Large Cap
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May 30, 2025
3rd Circ. Preview: Tribal Immunity Limits On Deck For June
The Third Circuit's June argument lineup will find a finance company fighting a proposed class action over allegedly predatory payday loan fees because of its tribal ties, while a plumbing company argues that it does not have to arbitrate a union grievance.
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May 30, 2025
Saudi Prince Again Ducks Bankruptcy Over $1.2B Debt
A Saudi Arabian prince evaded a bankruptcy petition from telecommunications business over a $1.2 billion arbitration debt, as a London appeals court ruled Friday that the company cannot challenge an earlier finding that its application was invalid.
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May 29, 2025
Steward Health Seeks OK For Lender Deal, Ch. 11 Plan Vote
Hospital chain Steward Health Care on Thursday asked a Texas bankruptcy judge to approve a settlement with its Chapter 11 lenders and send its bankruptcy plan out for a creditor vote, overruling arguments the deal would render the vote meaningless.
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May 29, 2025
Cloudflare Asks To Appeal Decision In $50M Celsius Case
Cybersecurity company Cloudflare has urged a New York bankruptcy judge to let it appeal his decision to not dismiss a $50 million adversary lawsuit brought against the business by cryptocurrency debtor Celsius Networks, saying that questions about the defendant's duty of care need to be addressed.
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May 29, 2025
Fiber Internet Co. Everstream Can Use $35M Of DIP Package
A Texas bankruptcy judge Thursday gave Everstream Networks permission to tap $35 million of its $186 million debtor-in-possession financing package as the company, which provides fiber network services to businesses, moves toward a Chapter 11 sale to a competitor.
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May 29, 2025
Under The Radar: Bankruptcy News You May Have Missed
A creditors committee objected to Party City's liquidator, Gordon Brothers, being classified as an estate professional entitled to funds in the retailer's bankruptcy. Blue Cross Blue Shield of Massachusetts challenged Steward Health Care's Chapter 11 liquidation plan, and the debtor proposed a revised plan featuring a settlement. And customer loyalty company Kognitiv moved to dismiss its Chapter 11 case, saying it has nothing left to sell.
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May 29, 2025
Meet The Attorneys In Brazilian Airline Azul's Ch. 11
A team of lawyers from Davis Polk & Wardwell LLP is leading the Chapter 11 case of Azul SA, one of Brazil's largest airlines, as the company pursues a prearranged plan to cut $2 billion in debt from its balance sheet.
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May 29, 2025
Calif. Biofuel Co. Can Tap Full $100M Ch. 11 DIP Package
A Texas bankruptcy judge Thursday authorized Global Clean Energy, a Southern California-based biofuel refinery operator, to use the remainder of $100 million in new funds provided under a debtor-in-possession financing package and send its Chapter 11 plan to creditors for a vote.
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May 29, 2025
High Court Pauses 5th Circ.'s Highland Ch. 11 Liability Ruling
The U.S. Supreme Court on Thursday allowed bankrupt hedge fund Highland Capital to continue shielding certain key parties in its Chapter 11 case from liability while the debtor appeals a Fifth Circuit decision striking down those protections.
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May 29, 2025
Stevens & Lee Adds Montgomery McCracken Bankruptcy Atty
Stevens & Lee announced Thursday it has hired an attorney who formerly worked at Montgomery McCracken Walker & Rhoads LLP to bolster its bankruptcy and financial restructuring group in Delaware.
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May 28, 2025
Highland Wants High Court To Preserve Ch. 11 Liability Shield
Defunct hedge fund Highland Capital Management has asked the U.S. Supreme Court to keep its Chapter 11 plan in place while it appeals a reversal from the U.S. Court of Appeals for the Fifth Circuit, saying it needs to keep its fiduciaries protected lest its former CEO mire them in litigation.
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May 28, 2025
Franchise Group's Ch. 11 Debt Cut Plan Largely Confirmed
The Chapter 11 plan proposal of retail chain owner Franchise Group Inc. that will slash $1.5 billion of debt from the company's balance sheet received approval Wednesday from a Delaware bankruptcy judge, with the notable exception of the plan for the parent company debtor over an issue with meeting the legal standard for confirmation.
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May 28, 2025
3rd Circ. Pauses J&J Unit Appeal In Talc Study Libel Case
The Third Circuit on Wednesday granted a bid by Johnson & Johnson's talc liability unit to stay briefing in its appeal seeking to revive a libel case over a scientific article linking talcum power to mesothelioma.
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May 28, 2025
Catching Up With New Bankruptcy Case Action
A group of entities related to New York landlord Pinnacle Group filed for Chapter 11 protections, a clutch of companies owned by a real estate investor sentenced to jail for a scheme that defrauded Fannie Mae filed for bankruptcy protection in New Jersey, and a Canadian aluminum trader struggling to restructure filed bankruptcy in the U.S. and Canada.
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May 28, 2025
Mallinckrodt Investors Get Initial OK For $5.5M Settlement
Investors of drugmaker Mallinckrodt received preliminary approval of their $5.5 million settlement with two executives and a director of the company Wednesday, ending the investors' claims they were misled into believing Mallinckrodt had recovered from bankruptcy and would make a $200 million payment to opioid claimants.
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May 28, 2025
Alex Jones Is 'Defending Journalists,' Texas Court Hears
A Texas appeals court seemed taken aback after counsel for conspiracist Alex Jones claimed a $45 million default judgment relating to Jones' defamatory Sandy Hook statements should be thrown out, suggesting during oral arguments Jones was "thumbing [his] nose" at the trial court.
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May 28, 2025
Fiber Network Co. Everstream Hits Ch. 11 With Over $1B Debt
Everstream Networks, a provider of fiber networks to businesses, and several affiliates filed for Chapter 11 protection in Texas on Wednesday, citing at least $1 billion of estimated liabilities.
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May 28, 2025
Brazilian Airline Azul Files Ch. 11 To Cut $2B Of Debt
Azul SA, one of Brazil's largest airlines, filed for Chapter 11 protection in New York on Wednesday, saying it has a prearranged plan to cut $2 billion of debt from its balance sheet.
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May 27, 2025
SandRidge Can't Duck $17M Ex-Execs Suit In Texas
A Texas bankruptcy judge has refused to reopen the Chapter 11 case of SandRidge Energy to allow it to escape a $17 million subrogation suit filed by two former officers, saying SandRidge in its bankruptcy plan assumed the directors and officers insurance policies at issue.
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May 27, 2025
Byju's Lender Wants In On Latest Ch. 11 Suit Over $533M
A lender of the bankrupt American arm of Indian education technology giant Byju's asked a Delaware bankruptcy judge Tuesday for permission to intervene in the debtor's latest suit tied to the recovery of $533 million in missing funds, saying it has a substantial interest in the lawsuit as the debtor's largest creditor.
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May 27, 2025
23andMe Agrees To Sale, Rite Aid Pharmacy Deals Get OK
Regeneron Pharmaceuticals emerged as the winning bidder for 23andMe last week, agreeing to buy the genetics testing company out of bankruptcy for $256 million. Meanwhile, a judge approved Rite Aid's sale of pharmacy assets to CVS, Walgreens and others, and tensions flared during a hearing in Texas on disputes stemming from an undisclosed romance between a former Jackson Walker attorney and bankruptcy judge.
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May 27, 2025
Mobile App Infringement Suit Against Bridgestone Dropped
A New Jersey company and tire maker Bridgestone Americas Inc. on Tuesday jointly asked a Texas federal judge to dismiss a case in which Bridgestone was accused of using patented mobile device communication technology in its mobile app.
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May 27, 2025
US Trustee Wants Steward Health Switched To Ch. 7
The U.S. Trustee's Office is asking a Texas bankruptcy judge to convert Steward Health Care's Chapter 11 case to a court-supervised Chapter 7 liquidation, saying the hospital chain cannot pay the bills it has run up during its bankruptcy.
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May 27, 2025
Goodwin Debt Financing Ace Rejoins Gibson Dunn In LA
Gibson Dunn & Crutcher LLP is expanding its West Coast team, announcing Tuesday it is welcoming back a debt financing expert, who left for a few years to join Goodwin Procter LLP, as a partner in its Los Angeles office.
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May 27, 2025
High Court Passes On Axed $563M BMO Harris Ponzi Verdict
The U.S. Supreme Court on Tuesday declined to review the Eighth Circuit's decision to strike down a $563 million jury verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion-dollar Ponzi scheme.
Expert Analysis
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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Justices May Find Gov't Can Keep Fraudulent Transfer Benefit
Based on the justices' questions at the recently argued U.S. v. Miller, the Supreme Court appears prepared to hold that the U.S. — unlike any other creditor — is permitted to retain the benefits of a fraudulent transfer to the detriment of other bankruptcy creditors, says Kevin Morse at Clark Hill.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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How The Onion Could Still Buy InfoWars
While a Texas bankruptcy judge nixed the sale of InfoWars to The Onion on Tuesday, a slight tweak to the novel mechanism proposed could make the sale approvable, says Christopher Hampson at the University of Florida.
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Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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A Closer Look At SDNY Bankruptcy Rule Amendments
The U.S. Bankruptcy Court for the Southern District of New York’s recent amendments to its local rules aim to streamline key Chapter 11 processes, resolve misunderstandings about previous iterations of the rules and urge caution about the use of artificial intelligence, say attorneys at Skadden.
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FTX Exec's Sentencing Shows Pros And Cons Of Cooperation
The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.
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Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.