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Bankruptcy

  • June 17, 2019

    PR's Management Board Announces Deal To Trim $35B Debt

    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.

  • June 17, 2019

    F+W Nets Almost $8M From Ch. 11 IP Asset Sales

    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.

  • June 17, 2019

    Cambrian Coal Seeks Buyer In Ch. 11 After Failed Expansion

    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.

  • June 17, 2019

    5th Circ. Sinks $65M Stanford Insurance Scam Deal

    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.

  • June 17, 2019

    Oak Investment Can't Kill $11M Suit Over 'Fraudster' Partner

    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.

  • June 17, 2019

    Shearman Threatened With Ethics Referral In SunEdison MDL

    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.

  • June 17, 2019

    Insys Hit With Nationwide Opioid Class Claim In Ch. 11

    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.

  • June 17, 2019

    Platinum Judge Nixes Valuation Fraud Claims At Trial

    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.

  • June 17, 2019

    EdgeMarc Energy Gets Nod For $108M Bankruptcy Loan

    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.

  • June 17, 2019

    Sears Says It Had The Right To End Retiree Insurance Plan

    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.

  • June 17, 2019

    High Court Grounds Delta Pilots' Pension Appeal

    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.

  • June 14, 2019

    Lone Star Laterals: Munck Wilson, Thompson Knight, SEC

    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.

  • June 14, 2019

    ITT Tech Lending Arm To Forgive $168M In Student Loans

    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.

  • June 14, 2019

    Triangle Petroleum Breezes Through Ch. 11 Confirmation

    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.

  • June 14, 2019

    Elk Petroleum Investors Ask Court To Nix Ch. 11 Financing

    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.

  • June 14, 2019

    LeClairRyan Says Exec Can't Shift Blame For Legal Woes

    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.

  • June 14, 2019

    Coal Co., Essar Sue 'Rogue' CEO In Chancery Over Ch. 11

    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.

  • June 14, 2019

    Helicopter Leasing Co. Calls Ch. 11 Auction NDA Suit Baseless

    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."

  • June 14, 2019

    Legacy Reserves Strikes $1B Restructuring Deal

    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.

  • June 14, 2019

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

    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.

  • June 13, 2019

    Willkie Asks For $15M For Puerto Rico Bankruptcy Work

    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.

  • June 13, 2019

    Judge OKs Lenders' $231M Deal In GM Clawback Suit

    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.

  • June 13, 2019

    McCarter & English Adds Former LeClair Bankruptcy Head

    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.

  • June 13, 2019

    Weinstein Buyers Must Fulfill Investment Deals, Court Told

    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.

  • June 13, 2019

    Orchids Paper DIP Punted As Possible Sale Battle Brews

    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.

Expert Analysis

  • How To Identify And Deal With Narcissists In Law

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    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.

  • Defending Against Home Equity Loan Foreclosure In Texas

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    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.

  • Filing For Bankruptcy To Manage Opioid Suits Is No Magic Pill

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    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.

  • Q&A

    A Chat With Cleary Chief Talent Officer Hy Pomerance

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    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.

  • Rebuttal

    Forced Arbitration Is A Far Worse 'Product' Than Jury Trials

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    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.

  • Guest Feature

    Preet Bharara On The Human Factor In The Justice System

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    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.

  • Rebuttal

    Jury Trials, Though In Decline, Are Well Worth Preserving

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    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.

  • A Broader View Of The US Supreme Court Bar

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    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.

  • Opinion

    Jury Trials Are In Decline For Good Reason

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    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.

  • Series

    Why I Became A Lawyer: A Circuitous Path To The Law

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    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.

  • Series

    Judging A Book: Conrad Reviews 'The Jury Crisis'

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    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.

  • Revamping Your Approach To Client Development

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    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.

  • What Lawyers Must Know Before Acting As Escrow Agents

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    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.

  • Freelance Attorneys Are An Asset To In-House Legal Teams

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    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.

  • Book Excerpt

    'Big Tech' Questions Echo Early Days Of US Corporate Law

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    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."

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