Bankruptcy

July 18, 2024
Womble Bond Adds Finance Atty With Latin America Focus

Womble Bond Dickinson's growing New York office is welcoming a capital markets and structured finance attorney after his more than 10 years with Hogan Lovells, most recently in Brazil.
July 18, 2024
Pool Co. Wants To Dig Into Rival's Alter Egos For $16M Verdict

Pool supply company Hayward Industries Inc. is looking to force responses from the alter egos of bankrupt rival Blueworks Corp. regarding their assets, bank accounts and property so that Hayward can collect on its $16 million false advertising and unfair business practices judgment.
July 18, 2024
Rising Star: Brown Rudnick's Kenneth Aulet

Kenneth Aulet of Brown Rudnick LLP has represented creditors in major bankruptcies like that of crypto giant Blockfi Inc. and has also represented that company's wind-down administrator, earning him a spot among the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.
July 18, 2024
Tender Greens And Tocaya Hit Ch. 11 With Post-COVID Woes

The Los Angeles-based casual restaurant chain that operates Tender Greens and Mexican eatery Tocaya, One Table Restaurant Brands LLC, filed for Chapter 11 bankruptcy Wednesday in Delaware bankruptcy court, with its CEO saying the COVID-19 pandemic was "catastrophic" to their business.
July 17, 2024
1st Circ. Affirms SEC's $32M Win Against Investment Adviser

The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy.
July 17, 2024
Co. Seeks $17M Refund Of Celsius' Payments For Mining Site

The successor to Celsius' bitcoin mining operation alleged in a New York bankruptcy court it is owed over $17 million in refunds for payments that the cryptocurrency platform company made to another firm that promised to build a crypto farm in Texas and failed to satisfy the agreement.
July 17, 2024
Fight Over Liberace's Rhinestone Piano Reaches Boston Jury

A lawyer for Gibson Guitars' charitable arm told a Boston federal jury Wednesday that a music store has refused to return a rhinestone-encrusted grand piano once used by Liberace, wrongly claiming it was given as a gift.
July 17, 2024
Burr & Forman Accused Of Aiding Health Insurance Fraud

Burr & Forman LLP has been hit with a malpractice suit in Georgia federal court by the liquidating trustees of two purported health insurance companies after the firm allegedly aided in a scheme to defraud customers by charging exorbitant fees and denying promised coverage, saying the attorneys helped create a web of LLCs to which it siphoned off millions.
July 17, 2024
Yellow Corp. Says It Has No Pension Withdrawal Liabilities

Bankrupt trucking firm Yellow Corp. hit back at a motion for summary judgment sought by multiple pension funds including Central States Pension Fund, telling a Delaware bankruptcy court that it has no withdrawal liability for backing out of a multistate pension fund for truckers.
July 17, 2024
High Court Rulings Don't Nix Judge Romance Suit, Court Told

An investor suing Jackson Walker LLP over an ex-employee's secret romantic relationship with a former Texas bankruptcy judge told the court Tuesday that, despite what the firm says, recent U.S. Supreme Court decisions on standing do not change the fact that he suffered real harm from the firm.
July 17, 2024
Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight

Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."
July 17, 2024
Insurers Urge Judge To Deny SVB's Ch. 11 Plan

The Chubb Companies have asked a New York bankruptcy judge to tell SVB Financial Group it must change its Chapter 11 plan or have it rejected, saying the scheme doesn't clearly provide that SVB must meet certain obligations in order to keep receiving insurance benefits.
July 17, 2024
Chief Deputy SDNY Bankruptcy Clerk To Be Bankruptcy Judge

The chief deputy clerk for the U.S. Bankruptcy Court for the Southern District of New York — a former Schulte Roth & Zabel LLP attorney who served as the lead law clerk on the liquidation of Bernie Madoff's investment securities company — is set to become a U.S. bankruptcy judge in Poughkeepsie.
July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers

More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
July 17, 2024
Kazakhstan Agrees To End Fight Over $506M Award

A decade-long fight between Kazakhstan and Moldovan oil and gas investors who won a half-billion-dollar arbitral award against the country has come to a close, with the parties inking a binding framework to resolve their dispute.
July 17, 2024
Rising Star: Gibson Dunn's AnnElyse Scarlett Gains

AnnElyse Scarlett Gains of Gibson Dunn & Crutcher LLP has represented ad hoc lender groups for debtors facing off against such companies as Amazon seller Thrasio, podcast company Audacy Inc., chemical manufacturer Venator Materials PLC and drugmaker Akorn Inc., earning her a spot among the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.
July 16, 2024
'Excuse Me?': Judge Vexed By Defamation Claim In Ch. 7 Row

A Connecticut bankruptcy judge on Tuesday appeared skeptical of defamation and tortious interference claims New York-based real estate investor EasyKnock Inc. filed against a trustee handling the Chapter 7 estate of a onetime homeowner, forcing company attorneys to at times to admit they cited no authority to support their case.
July 16, 2024
7th Circ. Says Foreign Retirement Not Shielded In Bankruptcy

A professor who filed for bankruptcy in Illinois can't protect his Canadian retirement account from creditors because the account is ineligible under a state law shielding accounts that qualify as retirement plans under the Internal Revenue Code, the Seventh Circuit ruled Tuesday.
July 16, 2024
Platinum Co-Founder Dodges Prison For Bond Fraud Rap

Platinum Partners co-founder Mark Nordlicht on Tuesday was spared prison time for his five-year-old conviction over a purported scheme to defraud bondholders of a Texas oil and gas company, as a New York federal judge doubted that "such a weird case" would have any deterrent value.
July 16, 2024
California Atty Accused In $282M Theft Put On Inactive Status

A California lawyer who's accused of stealing as much as $282 million from debt relief clients has been placed on involuntary inactive status, and bar discipline authorities say he deserves to lose his license permanently.
July 16, 2024
States, Legal Orgs. Urge Justices To Halt Biden's Debt Relief

A U.S. Supreme Court challenge to the Biden administration's latest student debt relief program received backing from seven Republican-led states and a trio of legal groups that assert the estimated $475 billion plan exceeds the executive branch's authority.
July 16, 2024
Chinese Exile Guo Guilty On Most Counts In $1B Fraud Case

A Manhattan federal jury on Tuesday convicted prominent Chinese Communist Party critic Miles Guo on most charges alleging he operated a vast fraud that solicited more than $1 billion worth of sham investments from his supporters.
July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know

Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
July 16, 2024
Rising Star: Kirkland's Emily Geier

Emily Geier of Kirkland & Ellis LLP has shepherded distressed companies through some of the largest and most complex restructurings in recent history, including leading the wind-downs of toy retailer Toys R Us and clothing seller Express Inc. in challenging global circumstances, earning her a spot among the bankruptcy attorneys under age 40 honored by Law360 as Rising Stars.
July 16, 2024
These Firms Have The Most Diverse Equity Partnerships

Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.

Expert Analysis

4 PR Pointers When Your Case Is In The News

Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
3 Pointers From Tilton Case To Help Win Advancement Suits

The Delaware Superior Court’s refusal to let Lynn Tilton sue her advancers for legal fees, ruling she had not yet attempted to negotiate in good faith, suggests that policyholders may fare better if they attempt proactive strategies to narrow disputes over advancement agreements before taking their insurers to court, says Evan Bolla at Harris St. Laurent.
Charting The Course For Digital Assets In 2024

Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
Law Firm Strategies For Successfully Navigating 2024 Trends

Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.