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Bankruptcy
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January 24, 2025
Grier Wright Tapped For Insurance Mogul's $2B Liquidation
Bankruptcy attorney Joseph Grier of Grier Wright Martinez PA will serve as special master to identify, receive, track and distribute billions of dollars that will go toward restitution to victims defrauded by convicted insurance mogul Greg Lindberg, a North Carolina federal judge ruled.
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January 24, 2025
La. Judge Returns $22M Hurricane Ida Claim To State Court
A Louisiana federal judge has sent a $22 million insurance dispute over oil drilling equipment damaged by Hurricane Ida back to state court, citing an invalid arbitration clause between the parties.
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January 23, 2025
Yellow Corp. Says It Acted In Good Faith With WARN Notices
Defunct trucking company Yellow Corp. told a Delaware bankruptcy judge on Thursday that its last delivery was made the day before it laid off 22,000 union workers, making it a "liquidating fiduciary" that would not be liable for inadequate mass-layoff notices under the WARN Act.
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January 23, 2025
Conn. Lawmakers Target Healthcare After Hospital's Ch. 11
In the lead-up to and aftermath of California hospital operator Prospect Medical Holdings Inc.'s $1 billion bankruptcy, Connecticut lawmakers are considering new regulatory powers, promising and penning oversight bills for hospitals owned by private equity firms and real estate trusts while seeking to stabilize the state's healthcare markets.
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January 23, 2025
GenapSys Says Paul Hastings Can't Keep Privileged Docs
GenapSys is pushing back on Paul Hastings LLP's bid to force it to turn over documents that it had inadvertently released during discovery in a legal malpractice suit alleging that the law firm improperly drafted board documents that led to the "demise and liquidation" of the genetic-sequencing company.
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January 23, 2025
Exactech Seeks Bonuses For Top Execs For Ch. 11 Sale
Bankrupt medical implant manufacturer Exactech asked a Delaware bankruptcy judge Thursday for permission to pay up to $5 million in bonuses to its top executives, saying they are performing necessary work for the company's sale plans.
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January 23, 2025
White And Williams' NY Office Head Named Bankruptcy Chair
The managing partner of White and Williams LLP's New York office has taken on the role of chair of the firm's financial restructuring and bankruptcy practice, where she plans to focus on improving the practice group's visibility while ensuring high quality of client service and helping its attorneys to excel.
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January 23, 2025
15 States Reach $7.4B Settlement With Sackler Family
A bipartisan coalition of states on Thursday announced a $7.4 billion settlement in principle with the Sackler family and their company Purdue Pharma Inc., representing the largest settlement to date with the family accused of contributing significantly to the opioid epidemic.
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January 22, 2025
Reed Smith Rips Claim Firm Is 'Causing Chaos' In $102M Suit
Reed Smith fought back Tuesday against allegations by the purported new owners of Eletson Holdings that the BigLaw firm is "causing chaos" by refusing to withdraw as counsel of record in $102 million breach-of-contract litigation, arguing that ownership of the international shipping group is "hotly contested" and being litigated in multiple jurisdictions.
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January 22, 2025
Prospect Seeks To Move Conn. Hospital Sale Suit To Texas
National hospital chain Prospect Medical Holdings on Wednesday told a Connecticut federal judge that its recent Texas bankruptcy filing means a suit over a collapsed $435 million deal to sell its Connecticut-based hospitals belongs in Texas bankruptcy court.
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January 22, 2025
Billionaire Debtor's Daughter Loses Appeal Over Jet Sale
The daughter of bankrupt billionaire Miles Guo on Tuesday lost her appeal of a Connecticut bankruptcy judge's ruling that the $10 million she reaped from the sale of a private jet is the property of her father's estate because he was the beneficial owner of the plan.
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January 22, 2025
Pa. Justices Revive Case Over Hospital Care Discontinuation
Pennsylvania's highest court on Wednesday ruled a trial court had reasonable grounds to halt plans by now-bankrupt hospital operator Prospect Medical Holdings Inc. to discontinue emergency and acute care services at a Delaware County facility.
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January 22, 2025
Alex Jones Asks Conn. Justices To Review Sandy Hook Case
Infowars host Alex Jones has asked Connecticut's highest court to review a $1.44 billion judgment for calling the Sandy Hook school massacre a "hoax," arguing his trial judge violated the state and federal constitutions by skipping causation, jumping straight to a default liability judgment and adding damages without proof.
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January 22, 2025
Bankruptcy Judge Greenlights Suit Against Celsius Founder
A New York bankruptcy judge has ruled a suit alleging Celsius Network founder and former CEO Alex Mashinsky caused the now-bankrupt cryptocurrency lender billions in damages can go forward in the wake of Mashinky's guilty plea to federal fraud charges.
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January 22, 2025
Nixed Invitae Asset Buyer Asks Ch. 11 Court To Stop Litigation
Genetic testing company Natera has launched an adversary lawsuit against Invitae, a competitor that sought insolvency protection last year, asking a New Jersey bankruptcy judge to stop Invitae's Chapter 11 plan administrator from collecting payments owed under a rejected contract.
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January 22, 2025
Lender Files Ch. 7 For Pa.-Based ATM Network Owner
Silverview Credit Partners LP has filed an involuntary Chapter 7 petition in Delaware bankruptcy court against Blackford ATM Ventures, a Pennsylvania-based operator of a network of ATMs, claiming the company owes $28.6 million for defaulted loans.
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January 21, 2025
LED Screen Distributor Lied About $10M Debt, Jury Told
The owner of a now-defunct LED screen distribution company lied to his Korean manufacturing partner about repaying an over $10 million debt in order to keep receiving shipments and pay himself a hefty salary, jurors heard as a civil fraud trial opened in California federal court on Tuesday.
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January 21, 2025
Ch. 11 Judge Slams Firm's 'Extraordinary' Lack Of Knowledge
A New York bankruptcy judge has refused a fee bid and ordered a debtor's firm to return a nearly $30,000 retainer in a scathing opinion that warns lawyers against tiptoeing into bankruptcy practice and slams counsel for having an "extraordinary lack of basic Chapter 11 understanding."
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January 21, 2025
Receiver Sought For Partnership That Funded Affleck Films
Film producer John P. Middleton has asked Delaware's Court of Chancery to appoint a receiver for The Film Capitol LLC, a partnership he formed in 2013 to provide funding for a production project with actor Casey Affleck.
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January 21, 2025
Judge OKs Deal To Keep Some American Freight Stores Open
A Delaware bankruptcy judge on Tuesday approved a sale in Chapter 11 that will keep the lights on in more than two dozen American Freight home furnishing stores by transferring their leases from the bankrupt Franchise Group.
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January 21, 2025
4th Circ. Backs NASCAR Team Owner's $31M Ch. 11 Sanction
The Fourth Circuit has backed a $31 million default judgment entered against a former NASCAR team manager as a sanction after what the published opinion called "egregious behavior" during discovery and "willful disregard of the bankruptcy code and the orders of the bankruptcy court."
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January 21, 2025
Last Sackler Family Members Join Purdue Draft Deal
The final holdouts among two branches of Sackler family members are ready to join a settlement in the bankruptcy of OxyContin maker Purdue Pharma LP, a business owned by the family, according to a report from the co-mediators handling negotiations.
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January 21, 2025
Firm Slams Beasley Allen's Bid To Nix Suit Over Talc Team-Up
Smith Law Firm PLLC is urging a Mississippi federal court to reject Beasley Allen Law Firm's bid to dismiss or transfer a defamation and breach of contract lawsuit over their joint venture agreement for talc litigation against Johnson & Johnson, saying the case shouldn't be thrown out in favor of Beasley Allen's Alabama suit.
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January 17, 2025
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.
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January 17, 2025
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.
Expert Analysis
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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.
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Bankruptcy Trustees Need More FinCEN Guidance
Recent FinCEN consent orders in two North Carolina bankruptcy cases show that additional guidance is necessary for most types of fiduciaries overseeing bankruptcy estates or other insolvency vehicles, say Brian Shaw and David Doyle at Cozen O’Connor.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.