Bankruptcy

  • June 28, 2022

    Erika Girardi Ordered To Turn Over Pricey Diamond Earrings

    Reality television star Erika Girardi must turn over to a bankruptcy trustee a pair of diamond earrings that her estranged husband, the disbarred attorney Thomas V. Girardi, bought in 2007 for $750,000, a Los Angeles bankruptcy judge said Tuesday, finding that it was clear that stolen funds were used to buy them. 

  • June 28, 2022

    SL Green Wants Assets Pinned Down In $185M Award Fight

    An affiliate of New York commercial office space giant SL Green Realty Corp. on Tuesday filed an urgent motion asking a federal court in New York to freeze assets belonging to HNA Group as it looks to enforce a $185.4 million arbitral award against the failing Chinese conglomerate.

  • June 28, 2022

    LeClairRyan Trustee Approved For $21M UnitedLex Settlement

    A Virginia bankruptcy judge approved a $21 million settlement between the Chapter 7 trustee for defunct law firm LeClairRyan PLLC and the legal services provider she accused of bleeding the firm of millions and driving it into liquidation.

  • June 28, 2022

    Water Rights Holders File $68M Ch. 11 Suit Against Alto Maipo

    A Chilean organization that manages water rights near the site of a hydroelectric dam has filed a $68 million adversary suit in the Delaware bankruptcy case of the dam's developer, Alto Maipo, alleging that equipment tests by the debtor lowered water levels and deprived the owners of water access.

  • June 28, 2022

    Ex-Toys R Us Officers To Face Claims In Ch. 11 Suit

    A Virginia bankruptcy judge has allowed most of the claims lodged against former executives and officers of retailer Toys R Us to survive, saying in an opinion that there are material facts in dispute that need the benefit of a trial.

  • June 28, 2022

    Payroll Firm Flexible Funding OK'd For Ch. 11 Liquidation

    Trucking and staffing industry payroll financing firm Flexible Funding Ltd. received bankruptcy court approval on Tuesday in Texas for its Chapter 11 liquidation plan that calls for the distribution of proceeds from a sale that closed in late 2021.

  • June 28, 2022

    Fraudulent Transfer Claim Survives In Alchemy Ch. 7 Suit

    A Delaware bankruptcy judge has rejected Anderson Media Corp.'s bid to dismiss a fraudulent transfer claim in litigation brought by the Chapter 7 trustee of defunct film and television show distributor Alchemy in the wake of a 2015 deal between the companies but tossed the suit's breach of fiduciary duty claims.

  • June 28, 2022

    Mass. Gas Plant Pays $44M To End FERC Payment Probe

    A bankrupt Massachusetts gas-fired power plant has agreed to pay a $17.1 million fine and disgorge $26.7 million in profits to resolve Federal Energy Regulatory Commission allegations that it improperly reaped over $100 million in electricity market payments despite not yet being in service.

  • June 27, 2022

    Regal Ordered To Pay Rent Despite COVID Theater Closures

    A Delaware state judge on Monday ruled that Regal Entertainment Group must pay $5.5 million in unpaid rent and other charges stemming from leases with Simon Property Group, finding that the pandemic doesn't excuse Regal from its rent payment obligations under the leases.

  • June 27, 2022

    Fla. Consumer Tells Jury Experian Ran Afoul Of FCRA

    A Florida consumer whose Experian credit report falsely stated he was delinquent on a mortgage told jurors Monday that the credit reporting giant failed in its statutory duty under the Fair Credit Reporting Act to ensure "maximum possible accuracy" of the information in its reports.

  • June 27, 2022

    Catching Up With Delaware's Chancery Court

    The Delaware Chancery Court drew a step closer last week to filling an empty seat on the bench, a debt maven fought for control of a cosmetics company, and new cases came in involving cryptocurrency, building products, business software, and of course, private equity. Here's your weekly roundup of news from Delaware's Chancery Court.

  • June 27, 2022

    High Court Turns Away Teamsters Fund's $58M Pension Suit

    The U.S. Supreme Court declined a Teamsters pension fund's request on Monday to review a ruling that let a wholesale grocer avoid paying $58 million the fund claimed it was owed after a warehouse operator stopped contributing.

  • June 27, 2022

    Bankrupt Texas Power Plant Gets $144M Asset Sale Approved

    A West Texas electricity producer won a Delaware bankruptcy court's approval Monday to sell its 330-megawatt wholesale electricity power plant assets for $144.75 million — $53.5 million more than the buyer first offered when the plant declared bankruptcy in April.

  • June 27, 2022

    2nd Circuit Backs $100M Loan Default Ruling In UBS Suit

    The Second Circuit has sided with a lower court's ruling that energy holding company Greka Integrated Inc. must pay $100 million to UBS AG's London branch following Greka's failure to repay loans it owes to the bank.

  • June 27, 2022

    Parishes Added To Long Island Diocese's Ch. 11 Mediation

    The mediator facilitating Chapter 11 plan negotiations in the bankruptcy case of the Roman Catholic Diocese of Rockville Centre has added more than 130 non-debtor parishes to the talks, a day before unsecured creditors gained consensual access to internal audit reports about the organization's financial situation on Monday.

  • June 27, 2022

    Ditching Live Testimony For Declarations Is Risky, Attys Say

    U.S. courts should move cautiously before embracing written statements at bench trials in lieu of live direct examination testimony, lawyers tell Law360, cautioning that their recent use in a high-stakes opioid trial doesn't mean the practice — which is standard in the U.K. — should be widely adopted at home.

  • June 27, 2022

    High Court To Hear Sears Lease Fight With Mall Of America

    The U.S. Supreme Court said Monday it will hear a long-running dispute between the successor to retail giant Sears Holding Corp. and the Mall of America over the assignment of a store lease, taking up the question of whether appellate courts have jurisdiction to hear appeals of bankruptcy sale orders.

  • June 24, 2022

    NJ Developer Wants To Claw Back Cash From Ex-Executives

    Real estate developer National Realty Investment Advisors has filed a suit in New Jersey bankruptcy court to claw back $420,000 it alleges the company's then-CEO withdrew from its accounts before passing it on to a now-former executive facing fraud charges.

  • June 24, 2022

    Jailed NY Atty Kossoff Urged To Settle $4.5M Escrow Suit

    A Manhattan federal judge on Friday encouraged disbarred and incarcerated New York City real estate attorney Mitchell Kossoff to settle a former client's $4.5 million escrow theft suit after pleading guilty to the same allegations in a related criminal case.

  • June 24, 2022

    Creditor Committee OK'd In Lear Capital Subchapter V Case

    A Delaware bankruptcy judge has approved a settlement that will allow the formation of a committee to represent Lear Capital Inc.'s customers in the metal and coin investment firm's Subchapter V bankruptcy and extend case deadlines by three months to allow plan talks.

  • June 24, 2022

    Alex Jones Must Pay Sandy Hook Defamation Case Sanctions

    Conspiracy theorist podcaster Alex Jones lost his bid Friday to delay the payment of $1 million in sanctions ordered by a Texas state court judge in a defamation suit brought by families of victims of the 2012 Sandy Hook Elementary School shooting when the court said he is able to pay the fines and still continue defending himself in the proceedings.

  • June 24, 2022

    Ex-XFL Commissioner, League Founder Drop Termination Suit

    Former XFL Commissioner Oliver Luck and the football league founder and World Wrestling Entertainment Inc. CEO Vince McMahon have mutually agreed to drop a lawsuit over Luck's pay after his firing in 2020.

  • June 24, 2022

    Leech Tishman Accused Of Helping Exec Steal, Hide Funds

    A New York investment fund has filed suit in Pennsylvania state court accusing Pittsburgh-based firm Leech Tishman Fuscaldo & Lampl LLC and its managing partner of helping a construction company executive steal millions in investor money, allegedly going so far as to hide money in the firm's client trust account.

  • June 24, 2022

    Supreme Court Overturns Roe v. Wade

    The U.S. Supreme Court on Friday upheld a Mississippi abortion ban and overturned the constitutional abortion right established nearly 50 years ago in Roe v. Wade, setting the stage for a widespread rollback of abortion rights in many statehouses around the country.

  • June 23, 2022

    Varvatos Employees' Ch. 11 Bias Suit Loses At 3rd Circ.

    The Third Circuit upheld a lower court's dismissal of a sex bias suit filed by employees of men's clothing retailer John Varvatos Enterprises Inc., ruling that the class of female workers hadn't shown inequitable conduct by the debtor's owners.

Expert Analysis

  • 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.

  • Opinion

    Hold Alabama And North Carolina Accountable On Ch. 11 Fees

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    As highlighted in the U.S. Supreme Court’s recent Siegel v. Fitzgerald case, Chapter 11 debtors in Alabama and North Carolina are paying lower quarterly fees than those in the other 48 states, an unconstitutional reality creating harms and costs that must be addressed by the Fourth Circuit, says Donald Swanson at Koley Jessen.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • Awaiting Critical Bankruptcy Decision For Surety Industry

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    The recent oral argument in Argonaut Insurance v. Falcon V offers the Fifth Circuit an opportunity to create a rule for multilateral contracts in bankruptcy and exposed the common misconception that a surety assumes the risk of the principal's nonperformance when it issues a bond, say Lisa Tancredi at Womble Bond and Laura Murphy at Travelers.

  • The Importance Of Data And Data Analysis In Litigation

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    Understanding, analyzing and effectively presenting large data sets is an increasingly important skill in litigation as it allows plaintiffs to dramatically scale up the scope of cases and is often critical to defeating motions to dismiss and motions for summary judgment, says David Burnett at Motley Rice.

  • Navigating Section 363 As A Decentralized Autonomous Org

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    Decentralized autonomous organizations are all the rage, raising questions on the advantages and disadvantages of coupling them with the Bankruptcy Code’s Section 363 sale process to acquire assets free and clear under the supervision of a bankruptcy court, say attorneys at O’Melveny.

  • Takeaways From 1st Circ.'s Tribal Sovereign Immunity Ruling

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    The First Circuit's recent decision in Coughlin v. Lac du Flambeau, finding that the U.S. Bankruptcy Code unequivocally strips tribes of their sovereign immunity, disregards extensive case law to the contrary and may make it easier for litigants to pursue claims against tribes under laws with similar immunity waivers, say attorneys at Brownstein Hyatt.

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