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Bankruptcy
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August 08, 2024
2nd Circ. Says Fla. Biz Should Have Been More Diligent Earlier
A small Florida chain of souvenir stores had no luck Thursday at the Second Circuit trying to revive allegations that owners of a bankrupt beachwear company concealed the ownership of trademark registrations in a since-settled, decade-old lawsuit, because the chain "should have uncovered the alleged fraud" the first time.
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August 08, 2024
Poll Workers, Giuliani Want $148M Judgment Appeal Expedited
Rudy Giuliani and two Georgia election workers who secured a $148 million defamation judgment against him have asked the D.C. Circuit to fast-track the former mayor's appeal of the judgment.
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August 08, 2024
Fla. Judge Won't Pause E-Scooter Co.'s Ch. 11 Plan
California plaintiffs with tort claims against Bird Global Inc. can't stop a Chapter 11 plan for the bankrupt e-bike and e-scooter rental company while they appeal its confirmation because of the plan's third-party releases, a Florida bankruptcy judge ruled Thursday.
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August 08, 2024
Judge Pauses Syracuse Diocese Ch. 11 Pending Changes
A New York bankruptcy judge put the Roman Catholic Diocese of Syracuse's Chapter 11 case on hold Thursday until the diocese finishes revisions to its bankruptcy plan it says are needed to bring it into line with the Supreme Court's decision on Purdue Pharma's plan.
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August 08, 2024
Pitney Bowes Spins Off E-Commerce Biz Into Ch. 11
A former unit of shipping company Pitney Bowes Inc. filed for Chapter 11 protection Thursday in Texas bankruptcy court with more than $100 million in debt and plans to liquidate its assets.
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August 08, 2024
Cooley Hit With Fla. Malpractice Suit Over Financial Docs
Genetic Networks LLC has sued California-based Cooley LLP in Florida state court, alleging the law firm failed to file documentation needed to secure a lien when preparing loan papers for $1.2 million lent to ECI Pharmaceuticals.
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August 08, 2024
Conn. Judge Says Telecom Can Get $3.5M, Not $61M Interest
CCT Communications can't get the $61 million in interest it sought from a company it's been in dispute with for 14 years after a state judge ruled that Connecticut does not allow interest for breach of contract claims if the interest amounts to a penalty.
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August 08, 2024
McElroy Deutsch Seeks To Ax Former CFO's Ch. 11 Case
McElroy Deutsch Mulvaney & Carpenter LLP urged a New Jersey bankruptcy court Thursday to throw out a Chapter 11 filing from its former chief financial officer, who has been sent to prison for stealing over $1 million from the firm, slamming it as a bad faith "tactical maneuver" to stall ongoing civil litigation.
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August 08, 2024
50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim
A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.
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August 07, 2024
FTX, Alameda Agree To Pay $12.7B To Resolve CFTC's Action
A New York federal judge Wednesday signed off on a consent order requiring FTX Trading Ltd. and its affiliated trading firm to pay back $8.7 billion to those duped by disgraced FTX founder Sam Bankman-Fried and disgorge an additional $4 billion.
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August 07, 2024
'Something Sketchy Was Going On,' Girardi Client Tells Jury
A man horribly injured in a gas explosion told a Los Angeles federal jury Wednesday that Tom Girardi lied to him for years about the true details of his civil settlement and withheld millions he was owed, but it took him years to figure out "something sketchy was going on."
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August 07, 2024
Highland, Co-Founder Battle Over $70M Debt In 5th Circ.
Venture capital firm Highland Capital and a company owned by Highland co-founder James Dondero squared off before a Fifth Circuit panel on Tuesday, debating whether a jury was needed to weigh defenses against claims that he and his companies owe the VC firm more than $70 million.
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August 07, 2024
SEC Accuses Urban Commons REIT Founders Of $70M Fraud
The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.
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August 07, 2024
Bid For Ex-Judge's Phone Records Halted At Texas Hearing
A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.
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August 07, 2024
Judge Says Byju's Exec Can Make $20M Settlement Payment
A Delaware bankruptcy judge on Wednesday said he won't stop a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's from paying off a $20 million debt that had landed Byju's parent in an Indian insolvency proceeding.
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August 07, 2024
Lender Says Mogul's Privacy Concerns Stymying Trial Prep
Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.
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August 07, 2024
Caribbean Resort Owner Facing $15M Claim Files Del. Ch. 11
A resort residence complex on the Caribbean island and British Overseas Territory of Anguilla, now facing a $15 million claim tied to an attack on the child of a guest family in 2015, is seeking Chapter 11 protection in Delaware, listing $500,000 or less in assets.
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August 07, 2024
'Herculean' Efforts Warrant Max Fee, Debt Firm Trustee Says
A California bankruptcy trustee overseeing the failed debt relief law firm Litigation Practice Group has told the court he deserves the maximum fee amount and possibly a bonus due to the "herculean" efforts of himself and his colleagues — a statement that comes at a time when the bankruptcy estate appears to have little money to pay more than 2,500 creditors.
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August 07, 2024
Law Firms Fight J&J Bid To Revive Talc Subpoenas
The Beasley Allen Law Firm, the steering committee of talc plaintiffs suing Johnson & Johnson, and a third-party law firm urged the New Jersey federal court this week to reject a bid from the pharmaceutical company to reinstate subpoenas seeking evidence of alleged third-party litigation funding.
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August 07, 2024
Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta
The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.
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August 07, 2024
Pool Co. Can't Get Atty Fees After Losing False Ads Trial
A pool parts supplier on the hook for a $16 million false advertising and unfair business practices judgment isn't entitled to attorney fees in the case, a North Carolina federal judge has ruled, finding there's "no question" the winning party is its opponent given the eight-figure damages award.
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August 07, 2024
Lewis Brisbois Grows In Dallas With Ex-Mackie Wolf Litigators
Lewis Brisbois Bisgaard & Smith LLP announced Wednesday that it has boosted its litigation bench in Dallas with a pair of attorneys who came aboard from Mackie Wolf Zientz & Mann PC.
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August 07, 2024
Movie, Fashion Cable Network Cinemoi Files Ch. 11
The operator of film, fashion and lifestyle cable network Cinemoi has filed for Chapter 11 protection in a California bankruptcy court with more than $10 million in debt.
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August 06, 2024
9th Circ. Kills Trustee Fee Refunds After Justices' Ruling
The Ninth Circuit on Tuesday reversed a district court decision that granted a partial refund of $600,000 in fees a tobacco distributor paid to the U.S. Trustee's Office, noting that the U.S. Supreme Court found in June that a disparity in fees paid by debtors in different jurisdictions was not to be remedied by returning overpayments.
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August 06, 2024
Genesis Seals Deal To End $600M Dispute With DCG
Defunct cryptocurrency services company Genesis Global on Tuesday ended a $600 million dispute with its parent company Digital Currency Group while saying it hopes other litigation against DCG can add to the $3 billion in assets it returned to customers last week.
Expert Analysis
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Ch. 11 Ruling Clarifies Cross-Border 'Alternative A' Scope
A New York bankruptcy court’s recent ruling in airline holding company SAS’s Chapter 11 case — addressing the applicability of Alternative A, which is similar to Section 1110 of the U.S. Bankruptcy Code — is a cautionary tale for contracting European Union member states that have adopted Alternative A domestically but have not made a formal declaration, say attorneys at Pillsbury.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Ambiguity Ruling Highlights Deference To Arbitral Process
A New York federal court’s recent ruling in Eletson v. Levona, which remanded an arbitral award for clarification, reflects that the ambiguity exception’s analysis is not static and may be applied even in cases where the award, when issued, was unambiguous, says arbitrator Myrna Barakat Friedman.
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Justices' Ch. 11 Ruling Is A Big Moment For Debtors' Insurers
The U.S. Supreme Court’s recent Truck Insurance v. Kaiser Gypsum ruling upends decades of Chapter 11 bankruptcy jurisprudence that relegated a debtor’s insurer to the sidelines, giving insurers a new footing to try and avoid significant liability, say Stuart Gordon and Benjamin Wisher at Rivkin Radler.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Opinion
High Court Made Profound Mistake In Tossing Purdue Deal
The U.S. Supreme Court's recent decision to throw out Purdue Pharma's Chapter 11 plan jeopardizes a multistate agreement that would provide approximately $7 billion in much-needed relief to help fight the opioid epidemic, with states now likely doomed to spend years chasing individual defendants across the globe, says Swain Wood at Morningstar.
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What FTX Case Taught Us About Digital Asset Recoverability
FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Synapse Bankruptcy Has Ripple Effects For Fintech Industry
Synapse Financial Technologies’ recent bankruptcy filing marks a significant moment in the fintech industry's evolution, highlighting that stringent compliance and risk management in fintech partnerships are essential to mitigate risk and protect consumers, say Joann Needleman and Ryan Blumberg at Clark Hill.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.