Try our Advanced Search for more refined results
Bankruptcy
-
April 08, 2024
NY Bar Assoc. Building Owner's Ch. 11 Dispute Gets Mediator
A New Jersey bankruptcy judge on Monday ordered mediation for two Chapter 11 cases tied to the owner of the historic New York County Lawyers Association Building in Manhattan, naming longtime bankruptcy lawyer Albert Togut to referee the process.
-
April 08, 2024
99 Cents Only Files Ch. 11 With Plans To Close All Stores
Discount store 99 Cents Only and five affiliates filed for bankruptcy in Delaware on Monday, listing over $1 billion in debt, days after it announced plans to wind down operations and close its 371 stores in California, Texas, Arizona and Nevada.
-
April 08, 2024
Cooley Adds 'Next-Gen' Restructuring Atty From O'Melveny
Cooley LLP on Monday hired the co-chair of O'Melveny & Myers LLP's bankruptcy litigation practice as its newest business restructuring practice and global litigation partner. Here, Daniel Shamah talks to Law360 Pulse about why he moved his practice.
-
April 05, 2024
5th Circ. Blocks Biden Admin's Predatory College Loan Rule
The Fifth Circuit has ordered a preliminary injunction blocking the Biden administration's changes to a program providing student loan forgiveness to borrowers defrauded by higher education institutions, finding that the plaintiff representing for-profit colleges demonstrated a likelihood of suffering irreparable harm without the injunction.
-
April 05, 2024
CEO Of Chilean Telecom Co. WOM Leaves Days After Ch. 11
One of Chile's largest cellphone operators WOM SA has replaced its CEO days after it filed for bankruptcy in Delaware, the company announced, with the ousted executive alleging shareholders at the company failed to deliver on new sources of funding promised last fall.
-
April 05, 2024
Genesis Used GBTC Share Proceeds To Buy 32,041 Bitcoin
Cryptocurrency lender Genesis Global Holdco said it had fully monetized its Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 bitcoin that will be distributed to its customers.
-
April 05, 2024
Insurers Fight Kidde-Fenwal's Bid For Coverage Of Foam Suits
Two AIG units and another insurer have told a Delaware bankruptcy court it should reject fire-suppression company Kidde-Fenwal Inc.'s bid to secure their coverage for a bevy of underlying suits alleging the company exposed those plaintiffs to so-called forever chemicals via its production of firefighting foam.
-
April 05, 2024
NY Regulators Agree To Skip BlockFi Distribution
BlockFi and the New York State Department of Finance Friday filed a stipulation with the New Jersey bankruptcy judge overseeing BlockFi's Chapter 11 case under which the department agreed to forgo any distributions from the BlockFi estate.
-
April 05, 2024
Terraform And Founder Do Kwon Held Liable For Crypto Fraud
A Manhattan federal jury quickly found bankrupt cryptocurrency startup Terraform Labs and its creator Do Kwon liable Friday for securities fraud, after the U.S. Securities and Exchange Commission claimed they lied to investors about the company's stability and business prospects.
-
April 04, 2024
Pump Co. Ch. 7 Trustee's $59.7M Case Could Go Before Jury
A Chapter 7 trustee and the owners of a Connecticut pump manufacturer will square off in federal district court over claims that executives raided $59.7 million from the Nash Engineering Co.'s coffers, lined its stockholders' pockets and plunged the entity into bankruptcy to avoid paying asbestos injury claims.
-
April 04, 2024
Judge Punts 'Warning Shot' Condo Sale Bid In Giuliani Ch. 11
A New York bankruptcy judge held off on deciding if Rudy Giuliani must sell his Florida condo Thursday, cautioning attorneys for the former New York City mayor that the official committee of unsecured creditors might take more extreme steps in the Chapter 11 case if its concerns over Giuliani's expenses aren't addressed.
-
April 04, 2024
Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims
A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."
-
April 04, 2024
Ginnie Mae, HUD Must Face Bank's Vacated Lien Suit
A Texas federal judge trimmed but declined to dismiss Texas Capital Bank's suit against the U.S. Department of Housing and Urban Development and its Government National Mortgage Association program over a vacated loan lien that the bank says was worth tens of millions of dollars.
-
April 04, 2024
Mattress Co. Can Redo Conspiracy Suit After 10th Circ. Trip
A Utah federal judge has rejected arguments from leading mattress manufacturers that a competitor is too late to amend an antitrust lawsuit alleging the spread of false information, saying a Tenth Circuit appeal prevented the competitor from updating its claims sooner.
-
April 04, 2024
MV Realty Abusing Ch. 11 Process, Bankruptcy Court Told
State prosecutors, federal agencies and consumer advocates have told a Florida bankruptcy judge that MV Realty is using the Chapter 11 process to avoid enforcement and enshrine a set of predatory agreements designed to extract millions in junk fees from homeowners over the next 40 years.
-
April 04, 2024
Surfside, Fla., Condo Collapse Victims To Get Additional $4.8M
A Florida judge signed off Thursday on an additional $4.8 million distribution to the victims of the deadly collapse of the Champlain Towers South condominium after the receiver overseeing the defunct condominium association told the court the association had fewer financial obligations and tax liabilities than expected.
-
April 04, 2024
IT Firm ConvergeOne To Wipe $1.6B Of Debt In Ch. 11
Information technology company ConvergeOne Holdings Inc. received preliminary approval for a disclosure statement Thursday that describes its plan to slash $1.6 billion from its balance sheet in a prepackaged Chapter 11.
-
April 04, 2024
Sport Aircraft Maker Icon Hits Ch. 11 With $170M Debt
Light-sport aircraft manufacturer Icon Aircraft filed for Chapter 11 protection in Delaware bankruptcy court Thursday with more than $170 million in debt and plans for an asset sale and liquidation.
-
April 03, 2024
Israel-Hamas War No Excuse To Skip Discovery: Ch. 11 Judge
A Florida bankruptcy judge on Wednesday penalized an Israeli creditor pursuing a roughly $13 million Chapter 11 claim against a California-based air purifier maker, finding the conflict between Israel and Hamas is not a valid excuse for repeatedly missing discovery deadlines.
-
April 03, 2024
Insurer Wants $38M For Covering Unfinished Road Jobs
An insurance company has asked a federal court to force companies connected to an insolvent contractor to hand over more than $38 million to compensate for costs it covered for unfinished jobs.
-
April 03, 2024
Lucky Bucks Ch. 7 Trustee's Fraud Suit Can Continue In Del.
A Delaware bankruptcy judge on Wednesday allowed an adversary suit brought by the Chapter 7 trustee for Georgia-based gambling machine company Lucky Bucks Holdings LLC to move forward, saying the court doesn't have enough information about fraud allegations to dismiss the case.
-
April 03, 2024
Judge Wary Of Atty's Bid To Cut Sentence For Hiding Assets
A Seventh Circuit judge appeared skeptical Wednesday of an Illinois lawyer's contention that she should not have received an abuse-of-trust sentencing enhancement for helping her brother conceal more than $350,000 in bankruptcy assets, noting she deposited them in her attorney trust account and attempted to assert attorney-client privilege to hide her conduct from the trustee.
-
April 03, 2024
Investors Want $1.5B Penalty Awarded After PE Buyout
A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.
-
April 03, 2024
Colo. Law Doesn't Account For Risky Borrowers, Court Told
A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.
-
April 03, 2024
Ex-Saul Ewing Paralegal Gets 2 Years For $600K Fraud
An Illinois federal judge sentenced a former Saul Ewing LLP paralegal to two years in prison for embezzling more than $600,000 from the firm's bankruptcy practice over nine years, which she used to make mortgage payments, buy a car and partially fund her son's college education.
Expert Analysis
-
Opinion
J&J Bankruptcy Could Thwart Accountability For Victims
Johnson & Johnson's latest attempt at a "Texas Two-Step" bankruptcy proceeding exemplifies the way in which corporate defendants can use bankruptcy to evade accountability, limit resources available to victims, and impose flawed, one-size-fits-all resolutions on diverse groups of plaintiffs, says Michelle Simpson Tuegel at Simpson Tuegel Law.
-
6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
-
A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
-
Don't Sit On Bankruptcy Sidelines, 5th Circ. Ruling Reminds
The Fifth Circuit’s recent In re: Louisiana Pellets decision, holding that a creditor couldn’t assert indemnification defenses in a suit brought by the trustee of a liquidation trust, highlights the risks faced by creditors and other contract parties that choose not to participate in a bankruptcy, say Gregory Hesse and Kaleb Bailey at Hunton.
-
2nd Circ. Ruling Will Guide Social Media Account Ownership
The Second Circuit’s recent decision in JLM Couture v. Gutman — which held that ownership of social media accounts must be resolved using traditional property law analysis — will guide employers and employees alike in future cases, and underscores the importance of express agreements in establishing ownership of social media accounts, says Joshua Glasgow at Phillips Lytle.
-
Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
-
Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
-
Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
-
SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
-
Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
-
Opinion
3rd-Party Financiers Have Power To Drive Mass Tort Cases
The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.
-
Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
-
Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
-
Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
-
What Are The Pros And Cons Of Selling A Bankruptcy Claim?
As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.