Bankruptcy

  • November 28, 2023

    Feds Fight Girardi Keese Trustee's Professional Fee Requests

    The federal government has objected to the Girardi Keese bankruptcy trustee's bid to pay more than $3 million in fees to herself and several other professionals, telling a Los Angeles bankruptcy judge the trustee has failed for nearly three years to analyze hundreds of millions of dollars worth of unsecured claims against the defunct law firm.

  • November 28, 2023

    Proterra Gets OK For $210M Battery Biz Sale To Volvo

    A Delaware bankruptcy judge Tuesday gave electric-bus maker Proterra Inc. the go-ahead to sell its battery business to Volvo for $210 million after being told the bid was the best offer on the table.

  • November 28, 2023

    Bannon Ally Says He Won't Flee If Released In $1B Fraud Case

    Accused fraudster Ho Wan Kwok, who faces charges over an alleged $1 billion fraud, said his status as a political refugee means he is not a flight risk and that he needs to be let out of a Brooklyn federal prison for the sake of his health.

  • November 28, 2023

    Law Firm Leaders Cautiously Optimistic Heading Into 2024

    Major U.S. law firms are steadfast in their commitment to the pursuit of further growth despite ongoing economic uncertainty. Here’s what the leaders of four Leaderboard firms have to say about how the legal industry is preparing for next year.

  • November 28, 2023

    The 2023 Law360 Pulse Leaderboard

    Check out the Law360 Pulse Leaderboard to see which first-in-class firms made the list this year.

  • November 27, 2023

    NY Judge OKs $1.65B Voyager Settlement With FTC

    A New York federal judge has approved a settlement ordering bankrupt cryptocurrency lender Voyager Digital and its ex-CEO to pay $1.65 billion for misleading investors about the safety of their money prior to the firm's collapse.

  • November 27, 2023

    Alex Jones Can Earn $650K Salary While Working On Ch. 11

    A Texas bankruptcy judge approved a cash collateral order Monday in the Chapter 11 case of bankrupt InfoWars purveyor Free Speech Systems that includes a bump in pay for right-wing conspiracy theorist Alex Jones, saying he didn't have enough evidence to grant the company's $1.5 million salary request as the company and its main moneymaker pursue Chapter 11 plans.

  • November 27, 2023

    Celsius Creditors Balk At $281K In Bidder's Ch. 11 Fees

    The official committee of unsecured creditors in the Chapter 11 case of cryptocurrency lending platform Celsius Network opposed the payment of $281,000 in fees requested by a bidder that lost an auction for the reorganized debtor's assets, saying the code doesn't cover such expenses from a debtor's estate.

  • November 27, 2023

    FTX Settles BlockFi Dispute Over $744M Crypto Sale

    Bankrupt cryptocurrency exchange FTX said it has settled lender BlockFi's objection to its proposed sale of $744 million in cryptocurrency held in Grayscale Investments trust funds, agreeing to explicitly reference liens the lender is asserting on the funds.

  • November 27, 2023

    Barretts Minerals Pressured To Move Ch. 11 Case To Montana

    The Texas bankruptcy case of Barretts Minerals Inc. should be moved to Montana because the company's ties to Texas are tenuous, the Future Claimants Representative for asbestos victims told the court Monday.

  • November 27, 2023

    Colombia Oil Co. Wants To Challenge McDermott Restructure

    A Colombian state-owned oil company says it has a $1 billion arbitration award on the line and needs permission from a New York federal judge to subpoena a hedge fund manager so it can protect its interests while the company that owes the money restructures in the Netherlands and England.

  • November 27, 2023

    Crypto Game Co. Neon Says Investor Is 'Raiding' Its Coffers

    Six founders of blockchain gaming studio Neon Machine Inc. filed a derivative lawsuit on the company's behalf in Delaware's Court of Chancery on Monday, seeking to stop its controlling stockholder and new self-appointed CEO from destroying the company and "raiding or attempting to raid Neon's coffers."

  • November 27, 2023

    Bankruptcy Court OKs Camden Diocese $4.6M Insurance Loan

    A New Jersey bankruptcy court on Monday gave its blessing to a $4.6 million financing agreement that will allow the Roman Catholic Diocese of Camden, New Jersey, to renew insurance policies as it continues its Chapter 11 bankruptcy.

  • November 27, 2023

    Proterra Pauses Bus Biz Sale After Customer Objections

    Electric bus company Proterra told a Delaware bankruptcy court it is delaying a hearing on the sale of its bus-building business in the wake of complaints that its chosen buyer doesn't have the ability to fulfill its customer contracts.

  • November 27, 2023

    US Trustee Balks At MedStaff Firm's Bass Berry Retention

    The Office of the U.S. Trustee objected to the proposed retention of Bass Berry & Sims PLC by debtor American Physician Partners, saying the request to hire the firm as special counsel would call for duties beyond that of special counsel retention.

  • November 27, 2023

    Former Texas Bankruptcy Judge Claims Suit Wrongly Served

    Former Texas bankruptcy Judge David R. Jones wants more time to see whether the federal government will defend him against allegations he hid his romantic relationship with a Jackson Walker LLP attorney while her firm had major cases before him.

  • November 27, 2023

    Split 2nd Circ. Partially Revives Nine West Buyout Fraud Suit

    A split Second Circuit panel revived some claims in a Chapter 11 suit brought by trustees of women's clothing retailer Nine West over more than $1 billion in allegedly fraudulent transfers, finding the U.S. Bankruptcy Code's safe harbor provision doesn't protect claims tied to $78 million in payroll transfers in the case.

  • November 24, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.

  • November 22, 2023

    Tax Adviser Conflicted In Kwok Ch. 11, US Trustee Says

    Eisner Advisory Group LLC should be disqualified as tax adviser for Ho Wan Kwok's Chapter 11 trustee, because the company has a conflict of interest stemming from previous work done for the exiled Chinese billionaire, the U.S. Trustee's Office told the Connecticut bankruptcy court.

  • November 22, 2023

    Genesis Seeks $689M Clawback From Ex-Crypto Partner

    Cryptocurrency lending platform Genesis wants to recoup more than half a billion dollars it says its former investment program partner distributed in the months before it filed for Chapter 11, the company told a New York bankruptcy court.

  • November 22, 2023

    Major Shareholders In Water Co. Can't Dodge Self-Dealing Suit

    An Oregon federal judge declined to dismiss a suit from a former minority shareholder of industrial wastewater treatment company PPV Inc. that claimed the majority shareholder engaged in self-dealing by issuing loans to another company, saying the minority holder has rights under state law to pursue his claims.

  • November 22, 2023

    Heritage Power Wants To Toss PBGC And Texas Claims

    Power plant operator Heritage Power LLC is seeking to reject claims made by the state of Texas and the federal private pension insurer Pension Benefit Guaranty Corp., saying that the dozens of claims fall short of minimum standards and that the insurer is seeking to be paid multiple times for the same claim.

  • November 22, 2023

    Trustee Says Asbestos Insurance Litigation Must Stay In Texas

    The trustee of a defunct machine company asked a Texas appeals court to allow his case seeking defense coverage for underlying asbestos injury litigation to remain in the state, arguing company insurers' requests to move matters to Kentucky lacked merit.

  • November 22, 2023

    Argentina Can Delay $16B YPF Suit Payment During Appeal

    Argentina won't have to immediately pay a $16.1 billion judgment while it appeals its loss in a pair of investor lawsuits, a New York federal judge has ruled, but the government will have to pledge its equity interest in the nationalized oil company YPF SA.

  • November 22, 2023

    Teamsters Locals Want Out Of Yellow's Stalled Reorg Suit

    Three Teamsters locals said Yellow Corp. has overblown their roles in a Kansas federal suit alleging the labor groups held up corporate restructuring that cost the trucking business $137 million, arguing Wednesday that the decision-making at issue rests only with the International Brotherhood of Teamsters.

Expert Analysis

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • 5 Key Tips For Attorneys In The Subchapter V Arena

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    Subchapter V cases present unique challenges for the nondebtor parties-in-interest, and habits developed by attorneys in typical Chapter 11 cases do not necessarily translate, meaning creditors and their counsel should quickly take a proactive role in their cases to protect their interests, which can be done by attending the 341 meeting, analyzing the plan, and more, says Kelly Singer at Squire Patton.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

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    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • 10 Essential Bankruptcy Litigation Tips For In-House Counsel

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    Bankruptcy litigation is a complex and multifaceted area of law that poses unique challenges for in-house counsel, and there are several tools at legal professionals' disposal, like appraisals and understanding jurisdictions, to stay well-informed and protect their companies' interests, says Alison Ashmore at Dykema.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

  • Sellers Seeking Best Deal Should Focus On Terms And Price

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    Rising interest rates and a decline in the automotive mergers and acquisitions market mean that a failed deal carries greater stakes, and sellers therefore should pursue not only the optimum price but also the optimum terms to safeguard their agreement, says Joseph Aboyoun at Fox Rothschild.

  • General Counsel Need Data Literacy To Keep Up With AI

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    With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.

  • Rite Aid's Reasons For Ch. 11 Go Beyond Opioid Suits

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    Despite opioid-related lawsuits being the perceived reason that pushed Rite Aid into bankruptcy, the company's recent Chapter 11 filing reveals its tenuous position in the pharmaceutical retail market, and only time will tell whether bankruptcy will right-size the company, says Daniel Gielchinsky at DGIM Law.

  • Navigating Discovery Of Generative AI Information

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    As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

  • A Look At DOJ's New Nationwide Investment Fraud Approach

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    Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.

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