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Bankruptcy
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March 20, 2024
US Chamber's Litigation Funding Concerns Spur 2 State Laws
Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.
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March 19, 2024
Kirkland Restructuring Ace To Join Hilco Global As Vice Chair
James H.M. Sprayregen, the founder of Kirkland & Ellis' restructuring practice group and a well-known deal-maker in the corporate restructuring and mergers and acquisitions community, is set to join Hilco Global as a vice chair, the financial services holding company announced Tuesday.
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March 19, 2024
Joann Fabric Can Tap $95M Of DIP As It Eyes Quick Ch. 11
Joann Inc., the retailer known as Joann Fabric and Crafts, received a Delaware bankruptcy judge's approval Tuesday on a bundle of first-day motions, ahead of an impending bid for confirmation of its prepackaged Chapter 11 plan to slash over half a billion dollars of debt and let creditors take over the reorganized business.
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March 19, 2024
Justices Lean Toward Insurer Standing In Ch. 11 Case
The U.S. Supreme Court appeared reluctant Tuesday to uphold a Fourth Circuit ruling that Truck Insurance Exchange lacked standing to oppose the proposed Chapter 11 reorganization plan of two manufacturers facing numerous asbestos claims, noting it's Truck that must ultimately cover the vast majority of such claims.
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March 19, 2024
Former Exec Set For Fall Trial In WeWork Stock Fraud Case
A New York federal judge on Tuesday set a fall trial date for the former CEO of real estate investment firm ArciTerra, who denied issuing a fake $77 million tender offer for WeWork shares in a bid to artificially pump up the stock price days before the office-sharing company slid into bankruptcy.
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March 19, 2024
Plaintiffs In Kwok Trustee Case Must Pay Paul Hastings' Fees
A New York magistrate judge said a group of U.S.-based Chinese nationals must compensate Paul Hastings LLP for more than $327,000 in legal fees the firm wracked up combating a case found to be part of a harassment campaign against billionaire exile Ho Wan Kwok's Chapter 11 trustee.
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March 19, 2024
McDonald's Franchisee's Ch. 11 Plan Approved With Deal
A Pittsburgh McDonald's franchisee received court approval Tuesday for its Chapter 11 plan after also getting the nod on a $4.35 million settlement with a former employee who was sexually assaulted as a minor by her manager at one of the debtor's restaurants.
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March 19, 2024
SAS Gets Nod On Ch. 11 Plan With $325M For Creditors
Airline holding company SAS AB, the Stockholm-based owner of Scandinavian Airlines, received a New York bankruptcy judge's approval Tuesday for a reorganization plan that will turn over control of the business to investors that collectively agreed to provide $1.2 billion as part of a refinancing deal last year.
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March 19, 2024
Skin Care Drug Co. Can Ask Creditors To OK Ch. 11 Plan
A Delaware bankruptcy judge said Tuesday she will give a debtor formerly known as Timber Pharmaceuticals Inc. permission to send its Chapter 11 plan out for a vote by the dermatology drug developer's creditors, after counsel for the company explained it had expanded the creditors' ability to opt out of the plan's claim releases.
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March 20, 2024
Future Of Judge-Shopping Reform Hazy After Rule Proposal
The policymaking body for U.S. courts provoked a stir last week when it proposed a rule designed to curb "judge shopping," with observers saying that the policy does address one type of the practice but that it remains to be seen if individual federal district courts will be willing to adopt even that limited reform.
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March 19, 2024
EV Charging Biz Pitches $400K Ch. 11 Staff Retention Plan
Charge Enterprises Inc., a company that builds electric vehicle charging stations and other infrastructure, has urged a Delaware bankruptcy judge to let it offer about $400,000 in bonuses to keep a dozen employees the firm deemed critical during its Chapter 11 case.
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March 19, 2024
Bankman-Fried's Fraud Left FTX Users Reeling, Letters Say
Customers of Sam Bankman-Fried's fallen crypto exchange are struggling with financial insecurity, skimping on expenses including food and worrying about their assets, according to victim letters lodged ahead of the FTX founder's sentencing for what prosecutors call an $11 billion fraud.
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March 18, 2024
Genesis Gets OK For $21M Deal To End SEC Crypto Loan Suit
A New York federal judge on Monday approved a $21 million settlement to resolve allegations that bankrupt crypto lender Genesis Global Capital LLC violated the U.S. Securities and Exchange Commission's regulations by selling unregistered securities in a joint partnership with crypto exchange Gemini Trust Co.
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March 18, 2024
Genesis Defends Crypto Payments At Ch. 11 Plan Hearing
Cryptocurrency lender Genesis Global Holdco Monday told a New York bankruptcy judge its proposal to distribute cryptocurrency to its customers is both fair and legal as the hearing on its Chapter 11 liquidation plan wound down.
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March 18, 2024
Voyager Investors Suing Mark Cuban Seek Class Cert.
Investors suing billionaire Mark Cuban over his role in promoting now-bankrupt Voyager Digital Ltd. have pushed for class certification and urged the court to rule that Voyager was selling unregistered securities.
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March 18, 2024
Amyris Gets OK To Settle Pot Co.'s $15M Trade Secret Suit
A Delaware bankruptcy judge has approved biotechnology company Amyris' $15.1 million settlement with cannabinoid manufacturer Lavvan, resolving yearslong litigation and arbitration proceedings alleging the debtor misused its then-business partner's trade secrets.
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March 18, 2024
Kirkland Wants To Escape Suit Over Ex-Judge's Relationship
Kirkland & Ellis LLP wants to bring down the hammer on a racketeering lawsuit claiming the firm "conspired" to profit from a Texas bankruptcy judge's secret romance scandal, saying the "flimsy" suit should be dismissed, and both the plaintiff and his attorneys at Bandas Law Firm PC should be sanctioned for filing it.
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March 18, 2024
Major Lindsey Followed Rules In Sex Assault Suit, Judge Says
A Chicago-based attorney who represents Major Lindsey & Africa LLC in an ex-employee's New York sexual assault suit did not run afoul of court requirements by sending a letter demanding that she drop the claims, a judge held Monday.
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March 18, 2024
Barnes & Thornburg Lands Morris Manning Bankruptcy Team
Barnes & Thornburg LLP picked up a former Morris Manning & Martin LLP bankruptcy group in Atlanta, the firm announced Monday.
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March 18, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar e-cigarette settlements, $4 billion in stock buybacks and a $6.1 million appraisal tweak were among the big-dollar items logged in the Delaware Court of Chancery's ledger last week. Also on the docket: a Panama port project, a news outlet's defamation case, drone disputes and a flood of mail from Tesla shareholders. In case you missed it, here's all the latest from the Chancery Court.
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March 18, 2024
Joann Hits Ch. 11 With $1B Secured Debt, Creditor Deal
Fabric retailer Joann Inc., better known as Joann Fabrics, filed for bankruptcy in Delaware on Monday with $1 billion in secured debt and an agreement with its creditors to trim $505 million from its balance sheet.
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March 16, 2024
Up Next At High Court: Gov't Jawboning & Retaliatory Arrests
The U.S. Supreme Court has a packed oral arguments calendar this week that includes disputes over the Biden administration's work with social media companies to combat misinformation, the appropriate evidence standard for bringing retaliatory arrest claims and whether the federal government can object to a consent decree entered into by three states.
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March 15, 2024
Ex-Prisoners Partially Settle Prepaid Card Suit For $2.8M
Central National Bank NA and a class of former inmates who were charged fees for using the bank's prepaid debit cards from partner Numi Financial reached a $2.8 million settlement following mediation, but the parties have requested the court stay the case while class counsel investigates Numi's potential insolvency.
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March 15, 2024
Eletson Creditors Urge Cutting Most Of Reed Smith's Fee Bid
Eletson Holdings Inc.'s unsecured creditors told a New York bankruptcy judge to cut the "vast majority" of the fees Reed Smith LLP requested for its work on the tanker company's Chapter 11 case because the firm wants nearly $1.9 million for work that didn't help the estate.
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March 15, 2024
Peer Street Can Solicit Ch. 11 Plan Votes, Judge Says
Peer Street told creditors of the company and its entities Friday to expect ballots for their Chapter 11 plan, after a Delaware bankruptcy judge decided the real estate investment platform had disclosed enough information about its proposal for reorganization.
Expert Analysis
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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3 Cases Show Tensions Between Arbitration And Insolvency
The intersection of international arbitration and insolvency may influence the formulation of litigation strategy on a global scale, and several recent cases illustrate the need for counsel to understand how courts are varying in their approaches, say attorneys at Skadden.
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Opinion
Air Ambulance Ch. 11s Show Dispute Program Must Resume
Air Methods’ recent bankruptcy filing highlights the urgent need to reopen the No Surprises Act’s independent dispute resolution program for air ambulances, whose shutdown benefits insurance companies and hurts providers, says Adam Schramek at Norton Rose.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Why Delaware ABCs Are No Longer As Easy As 1-2-3
In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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Proactive Measures While NY Foreclosure Law Is In Limbo
While questions about the scope and constitutionality of New York's Foreclosure Abuse Prevention Act might not be resolved by courts for years, lenders, borrowers and other interested parties can take action to protect their rights and potentially expedite appellate review, say Allison Schoenthal and Andrew Kim at Goodwin.
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Unearthing The Lesser-Known 'Buried Facts' Doctrine
A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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9th Circ. Ruling Expands The Horizons Of Debt Discharge
The Ninth Circuit Bankruptcy Appellate Panel’s recent ruling in RS Air v. NetJets demonstrates that creditors should not be quick to conclude that their recoveries are limited if a debtor commences bankruptcy and receives a discharge, and should instead consider other potential paths for recovery, like alter ego claims, say Dania Slim and Claire Wu at Pillsbury.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.