital age, says Jeff Unger, founder of the law firm eMinutes.
The recent case of California Public Employees' Retirement System v. IAC/InterActiveCorp illustrates how institutional investors can use litigation to successfully protect their voting rights. Combined with recent pushback from the S&P, this case should make founders considering nonvoting stock issuances think twice, say attorneys with Bernstein Litowitz Berger & Grossmann LLP.
Financial Crisis Anniversary
State attorneys general have worked with the Consumer Financial Protection Bureau, other federal agencies and each other to take on issues deemed to be the fallout of the financial crisis that started 10 years ago. But unlike the CFPB, the jurisdiction of which is limited, the AGs have assumed a wider reach, say former Maryland Attorney General Douglas Gansler and Michelle Rogers of Buckley Sandler LLP.
The Delaware bankruptcy court's decision in the case of SRC Liquidation makes clear that administrative expense claim rights will be strictly construed to goods that are physically provided to the debtor. Clearly, concerned vendors should be wary of drop shipment, says Jason Binford of Gardere Wynne Sewell LLP.
Delaware’s decisive entry into the blockchain ecosystem has prompted a burst of activity by corporate lawyers who are considering how blockchain technology can benefit their Delaware-based clients. Possibilities include automating the work of share issuances and transfers, corporate governance, and commercial transactions, say Caitlin Long, president of Symbiont, and Andrea Tinianow, director of the Delaware Blockchain Initiative.
The Third Circuit's recent decision in Williams v. Pennsylvania Human Relations Commission is the first time it has addressed whether stand-alone Title VII and ADA claims can be vindicated through Section 1983. The ruling aligns the Third Circuit with all other federal circuit courts that have ruled on this issue, say George Hlavac and John Buckley of Norris McLaughlin & Marcus PA.
The U.S. Supreme Court's decision in TC Heartland is rightly treated as having changed patent venue law, as illustrated by the Federal Circuit's recent Cray decision, says James Dabney, co-head of Hughes Hubbard & Reed LLP’s intellectual property practice group and counsel for TC Heartland.
The Delaware Court of Chancery is celebrating the 225th anniversary of its creation as that state’s court of exclusive equity jurisdiction. Although the court is viewed today as one of the world’s pre-eminent expositors of business enterprise law, that outcome would never have been envisioned when the court was constitutionally established in 1792, says former Delaware Justice Jack Jacobs, now with Sidley Austin LLP.
On Wednesday, the Delaware Supreme Court will hear oral argument in the Dell appraisal case — an appeal that is significant because the Delaware Chancery Court’s decision in the case was premised in large part on grounds that the Supreme Court recently found unsupported in DFC Global, say former Delaware Vice Chancellor Stephen Lamb and Matthew Stachel of Paul Weiss Rifkind Wharton & Garrison LLP.
When venue is challenged, who bears the burden of proof in patent cases? It turns out the courts are sharply divided on this important issue, say attorneys with Mayer Brown LLP.