Puerto Rico’s financial advisory board has announced a deal with bondholders to cut $23 billion of the island’s debt, but is facing opposition from the island’s government over the recently revealed pension cuts that would come with the package.
Bankrupt niche publisher F+W Media Inc. told a Delaware judge Monday that it had realized nearly $8 million in proceeds from a series of Chapter 11 sales of its intellectual property just a week after getting court approval of a separate sale of book assets garnered $5.6 million.
Cambrian Coal filed for Chapter 11 protection on Monday, looking for a buyer for its assets after falling coal prices and a failed expansion left the coal mine operator with too much debt.
The Fifth Circuit on Monday vacated a $65 million deal ending claims that Lloyd's of London and other underwriters should cover losses from R. Allen Stanford's $7 billion Ponzi scheme, taking issue with a provision that barred future claims against the underwriters.
A New York state court judge on Monday cast aside a bid by venture capital fund Oak Investment Partners to escape a bankrupt e-commerce company's fraud lawsuit blaming it for the actions of a former Oak partner-turned-fugitive, ruling that issues of fact remained.
A federal judge in Securities Act multidistrict litigation surrounding energy giant SunEdison has threatened to report Shearman & Sterling LLP attorneys to ethics authorities after the lawyers asked the court to pull a related case from bankruptcy court, but failed to alert the district judge about a ruling in the bankruptcy case.
Bankrupt Insys Therapeutics was hit Monday with a motion seeking recognition of a proposed nationwide class of privately insured consumers, who say the "scourge of opioid abuse" unleashed by the opioid maker jacked up their premiums.
In a blow to the government's case, the judge overseeing the Platinum Partners trial has banned prosecutors from arguing that three accused executives fraudulently overvalued the funds' illiquid assets, citing a lack of evidence.
A Delaware bankruptcy judge granted final approval to oil and gas producer EdgeMarc Energy Holdings LLC's $108 million bankruptcy financing package Monday, saying changes to the proposed loan made it a better transaction for the debtor.
Sears has told a New York bankruptcy court that its Chapter 11 case doesn’t need a retiree committee to look into the disputed cancellation of a retiree life insurance plan, saying it has no money to pay for the insurance even if the retirees are entitled to it.
The U.S. Supreme Court on Monday declined to review a suit by a group of former Delta pilots who claimed the Pension Benefit Guaranty Corp. shortchanged their pension payments by hundreds of millions of dollars after the airline's 2005 bankruptcy.
In our latest roundup of lateral moves across Texas, the U.S. Securities and Exchange Commission announced a new director will be leading its Fort Worth regional office starting in July, and Munck Wilson Mandala LLP picked up two partners who formerly practiced at their own litigation boutique.
The lending arm of a bankrupt for-profit technology school ITT Technical Institute has agreed to forgive $168 million in student loans to resolve claims it pressured students into high-interest loans that tarnished their credit history, the Consumer Financial Protection Bureau said Friday.
The Chapter 11 plan of bankrupt oil and gas driller Triangle Petroleum Corp. received court approval Friday, with the prepackaged debt-for-equity swap coasting through the insolvency process in less than five weeks.
Stockholders who already filed suit over a stock-to-debt conversion prior to Elk Petroleum Inc.'s Chapter 11 are now taking aim at Elk's proposal for up to $10 million in post-petition financing, telling the Delaware bankruptcy court the financing has flawed terms and may not even be needed.
Lawyers for LeClairRyan and the embattled ex-CEO of defunct blood test company Health Diagnostic Laboratory Inc. appeared in a Virginia state court Friday to argue the fate of a $603 million advice-of-counsel malpractice suit.
West Virginia-based New Trinity Coal Inc. and top creditor affiliate Essar Global Fund Ltd. sued the coal company's former CEO Gunjan Gupta in Delaware's Chancery Court Friday, accusing him of going "rogue" and driving it into an unauthorized Chapter 11.
A helicopter leasing company is asking a New York bankruptcy court to dismiss claims by asset manager Macquarie Group that it violated a non-disclosure agreement in the auction of bankrupt Waypoint Leasing's chopper fleet, calling the suit a baseless "fishing expedition."
Oil and gas producer Legacy Reserves Inc. said Friday it has reached a restructuring deal with its secured and unsecured lenders that will include a nearly $800 million debt-for-equity swap and more than $256 million in new money.
The last week has seen Citibank, ING and a number of other banks sue Sudan and the country's central bank, a London derivatives broker file an appeal against a rival that's accused it of poaching employees and foreign exchange specialists Monex sue two former workers. Here, Law360 looks at those and other new claims in the U.K.
Willkie Farr & Gallagher LLP has asked the Puerto Rican bankruptcy court to approve just under $15.6 million in compensation for its work on the territory's restructuring proceedings, saying it was able to conclude a settlement and wrap up close to $6 million under budget.
A group of lenders led by JPMorgan will pay $231 million to creditors of General Motors' predecessor to resolve claims stemming from a simple mistake made by a Mayer Brown paralegal years ago, in a deal approved Thursday by a New York bankruptcy court.
McCarter & English LLP has added the former head of LeClairRyan’s bankruptcy practice as a partner in its New York City restructuring group, the firm has announced.
A pair of private equity-backed entities on Thursday urged a Delaware federal court to reverse a decision that the company that bought the assets of bankrupt movie studio The Weinstein Co. won’t have to assume the obligations under investment agreements related to a dozen film projects.
Approval of Orchids Paper Products Co.'s Chapter 11 debtor-in-possession financing has been punted to another day to see if a resolution can be reached to thwart another potential battle with unsecured creditors over a $175 million credit bid submitted from a private-equity-backed lender that is serving as stalking horse bidder.
Given that a large swath of the legal profession may display some narcissistic tendencies, it is important for lawyers to know how to address the narcissist in the room — and it may be you, says Jennifer Gibbs of Zelle.
The Texas Supreme Court and Fifth Circuit will eventually resolve whether Texas criteria for attaching liens to homesteads are affirmative defenses against home equity loan foreclosures. But until such clarity exists, borrowers should continue to assert these defenses, says Niles Illich of Scott H. Palmer PC.
Purdue Pharma, one of the prominent defendants in the pending nationwide opioid litigation, recently suggested that it is evaluating filing for bankruptcy. However, it remains unclear how effective Chapter 11 would be in protecting any particular company’s assets or limiting its exposure to this litigation, say attorneys at Cleary.
In this monthly series, legal recruiting experts from Major Lindsey & Africa interview management from top law firms about the increasingly competitive business environment. Here, Amanda Brady and Dustin Laws talk with Hy Pomerance, chief talent officer of Cleary.
Jury trials are not dying because arbitration is a “better product,” as alleged in a recent Law360 guest article, but because corporations have rigged the system through forced arbitration to ensure they cannot be held accountable before a judge or jury, say attorneys at Hagens Berman.
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.
During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.
A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.
Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.
In "The Jury Crisis," jury consultant and social psychologist Drury Sherrod spotlights the vanishing jury trial, providing a fascinating canary-in-the-coal-mine warning for lawyers, litigants and society at large, says U.S. District Judge Robert Conrad of the Western District of North Carolina.
As a former general counsel for both public and private companies, my advice to law firm attorneys who want to attract and keep clients is simple — provide certain legal services for free, says Noel Elfant, founder of General Counsel Practice.
The moment an attorney agrees to serve as an escrow agent for a client, the attorney assumes some of the most important obligations in the legal profession. Significantly, these obligations potentially extend to third parties who are not clients, say Scott Watnik and Michael Contos of Wilk Auslander.
With recent technological advances and a broader acceptance of flexible work arrangements, the opportunity for freelance attorneys is greater than ever, as is the value that this freelance workforce can create for companies, says Ben Levi of InCloudCounsel.
The current calls to curb the power of Google, Facebook and Amazon recall an earlier time in American history, when the “bigness” of oil, steel and tobacco was front and center in national politics. And in those debates, the top lawyers of the day had a major voice, says John Oller, author of the new book "White Shoe."