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Bankruptcy
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September 06, 2024
Real Estate Recap: Pol Funding, Investor Angst, Climate Risk
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including which presidential candidates BigLaw real estate pros have backed, where one attorney sees investor confidence despite tough conditions, and how extreme weather events are reshaping the property insurance market.
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September 06, 2024
Earthlink Investors Accept $85M Deal To End Merger Suit
Earthlink investors who say they were duped into approving a $1.1 billion merger with failing telecommunications company Windstream Holdings Inc. told an Arkansas federal judge Friday that they've reached an $85 million deal to end the lawsuit two months before the case was scheduled to go to trial.
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September 06, 2024
Investment Co. Appeals Sanction In Highland Ch. 11
An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.
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September 06, 2024
Cleveland-Cliffs Faces Trial Over Mining Co.'s Antitrust Claims
A Delaware bankruptcy court has partially allowed claims accusing steelmaking giant Cleveland-Cliffs of engaging in anticompetitive behavior that harmed a mining venture's efforts to complete an iron mine and ore plant in northern Minnesota to go to trial by a jury in federal court.
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September 06, 2024
Trustee Backs Tossing Ex-McElroy Deutsch CFO's Ch. 11 Case
The U.S. Trustee's Office has urged a New Jersey bankruptcy court to dismiss a Chapter 11 petition from McElroy Deutsch Mulvaney & Carpenter LLP's former CFO, who is currently incarcerated for embezzling millions from the firm, because he has stonewalled the trustee's requests for information about his finances.
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September 06, 2024
Steptoe Adds Co-Leader To Tax Group In New York
Steptoe LLP has expanded its transactions and tax practice by hiring a New York-based partner as a co-leader of the firm's insolvency and restructuring team.
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September 06, 2024
Judge Says He'll OK 2U's $527M Debt-Cutting Plan
A New York bankruptcy judge Friday said he would approve remote learning company 2U Inc.'s prepackaged plan to cut $527 million in debt in Chapter 11, rejecting arguments that it failed to get proper consent for the plan's third-party liability releases.
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September 06, 2024
Red Lobster Landlord Sues Zurich Over $1.2M Fire Payment
The owner of a property leased to Red Lobster said a Zurich unit negligently failed to name the owner on settlement checks issued to the eatery after a fire, telling a New Jersey federal court the failure allowed Red Lobster to avoid using the $1.2 million to make repairs.
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September 05, 2024
SQRL Store Chain Landlords Want Out Of Ch. 11 Stay
The landlords of 30 SQRL fuel station and convenience store locations are urging a Texas federal bankruptcy court to allow them to avoid an automatic stay that they allege is blocking them from taking ownership of the SQRL locations for themselves.
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September 05, 2024
Real Estate Co. EasyKnock Settles Battle With Ch. 7 Trustee
New York-based real estate investor EasyKnock Inc. would fork over the full alleged value of a debtor's home to her bankruptcy estate as part of a proposed deal to settle the Chapter 7 trustee's fraud claims and the company's own suit alleging collusion.
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September 05, 2024
Asbestos Claimants Want A Say In 4th Circ. 'Two-Step' Appeal
Asbestos cancer survivors and the estates of victims with pending claims against Aldrich Pump LLC, DBMP LLC and Murray Boiler LLC have asked the Fourth Circuit's permission to file an amicus brief in an appeal centered on the separate Chapter 11 case of Georgia-Pacific unit Bestwall, saying they had been prevented from pursuing relief while Aldrich, DBMP and Murray pursue bankruptcy.
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September 05, 2024
Red Lobster Gets Confirmation For Ch. 11 Exit Plan
A Florida bankruptcy judge signed off Thursday on a plan for seafood restaurant chain Red Lobster to exit bankruptcy just under four months after filing for Chapter 11 protection.
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September 05, 2024
Pa. City Iced Retirees Out Of Ch. 9 Plan Talks, Committee Says
Retiree creditors in the city of Chester, Pennsylvania's bankruptcy have denounced its proposed Chapter 9 plan, telling a judge in Philadelphia it is a "blunt-instrument approach" to complex issues and was docketed without consulting their committee that represents the largest creditor group.
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September 05, 2024
Placid Oil Tells 5th Circ. It's Clear Of Contamination Claims
Placid Oil told a Fifth Circuit panel that previous bankruptcy proceedings cleared it of contamination claims on a Louisiana property, saying during oral arguments Thursday that language in the contract calling it a party to the surface lease agreement didn't count as an assignment.
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September 05, 2024
$9.1M In Fees Requested For Calif. Debt Relief Law Firm Ch. 11
Just days after a bankruptcy judge said in court that unsecured creditors in the case of collapsed California debt relief firm Litigation Practice Group will likely receive little to nothing, professionals working on the case filed about $9.1 million in fee requests — enough to use up most of the available cash.
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September 05, 2024
'Flimsy Attack' In $102M Award Suit Falls Flat, Court Hears
Liberian entities fighting to enforce a $102 million arbitral award issued in a dispute over control of a $700 million liquefied petroleum gas shipping joint venture have criticized the award debtor's "flimsy attack" on the arbitrator's impartiality in a filing to a New York federal judge.
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September 04, 2024
Leech Tishman Combines With Calif. Firm Nelson Hardiman
Leech Tishman is set to add California-based healthcare and life science law firm Nelson Hardiman's 17 attorneys to its Los Angeles office this fall and will do business in the Golden State under the combined name Leech Tishman Nelson Hardiman, the firm announced Tuesday.
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September 04, 2024
Drink Co.'s Ex-CEO Must Face Suit Over Illegitimate Profits
A Florida federal bankruptcy judge on Wednesday denied a bid by the former CEO of the corporation that makes Bang Energy to toss a lawsuit alleging the company's profits were based on deception and that the chief executive left the business insolvent, but ordered that the complaint be clarified.
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September 04, 2024
Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt
A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.
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September 04, 2024
Produce Co. With Bankrupt Parent Settles $1M Payment Suit
A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.
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September 04, 2024
Whittaker Seeks $535M Deal In Talc Cases Tied To Berkshire
Bankrupt talc supplier Whittaker Clark & Daniels Inc. asked a New Jersey bankruptcy court to approve a $535 million settlement that will resolve claims against companies including Berkshire Hathaway Inc., chemical distributor Brenntag and DB US Holding Corp.
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September 04, 2024
Steward Health Gets OK To Sell Mass. Hospitals For $343M
A Texas bankruptcy judge on Wednesday approved Steward Health Care's $343 million sale of six of its Massachusetts hospitals and new funding that will help the company keep its facilities in the Bay State operating.
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September 04, 2024
Former Michelin Tire Factory Site Worth $30M, NJ Jurors Told
The owner of a 22-acre former Michelin Tire factory in Milltown, New Jersey, told jurors Wednesday it should be paid at least $30 million by a borough redevelopment agency to acquire the property through eminent domain for the construction of a 350-unit mixed-use residential development.
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September 04, 2024
McElroy Deutsch's Former CFO Fights Bid To Sink Ch. 11 Case
The currently incarcerated former chief financial officer for McElroy Deutsch Mulvaney & Carpenter LLP denied that his Chapter 11 filing was a bad faith maneuver meant to stall ongoing civil litigation, claiming instead that the bankruptcy will allow for the liquidation of property for the benefit of creditors.
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September 04, 2024
Linklaters Gains NY Restructuring Pro From Simpson Thacher
An attorney with more than 25 years of transactional experience has left Simpson Thacher & Bartlett LLP this week to join Linklaters' New York office as head of the firm's U.S. capital solutions practice.
Expert Analysis
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Crypto Gatekeepers May Be The Next Front Of Enforcement
Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Bankruptcy Courts May Be Budding Open To Cannabis Cases
Two recent California bankruptcy court rulings, denying motions to dismiss the respective debtors' bankruptcies, provide persuasive authority to allow cannabis debtors the protections of federal bankruptcy law, say Noah Weingarten and Bethany Simmons at Loeb & Loeb.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Chapter 11 Ruling Signals Emphasis On Lockup Provisions
A New York bankruptcy court's recent ruling in GOL Linhas Aéreas Inteligentes’ Chapter 11 case provides creditors with a strong basis for resisting requests to lock up or otherwise limit their voting rights, say Dania Slim and Andrew Alfano at Pillsbury.
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Vendor Rights Lessons From 2 Chapter 11 Cases
A Texas federal court’s recent critical vendor order in the Zachry Holdings Chapter 11 filing, as well as a settlement between Rite Aid and McKesson in New Jersey federal court last year, shows why suppliers must object to critical vendor motions that do not recognize creditors' legal rights, says David Conaway at Shumaker.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Can Chapter 15 Bankruptcy Help Cannabis Businesses?
Attorneys at Fox Rothschild consider whether Chapter 15 may be used as a tool to liquidate U.S. assets of cannabis companies in foreign bankruptcy proceedings, and look at the statutory provisions that may have a bearing on the successful liquidation of assets under the Bankruptcy Code.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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Mercon Coffee Ch. 11 Ruling Shows Insider Releases' Limits
A New York bankruptcy court’s recent ruling in Mercon Coffee’s Chapter 11 case highlights the stringent requirements for retention-related transfers to insiders, even in cases where no creditor has objected, say Robert Klyman and Scott Shelley at DLA Piper.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.