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Bankruptcy
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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.
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May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
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May 17, 2024
'We Feel It': NJ Ranks 2nd In Ch. 11 Cases, Chief Judge Says
New Jersey federal courts saw the second most Chapter 11 bankruptcy filings in the nation over the last year, Chief U.S. District Judge Renée Marie Bumb of the District of New Jersey said on Friday.
Expert Analysis
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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Rite Aid's Reasons For Ch. 11 Go Beyond Opioid Suits
Despite opioid-related lawsuits being the perceived reason that pushed Rite Aid into bankruptcy, the company's recent Chapter 11 filing reveals its tenuous position in the pharmaceutical retail market, and only time will tell whether bankruptcy will right-size the company, says Daniel Gielchinsky at DGIM Law.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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A Look At DOJ's New Nationwide Investment Fraud Approach
Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.
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How Fla. Bankruptcy Ruling May Affect Equity Owners
A Florida bankruptcy court’s recent ruling in Vital Pharmaceuticals — which rejected the Third Circuit’s Majestic Star decision that determined a bankrupt corporation’s flow-through status was not protected by the automatic stay — may significantly affect how equity owners can mitigate the impact of flow-through structures in bankruptcy, say Eric Behl-Remijan and Natasha Hwangpo at Ropes & Gray.
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Calif. Ruling May Open Bankruptcy Trustees To Tort Liability
In Martin v. Gladstone, a recent California appellate court decision, the application of tort concepts to bankruptcy trustees could pose a new concern for trustees and federal receivers when controlling and maintaining commercial property, says Jarrett Osborne-Revis at Buchalter.
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Co. Directors Must Beware Dangers Of Reverse Factoring
New accounting requirements governing the disclosure of so-called reverse-factoring programs have revealed billions of dollars worth of hidden liabilities on companies’ ledgers, and directors of corporate boards should review their companies’ books for this hidden danger, say Garland Kelley at Looper Goodwine, Amin Al-Sarraf at Locke Lord and Jill Basinger at Discovery Land.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why 7th Circ. Libel Ruling Is Crucial For The Media
As more defamation plaintiffs attorneys argue that allowing a published statement to remain online after additional evidence of falsity emerges equates to actual malice, the Seventh Circuit's recent National Police Association v. Gannett opinion should be lauded by the media and online publishers as a favorable decision, say attorneys at Vedder Price.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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3 Cases Show Tensions Between Arbitration And Insolvency
The intersection of international arbitration and insolvency may influence the formulation of litigation strategy on a global scale, and several recent cases illustrate the need for counsel to understand how courts are varying in their approaches, say attorneys at Skadden.
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Opinion
Air Ambulance Ch. 11s Show Dispute Program Must Resume
Air Methods’ recent bankruptcy filing highlights the urgent need to reopen the No Surprises Act’s independent dispute resolution program for air ambulances, whose shutdown benefits insurance companies and hurts providers, says Adam Schramek at Norton Rose.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.