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Bankruptcy
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August 08, 2024
McElroy Deutsch Seeks To Ax Former CFO's Ch. 11 Case
McElroy Deutsch Mulvaney & Carpenter LLP urged a New Jersey bankruptcy court Thursday to throw out a Chapter 11 filing from its former chief financial officer, who has been sent to prison for stealing over $1 million from the firm, slamming it as a bad faith "tactical maneuver" to stall ongoing civil litigation.
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August 08, 2024
50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim
A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.
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August 07, 2024
FTX, Alameda Agree To Pay $12.7B To Resolve CFTC's Action
A New York federal judge Wednesday signed off on a consent order requiring FTX Trading Ltd. and its affiliated trading firm to pay back $8.7 billion to those duped by disgraced FTX founder Sam Bankman-Fried and disgorge an additional $4 billion.
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August 07, 2024
'Something Sketchy Was Going On,' Girardi Client Tells Jury
A man horribly injured in a gas explosion told a Los Angeles federal jury Wednesday that Tom Girardi lied to him for years about the true details of his civil settlement and withheld millions he was owed, but it took him years to figure out "something sketchy was going on."
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August 07, 2024
Highland, Co-Founder Battle Over $70M Debt In 5th Circ.
Venture capital firm Highland Capital and a company owned by Highland co-founder James Dondero squared off before a Fifth Circuit panel on Tuesday, debating whether a jury was needed to weigh defenses against claims that he and his companies owe the VC firm more than $70 million.
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August 07, 2024
SEC Accuses Urban Commons REIT Founders Of $70M Fraud
The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.
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August 07, 2024
Bid For Ex-Judge's Phone Records Halted At Texas Hearing
A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.
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August 07, 2024
Judge Says Byju's Exec Can Make $20M Settlement Payment
A Delaware bankruptcy judge on Wednesday said he won't stop a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's from paying off a $20 million debt that had landed Byju's parent in an Indian insolvency proceeding.
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August 07, 2024
Lender Says Mogul's Privacy Concerns Stymying Trial Prep
Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.
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August 07, 2024
Caribbean Resort Owner Facing $15M Claim Files Del. Ch. 11
A resort residence complex on the Caribbean island and British Overseas Territory of Anguilla, now facing a $15 million claim tied to an attack on the child of a guest family in 2015, is seeking Chapter 11 protection in Delaware, listing $500,000 or less in assets.
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August 07, 2024
'Herculean' Efforts Warrant Max Fee, Debt Firm Trustee Says
A California bankruptcy trustee overseeing the failed debt relief law firm Litigation Practice Group has told the court he deserves the maximum fee amount and possibly a bonus due to the "herculean" efforts of himself and his colleagues — a statement that comes at a time when the bankruptcy estate appears to have little money to pay more than 2,500 creditors.
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August 07, 2024
Law Firms Fight J&J Bid To Revive Talc Subpoenas
The Beasley Allen Law Firm, the steering committee of talc plaintiffs suing Johnson & Johnson, and a third-party law firm urged the New Jersey federal court this week to reject a bid from the pharmaceutical company to reinstate subpoenas seeking evidence of alleged third-party litigation funding.
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August 07, 2024
Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta
The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.
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August 07, 2024
Pool Co. Can't Get Atty Fees After Losing False Ads Trial
A pool parts supplier on the hook for a $16 million false advertising and unfair business practices judgment isn't entitled to attorney fees in the case, a North Carolina federal judge has ruled, finding there's "no question" the winning party is its opponent given the eight-figure damages award.
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August 07, 2024
Lewis Brisbois Grows In Dallas With Ex-Mackie Wolf Litigators
Lewis Brisbois Bisgaard & Smith LLP announced Wednesday that it has boosted its litigation bench in Dallas with a pair of attorneys who came aboard from Mackie Wolf Zientz & Mann PC.
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August 07, 2024
Movie, Fashion Cable Network Cinemoi Files Ch. 11
The operator of film, fashion and lifestyle cable network Cinemoi has filed for Chapter 11 protection in a California bankruptcy court with more than $10 million in debt.
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August 06, 2024
9th Circ. Kills Trustee Fee Refunds After Justices' Ruling
The Ninth Circuit on Tuesday reversed a district court decision that granted a partial refund of $600,000 in fees a tobacco distributor paid to the U.S. Trustee's Office, noting that the U.S. Supreme Court found in June that a disparity in fees paid by debtors in different jurisdictions was not to be remedied by returning overpayments.
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August 06, 2024
Genesis Seals Deal To End $600M Dispute With DCG
Defunct cryptocurrency services company Genesis Global on Tuesday ended a $600 million dispute with its parent company Digital Currency Group while saying it hopes other litigation against DCG can add to the $3 billion in assets it returned to customers last week.
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August 06, 2024
Aztec Fund Files For Ch. 11 With $100M In Liabilities
The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.
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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.
Expert Analysis
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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Del. Insurance Co. Liquidation Reveals Recovery Strategies
Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Navigating Asset Tracing Challenges In Bankruptcy
A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.
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Lender Agreements And Unitranche Facilities: A Fresh Look
Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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Opinion
Bankruptcy Must Be On The Table As A Student Loan Solution
Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Rockport Ch. 11 Highlights Global Settlement Considerations
A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.
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How Purdue High Court Case Will Shape Ch. 11 Mass Injury
The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena
Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.
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Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns
A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.