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Bankruptcy
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August 06, 2024
World Of Beer Latest Dining Chain To Tap Ch. 11 Post-COVID
World of Beer Bar & Kitchen, a restaurant chain known for its craft beer selection, filed for bankruptcy in Florida citing a pandemic hangover and outlining plans to close unprofitable locations and restructure some of its $30 million in debt while in Chapter 11.
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August 06, 2024
Solar Tech Co. SunPower Hits Ch. 11 With $2B Of Debt
Residential solar technology company SunPower Corporation filed for Chapter 11 protection in Delaware with more than $2 billion of funded debt obligations and plans for an asset sale.
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August 05, 2024
Italian Restaurant Chain Hits Ch. 11 With At Least $10M In Debt
Buca di Beppo filed for Chapter 11 protection in Texas bankruptcy court Monday, with the Italian restaurant chain citing at least $10 million in debt just days after shuttering more than a dozen locations.
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August 05, 2024
Org. Claiming To Own Michael Jackson Art Works Hits Ch. 11
A self-described "creative partnership" between the King of Pop and an Australian artist that purports to own art Michael Jackson created has filed for Chapter 11 protections, saying it was lugging between $10 million and $50 million in liabilities before a California bankruptcy judge.
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August 05, 2024
Trustee Seeks Quick Clawback From Guo Ch. 11 Attys
The Chapter 11 trustee for the bankruptcy of Chinese exile Miles Guo has asked a Connecticut bankruptcy judge to issue an early judgment in an adversary proceeding that seeks to recover nearly $243,000 in legal fees paid by Guo to attorneys with Zeisler & Zeisler PC, the firm that represents Guo and his daughter.
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August 05, 2024
SVB Ex-Parent's Ch. 11 Plan OK'd With $1.9B FDIC Fight Alive
Silicon Valley Bank's former owner received a New York bankruptcy court's blessing to liquidate and emerge from Chapter 11, but the judge rejected portions of the plan that federal regulators argued would hamper their defense against SVB Financial Group's efforts to recoup some $1.9 billion seized by an FDIC receiver when the bank collapsed.
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August 05, 2024
Former Refiner Can't Dodge Polluted Water Remedy
A Virgin Islands oil refinery that spewed oil onto neighbors' properties has lost its Third Circuit challenge to a court-ordered program that required it to buy bottled water for residents too poor to buy it themselves.
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August 05, 2024
Girardi's Defense May Stand On His Deteriorating Mind
Although a federal judge ruled disbarred lawyer Tom Girardi mentally competent to stand trial this month for wire fraud, the 85-year-old's defense team may use his dementia diagnosis to attack prosecutors' allegations he knowingly and intentionally stole millions of dollars from his clients, experts said.
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August 05, 2024
Jackson Walker, Ex-Judge Could Face Sanctions Over Chat
A Texas bankruptcy court is demanding answers and threatening sanctions over an "off-the-record" interview between former bankruptcy judge David R. Jones and attorneys for Jackson Walker LLP, in the midst of a federal investigation into Jones' secret romantic relationship with a onetime Jackson Walker attorney.
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August 05, 2024
Meet The Attorneys In Tom Girardi's Criminal Fraud Trial
When Tom Girardi's criminal fraud trial gets underway this week, the notorious disbarred attorney will be facing a team of seasoned federal prosecutors who've convicted several former Los Angeles City Council members, a sitting U.S. congressman, insider traders, Ponzi schemers and con artists who bilked millions from their victims.
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August 05, 2024
The 'No Nonsense' Calif. Judge Overseeing Girardi's Trial
The California federal judge who will preside over the closely watched criminal trial of disgraced attorney Tom Girardi is a veteran jurist who runs a tight ship, but is also known for being extraordinarily thorough and thoughtful.
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August 05, 2024
What To Watch Out For During Girardi's Trial
With evidence of allegedly stolen millions and attempted escapes to the Bahamas taking center stage, disgraced attorney Tom Girardi's criminal trial is set to begin Tuesday at the murky intersection of client theft and TV celebrity, where attorneys will grapple with novel legal issues like the use of evidence from a bankruptcy trustee.
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August 02, 2024
Giuliani Sees Bankruptcy Case Officially Tossed
A New York bankruptcy judge on Friday officially tossed Rudy Giuliani's bankruptcy case, allowing a mother and daughter who worked as Georgia election workers to pursue a $148 million defamation judgment they won against the former Donald Trump lawyer in December.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
How Two Non-Bankruptcy Attys Won A Rare Ch. 7 Jury Trial
A pair of Boston-based attorneys from Davis Malm scored a victory in a rare bankruptcy-related jury trial despite not being bankruptcy practitioners themselves, after a Delaware panel rejected a trustee's bid to recoup $44 million from a former grocery store magnate.
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ebix Opt-Out Releases Illegal In Ch. 11 Plan, Judge Rules
A Texas bankruptcy judge ruled Friday that third-party releases contained in Ebix Inc.'s Chapter 11 plan are impermissible, deciding an opt-out provision of the liability waivers wasn't enough to establish consent.
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August 02, 2024
Bid To Get Ex-Judge Jones' Phone Records Blocked, For Now
A Texas judge has temporarily barred JCPenney's bankruptcy administrator from accessing former Judge David R. Jones' cellphone records amid the scandal involving his concealed romantic relationship with an ex-Jackson Walker LLP partner and firm fees he approved in various cases, including JCPenney's bankruptcy.
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August 02, 2024
Off The Bench: NFL Reversal, Drone Spying, UFC Deal Tossed
In this week's Off The Bench, a bombshell ruling wipes out a $4.7 billion antitrust verdict against the NFL, Canada takes it on the chin for Olympic drone spying, and a nine-figure settlement to address UFC wage suppression is rejected.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 01, 2024
Alter Egos Say Rival Pool Co. Jumped The Gun On Discovery
The alter egos of bankrupt pool supply company Blueworks Corp. have rebuffed claims that they "simply refuse to answer" requests for discovery from rival Hayward Industries Inc. in its quest to secure a $16 million false advertising and deceptive trade practices judgment.
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August 01, 2024
Pioneer Health Approved For $450K To Fund Ch. 11 Sale Plan
Bankrupt clinic operator Pioneer Health Inc. received approval from a Delaware court to borrow $450,000 as it pursues a sale of its assets, but agreed to delay a hearing on a proposed Chapter 11 plan to give the company time to update the filings to reflect its new track.
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August 01, 2024
Bahamas Resort Developer Seeks $1.5B In Builder Fraud Trial
Counsel for the now-defunct developer of the Bahamian luxury resort Baha Mar opened a bench trial in New York state court Thursday arguing the company lost more than $1.5 billion because of a Chinese state-owned construction firm's "lies, competing agendas and broken promises."
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August 01, 2024
3rd Circ. Says Enviro Fight No Reason To Reopen Ch. 11
The Third Circuit ruled Thursday that Bath Iron Works' potential liability over a polluted New Jersey river doesn't affect the Chapter 11 case of the shipbuilder's former affiliate, backing a district court that decided a bankruptcy judge erred in reopening the case.
Expert Analysis
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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.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Big Banks Face Potential Broader Recovery Plan Rules
The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Yellow Corp. Lease Assumption Shows Landlord Protections
Yellow Corp.’s recent filing of a motion to assume unexpired leases is a helpful reminder to practitioners to maintain a long-term approach about what is most beneficial for an estate and to not let a debtor's short-term cash position dictate business decisions, says Kyle Arendsen at Squire Patton.
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Insurers Have A Ch. 11 Voice Following High Court Ruling
The U.S. Supreme Court's recent ruling in Truck Insurance Exchange v. Kaiser Gypsum — which reaffirmed a broad definition of "party in interest" — will give insurers, particularly in mass tort Chapter 11 bankruptcies, more opportunity to protect their interests and identify problems with reorganization plans, says George Singer at Holland & Hart.