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Bankruptcy
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June 04, 2024
'Miles Guo Stole My Money': NY Jury Hears Of Alleged Fraud
A former supporter of exiled Chinese billionaire Miles Guo testified in Manhattan federal court Tuesday that the purported billionaire conned her into investing more than $100,000 in the media company he founded alongside former Donald Trump adviser Steve Bannon, describing Guo's interrelated business ventures as a "mafia."
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June 04, 2024
Bally Sports Parent Reaches Multiyear Fubo Carriage Deal
The bankrupt owner of Bally Sports-branded regional sports networks told a Texas judge Tuesday that it has reached a multiyear agreement with fuboTV to continue that company's carriage of the debtor's channels on its streaming platform, adding to its roster of new distribution deals as a hearing on its Chapter 11 plan nears.
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June 04, 2024
Widow's 'Elderly' Claim For Atty Fee Can't Stand, Trustees Say
A coal company executive's widow can't demand hundreds of thousands of dollars in attorney fees over a dismissed suit seeking $6.5 billion, United Mine Workers of America pension plan trustees argued, knocking her claim that the trustees are seeking funds from an "elderly woman."
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June 03, 2024
FTX, IRS Propose Settling $8B Tax Fight For Just $885M
FTX and the Internal Revenue Service have reached a proposed settlement worth roughly $885 million that would resolve the agency's contention that the bankrupt cryptocurrency exchange operator owes $8 billion in taxes, according to a motion filed Monday in Delaware federal bankruptcy court.
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June 03, 2024
Sandy Hook Families Seek To Liquidate Alex Jones' Media Co.
Creditors of right-wing conspiracy theorist Alex Jones' media company Free Speech Systems have asked a Texas bankruptcy judge to convert its Chapter 11 to a Chapter 7, saying liquidation is the only realistic route for creditors to get paid as the separate bankruptcies of the InfoWars parent and Jones near their close.
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June 03, 2024
4 Mass. Rulings You Might Have Missed In May
Massachusetts state court judges rejected a law firm's effort to fight malpractice claims by pointing the finger at a Rhode Island judge, and ruled that an online booking platform can boot the owner of Bali vacation villas from its site, among other under-the-radar decisions handed down in May.
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
Nursing Home Co. LaVie Hits Ch. 11 In Ga. With $1.1B Debt
Nursing home operator LaVie Care Centers LLC hit Chapter 11 on Monday in Georgia with $1.1 billion in debt, saying it has not been able to recover from the COVID-19 pandemic.
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June 03, 2024
Cloud Tech Co. CalAmp Hits Ch. 11 For Debt Equity Swap
California-based cloud technology developer CalAmp Corp. filed for Chapter 11 bankruptcy on Monday in Delaware bankruptcy court, saying it entered a restructuring deal with lender Lynrock Lake Master Fund LP that would swap approximately $229 million of secured notes into equity interests in the reorganized business.
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June 03, 2024
High Court Won't Hear Arguments On Madoff Clawback Math
The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.
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June 03, 2024
Paul Hastings Adds 11-Partner King & Spalding Finance Team
Continuing its hiring in the finance and restructuring space, Paul Hastings LLP announced Monday that it is bringing on a team of 11 partners from King & Spalding LLP, including the co-head of the global finance and restructuring practice.
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June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
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May 31, 2024
Girardi Not Famous Like Avenatti, Feds Say In Panning Jury Form
Prosecutors pushed back Friday on Tom Girardi's request to ask prospective jurors in his California federal fraud trial if they have seen his wife's television show or reports about his law firm's scandal, saying Girardi's fame is not similar to convicted attorney Michael Avenatti's, whose case included a written juror questionnaire.
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May 31, 2024
9th Circ. Affirms Toss Of Health Center's $8M Cigna Row
The Ninth Circuit on Friday declined to revive a suit from a holding company for a drug and alcohol treatment center claiming Cigna forced it into bankruptcy by not paying more than $8 million in authorized claims, finding the health insurer did not abuse its discretion in denying the payments.
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May 31, 2024
Jilted FTX Claim Buyer Sues Crypto Trader In Chancery
An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.
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May 31, 2024
NY Appeals Court Backs Trimming Of 50 Cent Liquor Spat
A New York appeals court has said a lower court rightly dismissed some components of a suit brought by a fine liquors company owned by rapper 50 Cent, allowing Jim Beam and its parent company to escape the rapper's claims they aided a fraud and rejecting his request for punitive damages and attorney fees.
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May 31, 2024
Lindell No-Shows Amid Solvency Concerns In Sanctions Fight
Attorneys for My Pillow CEO Mike Lindell were nowhere to be found Friday as a D.C. federal judge mulled how much they should pay in sanctions for counterclaims in election company Dominion's ongoing libel suit, saying he'd likely set an amount in the coming weeks.
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May 31, 2024
Beasley Allen Wants J&J Subpoenas Nixed Amid Ethics Fight
The Beasley Allen Law Firm and a plaintiff steering committee in the Johnson & Johnson talc litigation blasted subpoenas directed at the firm and others aimed at turning up evidence of an alleged scheme to muster opposition to J&J's latest $6.5 billion bankruptcy plan.
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May 31, 2024
Fight Between Trustee, Law Firm May Mean Less For Creditors
In the bankruptcy of collapsed California debt relief law firm Litigation Practice Group, a new law firm confirmed this week that it's not making payments to the bankruptcy estate, a situation that may limit a bankruptcy trustee's ability to make payments to creditors across the country.
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May 31, 2024
Disbarring Giuliani Would 'Protect The Public,' DC Panel Says
A Washington, D.C., attorney ethics panel agreed Friday that Rudy Giuliani's role in former President Donald Trump's attempt to overturn Pennsylvania's presidential election in 2020 amounted to misconduct "of the utmost seriousness," and that disbarring him would "protect the public, the courts, and the integrity of the legal profession."
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May 31, 2024
CFPB Sues PHEAA For Discharged Student Loan Collections
For the second time in a month, the Consumer Financial Protection Bureau has filed an enforcement action against the Pennsylvania Higher Education Assistance Agency, a major student loan servicer, this time suing it in Pennsylvania federal court for allegedly pursuing unlawful collections on loans discharged in bankruptcy.
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May 31, 2024
In Rarity, 1 Party's Judges Gain 100% Control Of Circuit Bench
At the First Circuit, the judges' robes are all black, but the judges are all blue. It's a new and unusual instance of one political party's judicial picks controlling each active seat on a federal appeals court, and the Democratic dominance could prove magnetic for ideologically charged litigation.
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May 30, 2024
Ex-FTX Auditor Must Face SEC's Independence Rules Suit
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX must face the U.S. Securities and Exchange Commission's claims it violated auditor independence rules while collecting $3 million in fees from clients, a Florida federal judge has ruled, finding the agency's allegations establish severe recklessness.
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May 30, 2024
Rite Aid Ch. 11 Timeline Extended To Allow More Plan Review
A New Jersey judge on Thursday lengthened the timeline for Rite Aid to seek an exit from its Chapter 11 bankruptcy, pushing the confirmation hearing date out by seven days after insurers and others said the company's schedule would not provide enough time to review its restructuring plan.
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May 30, 2024
Grocery Automation Biz Files Ch. 11 With $13M In Debt
E-grocery automation system maker Takeoff Technologies filed for Chapter 11 protection Thursday in Delaware bankruptcy court with nearly $13 million in debt, saying that, after eight years in business, it had been unable to generate the cash flow it needed to turn a profit.
Expert Analysis
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What 2023 Bankruptcy Statistics May Mean For 2024
Bankruptcy data from 2023 shows that we are in an unprecedented time in our economic history because of unique, unpredictable and distressed conditions, and bankruptcy professionals should be prepared for the continued rise in Chapter 11 filings in 2024, says Deirdre O'Connor at Epiq.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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The 4 Top Philadelphia Commerce Court Opinions Of 2023
Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.
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A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
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3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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Opinion
What Happens If High Court Rejects Releases In Purdue Ch. 11
Reading the tea leaves following the U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, it appears likely that the justices will decide that bankruptcy courts lack the power to release third-party claims against nondebtors, which would result in one of three scenarios, says Gregory Germain at Syracuse University.
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Del. Ruling Shows Tension Between 363 Sale And Labor Law
The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.
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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.