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Bankruptcy
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April 03, 2024
Israel-Hamas War No Excuse To Skip Discovery: Ch. 11 Judge
A Florida bankruptcy judge on Wednesday penalized an Israeli creditor pursuing a roughly $13 million Chapter 11 claim against a California-based air purifier maker, finding the conflict between Israel and Hamas is not a valid excuse for repeatedly missing discovery deadlines.
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April 03, 2024
Insurer Wants $38M For Covering Unfinished Road Jobs
An insurance company has asked a federal court to force companies connected to an insolvent contractor to hand over more than $38 million to compensate for costs it covered for unfinished jobs.
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April 03, 2024
Lucky Bucks Ch. 7 Trustee's Fraud Suit Can Continue In Del.
A Delaware bankruptcy judge on Wednesday allowed an adversary suit brought by the Chapter 7 trustee for Georgia-based gambling machine company Lucky Bucks Holdings LLC to move forward, saying the court doesn't have enough information about fraud allegations to dismiss the case.
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April 03, 2024
Judge Wary Of Atty's Bid To Cut Sentence For Hiding Assets
A Seventh Circuit judge appeared skeptical Wednesday of an Illinois lawyer's contention that she should not have received an abuse-of-trust sentencing enhancement for helping her brother conceal more than $350,000 in bankruptcy assets, noting she deposited them in her attorney trust account and attempted to assert attorney-client privilege to hide her conduct from the trustee.
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April 03, 2024
Investors Want $1.5B Penalty Awarded After PE Buyout
A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.
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April 03, 2024
Colo. Law Doesn't Account For Risky Borrowers, Court Told
A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.
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April 03, 2024
Ex-Saul Ewing Paralegal Gets 2 Years For $600K Fraud
An Illinois federal judge sentenced a former Saul Ewing LLP paralegal to two years in prison for embezzling more than $600,000 from the firm's bankruptcy practice over nine years, which she used to make mortgage payments, buy a car and partially fund her son's college education.
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April 03, 2024
Casa Systems Files For Ch. 11 With $316M Debt, Plans Sale
Communications equipment company Casa Systems Inc. filed for Chapter 11 protection in Delaware, with plans to sell its 5G mobile core and RAN business to software company Lumine Group.
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April 03, 2024
Window-Shading Co. View Inc. Hits Ch. 11 With $359M Debt
View Inc., a maker of office windows that automatically shade in response to sunlight, has filed for Chapter 11 protection in Delaware bankruptcy court with $359.4 million in debt and an agreement to hand the company to lenders.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
MV Realty Files Ch. 11 Plan Amid Growing Calls To Toss Case
MV Realty plans to reorganize in Florida bankruptcy court by firing its brokers and collecting millions in fees from about 34,000 U.S. homeowners over the next 40 years, even as more than a dozen states backed the U.S. Trustee's view that the case is a stall tactic against prosecutors.
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April 02, 2024
Chubb Asks Panel To Revive Archdiocese Abuse Coverage Suit
Counsel for Chubb urged a New York state appeals court at a hearing Tuesday to undo a trial court decision finding it owed insurance coverage to the Archdiocese of New York for myriad childhood sexual abuse claims against the church.
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April 02, 2024
Chile Telecom Co. WOM Can Tap $100M DIP In US Bankruptcy
The second-largest cellphone network operator in Chile, WOM SA, can access $100 million of a debtor-in-possession package during the first leg of its Chapter 11 case, a Delaware bankruptcy judge ruled Tuesday, overriding objections from creditors.
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April 02, 2024
WeWork Drops 150 Leases To Cut Rent Costs By $8B In Ch. 11
Coworking company WeWork has agreed to exit 150 leases and restructure others to reduce its future rent payments by some $8 billion, saying the "significant milestone" paves the way for it to exit Chapter 11 by the end of May.
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April 02, 2024
Sacramento Diocese's $500M Abuse Liability Prompts Ch. 11
The Roman Catholic Bishop of Sacramento has filed for Chapter 11 in California court to address historical childhood sexual abuse liability that could reach as high as $500 million, saying the hundreds of claims could sap all the debtor's assets unless it sought the protection of bankruptcy.
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April 02, 2024
Shoes For Crews Footwear Co. Hits Ch. 11 With $480M Debt
Nonslip shoe company Shoes for Crews filed for Chapter 11 protection in Delaware on Tuesday with $480 million in funded debt and a stalking horse bid from its lenders.
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April 02, 2024
Acorda Therapeutics Hits Ch. 11, Plans $185M Drug Sale
Neurological disorders drugmaker Acorda Therapeutics Inc. filed for Chapter 11 protection in New York bankruptcy court, with plans to sell its assets to another pharmaceutical company for $185 million.
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April 01, 2024
Insurance Mogul's Cos. Want $161M Arbitration Case Tossed
Two companies associated with Greg Lindberg are looking to nix litigation filed by defunct Dutch life insurer Conservatrix to enforce an arbitral award that could force the embattled insurance mogul to fork over about $161 million, arguing that the award orders only provisional relief and is not enforceable.
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April 01, 2024
Bankrupt Water Co. Investors Say CEO Stole Millions
Investors of now-defunct water purification company Water Now said its former CEO ran the business into the ground while enriching himself, telling a Texas federal court Friday that the executive used the company to take out significant loans and line his own pockets.
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April 01, 2024
Bankrupt Coal Co.'s Affiliates Beat $6.5B Union Pension Suit
A bankrupt coal company's affiliates have dodged claims that they owe $6.5 billion to a union pension plan, with a Washington, D.C., federal judge holding that the plan's trustees lacked standing to sue under the Employee Retirement Income Security Act because one trustee wasn't properly appointed.
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April 01, 2024
Spinning For Terraform Was Tough, Crypto Rep Tells Jury
A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.
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April 01, 2024
Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money
Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.
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April 01, 2024
Eiger BioPharmaceuticals Hits Ch. 11 With $53.1M Debt
Eiger BioPharmaceuticals Inc. filed for Chapter 11 protection in Texas bankruptcy court Monday with $53.1 million of debt and plans to sell its assets during the case.
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April 01, 2024
Canadian Trucking Co. Seeks US Bankruptcy Recognition
Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.
Expert Analysis
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Landlords Should Prep As WeWork Faces Potential Ch. 11
After years of financial trouble and the recent announcement that it has substantial doubt that it would be able to continue as a going concern, WeWork may have a bankruptcy filing in its future that would have a significant impact on landlords and other stakeholders who are owed money by the company, say attorneys at Cadwalader.
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.
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Divergent NY Rulings Compound Crypto Regulation Questions
Though the crypto industry had a brief victory when a New York federal court held that the crypto-asset at issue was not a security, another ruling from the same courthouse just two weeks later showed that the U.S. Securities and Exchange Commission's enforcement efforts are far from over, say attorneys at Ballard Spahr.
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Insurers, Prepare For Large Exposures From PFAS Claims
With thousands of lawsuits concerning per- and polyfluoroalkyl substances pending across the country, several large settlements already reached, and both regulators and the plaintiffs bar increasingly focusing on PFAS, it is becoming clear that these "forever chemicals" present major exposures to insurers and their policyholders, say Scott Seaman and Jennifer Arnold at Hinshaw.
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Series
The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Subchapter V Eligibility Ruling Raises Uncertainty For Tenants
A Virginia bankruptcy court’s recent ruling in Macedon Consulting — that all remaining rent under a lease should be factored into a lessee's Subchapter V eligibility — raises the question, but does not address, how a court should calculate the amount of debt owed under a lease, creating significant risk for potential tenant debtors, says Sam Ashuraey at Ashuraey Law.
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Ch. 11 Ruling Sets New Standard For Using Reinstatement
A New York bankruptcy court’s recent ruling in Golden Seahorse, which concluded that Section 365(b)(2)(D) of the U.S. Bankruptcy Code only creates a cure exception for nonmonetary defaults, sets a high bar for challenging the requirement to pay default interest as a condition to reinstatement of a loan agreement under a Chapter 11 plan, says Debra Dandeneau at Baker McKenzie.
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Caregiver Flexibility Is Crucial For Atty Engagement, Retention
As the battle for top talent continues post-pandemic, many firms are attempting to attract employees with progressive hybrid working environments — and supporting caregivers before, during and after an extended leave is a critically important way to retain top talent, says Manar Morales at The Diversity & Flexibility Alliance.
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How A Union Fight Played A Key Role In Yellow's Bankruptcy
Finger-pointing between company and union representatives appears to be front and center at the early stages of trucking company Yellow’s bankruptcy case, highlighting the failed contract negotiations' role in the company's demise, says George Singer at Holland & Hart.
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The FTC May Be Expanding Its Monetary Relief Toolbox
The Federal Trade Commission's recent settlement with crypto exchange Celsius — which resolved a Gramm-Leach-Bliley Act pretexting count — reveals an attempt to significantly expand the FTC's authority to obtain monetary relief in ordinary matters regarding unfair or deceptive acts or practices, says Nikhil Singhvi at Covington.
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Bankruptcy Ruling Shows Section 363's Magic Has Its Limits
The Ninth Circuit Bankruptcy Appellate Panel's recent ruling in Groves demonstrates that Section 363 — which allows a debtor-in-possession to sell their property in order to generate cash — fails as a tool when it’s used to turn a nondebtor entities' property into property of a debtor's bankruptcy estate, says Brian Shaw at Cozen O'Connor.
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Serta Simmons Ch. 11 Expands Split On Credit Agreements
The recent confirmation of Serta Simmons' Chapter 11 plan by a Texas bankruptcy court judge furthers a split in case law between narrow interpretation of credit agreement provisions and a more holistic approach focused on the practical effect of the uptiering transaction on minority lender rights, say attorneys at Schulte Roth.
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How High Court Is Assessing Tribal Law Questions
The U.S. Supreme Court's four rulings on tribal issues from this term show that Justice Neil Gorsuch's extensive experience in federal Native American law brings helpful experience to the court but does not necessarily guarantee favorable outcomes for tribal interests, say attorneys at Dorsey & Whitney.