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Bankruptcy
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October 03, 2024
Cole Schotz Adds Potter Anderson Corporate Partner In Del.
Cole Schotz PC has added a corporate member with 16 years of Delaware-focused corporate advisory and transactional experience.
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October 02, 2024
Giuliani Asks DC Circ. To Ax Poll Workers' $148M Judgment
Rudy Giuliani urged the D.C. Circuit Wednesday to throw out the $148 million damages awarded to two Georgia poll workers the former New York City mayor falsely accused of committing ballot fraud during the 2020 presidential election, saying they didn't establish he published the misinformation with actual malice.
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October 02, 2024
Judge Nixes Alta Mesa Trustee's Clawback Suit
A Texas bankruptcy judge has ended efforts by the litigation trustee for defunct oil and gas company Alta Mesa Resources Inc. to claw back money from its predecessor's shareholders, finding that they did not directly benefit from contracts that boosted the value of the company before it was later taken public in a reverse merger.
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October 02, 2024
Dental Laser Maker Biolase Hits Ch. 11 With $33M In Debt
Biolase, a manufacturer of lasers used in dental procedures, is seeking bankruptcy protection in Delaware, and has disclosed roughly $33 million in debt and a $14 million stalking horse offer for its assets, citing financial challenges that it said stemmed from slow market adoption of new technology and economic headwinds.
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October 02, 2024
Bally Sports Owner's Ch. 11 Plan Ditches MLB TV Deals
A new Chapter 11 plan filed by the owner of Bally Sports-branded regional sports networks would reject all but one of the company's broadcast deals with MLB teams, but would maintain contracts with professional basketball and hockey partners while swapping existing debt for reorganized equity.
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October 02, 2024
GNC Wins $45M In Awards Against Asian Franchisees
GNC Holdings LLC has said the International Centre for Dispute Resolution informed the health and wellness company of nearly $45 million it has won in arbitral awards against franchisees located in Singapore and the Philippines.
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October 02, 2024
Quinn Emanuel Can't Ignore Past Oro Negro Ties, Oil Co. Says
Oro Negro Drilling Pte. Ltd. said former counsel Quinn Emanuel Urquhart & Sullivan LLP must produce confidential information in a discovery bid to disqualify its attorneys in Mexican proceedings.
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October 02, 2024
Conn. Receiver Gains Access To Apt. Co-Op's BofA Accounts
Bank of America agreed to provide a court-appointed receiver with access to a distressed housing cooperative's bank accounts Wednesday amid efforts by the municipalities of Bridgeport and Stratford, Connecticut, to obtain a court order.
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October 02, 2024
Fort Worth Senior Home Hits Ch. 11 With Prepackaged Plan
The owner of a Fort Worth, Texas, retirement home filed for Chapter 11 with a prepackaged plan that would refinance its $112 million of municipal bond obligations.
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October 01, 2024
Foley & Lardner Accused Of Malpractice In GWG Transactions
Foley & Lardner LLP did not heed the fiduciary duty it owed to GWG Holdings when it facilitated loans and other transactions unfair to the life insurance-backed bond seller and, instead, enriched a group of "corrupt" shareholders, according to a lengthy adversary lawsuit filed in Texas bankruptcy court.
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October 01, 2024
Fla. Judge Sends 2 Live Crew Rights Dispute To Jury
A Florida federal judge has trimmed trademark and copyright infringement claims from a suit by music label Lil' Joe Records against members of the hip-hop group 2 Live Crew but said he would send the issue of whether the termination of the label's rights to the songs was effective to a jury next week.
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October 01, 2024
Vermont Diocese Files Bankruptcy, Facing Sex-Abuse Claims
The Roman Catholic Diocese of Burlington, Vermont, has become the latest U.S. Catholic diocese to file for Chapter 11 protection due to sexual abuse claims, saying it is the fairest way to deal with legal claims it is facing after a state statute of limitations was removed.
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October 01, 2024
Most TA Dispatch Claims Fall In Chancery Celadon Suit
Alabama trucking and transport management company TA Dispatch LLC saw three of its four claims tossed Tuesday from its Delaware Court of Chancery suit seeking millions in damages from directors and officers of a transport and logistics company that went bankrupt shortly after selling TA Dispatch severely hobbled assets.
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October 01, 2024
Steward Can't Be Forced To Reassign Contract In Ch. 11
While a government contractor was within its rights to end a subcontracting agreement with embattled hospital group Steward Health, the Bankruptcy Code's provisions for assignment of contracts mean the debtor can't be compelled to reassign the agreement while in Chapter 11, a Texas bankruptcy judge said Tuesday.
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October 01, 2024
Client's Late Arrival, Bankruptcy Complicate Age Bias Suit
The co-owner for a bankrupt Pittsburgh hotel almost lost his lawyer Tuesday, arriving late and introducing himself to the attorney for the first time in person at a hearing on the attorney's motion to withdraw from defending him against an ex-employee's age bias claim.
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October 01, 2024
McElroy Deutsch Must Face 'Malicious' Claim From Fired Exec
A former business development director from McElroy Deutsch Mulvaney & Carpenter LLP has been given the go-ahead from a New Jersey state judge to bring a malicious-prosecution claim against the firm in litigation over her and her husband's alleged multimillion-dollar embezzlement from the firm.
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October 01, 2024
Judge Backs Ban On Protests Targeting Guo Ch. 11 Trustee
A Connecticut federal judge has affirmed a ban on certain protests aimed at the Chapter 11 trustee overseeing the bankruptcy estate of Chinese dissident Miles Guo, also known as Ho Wan Kwok, after the trustee faced death threats because of his investigation and a failed $250 million settlement.
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October 01, 2024
Nostrum Labs Hits Ch. 11 A Year After Medicaid Settlement
Nostrum Laboratories, a New Jersey drugmaker that paid millions to settle allegations that it underpaid Medicaid drug rebates for its bladder infection drug after it hiked the price more than 400%, filed for Chapter 11 protection with nearly $68.3 million in debt.
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September 30, 2024
Pa. Bankruptcy Court OKs $53M Sale Of Nursing Homes
A federal bankruptcy judge approved the proposed sale of nine western Pennsylvania nursing homes to affiliates of Kadima Healthcare Group for $53 million Monday, as part of Chapter 11 proceedings for more than a dozen facilities operating under the umbrella of Comprehensive Healthcare Management Systems.
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September 30, 2024
US Trustee Says Reed Smith Didn't Disclose Eletson Ties
The U.S. Trustee's Office is asking a New York bankruptcy judge to claw back the fees and expenses law firm Reed Smith LLP has earned representing shipping firm Eletson Holdings in its Chapter 11 case, saying it failed to disclose ties with Eletson directors.
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September 30, 2024
Guo Ch. 11 Trustee Seeks To Sell Conn. Mansion For $6.9M
The Chapter 11 trustee overseeing the estate of Chinese exile Miles Guo, also known as Ho Wan Kwok, asked a bankruptcy judge's permission Monday to sell a Connecticut mansion tied to the convicted fraudster for $6.9 million to benefit the estate, according to paperwork filed Monday.
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September 30, 2024
FCC Approves Audacy's Soros Deal, Triggering GOP Anger
The Federal Communications Commission has given the green light to the purchase of an ownership interest in bankrupt radio station owner Audacy Inc. by a fund manager with ties to George Soros.
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September 30, 2024
Bed Bath & Beyond Investors Lose Bid For Class Cert.
A D.C. federal judge has refused to certify a class of Bed Bath & Beyond investors in a suit alleging they were misled by company executives, saying that while the investors met many certification requirements, certification cannot be granted because the market for the company's stock was not efficient during the proposed class period.
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September 30, 2024
Steward Health CEO Sues Senate Panel After Contempt Vote
The outgoing CEO of embattled Steward Health Care on Monday sued members of Congress who voted earlier this month to hold him in contempt for defying their subpoena to testify at a hearing into the downfall of the bankrupt hospital chain he heads.
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September 30, 2024
Climate Analytics Co. Seeks Ch. 11 With Up To $50M In Debt
BAWT Enterprises LLC, the New Hampshire-based parent company of climate data analytics firm Athenium Analytics, filed for Chapter 11 protection in Delaware in hopes of quickly confirming its prepackaged plan to hand ownership of the reorganized company to its creditors.
Expert Analysis
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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2 Options For Sackler Family After High Court Purdue Ruling
After the U.S. Supreme Court recently blocked Purdue Pharma's plan to shield the family that owns the company from bankruptcy lawsuits, the Sacklers face the choice to either continue litigation, or return to the bargaining table for a settlement that doesn't eliminate creditor claims, says Gregory Germain at Syracuse University.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Revisiting Scalia's 'What's It To You?' After Kaiser Ruling
While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage
The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.