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Bankruptcy
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August 23, 2024
Creditors Can't Dig Up Eletson's Ch. 11 Plan Negotiation Info
Bankrupt Greek fuel shipping group Eletson doesn't have to turn over communications with a group of shareholders who are supporting its Chapter 11 plan, a New York bankruptcy judge ruled Friday, finding the common interest doctrine shielded their negotiation talks from the official committee of unsecured creditors' discovery request.
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August 22, 2024
Pennsylvania Hospital Gets 1 Week Reprieve In Steward Ch. 11
A Texas bankruptcy judge on Thursday approved an order setting general closing procedures for bankrupt hospital operator Steward Health Care, but gave Pennsylvania authorities a week's reprieve as they try to arrange a hospital sale.
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August 22, 2024
Texas Court Backs Nate Paul's Co. In Real Estate Receiver Row
A Texas state appeals court on Thursday reversed a decision allowing a receiver to settle a lawsuit on behalf of a company owned by real estate investor Nate Paul, relying largely on a dispute from an El Paso appeals court involving Paul's companies with "nearly identical" facts.
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August 22, 2024
Jones Walker Adds Kelley Drye Bankruptcy Ace In Houston
Jones Walker LLP announced Thursday that it has bulked up its bankruptcy and restructuring team and its litigation practice group with a partner in Houston who came aboard from Kelley Drye & Warren LLP.
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August 22, 2024
Tom Girardi Takes The Stand In His Criminal Fraud Trial
Disbarred attorney Tom Girardi took the stand Thursday in his California federal fraud trial and denied stealing from any of his clients, while also showing a strong grasp of past events and people but claiming to have no memory of the trial's witnesses and key moments, or to even know his own lawyer's name.
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August 22, 2024
Crypto Lobbyist Hit With FTX Campaign Finance Charges
Manhattan federal prosecutors announced Thursday that Michelle Bond, a crypto industry lobbyist and the girlfriend of convicted former FTX executive Ryan Salame, has been charged with getting the now-defunct digital asset exchange to illegally finance her unsuccessful 2022 congressional campaign.
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August 22, 2024
Chinese Developer Seeks US Recognition For $7.4B Reorg
A Chinese real estate developer is asking a New York bankruptcy judge for U.S. recognition for its efforts to restructure more than $7.4 billion in overseas debt held in Hong Kong and the Cayman Islands.
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August 21, 2024
FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend
Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.
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August 21, 2024
Girardi Faked Dementia Symptoms, Neurologist Testifies
A neurologist with Vanderbilt University testified Wednesday in Tom Girardi's criminal fraud trial in California federal court that the disbarred attorney was likely exaggerating his cognitive problems in late 2020 just as his law firm imploded into bankruptcy and his legal problems mounted because he believed it would be "beneficial."
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August 21, 2024
Student Loan Trusts Rip 'Aggressive' CFPB In High Court Bid
Fifteen Delaware student loan trusts have petitioned the U.S. Supreme Court to rescue them from a long-running Consumer Financial Protection Bureau enforcement lawsuit, asking to appeal a Third Circuit decision that said the securitization vehicles were subject to the agency's authority.
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August 21, 2024
Alleged WeWork Fraudster Fires Dickinson Wright Before Trial
Lawyers from Dickinson Wright PLLC told a New York federal judge on Wednesday that they have been discharged by the former CEO of real estate investment firm ArciTerra ahead of his October trial for issuing a bogus $77 million offer for WeWork shares.
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August 21, 2024
Calif. AG Secures Rite Aid Deal Ensuring Pharmacy Access
California Attorney General Rob Bonta has announced a settlement with Rite Aid Corp. that will allow his office to oversee any changes in ownership of the company's retail pharmacy outlets across the state.
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August 21, 2024
Eversheds Adds Another Kilpatrick Bankruptcy Atty In Atlanta
Eversheds Sutherland's growing U.S. finance practice group picked up another new addition Wednesday, an Atlanta counsel who was previously with Kilpatrick Townsend & Stockton LLP.
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August 21, 2024
Judge Says Debtor Plan Will Get Hearing In Eletson Ch. 11
A New York bankruptcy judge Wednesday said he will give a hearing to all three Chapter 11 plans proposed for shipping company Eletson Holdings, rejecting arguments that the creditor voting results spell the end of Eletson's proposal.
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August 20, 2024
Girardi Jury Hears Of Ex-CFO's Alleged Bahama Hideout Plan
The former fiancee of ex-Girardi Keese executive Chris Kamon told a California federal jury in Tom Girardi's criminal trial Tuesday about a dramatic call she received from Kamon, during which he told her he was about to be "pinned" for the firm's crimes and wanted her to flee to the Bahamas with him.
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August 20, 2024
Trustee Wins TRO Vs. Disbarred Lawyer's Former Partner
The bankruptcy trustee handling the estate of failed California debt relief law firm Litigation Practice Group has won temporary control over key properties of a businessman formerly involved in the firm, including millions of dollars in bank and brokerage accounts as well as a multimillion-dollar house in Orange County.
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August 20, 2024
Lender's $13M Atty Fee Reserve Bid In Eiger Ch. 11 Plan Nixed
A Texas bankruptcy judge on Tuesday mostly sided with life science company Eiger BioPharmaceuticals in estimating a secured lender's future claims, saying at a hearing that Eiger's Chapter 11 reserve for the claim should include two years worth of interest and agreeing that $1 million should be earmarked for legal fees, not the lender's requested $13 million sum.
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August 20, 2024
Steward Health, Landlord Spar Over Ch. 11 Hospital Sales
Bankrupt hospital operator Steward Health Care has filed an adversary suit against the landlord for 30 of its hospitals, Medical Properties Trust, saying the landlord is throwing a wrench in the sale process for the facilities and trying to hoover up all the proceeds.
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August 20, 2024
Texas Franchisee Accuses Party City Of Monopolizing Market
An operator of Party City franchise stores accused the party supply retailer's parent company of monopolizing the party goods market, saying the company seeks to drive its competitors, including franchisees, out of business through its use of unfair competition, illegal price-fixing and bad faith business practices.
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August 20, 2024
Ex-Execs Defend $59.7M Transfer Amid Asbestos Suits
A Chapter 7 bankruptcy trustee's lawsuit claiming that former engineering company executives improperly transferred $59.7 million amid high-dollar asbestos claims is fatally flawed and the defendants did not do anything wrong, according to a filing in Connecticut federal court.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
Catching Up With Delaware's Chancery Court
A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.
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August 19, 2024
TPG Dumped Opioid Co. On 'Unsuspecting' Endo, Suit Says
After pushing Par Pharmaceutical to grow its market share in generic opioids and disregard federal requirements to report suspicious orders, TPG Capital saw other opioid manufacturers being inundated with litigation and sold Par to "an unsuspecting" Endo International PLC, according to a lawsuit filed in New York bankruptcy court.
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August 19, 2024
Chinese Exile's Daughter Wants Ch. 11 Sanctions Overturned
The daughter of bankrupt Chinese exile Miles Guo and her New Jersey-based attorney are asking the Second Circuit to overturn a bankruptcy judge's $83,370 discovery sanction, calling the discovery requests in question unclear and the sanction excessive.
Expert Analysis
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Revisiting Scalia's 'What's It To You?' After Kaiser Ruling
While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage
The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.
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Contract Disputes Recap: Addressing Dispositive Motions
Stephanie Magnell and Bret Marfut at Seyfarth examine three recent decisions from the U.S. Court of Claims and the U.S. Civilian Board of Contract Appeals that provide interesting takeaways about the nuances of motion practice utilized by the government to dispose of cases brought under the Contract Disputes Act prior to substantive litigation
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares
In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.