Bankruptcy

  • October 11, 2024

    BurgerFi Creditors Blast DIP, Bidding Procedures In Ch. 11

    Unsecured creditors of restaurant chain BurgerFi Inc. are challenging the terms of its post-bankruptcy financing package and some of the details of its planned asset sale, saying the provisions will unfairly leave creditors with little to nothing in recoveries.

  • October 11, 2024

    Wheel-Maker Can Tap $20M Of $103M Ch. 11 Funding

    A Delaware bankruptcy judge Friday agreed to allow wheel manufacturer Accuride Corp. to tap into up to $20 million of a $103 million debtor-in-possession financing package from its lenders as an interim measure, along with a slate of customary first-day requests.

  • October 11, 2024

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

    This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.

  • October 11, 2024

    Kramer Levin Formalizes Its Private Credit Practice

    Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.

  • October 10, 2024

    Attys For Voyager Digital Users Get $1.3M After Earn Deal

    Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.

  • October 10, 2024

    Ex-Latham Atty Must Turn Over SEC Whistleblower Docs

    A New Jersey federal judge on Thursday ordered a retired Latham & Watkins LLP attorney to hand over communications between himself and two whistleblowers who tipped off the U.S. Securities and Exchange Commission to an alleged $73 million fraud after one of the whistleblowers dropped his objections to producing the documents.

  • October 10, 2024

    Discount Retailer Plans To Close Its Stores In Ch. 11

    The parent of secondary market retail chain operator Channel Control Merchants on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with more than $76 million in debt and plans to close its 68 locations by the end of the year.

  • October 10, 2024

    Biotech Co. Gritstone Hits Ch. 11 With Over $100M Debt

    Vaccine developer Gritstone bio Inc. filed for Chapter 11 protection in Delaware bankruptcy court Thursday with at least $100 million of debt, saying it was in discussions with a potential bidder for a sale of the business to ensure it can continue researching cancer and other disease treatments. 

  • October 10, 2024

    Calif. Says FDIC Must Wait For $21M Tax Refund

    A California tax agency urged a New York federal court to toss a lawsuit by the FDIC seeking a $20.7 million tax refund on behalf of the shuttered Signature Bank, saying it's entitled to wait for a possible IRS audit before delivering the payment.

  • October 10, 2024

    Atty For McElroy Deutsch's Ex-CFO Wants Out Of Theft Case

    An attorney representing McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer — who is behind bars on charges of stealing from the firm — has asked to be relieved as counsel in the firm's New Jersey suit against the former CFO because he has not paid his legal bills.

  • October 10, 2024

    Wheel-Maker Accuride Hits Ch. 11 Again With Up To $1B Debt

    Wheel manufacturer Accuride Corp. has filed for Chapter 11 protection in Delaware bankruptcy court with up to $1 billion of debt and an agreement to restructure its U.S. business, saying supply chain snarls and a rise in the cost of parts have cut into profits.

  • October 09, 2024

    Cisco Gets PTAB To Wipe Out Most Of Network Patent

    An administrative patent board has trimmed most of a patent that was issued to a since bankrupt Tel Aviv telecom supplier and later eventually asserted against Cisco.

  • October 09, 2024

    Singapore Liquidator Seeks Recognition For Overseas Case

    The liquidator of a bankrupt Singapore company has told a New Jersey bankruptcy judge he needs to act to stop one of the company's creditors from using a U.S. lawsuit to undermine court proceedings in Singapore.

  • October 09, 2024

    Sanctioned NJ Firm Asks To Exit $374M Guo Ch. 11

    Four attorneys for associates of convicted fraudster Miles Guo in his Chapter 11 bankruptcy — whose law firm was sanctioned in the proceedings — have urged Connecticut's bankruptcy court to let them leave the case, saying several corporate entities connected to Guo indicated their services are no longer needed.

  • October 09, 2024

    Sullivan & Cromwell Dropped From FTX Investor Suit

    FTX customers dismissed Sullivan & Cromwell LLP from ongoing multidistrict litigation over the crypto exchange's collapse on Wednesday, after an investigation by the customers' counsel into the firm and dialogue with the FTX bankruptcy estate and appointed examiner resolved concerns about the law firm's conduct. 

  • October 09, 2024

    Girardi Seeks New Fraud Trial Over Memory Issues

    Disbarred attorney Tom Girardi has called on a California federal court to overturn his conviction for misappropriating $15 million in client settlement funds, arguing he was not competent to stand trial due to memory problems that left him unable to remember witnesses or even his own attorneys.

  • October 09, 2024

    US Trustee Objects To Milbank Representing Edgio In Ch. 11

    Milbank LLP should be removed as counsel for digital content delivery platform Edgio Inc. in its Chapter 11, the U.S. Trustee's Office told a Delaware federal judge, arguing the firm is conflicted because of its ongoing work representing Edgio directors and officers in various securities suits.

  • October 09, 2024

    Medical Device Service Co. Hits Ch. 11 After Fight With Rival

    The parent company of medical device sale and service business Avante Health Solutions filed for Chapter 11 protection in Delaware court, saying prepetition litigation with competitors drained significant resources that led to a default on its secured debt obligations.

  • October 08, 2024

    Judge Puts US Trustee's Depo On Ice In Judge Romance Suit

    A Houston judge Tuesday put Jackson Walker's deposition of the U.S. Trustee for the Texas divisions of the bankruptcy watchdog on hold while he considers whether a Justice Department guideline applies to the ongoing dispute surrounding a former Texas bankruptcy judge's secret relationship with an ex-partner of the firm.

  • October 08, 2024

    Ex-Girardi Keese CFO Inks Plea Deal Over Firm Embezzlement

    Girardi Keese's former Chief Financial Officer Christopher K. Kamon reached a plea agreement Tuesday with Los Angeles federal prosecutors, who allege he spearheaded a "side fraud" that bilked millions of dollars from the embattled law firm's accounts behind disbarred attorney Tom Girardi's back.

  • October 08, 2024

    FTX's Ellison To Give Up 'Substantially All Of Her Assets'

    Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.

  • October 08, 2024

    EPA Inks Historic $4.2M Deal Over Philly Refinery Explosion

    The U.S. Environmental Protection Agency revealed on Tuesday that it has reached a $4.2 million proposed deal with Philadelphia Energy Solutions Refining and Marketing LLC, settling a Clean Air Act claim tied to a June 2019 leak and explosion at the company's former South Philadelphia refinery.

  • October 08, 2024

    J&J Wins OK For $505M Deal With Bankrupt Talc Miners

    A Delaware bankruptcy judge approved a $505 million settlement between a pair of talc producers and Johnson & Johnson after overruling an objection by a group of insurers to the deal, which would resolve several ongoing disputes with J&J over talc injury claims.

  • October 08, 2024

    Yellow Tells 10th Circ. To Revive Claims Against Teamsters

    Yellow Corp. called on the Tenth Circuit to reverse a lower court's dismissal of the company's $137 million lawsuit against the Teamsters that claimed the union led the nearly 100-year-old company to shutter, saying the business wasn't required to exhaust the grievance process under a contract.

  • October 08, 2024

    1st Circ. Warned Not To 'Speculate' In Union Debt Ceiling Suit

    A lawyer for a governmental workers' union challenging the constitutionality of the federal debt limit told a First Circuit panel on Tuesday that a January default is a virtual certainty under existing law, and urged the judges to avoid trying to predict whether President Joe Biden and a lame-duck Congress might extend the ceiling.

Expert Analysis

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

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    While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • The Competing Goals Of Environmental And Bankruptcy Laws

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    Recent economic pressures combined with environmental liabilities have led to some of the largest bankruptcy filings in U.S. history, meaning debtors and creditors should be aware of the challenges, conflicts and uncertainties that arise at the intersection of these two legal fields, say Andrew Gallo and Duke McCall at Morgan Lewis.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • How Lease Obligations Can Affect Subchapter V Debt Cap

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    Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Bill Could Pave Path To 'Safer' Banking For Cannabis Industry

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    The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Key Issues When Navigating A Tenant's Bankruptcy

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    In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.

  • Fed. Circ. Ruling Seemingly Offers PTAB Deadline Immunity

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    The Federal Circuit's recent Purdue Pharma v. Collegium Pharmaceutical Inc. decision that the Patent Trial and Appeal Board had authority to issue a final written decision in a post grant review after the prescribed statutory deadline underscores how courts should consider the overall objective of the statutory scheme when balancing the classic conflict between bright-line rules and flexible standards, says Matthew Dowd at Dowd Sheffel.

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