Bankruptcy

  • August 01, 2022

    Catching Up With Delaware's Chancery Court

    Delaware Chancery Court was running at full speed last week, with new cases involving Skechers, Fleet Feet Sports, and promotion of the University of Florida's athletics programs.

  • August 01, 2022

    Revlon Gets OK For $1.4B Ch. 11 Financing Package

    A New York bankruptcy judge Monday approved a $1.4 billion Chapter 11 financing package for Revlon Inc. over the objections of the company's unsecured creditors, saying the terms were ultimately fair and reasonable.

  • August 01, 2022

    NY Atty Kossoff To Argue $4.5M Escrow Suit From Prison

    A New York federal judge will allow former New York City real estate attorney Mitchell Kossoff to defend himself from prison against a Miami real estate company's bid to recoup $4.5 million in missing escrow funds.

  • July 29, 2022

    Alex Jones' Co. Files For Bankruptcy Amid Sandy Hook Suit

    Alex Jones' company, which operates his media outlet InfoWars, filed for bankruptcy in Texas federal court on Friday while Jones' trial in the first of three Sandy Hook defamation suits continued in Texas state court.

  • July 29, 2022

    Revlon Judge Leans Toward Nov. Ch. 11 Plan Deadline

    A New York bankruptcy judge on Friday said he would likely approve a Nov. 30 deadline for Revlon Inc. to file its Chapter 11 plan when he rules on the company's proposed $1.4 million bankruptcy financing package.

  • July 29, 2022

    FDIC Warns Banks On Crypto Partners' Insurance Disclosures

    Banks that work with cryptocurrency companies should ensure that any communications about deposit insurance are accurate, as there's a high risk of customer confusion when it comes to digital assets, the Federal Deposit Insurance Corp. warned Friday.

  • July 29, 2022

    Boy Scouts Get Approval For $2.7B Abuse Settlement Fund

    A Delaware bankruptcy judge on Friday approved major parts of the Chapter 11 plan proposed by the Boy Scouts of America to deal with more than 80,000 claims of childhood sexual abuse, including the creation of a $2.7 billion settlement fund, but said there were some issues still to be resolved before the plan can be confirmed.

  • July 29, 2022

    Judge Cautions Alex Jones' Atty About Courtroom Conduct

    The attorney representing Alex Jones in the first of three Sandy Hook defamation suits in Texas has been warned by the judge to dial down his behavior toward plaintiffs' counsel and was scolded after forgetting to tell Jones and another defendant not to discuss the case.

  • July 29, 2022

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

    The past week in London has seen bankrupt paper manufacturer Norske Skog throw the book at a Blackstone trader in a claim over the mismanagement of its debt, a German motorsport team race into a claim against one of its former drivers, and gaming studio Failbetter hope for game over in its ongoing feud with founder Alexis Kennedy.

  • July 29, 2022

    Armstrong Flooring Gets Court OK For Trademark Settlement

    Bankrupt Armstrong Flooring Inc. is moving ahead with sales of its assets in China, Australia and New Zealand after getting a bankruptcy court's approval for a $1 million settlement with the company's former parent Armstrong World Industries Inc. over trademark rights.

  • July 29, 2022

    NASA Lunar Lander Contractor To Sell Assets In Ch. 11

    NASA contractor Masten Space Systems Inc. has filed for bankruptcy protection in Delaware with plans in place to sell its assets under an asset purchase agreement with Houston-based aerospace company Intuitive Machines LLC.

  • July 28, 2022

    FDIC Says Voyager Misled Users About Deposit Insurance

    The Federal Deposit Insurance Corp. and the Federal Reserve Board on Thursday ordered bankrupt cryptocurrency firm Voyager Digital to stop making "false or misleading statements" about its deposit insurance arrangements.

  • July 28, 2022

    Revlon Says Terms For $1.4B Ch. 11 Loan Are Fair

    Cosmetics giant Revlon Inc. on Thursday defended its proposed $1.4 billion Chapter 11 financing package from arguments that it was a bad deal for unsecured creditors forced on a company desperate for the cash it needed to stay in operations.

  • July 28, 2022

    Earplug MDL Judge Won't Block 3M Unit's Bankruptcy Stay

    A Florida federal judge won't issue a restraining order blocking 3M Co. from using a subsidiary's bankruptcy proceeding to apply a stay on claims in multidistrict litigation over its Combat Arms earplugs, saying there's no indication the plaintiffs will suffer harm without the injunction.

  • July 28, 2022

    Pipeline Foods Ch. 11 Trustee Alleges Fraud By Amerra

    The liquidating trustee of Pipeline Foods LLC has sued the bankrupt organic food supplier's former controller in Delaware bankruptcy court, alleging that agribusiness hedge fund Amerra Capital Management LLC and company executives knowingly misstated the value of inventory to get millions in loans that weren't fully backed.

  • July 28, 2022

    3M Earplug Suits Lead To Ch. 11, Talc Claims To Be Estimated

    Military veteran claims pushed earplug maker and 3M unit Aearo into bankruptcy, a New Jersey judge ordered an estimation process for talc claims in the Chapter 11 of Johnson & Johnson's talc unit and the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital are not responding to subpoenas. This is the week in bankruptcy.

  • July 28, 2022

    Fleet Feet Sports Sues In Del. For Shortfall On $47.7M Merger

    A North Carolina running shoe company has sued the former owners of the specialty running shoe retailer JackRabbit in Delaware Chancery Court, accusing the Colorado-based venture of attempting to run out on a more than $6 million price adjustment due on a $47.7 million merger.

  • July 28, 2022

    Judge Orders Claim Estimation For J&J Talc Unit's Ch. 11

    A New Jersey bankruptcy judge ordered an abbreviated estimation process Thursday to establish the aggregate value of the thousands of talc injury claims in the Chapter 11 case of a bankrupt Johnson & Johnson unit.

  • July 28, 2022

    Liquidators Say Three Arrows' Founders Are Still Hiding

    The British Virgin Islands liquidation of cryptocurrency hedge fund Three Arrows Capital Ltd. Thursday received U.S. recognition from a New York bankruptcy judge after counsel representing the liquidators said they are still trying to track down the fund's founders.

  • July 27, 2022

    3M Unit Strikes Deal To Extend Earplug Suit Schedule

    3M unit Aearo Technologies reached a deal Wednesday at the first-day hearing in its Chapter 11 case to push back deadlines in the multidistrict litigation alleging it made defective earplugs that the company filed for bankruptcy to escape.

  • July 27, 2022

    Kumtor Wins Ch. 11 Dismissal After Kyrgyzstan Mine Deal

    Bankrupt Kumtor Gold Co. received approval for a voluntary dismissal of its Chapter 11 case Wednesday after a New York judge said a deal with the government of Kyrgyzstan and the company's equity parent was in the best interest of creditors.

  • July 27, 2022

    Toomey Says 'Sluggish' SEC Has Hurt Crypto Investors

    The U.S. Securities and Exchange Commission's "capricious and ineffective" approach to cryptocurrency regulation has not only failed to provide clarity to the industry but has hurt consumers badly in need of protection, Sen. Pat Toomey said in a recent letter to SEC Chair Gary Gensler.

  • July 27, 2022

    Gold Standard Cancels Ch. 11 Auction, Accepts $20M Bid

    Gold Standard Baking LLC received no other qualified offers, making a $20 million stalking horse credit bidder the top contender to purchase its assets and negating the need for an auction, according to a cancellation notice filed in a Delaware bankruptcy court Tuesday.

  • July 27, 2022

    SAS Settles Pilot Strike, Moves Toward Ch. 11 Financing

    Bankrupt Scandinavian airline SAS AB told a New York federal judge Wednesday it has resolved a pilot labor action that threatened its restructuring plan, and it is moving toward a $700 million Chapter 11 financing package.

  • July 27, 2022

    SEC's Gensler Defends Agency's Crypto Accounting Memo

    The head of the U.S. Securities and Exchange Commission on Wednesday defended a recent staff bulletin that advises banks to account for custodied crypto assets on their balance sheets, arguing that the measure will help protect investors amid a digital assets downturn.

Expert Analysis

  • Embracing Revenue Operations For Strong Law Firm Growth

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    The concept of revenue operations — a management strategy commonly used in high-growth sectors that involves integrating all departments to address and fulfill client needs — can help law firms develop their own growth strategies, including strengthening client relationships, says Dave Southern, a business development and marketing professional.

  • 9th Circ. Subchapter V Case Clarifies Commitment Periods

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    The Ninth Circuit Bankruptcy Appellate Panel’s recent decision in Orange County Bail Bonds is among the first to touch on the appropriate length of a commitment period under Subchapter V of the Bankruptcy Code, with lessons for both creditors and debtors, say Brian Shaw and David Doyle at Cozen.

  • Make Room For Serendipity In Your Legal Job Search

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    Landing your dream legal job gets easier when you cultivate serendipity — which involves expanding and deepening your network, while being flexible, authentic and engaged with the world around you, says Anna Sanders at VOYLegal.

  • Ethics Considerations For Attorneys Joining Nonprofit Boards

    Excerpt from Practical Guidance
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    Many charitable organizations offer attorneys board positions to benefit from their specialized legal knowledge, but there are ethical considerations and liability dangers that demand lawyers set boundaries about their roles and responsibilities, says Patrick Sturm at LexisNexis.

  • What The Subchapter V Debt Limit Raise Means For Small Biz

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    A recently signed bill raising the debt limit back to $7.5 million for those electing treatment under the Small Business Reorganization Act provides a sigh of relief for small companies, but debtors should consider whether filing a Subchapter V case by the end of this year is advantageous, say attorneys at Michael Best.

  • Ireland Examinership Becoming Critical In Int'l Insolvency

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    U.S. practitioners should take note of a unique avenue of restructuring in Ireland, as highlighted by recent international bankruptcy cases that culminated in examinership petitions to the Irish courts, says Sam Saarsteiner at Clark Hill.

  • NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

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    PMW Management's Chapter 11 filing, which recently received extra time to submit a restructuring plan, highlights courts' increasing skepticism of bankruptcy blocking provisions and favoritism toward leaving bankruptcy restructuring plans in the hands of the debtor, say Jeff Marwil and Ashley Weringa at Proskauer.

  • Storm Clouds Loom Ahead For Real Estate Investors

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    With a wave of negative economic indicators mounting on the horizon, real estate investors facing financial distress should proactively take steps to mitigate the risk of bankruptcy, says William Lobel at Distressed Capital Resources.

  • Bankruptcy Case Is Reminder On Collateral Ownership Issue

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    The recent Northern District of Oklahoma bankruptcy ruling in Rudick shows why it is critical that a practitioner understands who owns its client's proposed collateral, especially if the collateral is material to the underwriting and credit profile of a loan, say attorneys at Troutman Pepper.

  • How To Avoid Construction Lien Traps In Bankruptcy Filings

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    The Ninth Circuit Bankruptcy Appellate Panel’s decision in 450 S. Western Ave. serves as a cautionary tale on the risks of a contractor agreeing not to foreclose a lien in exchange for the owner agreeing not to challenge the validity of the lien in bankruptcy filings, and highlights how contractors can protect their liens, says Blake Robinson at Davis Wright.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Sears Bankruptcy Case Shows Modification Disclosure Is Key

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    The recent New York federal court decision in Transform Holdco v. Sears Holdings highlights the importance of seeking approval of any material modifications to a purchase agreement in a bankruptcy, as historical setting can be a factor if any dispute arises later between a debtor and a buyer, say Frank Grese and Reginald Sainvil at Baker McKenzie.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • 9th Circ. Ruling Offers Guidance On Automatic Stay Violations

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    The Ninth Circuit Bankruptcy Appellate Panel’s opinion in Censo v. Newrez clarifies the nebulous standard for automatic stay violations, and provides useful guidance for practitioners to consider in determining whether a creditor's defensive action taken in pending litigation counts as a violation, say Keith Owens and Zach Williams at Fox Rothschild.

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