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Bankruptcy

  • November 16, 2018

    AFT Files Adversary Case In Puerto Rico Bankruptcy

    Two U.S. labor unions have hit Puerto Rico's government and its federally appointed oversight board with a lawsuit for failing to put the pension deposits for tens of thousands of public employees into proper accounts and instead “stashing” the money in non-interest bearing accounts at a scandal-plagued bank.

  • November 16, 2018

    Madoff Trustee Asks 2nd Circ. To Back Foreign Clawback Bids

    The trustee for Bernie Madoff’s fraudulent investment firm asked the Second Circuit on Friday to allow him to claw back Ponzi scheme proceeds transferred from foreign Madoff feeder funds, saying the efforts are a domestic application of U.S. law even if the money was sent overseas.

  • November 16, 2018

    Sears Seeks OK To Spend Up To $25M To Retain Key Workers

    Sears is asking a New York bankruptcy court for permission to pay up to $25 million in executive incentive and retention bonuses, saying it needs to keep key employees focused on steering the company through its Chapter 11.

  • November 16, 2018

    More Info Needed In $134M Westinghouse Ch. 11 Row

    A New York bankruptcy judge said Friday that Brookfield Business Partners LP and the legal professionals winding down Westinghouse Electric Co.'s Chapter 11 estate need to provide more information before he can rule on a disputed $134 million transferred to Brookfield when it bought the distressed contractor.

  • November 16, 2018

    Power Co.’s Bid To Shield Assets From Mass. Put On Hold

    A Delaware bankruptcy judge on Friday postponed action on Starion Energy Inc.’s attempt to bar Massachusetts from potentially retaining millions of dollars of its assets as the state pursues a consumer protection action against the company for alleged deceptive marketing practices.

  • November 16, 2018

    Mnuchin Cleared To Seek Funds From Relativity D&O Policy

    U.S. Treasury Secretary Steven Mnuchin should not be hindered by Relativity Media’s Chapter 11 case from seeking $207,000 in reimbursement from a directors and officers insurance policy maintained by the studio, a New York bankruptcy judge ruled Friday, saying the former company co-chairman appears covered by the policy.

  • November 16, 2018

    Unsecured Creditors Want One Aviation To Seek Ch. 11 Buyer

    A day after declaring bankrupt aircraft manufacturer One Aviation Corp.'s post-petition financing was insufficient to fund its Chapter 11 case and questioning the motivations of the lender, unsecured creditors are now asking the Delaware bankruptcy court to make the debtors seek a sale of the company's assets.

  • November 16, 2018

    Harvey Weinstein Again Seeks Personal Docs In Ch. 11 Case

    Movie mogul Harvey Weinstein filed a motion Friday in Delaware bankruptcy court again seeking the production of documents from the purchaser of the movie studio he co-founded, saying records dealing with his film and television projects are his personal property and have not yet been turned over to him.

  • November 16, 2018

    Health Hires: Quinn Emanuel, Goodwin, Ropes & Gray

    The newest round of hires in the health and life sciences industries have found homes at Quinn Emanuel Urquhart & Sullivan LLP, Goodwin Procter LLP, Ropes & Gray LLP, Nelson Hardiman LLP, Nichols Liu LLP, K&L Gates LLP, Manatt Phelps & Phillips, Sumner Schick LLP and a handful of companies in need of GCs. 

  • November 16, 2018

    Mattress Firm Puts Dozens Of Ch. 11 Plan Objections To Bed

    Bedding retailer Mattress Firm Inc. breezed through its Chapter 11 confirmation hearing Friday in Delaware bankruptcy court after resolving dozens of objections to its proposed reorganization plan in the days and hours leading up to the approval proceeding.

  • November 16, 2018

    Fla. Boutique Firm Gains 2 New Hires In Miami

    Mark Migdal & Hayden has grown its bench with the addition of a former Berger Singerman LLP partner and a former Genovese Joblove & Battista PA associate who bring experience handling real estate matters and bankruptcy proceedings and representing clients in the fields of franchise law and international arbitration.

  • November 16, 2018

    CFPB, Think Finance Say Settlement Talks Are Underway

    The Consumer Financial Protection Bureau and Think Finance LLC asked a Montana federal judge on Friday to pause discovery in the agency's suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying an end to the litigation is in sight.

  • November 16, 2018

    David's Bridal Says It Will Restructure In Ch. 11

    National bridal dress chain David’s Bridal Inc. said it will be entering Chapter 11 in the “near future” with the aim of restructuring and shedding $400 million in debt without disrupting customers’ wedding preparations.

  • November 15, 2018

    $150M Ch. 7 Deal To Free Ampal From Egypt Gas Row OK'd

    Ampal-American Israel Corp. received permission Thursday from a New York bankruptcy judge to enter into a deal that will allow the company to exit arbitration hearings involving Egypt and two state-owned oil and gas companies and give a boost of about $150 million to the company’s Chapter 7 estate.

  • November 15, 2018

    Dewey Drama Takes Unexpected Twist With Ex-CFO's Jailing

    The long saga of failed BigLaw firm Dewey & LeBoeuf LLP took another dramatic twist Thursday when a New York judge threw the firm's former chief financial officer in jail briefly for not paying his $1 million criminal fine, leaving some lawyers shocked.

  • November 15, 2018

    Power Retailer Seeks Del. Ch. 11 To Ward Off Mass. Suit

    Massachusetts retail electricity supplier Starion Energy Inc. sought refuge in Delaware bankruptcy court late Wednesday, saying it needed a Chapter 11 shield while battling a Commonwealth consumer protection action that threatened the business and more than $30 million of its cash.

  • November 15, 2018

    Life Settlements Firms Open Del. Ch. 11 As Debt Limit Nears

    Irish and Bermuda affiliates of specialty finance company Emergent Capital Inc. opened a Delaware Chapter 11 late Wednesday as their $2.8 billion life settlements investment subsidiary neared a collision with its $370 million borrowing limit.

  • November 15, 2018

    Sears Gets Court Approval For Store Auction Rules

    A New York bankruptcy judge Thursday approved Sears’ proposed procedures for auctioning off the majority of its stores, but put off a decision on the retail chain’s plan to sell $900 million in intercompany debt until next week.

  • November 15, 2018

    Cambridge Analytica Director Deemed Responsible In Ch. 7

    The elusive director of scandal-plagued political consulting shop Cambridge Analytica LLC has been designated the "person responsible" for the bankrupt entity in its Chapter 7 case, a move that could aid the beleaguered attorneys at Schulte Roth & Zabel LLP who've been trying to withdraw as the debtor's counsel for months.

  • November 15, 2018

    Unsecured Creditors Flag One Aviation's Ch. 11 Financing

    Unsecured creditors for bankrupt aircraft manufacturer One Aviation Corp. filed an objection on Thursday claiming that $17 million in post-petition financing is insufficient to cover claims and fund the company’s Chapter 11 in Delaware and questioning the role of the debtor-in-possession lender in the bankruptcy.

Expert Analysis

  • Equitable Mootness Is Alive And Well In Chapter 9

    Richard Cooper

    Last month's opinion in Bennett v. Jefferson County brings the Eleventh Circuit in line with other courts that have found that the equitable mootness doctrine should apply in Chapter 9. The decision may be particularly relevant in Puerto Rico's ongoing restructuring proceedings, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • How Reckless Judicial Impeachments Threaten Rule Of Law

    Jan van Zyl Smit

    Judicial impeachment fever seems to be spreading through the states, with West Virginia legislators recently voting to remove their state's entire Supreme Court, and lawmakers in Pennsylvania and North Carolina threatening the same. These actions are a serious threat to judicial independence, says Jan van Zyl Smit of the Bingham Centre for the Rule of Law.

  • Series

    Judging A Book: Fogel Reviews 'Good Judgment'

    Judge Jeremy Fogel

    In this time of partisan conflict over judicial selection, a new book by Canadian jurist Robert J. Sharpe —​ "Good Judgment" — represents a refreshing, deeply thoughtful departure from binary arguments about how and why judges make decisions, says U.S. District Judge Jeremy Fogel, director of the Federal Judicial Center.

  • 10 Ways To Prevent E-Discovery Woes

    Debbie Reynolds

    E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.

  • 11th Circ. Changes Course On New Value Defense

    Paul Avron

    The Eleventh Circuit’s decision this month in Kaye v. Blue Bell Creameries confirms that the prior requirement that new value must remain unpaid is no longer the law in the circuit, wiping out a valuable tool for debtors, trustees and post-confirmation estate representatives for avoiding and recovering preferential transfers, says Paul Avron of Berger Singerman LLP.

  • 4 Key Components To New Firm Partnership Agreements

    Russell Shinsky

    A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.

  • Opinion

    Open The Federal Courthouses

    David Oscar Markus

    Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.

  • Del. Series LLC Changes Bring Clarity For Secured Lenders

    R. Jason Russell

    Delaware recently passed amendments to the Delaware Limited Liability Company Act that enable a new type of series of an LLC known as a “registered series.” The changes address historical uncertainty among secured lenders seeking to perfect a security interest, say R. Jason Russell and Sean Sullivan of Morris Nichols Arsht & Tunnell LLP.