Bankruptcy

  • July 22, 2019

    11th Circ. Affirms FDIC's $5M Win In Suit Over Bank Failure

    The Eleventh Circuit published an opinion on Monday affirming the Federal Deposit Insurance Corp.'s $5 million jury award won in Georgia federal court against the former directors of the failed Buckhead Community Bank.

  • July 22, 2019

    White Eagle Reworks Ch. 11 Sale Order After Lenders Balk

    Last minute assurances of lender payoff rights headed off a Delaware Bankruptcy Court post-confirmation fight Monday over a proposed order authorizing life insurance policy investor White Eagle Asset Portfolio to sell most of its equity to buy out key lenders by Sept. 17.

  • July 22, 2019

    Blackhawk OK’d To Tap $240M Loan After Lien Changes

    Bankrupt coal miner Blackhawk Mining LLC received court approval Monday in Delaware to access a portion of $240 million in post-petition financing packages after a judge raised concerns about granting liens on some of the debtor’s leased properties.

  • July 22, 2019

    Liddle & Robinson Hits Ch. 11, Citing Alleged Bad Loans

    New York employment law firm Liddle & Robinson LLP filed for Chapter 11 protection on Monday, saying it was driven to seek bankruptcy protection by lenders that have aggressively pursued collection and interfered with the firm’s business.

  • July 22, 2019

    Elk Petroleum Avoids Ch. 11 Trustee In Settlement Bid

    Bankrupt oil and gas driller Elk Petroleum Inc. on Friday submitted a proposed settlement to the Delaware bankruptcy court that would cancel a bid by a secured creditor to appoint a trustee to oversee the debtors' cases, agreeing to have two independent directors installed to Elk's board.

  • July 22, 2019

    Trustee, MDL Group, Maryland AG Blast Insys Ch. 11 Proposal

    The federal bankruptcy watchdog, Maryland’s attorney general and counsel for plaintiffs in massive opioid multidistrict litigation are all ripping a proposal to appoint a “public entities committee” in drugmaker Insys Therapeutics Inc.’s Chapter 11 case, arguing it either goes too far or not far enough.

  • July 22, 2019

    SEC Slams 'Overbroad' Release In Helicopter Co. Ch. 11 Plan

    The U.S. Securities and Exchange Commission is urging a Texas bankruptcy court to reject an organization plan by helicopter services operator PHI Inc. that it says oversteps bankruptcy law with “overbroad” releases of nondebtors.

  • July 22, 2019

    Fire-Stricken Philly Refinery Opens Second Ch. 11 In Del.

    Owners of the fire-crippled and idled Philadelphia Energy Solutions LLC refinery opened their second Chapter 11 in 18 months Monday, saying they hope to see the site rebuilt and reopened despite reports of a permanent shutdown after an explosion and blaze in June.

  • July 19, 2019

    Cancer Center Ch. 11 Reopened, But Not For Antitrust Fight

    A New York bankruptcy judge told cancer treatment center chain 21st Century Oncology he won’t reopen its Chapter 11 case for the purpose of quashing the antitrust claims of a group of its former doctors and the indemnification claims of its ex-CEO.

  • July 19, 2019

    J&J Still Can't Transfer 2,400 Talc Suits To Del. Fed. Court

    Johnson & Johnson lost another bid to transfer 2,400 personal injury and wrongful death suits over allegedly contaminated talc powder products to Delaware federal court on Friday, when a judge found that the company failed to prove the case is "related to" its talc supplier's bankruptcy case.

  • July 19, 2019

    Coal Co. Blackhawk Mining Opens Ch. 11 On $1.1B Debt

    Kentucky-based Blackhawk Mining LLC and 21 affiliates opened a prepackaged Chapter 11 in Delaware bankruptcy court on Friday, armed with a restructuring agreement for its $1.1 billion in debt that includes swapping $668 million in secured loans for newly issued equity.

  • July 19, 2019

    Philly Hospital's Ch.11 Plan To Sell Residency Program OK'd

    A plan to sell doctor training programs proposed by Philadelphia hospital operator Center City Healthcare received approval Friday when a Delaware bankruptcy judge said the plan would protect the interests of affected resident doctors as best it could.

  • July 19, 2019

    SC Utility Customers Tell 2nd Circ. To Revive Nuke Plant Suit

    Two South Carolina utility customers on Friday asked the Second Circuit to revive a suit against Westinghouse Electric Co. to recover payments made for an abandoned nuclear project, saying their claims arise from Westinghouse’s post-Chapter 11 acts.

  • July 19, 2019

    SFX Directors, CEO To Pay $7.5M To End Shareholder Suit

    The directors of dance music festival promoter SFX Entertainment Inc. and its CEO have agreed to pay $7.5 million to settle an investor suit alleging they tried to fraudulently bolster the company's stock price before declaring bankruptcy in February 2016.

  • July 19, 2019

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

    The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.

  • July 18, 2019

    Warren Attacks PE Firms For 'Legalized Looting' With New Bill

    Sen. Elizabeth Warren, D-Mass., called for greater regulation of private equity firms Thursday with legislation intended to quell what she dubbed the “legalized looting” of portfolio companies.

  • July 18, 2019

    Carlton Fields Switched Sides In Transaction, Suit Says

    The trustee of a bankrupt title insurance company has filed a suit in Florida state court against Carlton Fields accusing the law firm of sending the company into insolvency by setting up a joint venture then jumping ship to represent the company’s partner.

  • July 18, 2019

    Cloud Peak Gets $35M Ch. 11 DIP Nod, Nixes Wyo. Tax Lien

    Bankrupt coal company Cloud Peak Energy secured tentative access to the balance of a $35 million debtor-in-possession loan Thursday after a Delaware bankruptcy judge rejected priority status for a more than $8 million Wyoming county tax debt.

  • July 18, 2019

    Open Road Films Seeks Approval Of Ch. 11 Plan Docs

    Bankrupt movie distribution company Open Road Films LLC asked a Delaware court to approve its Chapter 11 plan disclosure statement Thursday, saying the document lays out how it plans to distribute its remaining assets as part of a liquidation.

  • July 18, 2019

    Akin Gump Brings Debt Finance Partner To NY Office

    Akin Gump Strauss Hauer & Feld LLP announced Thursday that it’s bolstering its corporate practice by bringing a debt finance attorney from Stroock & Stroock & Lavan LLP as a partner into its New York office.

  • July 18, 2019

    Alix Seeks Another Probe Of McKinsey Conflict Claims

    McKinsey & Co. critic Jay Alix is asking an Illinois bankruptcy court to reopen another Chapter 11 case involving the rival restructuring consultant to investigate more claims McKinsey failed to disclose its investments with the company's parent and buyer.

  • July 17, 2019

    'May I Just Ask': Era Of Civility Passes With Justice Stevens

    Former clerks and attorneys remember Justice John Paul Stevens, who died Tuesday night at the age of 99, for his trenchant mind and his unending civility. Does his passing mark an end to an era of collegiality on the bench?

  • July 17, 2019

    Justice Stevens' Chevron Legacy Under Attack

    Justice John Paul Stevens' landmark decision in Chevron USA Inc. v. NRDC shaped the course of administrative law, and his legacy, for decades. But a recent wave of criticism shared by members of the current court threatens to erase a doctrine that has long bolstered federal regulators' sway over corporate America.

  • July 17, 2019

    'Kindness, Humility, Wisdom': Justices Remember Stevens

    A day after retired U.S. Supreme Court Justice John Paul Stevens died at the age of 99, his colleagues paid tribute to the third-longest-serving member of the high court, cherishing his devotion to public service, his kindness and his unwavering commitment to justice.

  • July 17, 2019

    The Stories They Tell About Justice Stevens

    Justice John Paul Stevens had a legendary reputation as one of the most humble and caring members of the court. His clerks related some tales that show why.

Expert Analysis

  • E-Discovery Experts Could Increase Fed. Court Efficiency

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    As electronic data demands on federal courts continue to increase, it may be time to consider whether the courts should establish an office that could be staffed with technical experts familiar with electronic discovery issues, says Douglas Smith of Kirkland.

  • Remembering Justice Stevens As A Law Firm Leader

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    Rothschild Barry's John Coffey, who joined Justice John Paul Stevens' law firm in 1965, shares what it was like to watch Justice Stevens practice law, mentor younger lawyers and land a malfunctioning plane.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Federal Agencies Need A Uniform Record-Keeping Process

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    The administrative record is very important to federal agency litigation — as showcased in last month's U.S. Supreme Court decision concerning the addition of a citizenship question to the 2020 census — yet there is no set of consistent principles to guide agencies in compiling these official records, say attorneys at WilmerHale.

  • The Role Of Dictionaries In Last Term's High Court Decisions

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    Since 32 of the 67 decisions issued by the U.S. Supreme Court during its October term cite dictionaries, it’s worth reviewing the opinions to learn which dictionaries the justices consulted and how they used them, say Bruce Wessel and Brian Weissenberg of Irell & Manella.

  • How To Evaluate The Rise In Legal Employment

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    Although the rate of employment for law school graduates — which had been falling steadily — saw a small increase over the last year, other factors, such as fewer graduates overall and potential future job growth stagnation, temper the good news for those pursuing law degrees, say Tiffane Cochran and Tyler Grimm of AccessLex Institute.

  • Opinion

    The Business Case For Championing Diverse Legal Teams

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    Leveraging the collective strengths of a diverse workforce is not only the right thing to do, it’s a strategic imperative for any successful firm or business, says Louise Pentland, executive vice president and chief business affairs and legal officer of PayPal.

  • The Curious Case Of Crypto Valuations

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    Cryptocurrency assets can be hard to value, and none of the valuation methods proposed thus far have been significantly tested in court. To head off possible litigation, companies and investment managers holding crypto assets should be transparent about the valuation methods they use, say Justin Steffen and Michael Perich of Ice Miller.

  • Creditors Should Be Wary Of Debtor Promises To Pay In Full

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    To achieve a speedy exit from Chapter 11, a debtor will often promise to pay unsecured creditors 100% of their prepetition claims in the ordinary course of business, rendering those creditors "unimpaired." However, there are potential pitfalls that unsecured creditors may face under these scenarios, say Eric Wilson and Maeghan McLoughlin of Kelley Drye. 

  • Rethinking The Tech-First Approach To Law Firm Solutions

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    When a lawyer complains about some workflow inefficiency they are having, the knee-jerk reaction of many firms is to look for a technology-based workaround. This overlooks the importance of human psychology and behavior, which may be the root of the problem, says Ryan Steadman of Zero.

  • Top 10 Techniques For Crafting A Dazzling Brief

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    Legal writing often falls flat not because it’s unorganized, but because it’s technically unsound and riddled with gaffes that cheapen and degrade it. Avoiding the most common mistakes will keep judges interested and, most importantly, make them trust you, says Daniel Karon of Karon LLC.

  • Circuit Split Widens On Bankruptcy Jurisdiction In SSA Claims

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    In the recent Fifth Circuit ruling in Benjamin v. U.S., the court breathed new life into a circuit split by joining the Ninth Circuit in holding that bankruptcy courts may exercise jurisdiction over a claim arising under the Social Security Act, says Jack Haake of Foley & Lardner.

  • The Upside Of The Fastest Chapter 11 Confirmation Ever

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    Setting the record for fastest confirmation of a Chapter 11 plan in U.S. history, Sungard Availability Services Capital confirmed a prepackaged plan of reorganization 19 hours after filing for bankruptcy. This and other recent precedents may enable future debtors to bypass costly, lengthy stays in bankruptcy, say Hugh McDonald and Alissa Piccione of Troutman Sanders.

  • Q&A

    A Chat With Ballard Spahr Diversity Chief Virginia Essandoh

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    In the final installment of this monthly series, legal recruiting expert Carlos Pauling from Major Lindsey & Africa talks with Virginia Essandoh about the trends and challenges she sees as chief diversity officer at Ballard Spahr.

  • Series

    Judging A Book: McMahon On 'Roosevelt For The Defense'

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    In "Theodore Roosevelt for the Defense," authors Dan Abrams and David Fisher meticulously chronicle the forgotten high-profile 1915 libel trial of Teddy Roosevelt, capturing the interesting legal customs of an era before things like notice pleading and pretrial discovery, says Chief U.S. District Judge Colleen McMahon of the Southern District of New York.