Bankruptcy

  • December 19, 2024

    Restructuring Partner Returns To Willkie From A&O Shearman

    A familiar face has returned to Willkie Farr & Gallagher LLP's New York office, the firm announced Thursday, with the addition of a restructuring partner who launched her career with Willkie and now returns from A&O Shearman, bringing a combined 25 years of experience to the new role.

  • December 19, 2024

    DC Apartment Complex Hits Chapter 11 With Over $10M Debt

    The operator of an apartment complex in Washington, D.C., filed for Chapter 11 in Delaware, saying the impact of COVID-19 and the district's affordable housing voucher program have led to diminishing cash reserves.

  • December 19, 2024

    The Year In Legal Ethics: AI, Judicial Scandal And More

    A number of legal ethics topics dominated the conversation in 2024, including artificial intelligence and the fallout of an undisclosed relationship between a Texas bankruptcy judge and an attorney whose firm appeared before him for years.

  • December 18, 2024

    Girardi Gets Sentencing Delayed For Dementia Probe

    A Los Angeles federal judge pushed back Tom Girardi's sentencing for his embezzlement conviction on Wednesday, ordering a psychiatric evaluation and special hearing to determine whether the 85-year-old disbarred attorney should be committed to a medical facility instead of prison due to his dementia diagnosis.

  • December 18, 2024

    High Court Bar's Future: McDermott's Paul Hughes

    Paul W. Hughes of McDermott Will & Emery LLP knows U.S. Supreme Court oral arguments are unpredictable — you can end up as the butt of a justice's joke or have the whole bench fully embrace your novel legal theory — so he focuses on what he can control: being overprepared for any version of the court he meets.

  • December 18, 2024

    FDIC Moves Closer To Suing Ex-Brass Of Silicon Valley Bank

    Federal Deposit Insurance Corp. leaders have given a green light for the agency to potentially sue former top brass of Silicon Valley Bank for alleged mismanagement of the bank that led to its collapse last year.

  • December 18, 2024

    Yellow Corp. Gets Del. Court OK For Ch. 11 Asset, Lease Sales

    Bankrupt trucking venture Yellow Corp. secured a Delaware judge's approval Wednesday for a $192.5 million series of deals to sell or lease a dozen properties owned or leased by Yellow in California, Miami, Ohio and other states.

  • December 18, 2024

    Toolmaker Hardinge Gets OK On Ch. 11 Liquidation Plan

    A Delaware bankruptcy judge on Wednesday approved tool manufacturer Hardinge Inc.'s Chapter 11 liquidation plan after the debtor settled disputes with creditors, its investment fund backer and other parties by agreeing to drop potential claims in exchange for a cash payment.

  • December 18, 2024

    Lowenstein Sandler Dispensary Fee Suit Must Fail, Court Told

    Lowenstein Sandler LLP sunk its own $766,000 breach of contract and unjust enrichment suit by failing to give proper notice prior to filing, a New Jersey cannabis dispensary told the state court, hitting back against the firm's claims that its complaint is a continuation of an "ancillary legal action" — a bankruptcy proceeding.

  • December 18, 2024

    Greenberg Traurig Faces DQ Bid In NJ Cosmetics Spat

    A New Jersey cosmetics company suing a former investor alleging breach of contract has asked a federal court to disqualify Greenberg Traurig LLP as defense counsel, telling the court that it previously consulted with the firm about suing the investor and gave away its "playbook" for the litigation.

  • December 17, 2024

    Miss America-Tied Ch. 11 Tossed Amid Ownership Spat

    A Florida bankruptcy judge on Tuesday dismissed the Chapter 11 case of an entity connected to the Miss America pageant, after the debtor noted it realized it owns none of the operations or debt associated with the competition, punting questions over who owns pageant-related assets to a state court.

  • December 17, 2024

    Franchise Group Can Keep Exclusive Control Of Its Ch. 11

    A Delaware bankruptcy judge on Tuesday denied a motion to end the plan exclusivity window and other bankruptcy rights for debtors in Franchise Group Inc.'s Chapter 11, saying possible intercompany claims don't justify relief that the debtor argued would plunge the case into chaos.

  • December 17, 2024

    2nd Circ. Says Sears Trustee Can Keep Mall Of America Lease

    The Second Circuit has upheld a district court order obliging the return of bankrupt Sears Holding Corp.'s lease in Minnesota's Mall of America to SHC's liquidating trustee, finding in part the mall's earlier lease was not a "true" contract.

  • December 17, 2024

    SEC Says Express Didn't Disclose $1M In Ex-CEO Perks

    Express Inc. failed to disclose nearly $1 million worth of perks and personal benefits to former CEO Tim Baxter, according to a settlement released Tuesday by the U.S. Securities and Exchange Commission, which declined to levy a civil penalty against the fashion retailer in light of its cooperation and remediation.

  • December 17, 2024

    Yukos Capital Opposes Stay In $5B Russia Award Suit

    The financing arm of Yukos Oil Co. urged a D.C. federal court on Monday not to pause its lawsuit looking to enforce a $5 billion arbitral award against Russia while litigation involving similar issues plays out, saying the Kremlin is needlessly dragging its feet.

  • December 17, 2024

    Express Inc.'s Post-Sale Ch. 11 Liquidation Plan Approved

    A Delaware bankruptcy judge on Tuesday confirmed the Chapter 11 liquidation plan for the estate of clothing retailer Express Inc., after the debtor sold the business this summer for $174 million.

  • December 16, 2024

    Texas Bitcoin Mining Enterprise's Investors Accuse It Of Fraud

    Founders of a Texas-based bitcoin mining company are being accused of fraud by several investors in a new lawsuit claiming they attempted to conceal the sale of the company's operational facilities to a competitor, which led to the company's filing for bankruptcy earlier this year.

  • December 16, 2024

    Reed Smith, Eletson Battle Over Sanctions In Ch. 11

    The current and former owners of reorganized Greek shipping group Eletson Holdings clashed in New York bankruptcy court Monday over sanctions requested against Reed Smith LLP, the Chapter 11 counsel to the previous Eletson, and others in a dispute over implementing its confirmed bankruptcy plan that an attorney compared to the movie "Groundhog Day."

  • December 16, 2024

    Atty Seeks To Escape Hurricane Ad Suit Against Texas Firm

    A Houston-area lawyer is asking a Texas federal court to let him out of a proposed class action involving allegedly deceptive advertising targeting hurricane victims, saying discovery has closed, and the plaintiff has come up empty-handed in finding proof that he "solicited" her in violation of Lone Star State barratry laws.

  • December 16, 2024

    Pennsylvania Debtors Law Firm Hits Ch. 11 With $1.9M Debt

    A small Pennsylvania law firm specializing in defending debtors from their creditors said in a recent Chapter 11 declaration that it's facing $1.9 million in debt of its own, most of it from a secured bank loan, and court records show the firm was recently sued by a lender.

  • December 16, 2024

    Anglo American-Backed Engine Tech Co. Files Ch. 11

    A developer of hybrid electric hauling equipment has filed for Chapter 11 protection in Delaware bankruptcy court with nearly $98 million in debt and an agreement with its secured lender and parent, mining company Anglo American, to pursue a sale.

  • December 13, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a group of franchise operators hit Vodafone with a £120 million ($151 million) claim for allegedly imposing commission cuts, green energy tycoon Dale Vince pursue another libel action against the publisher of the Daily Mail, and parcel delivery giant Yodel face a claim by an investor that helped save it from collapse earlier in the year.

  • December 13, 2024

    Cardi B Tries To Sink Ch. 11 Of YouTuber Who Owes Her $3.8M

    Cardi B has asked a Florida bankruptcy court to dismiss the Chapter 11 case of YouTuber Tasha K, saying she deliberately hid her assets to frustrate the rapper's efforts at collecting on a $3.8 million defamation verdict.

  • December 13, 2024

    Auto Mogul Must Turn Over Note Info In $127M Collection Row

    An auto mogul, his living trust and one of his companies must turn over documents related to a $20 million payment on promissory notes as part of marathon litigation related to Alter Domus LLC's attempts to collect on a $127 million judgment, a Michigan federal judge has ruled.

  • December 13, 2024

    Silvergate Bank Slams Stockholder's Bid To Take Over Ch. 11

    Bankrupt crypto-bank Silvergate has blasted an activist investor fund's effort to scuttle the debtor's exclusive Chapter 11 control in Delaware, accusing common stockholder Stilwell Activist Investments LP of opposing exclusivity to escape a justifiable plan to liquidate the bank's no-longer viable, cryptocurrency-focused business.

Expert Analysis

  • Bankruptcy Ruling Shifts Lease Rejection Claim Calculation

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    A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.

  • Don't Use The Same Template For Every Client Alert

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    As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.

  • Series

    Walking With My Dog Makes Me A Better Lawyer

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    Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.

  • What Calif. Eviction Ruling Means For Defaulting Borrowers

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    A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.

  • Think Like A Lawyer: Follow The Iron Rule Of Trial Logic

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    Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.

  • Banks Have Won Syndicated Loan Battle, But Not The War

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    Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.

  • Potential Unintended Consequences Of NY Sovereign Debt Bill

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    New York lawmakers recently proposed a law to create a framework for restructuring sovereign debt, but there are concerns that the bill will increase financing costs and that it attempts to solve problems that have largely been dealt with by collective action clauses, say Jeffrey Rothleder and Tara Peramatukorn at Squire Patton.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key

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    Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.

  • Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy

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    In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.

  • NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors

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    Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

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