Bankruptcy

  • March 11, 2024

    Teamsters Can't Pause Discovery In $137M Fight With Yellow

    A Kansas federal judge shot down the Teamsters' request to pause the discovery process in a $137 million lawsuit accusing the union of holding up a necessary corporate restructuring at the now-bankrupt trucking company Yellow Corp., ordering the union to keep producing documents.

  • March 11, 2024

    Atty For Alex Jones' Infowars Gets OK To Bow Out Of Case

    A Texas bankruptcy judge on Monday approved a request by the lead attorney for Alex Jones' media company to step away from work on its Chapter 11 case following disputes with the debtor's chief restructuring officer, who the lawyer said withheld pay in retaliation for the conflict.

  • March 11, 2024

    NYC Youth Services Group Hits Ch. 11, Folds After 200 Years

    A 200-year-old nonprofit that provides foster care and youth education services in New York City filed for Chapter 11 protection, saying decreased demand for its programs at the onset of the COVID-19 pandemic ultimately led it to financial ruin.

  • March 11, 2024

    Canadian Oil Driller Seeks US Recognition Of Reorg Filings

    A Canadian operator of Wyoming oil and gas wells Monday asked a Delaware court to recognize its Canadian insolvency proceedings, saying it is out of cash, $92 million in debt and seeking a buyer after years of production problems.

  • March 11, 2024

    Hertz Tells Chancery To Reject $4B Buyback 'Hindsight' Suit

    Hertz directors weren't certain when they authorized $4 billion in stock buybacks that it would transfer control of the company to a private equity-backed shareholder, an attorney for Hertz told Delaware's Court of Chancery on Monday, urging the court to toss a shareholder's lawsuit over the buybacks.

  • March 11, 2024

    MoFo's NY Office Gains A Restructuring Atty From Dechert

    Morrison Foerster LLP announced Monday another addition to its business restructuring and insolvency group in New York, this time from Dechert LLP.

  • March 11, 2024

    Retailer The Body Shop Files For US Liquidation

    Buth-Na-Bodhaige Inc., better known as soap and lotion seller The Body Shop, filed for Chapter 7 liquidation in New York after its international parent filed for insolvency in the United Kingdom.

  • March 08, 2024

    Allegiance Coal Spars With Ch. 11 Lender Over $1.8M Fees

    A Delaware bankruptcy judge on Friday declined to rule on a petition from mining company Allegiance Coal USA to toss its debtor-in-possession lender's adversary proceeding demanding $1.8 million in fees, allowing more time to determine whether the fees have priority over the rest of the debtor's obligations.

  • March 08, 2024

    Experian Biased Jury In Credit Reporting Suit, 11th Circ. Told

    An attorney for a Florida resident who sued Experian alleging it inaccurately reported a discharged mortgage in his credit history told the Eleventh Circuit on Friday that a lower court judge allowed the company to introduce improper evidence at trial, arguing it caused jurors to deliver an unfavorable verdict against her client.

  • March 08, 2024

    Sorrento Gets OK For $2M Ch. 11 Funding Infusion, Asset Sale

    A Texas bankruptcy judge on Friday approved drug developer Sorrento Therapeutics Inc.'s bid for an asset sale and $2 million in funds to fuel its Chapter 11 case, saying they represented the only option outside of a transition to Chapter 7.

  • March 08, 2024

    Aircraft Parts Co. AeroCision Begins Ch. 11 Liquidation

    AeroCision, a troubled supplier of airplane components, has informed Delaware's bankruptcy court its Chapter 11 liquidation plan has gone into effect, distributing remaining assets of the business after it went on the auction block late last year.

  • March 08, 2024

    UBS Luxembourg Must Face $50M Madoff Clawback Suit

    UBS Luxembourg can't escape a lawsuit seeking to claw back nearly $50 million the bank allegedly redeemed from Bernard L. Madoff feeder fund Fairfield Sentry Limited at highly inflated values, a New York bankruptcy judge ruled on Friday. 

  • March 08, 2024

    Kwok Judge Lets Gov't Keep $302M In Crypto For Restitution

    A New York federal judge has denied a request to return more than $300 million in assets to holders of cryptocurrrency issued by bankrupt Chinese exile Ho Wan Kwok's Himalaya Exchange, finding that the federal government has a continued interest in the property it seized.

  • March 08, 2024

    Giuliani Creditors Ask To Investigate His Finances

    Former New York City Mayor Rudy Giuliani's creditors want to probe his finances, his businesses, his advisers and even defense funds paying some of his legal bills, telling a bankruptcy court in a filing late Thursday that his history of shirking discovery requests in other cases and concerns that he could be hiding assets warrant a formal investigation.

  • March 08, 2024

    BowFlex OK'd For April Auction, $37.5M Stalking Horse Bid

    Fitness equipment maker BowFlex Inc. received a New Jersey bankruptcy judge's approval Friday to sell its U.S. and Canada businesses at an auction next month, setting it up to repay its debtor-in-possession loan and draw up a Chapter 11 liquidation plan.

  • March 08, 2024

    Clifford Chance Adds Arnold & Porter Restructuring Duo

    Clifford Chance LLP is no exception to the wave of firms seeking restructuring talent in recent months, announcing Thursday that it's brought on two former Arnold & Porter Kaye Scholer LLP attorneys with a history of working on high-stakes reorganizations.

  • March 08, 2024

    Catholic Group Gets $2M Fee Award In Boy Scouts' Ch. 11

    A Delaware bankruptcy judge on Friday awarded an ad hoc group of Roman Catholic organizations just over $2 million in legal fees and expenses in the Boy Scouts of America's Chapter 11 case, saying it had made a substantial contribution to the group's bankruptcy plan.

  • March 07, 2024

    No Pretrial Win For Anyone In $1.3M Dish Network Print Fight

    A Colorado federal judge on Thursday rejected dueling summary judgment motions in a $1.3 million contract fight between a Dish Network unit and defunct printing company, finding the companies' "vehement disagreement" about simple facts of the case makes clear it can't be decided at this stage.

  • March 07, 2024

    Asbestos Claimants Refuel Bid To Chuck Bestwall Ch. 11

    Mesothelioma victims seeking recompense for asbestos exposure are taking another stab at throwing out the bankruptcy case of Georgia-Pacific unit Bestwall LLC, telling a North Carolina federal judge that the papermaker has abused the bankruptcy process to shield itself from liability.

  • March 07, 2024

    Judge Delays Final OK For Almond Grower's Ch. 11 Loan

    A California bankruptcy judge Thursday pushed back final approval of $30 million in Chapter 11 financing for almond grower Trinitas Farming by at least another week, saying more time is needed to address his concerns with the loan agreement.

  • March 07, 2024

    Cano Health's Ch. 11 Financing Approved Consensually

    Primary care group Cano Health Inc. told a Delaware bankruptcy judge Thursday that productive talks with a recently appointed creditors' committee had enabled it to submit a consensual order to gain final approval for its $150 million Chapter 11 loan.

  • March 07, 2024

    Ex-SVB Counsel Farella Braun Seeks $49K In Unpaid Fees

    Farella Braun & Martel LLP, which previously represented Silicon Valley Bank's parent in a dispute over fraud coverage, has sued the Federal Deposit Insurance Corp. in a California federal court to extract nearly $49,000 in unpaid legal fees it says the agency must pay on behalf of the defunct lender.

  • March 07, 2024

    Equity Concerns Follow Mass Torts' March Into Bankruptcy

    After decades of suffering and waiting, a group of more than 82,000 childhood sexual abuse survivors recently reached a $2.5 billion bankruptcy settlement with the Boy Scouts of America and related groups. Yet the survivors may once again be in suspense.

  • March 07, 2024

    Bankruptcy Group Of The Year: White & Case

    White & Case LLP spent 2023 in the trenches of new and emerging issues in bankruptcy, steering the Boy Scouts of America out of Chapter 11 and breaking down the bankruptcy process for hundreds of thousands of former customers and unsecured creditors of former crypto company Celsius Network, earning the firm a spot as one of Law360's 2023 Bankruptcy Groups of the Year.

  • March 07, 2024

    Honigman Picks Up Corporate Attorney From Ropes & Gray

    Honigman LLP said it has hired away a Ropes & Gray LLP counsel with finance transaction expertise who started his career at Honigman to become a partner in its corporate finance practice group.

Expert Analysis

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • What 2023 Bankruptcy Statistics May Mean For 2024

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    Bankruptcy data from 2023 shows that we are in an unprecedented time in our economic history because of unique, unpredictable and distressed conditions, and bankruptcy professionals should be prepared for the continued rise in Chapter 11 filings in 2024, says Deirdre O'Connor at Epiq.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • What The 2023 Bank Failures Taught Us, And What's To Come

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    As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • What WeWork's Ch. 11 Filing Means For Landlords

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    WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • The 4 Top Philadelphia Commerce Court Opinions Of 2023

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    Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.

  • A Former Bankruptcy Judge Talks 2023 High Court Rulings

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    In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • Opinion

    What Happens If High Court Rejects Releases In Purdue Ch. 11

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    Reading the tea leaves following the U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, it appears likely that the justices will decide that bankruptcy courts lack the power to release third-party claims against nondebtors, which would result in one of three scenarios, says Gregory Germain at Syracuse University.

  • Del. Ruling Shows Tension Between 363 Sale And Labor Law

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    The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.

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