Bankruptcy

  • November 25, 2020

    Akin Gump Must Explain Role In $1B Ohio Energy Bailout Bill

    An Ohio bankruptcy judge ordered Akin Gump Strauss Hauer & Feld LLP attorneys billing the bankruptcy estate of reorganized debtor FirstEnergy Solutions Corp. to explain what role, if any, they had in lobbying efforts to get a controversial $1 billion nuclear reactor bailout bill passed by the Ohio Legislature before he would approve their fees.

  • November 25, 2020

    Judge Won't Order Ch. 11 Freeze On Crypto Firm's Assets

    Creditors of bankrupt cryptocurrency investment venture Cred Inc. lost a bid Wednesday to have the Delaware Bankruptcy Court order certain currency exchanges to freeze assets they say are linked to fraudulent diversions from the company.

  • November 25, 2020

    Odebrecht Construction Co. Files For Ch. 15 Bankruptcy In NY

    Brazilian construction firm Odebrecht Engineering and Construction has asked a New York bankruptcy judge to extend U.S. bankruptcy protections to its construction division in a Chapter 15 petition and enforce the terms of its $4.1 billion restructuring plan.

  • November 24, 2020

    Bondholders Can't Claim 'Hope' Of PR Retirement Funds

    A U.S. Court of Federal Claims judge has dismissed a suit by Puerto Rican bondholders seeking to stake a claim on future retirement fund contributions, saying a 2020 Supreme Court ruling had stripped its jurisdiction, and that "mere hope" is not something the bondholders could claim.

  • November 24, 2020

    Fla. Judge Confirms Cinemex Ch. 11 Plan

    A Florida bankruptcy judge on Tuesday signed off on the Chapter 11 reorganization plan for movie theater operator Cinemex Holdings USA Inc. that its attorneys say will allow it to jettison about $200 million in debt and return as a leaner and more competitive business.

  • November 24, 2020

    Texas Mall Accuses Simon Of Monopolizing Retailers

    A south Texas shopping center owner has requested a state court's help in preventing landlord Simon Property Group, which recently acquired J.C. Penney's operating assets, from using allegedly anti-competitive behavior to restrict retail locations and close the mall's J.C. Penney store.

  • November 24, 2020

    Mass. AG Says Gym Chain Ignored Cancellations Amid Virus

    The bankrupt parent company of Boston Sports Clubs has illegally charged fees for unwanted memberships and failed to honor cancellation requests during the coronavirus pandemic, Massachusetts Attorney General Maura Healey alleged in a suit Tuesday.

  • November 24, 2020

    Mallinckrodt Ch. 11 Pauses Express Scripts Antitrust Claims

    The court overseeing Mallinckrodt's bankruptcy proceedings has paused the city of Rockford, Illinois' separate antitrust case against Express Scripts for allegedly working with the troubled drug company to inflate prices of the hormone treatment Acthar.

  • November 24, 2020

    Manhattan Grocer Dean & DeLuca Gets Ch. 11 Plan Approval

    Upscale New York grocery chain Dean & DeLuca received approval Tuesday from a bankruptcy judge there for its Chapter 11 plan of reorganization arising from a global deal with its unsecured creditors and bank lenders.

  • November 24, 2020

    Purdue Pleads Guilty In NJ To Criminal Opioid Conspiracy

    OxyContin maker Purdue Pharma LP's top officer entered guilty pleas Tuesday on behalf of the company to a three-count felony information detailing Purdue's long conspiracy to defeat federal opioid control programs and anti-kickback statutes, part of a wider $8.3 billion criminal and civil settlement with the U.S. Department of Justice.

  • November 24, 2020

    Northwest Hardwoods Plans Speedy Trip Through Ch. 11

    Lumber producer Northwest Hardwoods Inc. told a Delaware judge Tuesday it plans a speedy trip through Chapter 11 and aims to emerge from bankruptcy early next year with roughly $270 million of its debt wiped out and most of its ownership stake handed over to lenders.

  • November 24, 2020

    Robbins Geller To Lead FirstEnergy Shareholder Suit

    An Ohio federal judge on Monday consolidated two shareholder class actions alleging Ohio utility company FirstEnergy bribed state lawmakers with $60 million to secure a $1.3 billion taxpayer bailout and named Robbins Geller Rudman & Dowd LLP lead counsel for the proposed class.

  • November 24, 2020

    JC Penney Ch. 11 Plan And Shareholder Suits Get OK

    Retailer J.C. Penney on Tuesday got approval for its Chapter 11 plan from a Texas bankruptcy judge after equity committee objections were overcome by an offer by the judge to allow shareholder suits that he had screened for valid claims.

  • November 23, 2020

    Philly Refinery Lender Wants $1.3B Ch. 11 Ruling Flipped

    Lenders who lost a Delaware Bankruptcy Court ruling on division of $1.25 billion in insurance proceeds after a Philadelphia refinery explosion in 2019 told a U.S. District Court judge on appeal Monday the winning side wrongly sought to "tear the policy in half."

  • November 23, 2020

    Chesapeake Energy Floats Ch. 11 Pipeline Deal With Williams

    Bankrupt oil and gas driller Chesapeake Energy Corp. proposed a deal Sunday in Texas bankruptcy court that would provide an agreeable resolution of disputes over gas gathering agreements with The Williams Companies by turning over some of the debtor's assets to the pipeline operator and receiving beneficial amendments to the gas deals.

  • November 23, 2020

    Regal Cinemas' Owner Nabs $450M Loan To Outlast COVID-19

    Regal Cinemas' U.K.-based parent company said Monday it secured a $450 million loan and will issue equity warrants to help the movie theater behemoth weather the COVID-19 pandemic and avert any bankruptcy filings until audiences return to the big screen.

  • November 23, 2020

    Honeywell Loses Bid To File Garrett Ch. 11 Plan Early

    A New York bankruptcy judge Monday denied a request by Honeywell International and a pair of investment funds to file their own reorganization plan in auto parts maker Garrett Motion's Chapter 11 case, saying it's not yet time for such a move.

  • November 23, 2020

    Landlord On Hook For NY Sports Club Tanning Center Lease

    A Manhattan landlord lost a bankruptcy court fight in Delaware Monday over claims that it got burned when a tanning salon licensed to use space in a Town Sports International site in Manhattan was left behind in a Chapter 11 lease rejection move by the gym chain.

  • November 23, 2020

    Guitar Center Hits Ch. 11 With Plan To Cut $800M In Debt

    Musical instrument retailer Guitar Center has filed for Chapter 11 protection in Virginia with a plan in hand to slash roughly $800 million in debt, citing the COVID-19 pandemic and the company's high existing debt load.

  • November 23, 2020

    Pandemic Puts Lumber Giant Northwest Hardwood Into Ch. 11

    Private equity-owned Northwest Hardwoods Inc., the nation's largest hardwood lumber producer, retreated into Chapter 11 in Delaware early Monday, saying fallout from trade disputes with China and the blighting of markets by the COVID-19 pandemic had stunted its ability to service more than $420 million in secured debt.

  • November 20, 2020

    FTC Wants Bannon Forced To Talk About Cambridge Analytica

    The Federal Trade Commission is urging a D.C. district judge to force former top White House adviser Stephen K. Bannon to testify about his involvement in the harvesting of personal information from millions of unwitting Facebook users by his now-defunct political consulting firm Cambridge Analytica, asserting that Bannon has been dodging requests to appear at a hearing for more than a year. 

  • November 20, 2020

    $1B Solar Plant Faces Feasibility Hurdle In Del. Ch. 11

    Unsecured creditors of a massive, bankrupt, $1 billion Nevada solar power plant pressed arguments in Delaware on Friday that Tonopah Solar Energy LLC's Chapter 11 assumptions are far too sunny, with a plan that will earn too little and give away too much.

  • November 20, 2020

    Weinstein Wants Depo Halted Over Poor Health, Criminal Case

    Disgraced Hollywood producer and convicted rapist Harvey Weinstein has urged a New York federal judge to stay his deposition in civil litigation against him, citing his poor health and pending extradition to Los Angeles to face criminal charges on similar claims of sexual assault.

  • November 20, 2020

    One Aviation's $5M Ch. 11 Sale OK'd Despite Opposition

    A Delaware judge on Friday gave his nod to the roughly $5 million sale of aircraft builder One Aviation Corp.'s assets in a difficult Chapter 11 case that included prior failed attempts at a sale, and despite opposition from other potential buyers.

  • November 20, 2020

    Mallinckrodt Can Use Lender Cash As Ch. 11 Probe Proceeds

    A Delaware judge on Friday cleared global drugmaker Mallinckrodt PLC to continue using lender cash to fund its Chapter 11 case after an agreement was struck with unsecured creditors and opioid tort claimants to free up more money and time to investigate possible litigation claims.

Expert Analysis

  • NY Contract Litigation Indicates Limits Of COVID-19 Defenses

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    Although there has not yet been a decision on the merits, a wave of COVID-19 litigation concerning force majeure, impossibility and frustration of purpose in New York indicates that using pandemic-related excuses to avoid contractual obligations may be limited, says Seth Kruglak at Norton Rose.

  • Ethics Reminders As Employees Move To Or From Gov't

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    Many organizations are making plans for executives to go into government jobs, or for government officials to join a private sector team, but they must understand the many ethics rules that can put a damper on just how valuable the former employee or new hire can be, say Scott Thomas and Jennifer Carrier at Blank Rome.

  • A Key To Helping Clients Make Better Decisions During Crisis

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    As the pandemic brings a variety of legal stresses for businesses, lawyers must understand the emotional dynamic of a crisis and the particular energy it produces to effectively fulfill their role as advisers, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

  • Valuation Uncertainty Could Prompt Increased Litigation

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    The COVID-19 pandemic has increased volatility around forward-looking cash flows and discount rates, which may lead to more business valuation disputes, particularly in the M&A and bankruptcy litigation contexts, say analysts at Cornerstone Research.

  • The Pandemic's Long-Term Impact On Law Firm Operations

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    Brian Burlant at Major Lindsey looks at how pandemic-era remote work has changed the way law firms operate — from shifts in secretarial functions to associate professional development — and explains why some alterations may be here to stay.

  • Opinion

    Lack Of Access To Remote Court Proceedings Is Inexcusable

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    Blanket rules that bar recording or dissemination of remote public court proceedings impede presumptive common law and First Amendment right of access, greatly expand courts' powers over nonparties, and likely run afoul of U.S. Supreme Court precedent, says Matthew Schafer at ViacomCBS.

  • Ponzi Ruling Complicates Texas Fraudulent Transfer Litigation

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    The Fifth Circuit recently ruled that reliance on the Texas Uniform Fraudulent Transfer Act’s good faith affirmative defense required a diligent investigation in a Stanford International Bank Ponzi scheme case, but lack of clarity on what that entails leaves questions open for future fraudulent transfer litigation, say Joe Wielebinski and Matthias Kleinsasser at Winstead.

  • Anticipating CFPB Changes Under The Biden Administration

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    Joe Biden's presidential win and the U.S. Supreme Court's decision in Seila Law earlier this year may foretell a significant change in focus and tenacity at the Consumer Financial Protection Bureau, but as long as the U.S. Senate remains Republican-controlled, the likelihood of substantial structural change remains limited, say attorneys at Debevoise.

  • Opinion

    Why Attacks On Trump's Election Lawyers Are Problematic

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    The vilification of Jones Day and Porter Wright for their involvement in President Donald Trump's election lawsuits is an attack on lawyers' duty to advocate for their clients' causes fearlessly and zealously within the bounds of the law, says Pierce O'Donnell at Greenberg Glusker.

  • Avoiding 6 Common E-Discovery Production Pitfalls

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    Vanessa Barsanti and Sarah Mahoney at Redgrave explore how attorneys can prevent collateral discovery disputes by efficiently overseeing the electronic document review process and ensuring the integrity of the information provided to opposing counsel.

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