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Bankruptcy
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June 18, 2024
Cancer Test Company DermTech Hits Ch. 11, Seeking Sale
California-based dermatologic test maker DermTech Inc. hit Chapter 11 Tuesday in Delaware and said it would be laying off about 20% of its workforce as it seeks to sell its assets.
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June 18, 2024
Electric Vehicle Startup Fisker Hits Ch. 11 With Sale Plans
Electric vehicle company Fisker Group Inc. has petitioned for Chapter 11 protection in Delaware bankruptcy court with more than $100 million of debt, months after the collapse of a potential partnership with a major automaker imperiled the startup's attempts to raise new financing.
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June 17, 2024
Creditors Say Giuliani Is 'Shrewd' And Needs Ch. 11 Trustee
Rudy Giuliani's creditors made their argument to a New York judge on Monday about why they felt he should be stripped of control of his bankruptcy case, disparaging his motives, missing financial information and ability to stick to a budget.
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June 17, 2024
SEC Alleges Texas Man Offered Virgin Sham $200M 'Lifeline'
Securities regulators sued a venture capitalist and his investment firm in Texas federal court Monday, accusing the firm of making a bogus offer to invest $200 million into Virgin Orbit last year despite having less than $1 in its bank account and causing stock prices to swell before plummeting when the deal collapsed.
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June 17, 2024
Dutch Insurer Says Record Clear To Affirm $160M Arbitration
A Dutch insurer is pushing a North Carolina federal judge to confirm a €150 million (roughly $160 million) arbitration award against insurance mogul Greg Lindberg and his companies, citing a recent order in which the court acknowledged the award as binding.
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June 17, 2024
Ex-Stimwave CEO Gets 6 Years For Dummy Implant Scheme
The founder and former CEO of Stimwave Technologies was sentenced to six years in prison Monday after tearfully proclaiming her innocence to healthcare fraud charges, with a Manhattan federal judge saying it's "sad" the defendant doesn't recognize the harm she inflicted by selling nonfunctional pain management device components.
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
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June 17, 2024
FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab
FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.
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June 17, 2024
Hertz Warrant Holder Sues In Chancery For Contract Breach
Two investment affiliates of Discovery Capital Management LP have sued Hertz Global Holdings Inc. in Delaware's Court of Chancery, alleging willful failure to redeem warrants issued in 2021 as part of the company's Chapter 11 and demanding at least $187 million plus interest.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
Talc Claimants Want Documents In Fight Over J&J Unit Venue
Cancer patients with talc damage claims against Johnson & Johnson have urged a New Jersey federal court to give them access to transcripts and exhibits from depositions of top executives at the company's talc unit, saying the information will aid their effort to bar the J&J spinoff from filing a third Chapter 11 outside the Garden State.
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June 14, 2024
Judge Converts Alex Jones Ch. 11, Tosses Media Co.'s Case
A Texas bankruptcy judge on Friday turned Alex Jones' bankruptcy case into a Chapter 7, allowing a trustee to liquidate the right-wing conspiracy theorist and media personality's assets to repay creditors, but declined to convert the Chapter 11 of the company that runs Jones' online show, dismissing its petition instead.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Blistering Dissents Belie Justices' Penchant For Consensus
Thirteen days into June, the U.S. Supreme Court had recorded one of the highest rates of unanimous decisions in the past four decades. But the era of historic consensus was tarnished a bit Friday when the court issued three split decisions and two scathing dissents highlighting how much the nine justices differ.
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June 14, 2024
Hunter Biden Axes Data Privacy Suit Against Giuliani, For Now
Hunter Biden has tentatively agreed to drop a federal computer fraud and digital privacy suit against Rudy Giuliani and various other defendants relating to alleged data theft from his infamous laptop, after the case was partially stalled due to Chapter 11 bankruptcy proceedings Giuliani commenced in December.
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June 14, 2024
Guo's Crypto Venture Raised 'Red Flags,' Investigator Says
A compliance investigator at cryptocurrency wallet provider BitGo testified in Manhattan federal court Friday that he identified multiple "financial crime red flags" in the digital asset exchange promoted by Chinese dissident Miles Guo.
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June 14, 2024
Defense Atty Group Backs Law Firm In Guo Trustee Clawback
The New York Council of Defense Lawyers has slammed a Chapter 11 trustee's attempt to claw back legal fees from an Empire State law firm that represented three nondebtor entities associated with bankrupt Chinese exile Miles Guo, saying it "burdens the Sixth Amendment" right to counsel.
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 14, 2024
Goetz Fitzpatrick To Merge With Platzer Swergold Next Year
Goetz Fitzpatrick LLP and Platzer Swergold Goldberg Katz & Jaslow LLP will combine forces next year to create a single New York City firm.
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June 14, 2024
No Retroactive Fix For US Trustee Fee Dispute, Justices Say
The U.S. Supreme Court sided with the U.S. Trustee's Office on Friday in finding that an amended fee structure implemented before a 2022 ruling that struck down a nonuniform system of payments was all that was needed to resolve the disparate treatment of debtors under the unconstitutional law.
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June 13, 2024
Pa. Nursing Home Creditors OK With $43.7M DIP Loan
Creditors of a Pittsburgh-area nursing home network indicated Thursday they were open to $43.7 million in debtor-in-possession financing as the group prepares to potentially sell off a portion of its footprint in a Chapter 11 sale.
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June 13, 2024
Judge Orders $2.9M Chinese Dissident's Fund Share Sale
A Connecticut bankruptcy judge approved a request by the Chapter 11 trustee overseeing exiled Chinese billionaire Miles Guo's case to liquidate $2.9 million in investment fund shares held by Lamp Capital LLC, a shell company whose assets the judge already determined belonged to Guo's estate.
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June 13, 2024
Judge Will Tap Arbitrator To Explain $87M Shipping Award
A New York federal judge will let an arbitrator who found that Levona Holdings Ltd. owed Eletson Holdings Inc. almost $87 million in damages clarify the order, saying it was sufficiently ambiguous to require elaboration and rejecting Levona's request that the arbitrator not be given that chance.
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June 13, 2024
Express Picks Stalking Horse Bidder As Ch. 11 Buyer
A stalking horse bidder offering $136 million in cash for the assets of clothing retailer Express Inc. will be the buyer in the debtor's competitive sale process, after its offer was deemed to be the only qualified bid to acquire the assets as a going-concern.
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June 13, 2024
Brazilian Food Chain Co. SouthRock Files Ch. 15 In Texas
SouthRock Capital Ltda., a Brazilian private equity company that operates international food service brands including Starbucks and TGI Friday, filed for Chapter 15 bankruptcy in Texas, blaming its insolvency on the COVID-19 pandemic and volatility in Brazil's economy.
Expert Analysis
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Conn. Bankruptcy Ruling Furthers Limitation Extension Split
A recent Connecticut bankruptcy court decision further solidifies a split of authority on whether Bankruptcy Rule 9006(b) may be used to extend the limitations period, meaning practitioners seeking to extend should serve the motion on all applicable parties and, where possible, rely on the doctrine of equitable tolling, says Shane Ramsey at Nelson Mullins.
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How Purdue Pharma High Court Case May Change Bankruptcy
The U.S. Supreme Court’s upcoming ruling in Purdue Pharma may be the death of most third-party releases in Chapter 11 cases, and depending on the decision’s breadth, could have much more far-reaching effects on the entire bankruptcy system, say Brian Shaw and David Doyle at Cozen O'Connor.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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A 5th Circ. Lesson On Preserving Indemnification Rights
The Fifth Circuit's recent decision in Raymond James & Associates v. Jalbert offers an important lesson for creditors and parties to indemnification agreements: If a debtor has indemnified a creditor, the creditor should consider participating in the bankruptcy case to avoid being deemed to have forfeited its indemnification rights, say Dania Slim and Alana Lyman at Pillsbury.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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What Rescheduling Could Mean For Cannabis Bankruptcies
Bankruptcy courts have historically been closed for cannabis-related businesses, but recent case law coupled with a possible reclassification of cannabis provides cautious optimism, say attorneys at Duane Morris.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.