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Bankruptcy
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August 30, 2024
5th Circ. Rejects SEC Whistleblower Award Calculation Appeal
The Fifth Circuit on Friday rejected petitions by two whistleblowers who allege that the U.S. Securities and Exchange Commission shortchanged them after they helped to uncover purportedly the largest fraud in Texas history, by a company that was driven into bankruptcy.
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August 30, 2024
Steward Says It Has Deal To Avert Some Hospital Closures
Bankrupt hospital operator Steward Health Care System has a tentative agreement that would eliminate over $6 billion of claims against it, keep the majority of its 31 hospitals operating while saving three from potential closure and set it on a path to confirm a Chapter 11 plan, attorneys told a Texas bankruptcy judge Friday.
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August 30, 2024
Coach USA Accused Of Mass Layoff Without Timely Notice
Bus company Coach USA, which filed for Chapter 11 bankruptcy in June, failed to give drivers a timely notice of mass layoffs as required by state and federal law, according to a proposed class action filed in New Jersey federal court.
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August 30, 2024
Republic Bank Tells IP Lawsuit Judge It's Bankrupt
An embattled Pennsylvania-based bank has sought bankruptcy protection following its high-profile seizure by federal authorities as it grappled with $1.3 billion in debt, according to its latest filing in a trade secrets misappropriation suit.
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August 30, 2024
Giuliani Pretends To Live In Fla. To Shield Condo, Suit Says
The Georgia election workers who secured a $148 million judgment against former New York Mayor Rudy Giuliani in D.C. federal court hit him with a new lawsuit Friday, saying he is "pretending" to live in Florida in "a brazen attempt to shield his luxury Palm Beach condo" from them.
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August 30, 2024
FTX Exec Drops Bid To Undo Plea Amid Partner's Indictment
Former FTX executive Ryan Salame is no longer seeking to vacate his guilty plea that he says Manhattan federal prosecutors induced with a false promise to halt a campaign finance probe into his partner Michelle Bond, though his claims that they broke their word will still be litigated before two different judges.
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August 29, 2024
'You Don't Need To Be Obnoxious': Ch. 11 Hearing Gets Rowdy
A California bankruptcy judge on Thursday slammed an attorney for what he called her "obnoxious" courtroom behavior, while the lawyer argued that a proposed liquidation plan for a defunct law firm could enrich the professionals managing the case and leave little for claimants.
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August 29, 2024
Lannett Says Areva Reneged On Cancer-Drug Deal After Ch. 11
Lannett Pharmaceuticals hit generic-drug maker Areva Pharmaceuticals with a contract suit in Delaware's Court of Chancery on Thursday, accusing Areva of breaching their 2022 agreement that gave Lannett exclusive rights to distribute Areva's injectable anticancer drug after Lannett emerged from a prepackaged Chapter 11 bankruptcy.
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August 29, 2024
Judiciary Group Urged To Table 'Mega' Bankruptcy Panel Ban
A subcommittee urged the Judicial Conference's bankruptcy rule advisory committee to hold off on considering a ban on so-called mega bankruptcy panels at an upcoming meeting, saying a different committee's work overlaps with a rule proposed to curb the controversial practice.
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August 29, 2024
50 Cent's Liquor Biz Wins Ch. 7 Fight Over Ex-Boss's House
A onetime international liquor trader for rap artist 50 Cent's booze business has lost a bid to protect his Connecticut residence from Sire Spirits LLC's attempt to recover a $7 million New York fraud judgment, with a bankruptcy judge applying a lower state homestead exemption than the indebted trader requested.
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August 29, 2024
Apple, Meta Appeal Guo Judge's 2nd Clawback Extension
Apple and Meta are appealing a Connecticut bankruptcy judge's order giving the Chapter 11 trustee overseeing the estate of Miles Guo an additional six months to file suits to claw back payments made by the exiled Chinese billionaire before his bankruptcy.
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August 29, 2024
SunPower Eyes Sept. Auction As IP Objection Nixed For Now
A Delaware bankruptcy judge on Thursday overruled an objection to bidding procedures for the assets of residential solar technology company SunPower Corp. from a former subsidiary, finding the dispute over use of the SunPower brand should be heard later.
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August 29, 2024
Bankruptcy Judge Allows Red Lobster To Reject 23 Leases
Troubled seafood chain Red Lobster gained a Florida bankruptcy judge's approval for its proposal to reject leases of an additional 23 restaurant locations slated to close at the end of the month.
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August 28, 2024
Fla. Bank City National Says Applebee's Franchisees Owe $8M
City National Bank of Florida sued a Louisiana-based Applebee's franchisee and three of its subsidiaries for $8.3 million, saying in a complaint filed Wednesday in Florida federal court that the companies defaulted on a federal COVID-19-era loan and then transferred control of their restaurants without consent.
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August 28, 2024
Jazz, Hikma Must Face Bulk Of Xyrem Antitrust Suit
Jazz Pharmaceuticals and Hikma Pharmaceuticals appear bound for trial against most solo insurer and class action antitrust claims over alleged efforts to block generic competitors to Jazz's Xyrem narcolepsy drug, under a newly unsealed California federal court order largely rejecting competing motions for summary judgment.
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August 28, 2024
Calif. Debt Relief Firm Ran Criminal Enterprise, Judge Says
A California bankruptcy judge ruled Tuesday that the defunct Orange County debt relief law firm Litigation Practice Group operated a "criminal enterprise" and possibly a Ponzi scheme, a finding that representatives for the firm's court-appointed bankruptcy trustee say they will use to claw money back from investors.
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August 28, 2024
Justices Won't Revive Student Debt Relief Plan Right Now
The U.S. Supreme Court on Wednesday refused to reinstate President Joe Biden's latest student loan debt relief program, leaving the $475 billion plan on ice until the Eighth Circuit decides whether the administration has the authority to continue its new push to reduce student loan bills for millions of people.
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August 28, 2024
Farella Braun Can Pursue Unpaid SVB Fees From FDIC
Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday.
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August 28, 2024
Boy Scout Abuse Trust Art Sales To Start In November
An auction house announced Wednesday that parts of the Boy Scouts of America's former art collection, including a number of Norman Rockwell pieces, will go on the auction block in November to pay for claims by sexual abuse survivors.
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August 27, 2024
Guo Trustee Says Trump Aide Must Face $353K Clawback Suit
The Chapter 11 trustee for Miles Guo has urged a Connecticut bankruptcy judge to preserve an adversary action seeking to claw back more than $353,000 that he alleged the Chinese exile fraudulently gave to Jason Miller, a senior adviser to Donald Trump and founder of conservative social media platform Gettr, saying Miller's bid to ax the case was flimsy.
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August 27, 2024
Chancery Voids Bank Board Picks In Scheduling Suit
A Delaware Chancery Court judge on Tuesday invalidated an annual meeting where a board election was held by directors of Golden Mountain Financial Holdings, restoring the preelection boards of the venture, which emerged from the bankruptcy of First NBC Bank Holding Co.
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August 27, 2024
Asbestos Claimants Tell 4th Circ. Bestwall Isn't Distressed
The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress.
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August 27, 2024
Madison Ave. Condo Owners File New Ch. 11
The corporate owner of a luxury Manhattan condominium complex has filed for Chapter 11 in a New York bankruptcy court in what it says is an attempt to resolve the disputed bankruptcy filing of the partnership that owns the corporation.
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August 27, 2024
Tobacco Co-Op's $10M Insurance Suit Headed To Mediation
Tobacco grower cooperative U.S. Tobacco Cooperative Inc. will go into mediation with Axis Specialty Insurance Co. as part of a lawsuit brought by the grower alleging the insurer has refused to pay $10 million in excess coverage.
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August 27, 2024
Jackson Walker Is Trying To 'Revise History,' US Trustee Says
Jackson Walker LLP told a Houston judge Tuesday that the U.S. Trustee's Office "wants everyone to play by the rules except for [itself]" in a discovery dispute connected to a former Texas bankruptcy judge's secret relationship, as the bankruptcy watchdog simultaneously accused the firm of chasing down rumors to "revise history" through overbroad discovery requests.
Expert Analysis
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NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors
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.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
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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Cannabis Ruling Lights Path For Bankruptcy Protection
A recent Massachusetts bankruptcy appellate court ruling in Blumsack v. Harrington leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met, but rescheduling marijuana as a Schedule III drug may complicate matters, say Jane Haviland and Kathryn Droumbakis at Mintz.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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Conn. Bankruptcy Ruling Furthers Limitation Extension Split
A recent Connecticut bankruptcy court decision further solidifies a split of authority on whether Bankruptcy Rule 9006(b) may be used to extend the limitations period, meaning practitioners seeking to extend should serve the motion on all applicable parties and, where possible, rely on the doctrine of equitable tolling, says Shane Ramsey at Nelson Mullins.
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How Purdue Pharma High Court Case May Change Bankruptcy
The U.S. Supreme Court’s upcoming ruling in Purdue Pharma may be the death of most third-party releases in Chapter 11 cases, and depending on the decision’s breadth, could have much more far-reaching effects on the entire bankruptcy system, say Brian Shaw and David Doyle at Cozen O'Connor.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.