New York

  • January 30, 2006

    Asbestos Companies Eye Chapter 11 Emergence

    Several companies that were crippled by class action lawsuits over cancer-causing asbestos are preparing to emerge from Chapter 11 bankruptcy protection, as attorneys and creditors committees pushed massive settlements toward approval Monday.

  • January 30, 2006

    Struggling Steel Company Allowed To Pay Foreign Debts

    Steel producer Galvax, forced into Chapter 11 bankruptcy protection after defaulting on an $84 million loan, has been given approval to pay off debts owed to foreign creditors.

  • January 30, 2006

    Judge Thrashes Lawyer's Copyright Suit Against Google

    Internet search company Google Inc. has been cleared in federal of court of violating the copyrights of website owners through its popular Google Cache feature, which was challenged by a poet-attorney.

  • January 30, 2006

    Banks Ask Judge To Toss Delphi Securities Fraud Suit

    A group of investment banks that underwrote bankrupt auto parts maker Delphi Corp.’s debt has asked a bankruptcy judge to halt a “distracting” securities-fraud complaint lodged against the company's top executives.

  • January 30, 2006

    Ebbers Asks Judge To Overturn 25-Year Sentence

    Former WorldCom chief Bernard Ebbers is back in court, asking a judge to throw out the securities fraud conviction that landed him a 25-year prison sentence, the harshest to date to come out of the corporate scandals of a few years ago.

  • January 30, 2006

    AIG Says Greenberg's Private Firm Stole Its Business

    The battle between insurance giant American International Group and ex-chairman Maurice Greenberg is getting nastier by the day, with AIG accusing one of the former executive’s private firms of sealing secret pacts with Warren Buffett’s Berkshire Hathaway in a bid to hijack AIG’s business.

  • January 27, 2006

    Calpine Loses Bid To Break Electricity Contracts

    A federal judge in New York has dealt a stinging setback to bankrupt power generator Calpine Corp. and its creditors, denying the company’s attempt to break eight long-term electricity contracts and sending the matter to the Federal Energy Regulatory Commission (FERC).

  • January 27, 2006

    NYSE Rule Amendment Spares Fannie Mae

    The Securities and Exchange Commission has approved a controversial New York Stock Exchange rule that relaxes delisting deadlines for companies—including embattled government-sponsored mortgage company Fannie Mae—that are late to file financial information with the exchange.

  • January 27, 2006

    Tower Automotive Gets Extension On Chapter 11 Plan

    A U.S. bankruptcy court has granted auto parts maker Tower Automotive’s request for a 90-day extension of its reorganization plan deadline, allowing one of the numerous auto parts makers mired in bankruptcy proceedings to breathe a sigh of relief.

  • January 27, 2006

    Future Looks Grim For Charitable Hospitals

    Bankrupt Saint Vincent Catholic Medical Center of New York may have secured a $350 million loan from General Electric Healthcare Financial Services to help it stay afloat, but experts are predicting that charitable hospitals in general face an uncertain and bleak future.

  • January 27, 2006

    Stoli Was Stolen, Claim Russian Feds

    If all goes well for the Russian government, James Bond may be switching to Cosmopolitans. The vodka brand Stolichnaya, once praised by Bond as “Russia’s best vodka,” will be up for grabs in a bitter trademark violation battle set to be duked out in an Australian courtroom this March.

  • January 27, 2006

    Law Firms Set For Fee Bonanza Amid Airline Bust

    United Airlines’ parent company is preparing to emerge from Chapter 11 this week, but that doesn’t mean the bonanza is over for bankruptcy lawyers. The aviation bust has proven to be a goldmine for law firms like Kirkland & Ellis, Davis Polk and Stroock & Stroock, according to our study of legal fees in airline bankruptcy proceedings.

  • January 26, 2006

    Refco Asks Christie’s To Auction Off Its Art

    Beleaguered brokerage firm Refco Inc. has enlisted the help of Christie’s auction house in its struggle to emerge from bankruptcy and repay $16.8 billion in debts.

  • January 26, 2006

    Clifford Chance Confidently Tackles Alliance Capital Case

    In high-profile securities cases, attorneys must litigate not only in the courtroom, but also in the media. This is a concept securities litigators at Clifford Chance have mastered after representing Alliance Capital Management in the flurry of litigation filed against the company in the wake of the Enron collapse.

  • January 26, 2006

    Sonnenschein Hires Seasoned Chadbourne Partner

    Bolstering the firm’s Intellectual Property & Technology Group, Sonnenschein Nath and Rosenthal LLP has snagged IP veteran Mark Waddell, formerly of Chadbourne & Parke, to join its New York office.

  • January 26, 2006

    Calpine Hires Kirkland As Bankruptcy Counsel

    The U.S. Bankruptcy Court in New York has approved Calpine’s motions to retain Kirkland & Ellis as counsel, PA Consulting Group as energy industry consultant and Curtis, Mallet-Prevost, Colt & Mosle as conflicts counsel.

  • January 26, 2006

    Spitzer Probe Into Illegal Trading Snags Calugar

    A former securities broker has pled guilty to a criminal charge of defrauding mutual fund investors, just two weeks after he agreed to disgorge $153 million to settle civil charges. The deal, which comes as a virtual warning to players in the mushrooming mutual fund scandal, crowns an aggressive probe by New York Attorney General Eliot Spitzer into illegal trading.

  • January 25, 2006

    SIA Report Seeks To Refocus Industry On SRO Reform

    Fearing regulatory conflicts of interest generated by the New York Stock Exchange's bid to become a for-profit company, the Securities Industry Association has urged securities industry regulators to refocus on streamlining investigation and enforcement proceedings.

  • January 25, 2006

    Northwest Buys Precious Talk Time In Union Dispute

    Northwest Airlines’ management and pilots have bought more time this week to negotiate cost-saving deals that will determine whether the carrier will fold.

  • January 25, 2006

    Suit Against Deutsche Bank CEO To Move Forward

    A media tycoon’s allegations that Deutsche Bank AG’s chairman helped bankrupt his company through remarks in a news interview will be heard in court, after a federal judge in Germany allowed the case to move forward.