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Bankruptcy
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May 22, 2024
Cancer Patients Target J&J Talc Unit's Asset Shuffles
Cancer patients who have sued Johnson & Johnson alleging that its talcum powder caused their illness alleged Wednesday that the company has tried to intentionally prevent tort victims from getting their day in court through a scheme of fraudulent corporate transactions.
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May 22, 2024
EB-5 Investors Say Developers' $150K Shouldn't Go To Attys
Chinese investors looking to recoup a nearly $40 million investment in failed developments urged an Illinois federal court against allowing bankrupt developers to use $150,000 in assets to pay the developers' attorneys, saying the lawyers shouldn't be paid before the investors.
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May 22, 2024
1st Circ. Affirms UBS Win In Puerto Rico Pension Fight
The First Circuit said public pensioners in Puerto Rico can't advance their claims that UBS Financial Services illegally underwrote $3 billion in bonds, ruling that the island's financial restructuring plan transferred the right to those claims to a special committee.
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May 22, 2024
Cleaning Products Maker Supply Source Files For Ch. 11
Cleaning products company Supply Source Enterprises has told a Delaware bankruptcy court that it is seeking a sale in Chapter 11 to deal with $180 million in debt after overestimating the post-pandemic market for cleaning products.
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May 22, 2024
Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk
A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.
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May 22, 2024
Fraud Defendant Strikes Deal To End Ch. 11, Sell House
A corporation owned by the defendant in a $93 million securities fraud case Wednesday told a Florida bankruptcy judge it has reached a deal to end its Chapter 11 case and sell the multimillion-dollar Coral Gables home that is its sole asset.
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May 22, 2024
Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt
Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.
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May 22, 2024
Tommy's Boats Hits Ch. 11 After Alleged M&T Bank Default
Boat and water sports retailer Tommy's Boats has filed for Chapter 11 protection in Texas bankruptcy court, listing up to $500 million in debt after allegedly breaching an agreement with lender M&T Bank.
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May 21, 2024
Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.
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May 21, 2024
Red Lobster Gets OK To Tap $40M Ch. 11 Loan
A Florida bankruptcy judge Tuesday gave seafood chain Red Lobster interim permission to draw on $40 million in Chapter 11 financing the company says is necessary to keep its restaurants running while it seeks a sale.
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May 21, 2024
SPAC Investor's Suit Changes Came Too Late, Chancery Rules
A shareholder of a special-purpose acquisition company that merged with a now-defunct medical technology company in 2021 waited too long to amend his year-old proposed class action and must defend the case against a motion to dismiss in June, Delaware's Court of Chancery said Tuesday.
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May 21, 2024
Tremont Chicago Hotel Lender Calls For End To Ch. 11 Case
Citing a bankrupt owner's lack of equity and longstanding defaults, the senior secured creditor to Chicago's defunct former Tremont Hotel has asked a Delaware bankruptcy judge to dismiss the case or lift its Chapter 11 automatic stay.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 21, 2024
Contractor For Exxon, QatarEnergy LNG Venture Hits Ch. 11
The general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy filed for Chapter 11 protection in Texas bankruptcy court Tuesday with more than $1 billion of debt, saying it intends to use the court process to back out of the Texas venture.
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May 20, 2024
Rite Aid Settles Trademark Suit Over New Logo
Rite Aid has reached an agreement with Brand Design Co. to end a lawsuit claiming that the drugstore chain misused the design firm's font for a new logo, the parties have told a Pennsylvania federal court.
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May 20, 2024
J&J Says Beasley Allen Looking To 'Bias' Vote On $6.5B Plan
Johnson & Johnson's bankrupt talc unit accused the Beasley Allen Law Firm of attempting to intentionally "bias" the vote against its recently announced proposal to pay out $6.5 billion in a prepackaged reorganization plan to resolve claims that its talc-based baby powder causes ovarian cancer.
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May 20, 2024
Catching Up With Delaware's Chancery Court
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.
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May 20, 2024
Girardi Wants To Probe Jurors' 'Real Housewives' Exposure
Public defenders for Tom Girardi want to ask prospective jurors in his upcoming fraud trial whether they have seen his wife's reality television show and news reporting about his law firm's massive scandal, according to a recent motion in Los Angeles federal court.
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May 20, 2024
Atty Wants In On Ch. 11 Pause In Fraud Suit Against Law Firm
A Houston attorney being sued for alleged misconduct in soliciting hurricane victims has asked a federal court to include him in a bankruptcy-triggered pause in the proceedings against his law firm, arguing that any judgment against him would effectively be against the law firm.
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May 20, 2024
Red Lobster Hits Ch. 11 Reeling From Endless Shrimp Deals
The Red Lobster seafood restaurant chain has filed for Chapter 11 protection in a Florida bankruptcy court with $294 million in debt and sale plans, saying its problems included its equity owner and shrimp supplier possibly pushing it into a disastrous all-you-can-eat shrimp offer.
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May 17, 2024
Scammer Cops To SIM Scheme Including $400M Crypto Theft
A Colorado woman on Thursday pled guilty in D.C. federal court for her part in a SIM swapping scheme that appears to encompass more than $400 million stolen from the now-bankrupt cryptocurrency exchange FTX.
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May 17, 2024
Paul Hastings Team Seeks $2.6M In New Kwok Ch. 11 Fees
With senior attorneys and Chapter 11 trustee Luc A. Despins billing close to $2,000 an hour, Paul Hastings LLP has filed two motions seeking court approval to be paid an additional $2.6 million in fees for work performed on Chinese exile Ho Wan Kwok's bankruptcy in January and February.
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May 17, 2024
Cantor, Lutnick Strike Deal With Window SPAC Investors
Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.
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May 17, 2024
EndoStim Emerges From Delaware Insolvency Proceeding
Delaware's Court of Chancery has approved the final accounting for medical device company EndoStim Inc.'s state-administered insolvency proceeding after no creditor or other party raised any objections at a final hearing on Friday.
Expert Analysis
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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USW Ruling Highlights Successor Liability In Bankruptcy Sale
A Delaware federal court's recent decision in United Steelworkers v. Braeburn is important for potential asset purchasers in Section 363 bankruptcy sales as it found the purchaser was subject to obligations under the National Labor Relations Act notwithstanding language in the sale approval order transferring the debtor's assets free and clear of successor liability, say attorneys at Arnold & Porter.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Ch. 12 Ruling Is A Helpful Addition To Interest Rate Case Law
In its recent In re: Topp ruling, the Eighth Circuit addressed the question of which rate of interest debtors should pay under a bankruptcy plan, showing that the choice of interest rate plan is a factual issue subject to appellate review for clear error, and not a legal issue subject to de novo review, says Donald Swanson at Koley Jessen.
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Section 363 Ruling Lines Up With Avoidance Action Precedent
While it is safe to say that avoidance actions in bankruptcy cases are the exception, not the rule, when selling assets in a Section 363 sale, the Eighth Circuit’s recent ruling in Simply Essentials’ Chapter 5 case reveals uniformity among courts that have considered the issue, says Daniel Lowenthal at Patterson Belknap.
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What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
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Series
Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
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How Attys Can Weather The Next Disaster Litigation Crisis
On the heels of a number of damage catastrophes and ensuing litigation this summer alone, attorneys must recognize that it’s a matter of when, not if, the next disaster — whether natural or artificial — will strike, and formulate plans to minimize risks, including consolidating significant claims and taking remedial measures, says Mark Goldberg at Cosmich Simmons.
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Opinion
Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.
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Opinion
Proving Causation Is Key To Fairness And Justice
Ongoing litigation over talc and acetaminophen highlights the important legal distinction between correlation and causation — and is a reminder that, while individuals should be compensated for injuries, blameless parties should be protected from unjust claims, say Drew Kershen at the University of Oklahoma College of Law, and Henry Miller at the American Council on Science and Health.
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Potential WeWork Bankruptcy May Disrupt Coworking Spaces
If WeWork files for bankruptcy, as hinted at in its recent quarterly earnings report, landlords may struggle to take over management of WeWork's coworking spaces, but the coworking industry as a whole is showing some promise in adapting to the market's evolving post-pandemic office needs, says Ann Chandler at Hall Estill.
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How To Protect Atty-Client Privilege While Using Generative AI
When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.
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What FERC-PJM Negotiations Mean For The Energy Industry
Following the aftermath of Winter Storm Elliot, disputes associated with the PJM Interconnection settlement negotiations taking place at the Federal Energy Regulatory Commission have brought to the fore a potential legal minefield arising out of extreme weather events that could lead to commercial risks for power generating companies, say attorneys at Hogan Lovells.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.