Bankruptcy

  • May 13, 2021

    US Trustee Asks For Hold On Ascena Ch. 11 Plan

    The U.S. Trustee's Office asked a Virginia bankruptcy judge Thursday to put a portion of the already-approved Chapter 11 plan of former Ann Taylor owner Ascena Retail Group on hold while it appeals the plan's litigation releases.

  • May 13, 2021

    St. Croix Refinery Stops Operations After Latest Accident

    An oil refinery in St. Croix has temporarily shut down following at least four environmental accidents since it reopened earlier this year, including a new flaring incident this week that spewed oil droplets into the air, the EPA announced Thursday.

  • May 13, 2021

    Paper Source Gets OK For $92M Ch. 11 Sale To B&N Owner

    Artisanal stationery retailer Paper Source Inc. on Thursday won approval from a Virginia bankruptcy judge to sell its entire business for nearly $92 million to the owner of the Barnes & Noble bookstore chain.

  • May 12, 2021

    Bankrupt NHL Player's Creditors Say He Can Pay His Debts

    A creditor of San Jose Sharks forward Evander Kane is appealing a California bankruptcy judge's denial of its motion to convert Kane's Chapter 7 bankruptcy to a Chapter 11 while another is pressing to dismiss the case entirely, arguing he has the income to pay his debts.

  • May 12, 2021

    Flyers Elevate Merger Case From Bankruptcy To District Court

    Customers in a long-running challenge to the merger of American Airlines and US Airways have asked a New York district court to revive their case after losing a rare bench trial in bankruptcy court on their antitrust claims, contending the bankruptcy judge ignored key precedent.

  • May 12, 2021

    Ad Agency Wants To Revive Beef With NRA After Ch. 11 Toss

    The National Rifle Association's former advertising agency asked a Texas federal court on Wednesday to lift a stay on its defamation counterclaim against the group, lodging the request one day after a Texas bankruptcy judge tossed the NRA's Chapter 11 case.

  • May 12, 2021

    Chesapeake's Ch. 11 Deal On Royalty Suits Approved In Texas

    A Texas bankruptcy judge approved a deal Tuesday that resolves about $150 million in claims levied against reorganized debtor Chesapeake Energy by landowners who say they were underpaid on royalty obligations owed by the debtors.

  • May 12, 2021

    Bumble Bee Drops From Tuna MDL, But Attys Can't Buzz Off

    A massive price-fixing litigation against bankrupt tuna giant Bumble Bee has been stayed in California federal court, but the presiding judge said its lawyers can't quit the case because doing so subjects the company to default.

  • May 12, 2021

    Purdue's Ch. 11 Confirmation Hearing Set For August

    A New York bankruptcy judge on Wednesday approved a motion setting an August date for Purdue Pharma's Chapter 11 plan confirmation hearing, assuming the drugmaker's plan disclosure statement is approved next week.

  • May 12, 2021

    Hertz Ch. 11 Auction Ends With $6B Knighthead Winning Bid

    Bankrupt car rental giant Hertz Global Holdings announced Wednesday that an investment group led by Knighthead Capital Management and Certares Opportunities won a Chapter 11 auction to fund the debtor's reorganization, ending a weekslong competition among eager funding sources.

  • May 11, 2021

    Stream TV Says It Can Reclaim Assets To Reorganize In Ch. 11

    Stream TV and its secured lenders wrapped up their arguments Tuesday before a Delaware bankruptcy judge over whether the television technology company has assets left to reorganize as they sparred over the lenders' attempt to dismiss Stream TV's Chapter 11.

  • May 11, 2021

    Cyprus Mines To Depose Candidates For Ch. 11 Claims Rep

    Bankrupt talc miner Cyprus Mines will be able to depose two candidates proposed by the debtor's past insurers to represent the interests of future injury claimants after a Delaware judge approved a discovery timeline Monday related to competing motions to appoint such a representative.

  • May 11, 2021

    Cayman Islands Court OKs Disclosure In $1.5B Award Fight

    A Cayman Islands appeals court has affirmed an order directing the principal holding company for Indian conglomerate Essar Group to disclose information and documents relating to the assets of an Essar unit that owes U.S. steel company ArcelorMittal more than $1.5 billion under a 2017 arbitral award.

  • May 11, 2021

    'By Chloe' Chef Says PE Firms Tried To 'Milk' Her IP For Profit

    Celebrity chef Chloe Coscarelli is suing private equity giants including Bain Capital in New York federal court for allegedly infringing and profiting off her trademarks, the latest in a long-running fight over control of her now-bankrupt "By Chloe" vegan restaurant chain.

  • May 11, 2021

    Caribbean Banks Ask To Leave Ch. 11 Behind

    The U.S. subsidiary of an Anguillan bank has asked a New York bankruptcy judge to wind down its nearly five-year-old Chapter 11 case, saying a litigation trust will take over its claims against the bank regulator it claims used it as a "piggy bank."

  • May 11, 2021

    NRA Ch. 11 Case Dismissed As Bad Faith Bankruptcy

    A Texas bankruptcy judge dismissed the National Rifle Association's Chapter 11 case Tuesday after finding the group filed its petition in bad faith in order to gain advantage in litigation brought by New York's attorney general.

  • May 10, 2021

    Former XFL Commish Can't Rush Witness Bid In Firing Suit

    A Connecticut federal judge on Monday denied a request from a former XFL commissioner to speed up consideration of his bid to expand pretrial questioning in his termination suit, a bid league founder Vince McMahon has said is part of a "pattern of abusive and harassing discovery tactics and gamesmanship."

  • May 10, 2021

    Stream TV Creditors Reach Deal To Back Ch. 11 Dismissal

    A Delaware bankruptcy judge Monday heard arguments for and against the dismissal of television technology company Stream TV's Chapter 11 case, with its unsecured creditors coming down for dismissal after reaching a settlement with its secured creditors.

  • May 10, 2021

    Hawaii Co. Insists $200M FCC Case Should Stay In Fed. Circ.

    A bankrupt Hawaiian telecommunication company has argued that the Federal Circuit wrongly upheld a trial court's dismissal of its lawsuit seeking to recoup $200 million in funding pulled by the Federal Communications Commission, saying the full circuit court bench must rethink the ruling.

  • May 10, 2021

    NY Packaging Co. Workers Sue 'Missing' Atty For Missing Pay

    Workers at a Queens packaging factory are among the latest to lob claims against beleaguered New York City real estate attorney Mitchell Kossoff, naming him and others in a proposed class action claiming they abruptly stopped being paid this spring.

  • May 10, 2021

    Hertz OT Suit Dismissed After Ch. 11 Settlement Approval

    A Florida overtime lawsuit brought by a class of managers at car rental giant Hertz Global's airport locations was voluntarily dismissed Friday after a Delaware bankruptcy judge approved a Chapter 11 deal that resolved the $75 million in claims.

  • May 10, 2021

    YPF Can Appeal White & Case DQ Denial To 3rd Circ.

    A Delaware bankruptcy judge on Monday ruled that YPF SA can directly appeal to the Third Circuit certain questions surrounding his refusal to disqualify White & Case LLP from representing the Maxus Liquidating Trust in a $14 billion environmental liability case.

  • May 07, 2021

    Bigger In Texas: Ch. 11s In Lone Star State Outpace Delaware

    Rising out of the energy sector turmoil that began in 2015, Texas bankruptcy courts have fashioned themselves into an attractive venue for complex Chapter 11 cases, and have used their growing reputation for efficiency and predictability to surpass Delaware and New York as the most popular destinations for corporate reorganizations.

  • May 07, 2021

    KPMG To Face Investor Class Action Over Miller Energy Audit

    Accounting giant KPMG will have to face a certified class's claims that it helped the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, a Tennessee federal judge ruled Friday.

  • May 07, 2021

    Liberty Power Keeps Access To Parent Co.'s Systems

    A Florida bankruptcy judge has refused to grant a request by the parent company of Liberty Power Holdings that it said has been misinterpreted to allow the bankrupt power retailer to use the parent company's systems to run its business.

Expert Analysis

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Uniformity Goal Eludes Defend Trade Secrets Act, 5 Years On

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    Five years after the enactment of the Defend Trade Secrets Act, work remains to be done on achieving uniformity across jurisdictions, because state law differences being imported into the DTSA are creating the same patchwork of law the act was intended to rectify, say attorneys at MoFo.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • What Kan. Bankruptcy Ruling Means For Junior Lenders

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    Following a Kansas bankruptcy court's recent decision in Fencepost, junior lenders should be aware that voting provisions in subordination agreements may not be enforceable, say Laura Appleby and Elizabeth Little at Faegre Drinker.

  • The Pandemic's Bright Spots For Lawyers Who Are Parents

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    The COVID-19 crisis has allowed lawyers to hone remote advocacy strategies and effectively represent clients with minimal travel — abilities that have benefited working parents and should be utilized long after the pandemic is over, says Chelsea Loughran at Wolf Greenfield.

  • Opinion

    Revise Mansfield Diversity Mandates To Also Benefit Veterans

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    The well-intentioned efforts and salutary purposes of the legal industry's Mansfield Rule diversity metric are tainted by the Diversity Lab initiative's omission of veterans, who are underrepresented at large law firms and entitled to advantageous treatment based on more than 200 years of public policy, says Robert Redmond at McGuireWoods.

  • 2nd Circ. Ruling May Stifle Student Loan Discharge Flexibility

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    In its recent decision in Tingling, the Second Circuit affirmed its rigorous Brunner test for discharging student loan debt in bankruptcy, which could have a chilling effect on bankruptcy courts that had been considering a more malleable approach, says Michael Herz at Fox Rothschild.

  • Bankruptcy Litigation Could See More Third-Party Funding

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    The next few years could be an opportune time for bankruptcy litigants to capitalize on the advantages of third-party financing as the obstacles to its use — including attorney ethics issues and prohibitions against champerty — seem to be clearing at a slow but steady pace, say Daniel Simon and Natalie Rowles at McDermott.

  • Lessons From Federal Fraud Charges Against UBiome

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    The U.S. Department of Justice's and U.S. Securities and Exchange Commission's recent fraud allegations against uBiome executives illustrate the challenges of navigating interactions between clinical testing companies, health insurers and government oversight efforts, say attorneys at Debevoise.

  • Why The Future Law Firm Model Is Industry-Based Offerings

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    Multidisciplinary, industry-based groups at law firms allow for more holistic legal advice, lead to sustainable client relationships, and are likely to replace practice group monoliths at many firms, say Jennifer Simpson Carr at Furia Rubel, Timothy Corcoran at Corcoran Consulting and Mike Mellor at Pryor Cashman.

  • Opinion

    Mass Tort Defendants Exploit Bankruptcy Rules To Avoid MDL

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    The cases of Purdue Pharma, Boy Scouts of America, USA Gymnastics and Takata are just four recent examples of mass tort defendants using bankruptcy preemption to escape multidistrict litigation and exploiting Bankruptcy Code loopholes to reach settlement, leaving future mass tort victims with no recourse, says Samir Parikh at the Lewis & Clark Law School.

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