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Bankruptcy

  • May 17, 2019

    Orexigen Cleared For Wind Down After Del. Ch. 11 Confirmed

    Remnants of largely sold-off biopharmaceutical firm Orexigen Therapeutics Inc. whisked through a Chapter 11 plan confirmation in Delaware on Friday, clearing the way for a wind down of the business and remaining litigation.

  • May 17, 2019

    Cubic Energy Successor's Ch. 11 Debt Swap Plan Gets OK'd

    Bankrupt oil and gas exploration company Hilltop Energy LLC received court approval Friday in Delaware for its proposed schedule seeking rapid confirmation of its $53 million debt-for-equity swap.

  • May 17, 2019

    Alix Co. Lacks Standing In ANR Ch. 11 Fight With McKinsey

    A Virginia bankruptcy judge ruled Friday a company owned by restructuring adviser Jay Alix can't continue to take part in the Alpha Natural Resources bankruptcy it fought to reopen to investigate alleged conflicts of interest by rival consultant McKinsey & Co.

  • May 17, 2019

    Platinum Exec Says Co-Founder Misled Investors

    A former Platinum Partners executive on Friday told a New York federal jury that the firm’s co-founder and others misled potential investors about the financial health of Platinum’s main fund while the hedge fund manager was struggling to pay back tens of millions of dollars to its limited partners.

  • May 17, 2019

    Platinum Reinsurer Strikes Back At Insurer 'Smear Campaign'

    A set of reinsurance and asset management companies that has been accused of operating as an alter ego of now-defunct Platinum Partners is fighting to escape racketeering claims from the hedge fund's insurers.

  • May 17, 2019

    The Law Firms Making Millions Off The PG&E Cases

    The nation's largest utility company, Pacific Gas and Electric, has paid at least $89 million in the past year in legal fees to firms directly involved with its bankruptcy, civil, criminal and regulatory cases stemming from California wildfires — and the vast majority of that sum has gone to Cravath Swaine & Moore LLP.

  • May 17, 2019

    Wollmuth Maher Snags NOLA Energy Atty For NYC Office

    Wollmuth Maher & Deutsch LLP has bolstered its bankruptcy, restructuring and insolvency group with a former Skadden and McGlinchey Stafford attorney who specializes in the energy industry.

  • May 16, 2019

    Cubic Energy Successor Hits Ch. 11 With $53M Of Note Debt

    The oil and gas exploration company that emerged from the Chapter 11 case of Cubic Energy Inc. in 2016 found itself in Delaware bankruptcy court with $53 million in debt Thursday after three years of declining well production.

  • May 16, 2019

    Calif. Gov., Fire Victims Slam PG&E's Request To Delay Ch. 11

    California wildfire victims and California Gov. Gavin Newsom are urging a California bankruptcy judge to deny Pacific Gas and Electric Co.'s request for more time to file its Chapter 11 plan, calling the bid for a six-month extension a stall tactic.

  • May 16, 2019

    Pipeline Explosion Sparks EdgeMarc Ch. 11 Dispute

    A Delaware judge on Thursday acknowledged all may not be hunky-dory as bankrupt Pennsylvania-based oil and gas company EdgeMarc Energy Holdings LLC moves forward with its Chapter 11 amid a dispute with a pipeline builder over whether an explosion last fall pushed EdgeMarc into bankruptcy.

  • May 16, 2019

    White Eagle, Lender Settle Debt Status Row In Del. Ch. 11

    Life insurance policy investor White Eagle Asset Portfolio LP reported a wide-ranging Chapter 11 settlement deal with its prepetition lender in Delaware bankruptcy court late Wednesday, with terms calling for an end to debtor-lender litigation, a $15 million debtor-in-possession loan and a refinancing or collateral sale.

  • May 16, 2019

    Platinum Partners' Alleged Alter Ego Seeks Ch. 15 Shield

    Cayman Islands-based reinsurance company Beechwood asked a New York bankruptcy court Thursday to recognize its foreign liquidation proceedings and put a stay on several U.S. cases in which it is accused of being an alter ego for hedge fund Platinum Partners in a securities fraud scheme.

  • May 15, 2019

    Ex-Dewey Chair Says Charges Brought 'Waves Of Despair'

    Steven Davis, the former chairman of Dewey & LeBoeuf LLP,  spoke publicly Wednesday for the first time about his prosecution, urging an audience of defense lawyers to be there for their clients as they navigate "waves of despair."

  • May 15, 2019

    Calif. Officially Names PG&E As Cause Of Deadly Camp Fire

    A California agency on Wednesday officially deemed Pacific Gas and Electric’s electrical transmission lines as the cause of the state's deadly Camp Fire, which tore through 153,000 acres, destroyed 18,800 structures and killed 85 people last year.

  • May 15, 2019

    Allstate Seeks To Join Chancery Brawl Over Reinsurance Firm

    Allstate Life Insurance Co. moved to intervene late Tuesday in a Chancery Court scramble over the rehabilitation of reinsurance firm Scottish Re (U.S.) Inc. and a Delaware Insurance Department ruling that insurers worry could curb their right to reduce payments to Scottish Re by the amounts it owes to them.

  • May 15, 2019

    Insurers Flag Special Counsel In Imerys Ch. 11

    A group of insurers told the Delaware bankruptcy court Wednesday it should reject the law firm proposed to serve as special insurance counsel to the official committee of tort claimants in Johnson & Johnson talc supplier Imerys’ Chapter 11 because the firm has ties with other firms representing parties with interests in the bankruptcy proceedings.

  • May 15, 2019

    Ex-Platinum Exec Tells Jury He Conned Investors

    A former Platinum Partners executive on Wednesday told jurors he lied to existing and prospective investors in the hedge fund manager's largest fund, the second former insider to testify at trial about misconduct at Platinum's highest levels.

  • May 15, 2019

    Nassar Accusers Say Nat'l Gymnastics Org Can't Elude Probe

    A group of athletes who have accused former sports doctor Larry Nassar of sexual abuse are arguing the National Gymnastics Foundation can't duck their information requests in their probe of the links between the foundation and the bankrupt USA Gymnastics.

  • May 15, 2019

    Sears Estate Looks To Avoid $194M Canadian Court Fight

    Sears Holding Corp. is urging a New York bankruptcy judge to reject an attempt to bring the company to Canadian court to try to claw back more than $194 million in dividends it received from Sears Canada, saying the dispute can and should be settled in the U.S.

  • May 15, 2019

    Pa. Energy Co. EdgeMarc Files Ch. 11 With Plans To Sell

    Pennsylvania-based oil and gas company EdgeMarc Energy Holdings LLC filed for Chapter 11 bankruptcy on Wednesday with $78 million in secured debt and plans to sell off its assets at auction, blaming an explosion and disagreements with a pipeline company for its downfall.

Expert Analysis

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • The Problem With 9th Circ. CFPB Leadership Structure Ruling

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    In Consumer Financial Protection Bureau v. Seila Law, the Ninth Circuit recently ruled that the CFPB’s single-director structure is constitutional. However, the opinion applies the U.S. Supreme Court's decision in Humphrey’s Executor v. U.S. in a way that ignores that decision's fundamental holding, says Alan Kaplinsky of Ballard Spahr.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • PG&E Oversight Battle Looms For FERC, Bankruptcy Court

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    Although the Federal Energy Regulatory Commission recently reasserted its concurrent jurisdiction with the bankruptcy court over the disposition of Pacific Gas and Electric’s wholesale power contracts in bankruptcy, it is reasonable to assume that this clash between two governmental entities will ultimately be resolved in the U.S. Supreme Court, say attorneys at Blank Rome.

  • Getting Out Of Legal Project Management Debt

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    If a client does not demand the application of project management techniques at the start of a matter, or a law firm does not routinely apply them, it is highly likely that additional, avoidable work — legal project management debt — will materialize throughout the matter, says Anthony Widdop of Shearman & Sterling.

  • 6 Ways To Keep Your Jury From Zoning Out

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    Science suggests that at least some jurors pay attention to less than 65% of the evidence during a trial due to "task-unrelated thoughts," but there are steps attorneys can take to present information in a more engaging, cognition-friendly fashion, say Dennis Stolle and Dennis Devine of Barnes & Thornburg.

  • 5 Myths In Legal Crisis Communications

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    Having worked at a boutique law firm, a crisis communications agency and in BigLaw, I have identified a number of common misconceptions across these disparate business models when it comes to crisis and litigation communications, says Robert Gemmill of Hogan Lovells.

  • An Overview Of The Debate Over Litigation Finance Disclosure

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    In light of a New York federal court's recent decision in Benitez v. Lopez, which joins a growing body of case law denying forced disclosure of commercial litigation finance, Stephanie Spangler of Norris McLaughlin and Dai Wai Chin Feman of Parabellum Capital break down the arguments commonly raised for and against disclosure.

  • Contempt Standard For Chasing Invalid Debts Hangs On Intent

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    Given the U.S. Supreme Court justices' questions last week in the Taggart v. Lorenzen argument, it seems likely that courts will be able to take a creditor's good faith into account when determining sanctions for violations of a debtor's discharge injunction, says James Bentley of Schulte Roth.