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Bankruptcy
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October 24, 2024
American Tire Gets Interim OK For $250M Ch. 11 Loan
Tire and wheel seller American Tire Distributors Inc. received interim approval Thursday from a Delaware bankruptcy judge to tap a $250 million new-money debtor-in-possession loan provided by its prepetition lenders.
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October 24, 2024
Alex Jones Atty Laments Sharing Sandy Hook Families' Info
The lead attorney in conspiracy theorist Alex Jones' Sandy Hook Elementary School defamation trial in Connecticut acknowledged Thursday that he "erred" when he allowed a hard drive containing the plaintiffs' confidential records to be transmitted to other attorneys, an act that led to ongoing disciplinary proceedings that threaten his law license.
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October 24, 2024
ConvergeOne Can't Ax Snubbed Creditors' Ch. 11 Plan Appeal
A Texas federal judge said he wouldn't toss an appeal by a group of secured creditors who say they were improperly iced out of a new equity offering pool for ConvergeOne, writing that the group's challenge wouldn't unravel the reorganized information technology services company's confirmed Chapter 11 plan or harm third parties.
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October 24, 2024
Giuliani Admissions Sink Bid To Shield Fla. Condo, Court Told
Two former Georgia poll workers seeking to collect a $148 million defamation judgment against disgraced ex-lawyer Rudy Giuliani argued this week that the former New York City mayor has admitted he was not living in his luxury Florida condo around the time they filed a lien on it, and thus cannot prevent a sale of the property.
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October 24, 2024
Feds Want Leniency For Key Witness At Bankman-Fried Trial
Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.
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October 24, 2024
Conn. Firm Botched €1.6M Settlement For UK Client, Suit Says
Connecticut firm Carmody Torrance Sandak & Hennessey LLP is responsible for the loss of €1.6 million ($1.7 million) a U.K. client paid toward a failed global bankruptcy settlement agreement, according to a legal malpractice suit filed in Connecticut state court.
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October 23, 2024
Judge Says Ex-Steward Hospital Nurse Row Out Of His Hands
A Texas bankruptcy judge Wednesday declined to order the new owner of former Steward Health Care hospitals in Massachusetts to take back changes to nurses' union contracts it assumed under his sale order, saying it wasn't up to him to make the call.
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October 23, 2024
'Alkaline Water' Co. Hit With $5B In Punitive Damages
A Nevada jury awarded $5 billion in punitive damages Wednesday in a 15-plaintiff trial over liver damage linked to Real Water's "alkaline water," the largest verdict yet in ongoing litigation against the bankrupt company.
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October 23, 2024
Del. Judge Won't Yet Revisit $242K Atty Sanctions In Ch. 7
A Delaware bankruptcy judge said Wednesday that he won't, for now, set aside more than $242,000 in legal fees he ordered a lawyer representing the owners of an insolvent government contractor to pay in a clawback lawsuit, saying that since the sanctions order was appealed to the district court, he doesn't have jurisdiction.
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October 23, 2024
Securities Claim Cut From Fraud Suit Against Calif. Developer
A California federal judge trimmed a securities claim from a Sonoma resident's suit against a real estate company embroiled in a fraud scandal and recommended that the rest of the claims be brought in state court.
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October 23, 2024
American Tire Hits Ch. 11 Again With $1.9B Of Debt, Sale Plan
Tire and wheel seller American Tire Distributors Inc. has filed for Chapter 11 protection in Delaware bankruptcy court with $1.9 billion of debt and plans to sell the company through a court-supervised process.
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October 22, 2024
Giuliani Must Give NYC Apartment, Watches To Poll Workers
A New York federal judge Tuesday ordered Rudy Giuliani to hand over most of his property to two Georgia poll workers, including his Manhattan apartment, Mercedes-Benz, luxury watches and valuable sports memorabilia, to help cover the $148 million judgment the former mayor owes for defaming them.
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October 22, 2024
Judge Tells Firm To Tighten Up Testimony In Nassar Fee Trial
A Michigan federal judge cautioned a local personal injury firm Tuesday to reel in the head of the firm on the witness stand, warning he was losing the jury in a long "inside baseball" legal discussion in his efforts to get a greater cut of fees from a Colorado firm for work on a Larry Nassar abuse settlement.
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October 22, 2024
Hertz Board Panel Takes Control Of Shareholder Buyback Suit
Delaware's chancellor has granted a Hertz Global Holdings Inc. board special committee's request to investigate stockholder-filed derivative claims challenging the fairness of $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position, in a ruling that also sidelined related direct damage claims.
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October 22, 2024
Liquidators Of Cayman Investment Firm Seek Ch. 15
The liquidators of Cayman Islands-based investment firm Canterbury Securities have filed for Chapter 15 recognition in New York bankruptcy court on Monday, following a dispute with another firm over a $20 million share sale that Canterbury allegedly appropriated.
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October 22, 2024
LA-Based Wound Group Hits Ch. 11 After Medicare Pay Pause
A Los Angeles-based multistate wound care practice has filed for Chapter 11 protection in a Texas bankruptcy court, saying it can't pay nearly $156 million in charges from its management company after its Medicare payments were suspended last month.
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October 22, 2024
Amazon, Meta Say Ch. 11 Trustee Can't Take Guo Co. Cash
Amazon.com, Meta, Fox News and dozens of other corporate powerhouses, along with several law firms, have asked a Connecticut bankruptcy judge to block a Chapter 11 trustee from recouping cash payments for services that flowed through shell companies connected to convicted Chinese exile Miles Guo.
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October 22, 2024
Coach USA, Injury Plaintiffs Strike Deals To Lift Ch. 11 Stay
Bankrupt bus operator Coach USA Inc. has reached deals to undo Chapter 11's automatic stay and allow over a dozen state lawsuits to move forward, an attorney for the transportation group told a Delaware bankruptcy judge on Tuesday, with personal injury plaintiffs agreeing to limit collection for any damages to Coach's insurance policies.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
Real Estate Exec Guilty Of $77M WeWork Stock Fraud
A Manhattan federal jury on Tuesday convicted the former CEO of real estate investment firm Arciterra for trying to manipulate the price of WeWork stock via a $77 million tender offer on the cusp of the office-sharing company's bankruptcy filing in late 2023.
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October 21, 2024
$77M WeWork Bid Was Fraud 'From Beginning To End,' Jury Told
New York federal prosecutors made their final pitch on Monday to jurors weighing the fate of the former CEO of real estate investment firm Arciterra accused of manipulating the market through a bogus $77 million tender offer to take control of WeWork, saying it was a sophisticated fraud and not a real play for control of the company.
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October 21, 2024
US Trustee, Insurers Pan New Syracuse Diocese Ch. 11 Plan
The U.S. Trustee's Office and several insurers objected to the opt-out mechanism for third party releases in the latest Chapter 11 plan from the Roman Catholic Diocese of Syracuse, New York, arguing that such releases are barred by the U.S. Supreme Court's recent decision in Purdue Pharma.
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October 21, 2024
Big Lots Can Tap Final $10M DIP Draw To Fund Ch. 11 Sale
Discount retailer Big Lots Inc. got a Delaware bankruptcy judge's approval Monday to access the final $10 million in new money being funded under its debtor-in-possession loan package after it struck a last-minute deal to quell objections that a slate of landlords raised against final DIP approval.
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October 21, 2024
Baha Mar Developer Wins $1.6B Verdict Over Delays
A New York state judge has handed the developer of the Bahamian resort Baha Mar a $1.6 billion verdict against a Chinese state-owned construction firm that was accused of concealing its massive delays in building the project and then sabotaging the development entirely when it realized catching up was hopeless.
Expert Analysis
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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What Rescheduling Could Mean For Cannabis Bankruptcies
Bankruptcy courts have historically been closed for cannabis-related businesses, but recent case law coupled with a possible reclassification of cannabis provides cautious optimism, say attorneys at Duane Morris.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Bankruptcy Ruling Stresses Value Of Client Communication
A recent Illinois bankruptcy ruling, which found that attorneys violated their ethical obligations by failing to return their client’s phone calls, serves as a strong reminder that counsel should promptly respond to their clients and ensure they know what’s required by local rules, say Maxwell Weiss and Daniel Lowenthal at Patterson Belknap.
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How Fieldwood Ch. 11 Ruling Bolsters Section 363 Confidence
The Fifth Circuit’s recent ruling in Fieldwood Energy’s Chapter 11 cases, which clarified that challenges to integral aspects of a bankruptcy sale are statutorily moot under Section 363(m) of the U.S. Bankruptcy Code, should bolster the confidence of prospective purchasers in these sales, say attorneys at V&E.
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5 Issues To Consider When Liquidating Through An ABC
Assignments for the benefit of creditors continue to grow in popularity as a tool for an orderly wind-down, and companies should be considering a number of issues before effectuating the assignment, including in which state it should occur, obtaining tail coverage and preparing a board creditor mailing list, says Evelyn Meltzer at Troutman Pepper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Rebuttal
High Court Should Maintain Insurer Neutrality In Bankruptcy
While a recent Law360 guest article argues that the U.S. Supreme Court should endorse insurer standing in Truck Insurance Exchange v. Kaiser Gypsum, doing so would create a playground for mischief and delay, and the high court should instead uphold insurance neutrality, say attorneys at Lowenstein Sandler.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Wesco Ch. 11 Ruling Marks Shift In Uptier Claim Treatment
A Texas bankruptcy court’s recent decision in In re: Wesco Aircraft Holdings leaves nonparticipating creditors with a road map to litigate to judgment non-pro rata liability management transactions, and foreshadows that bankruptcy courts may no longer be a friendly forum for these types of claims, say attorneys at Ropes & Gray.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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Fintech 'Prenups': Planning For A Card Program Breakup
After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.
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Opinion
Insurance Industry Asbestos Reserve Estimates Are Unreliable
Insurance regulators rely on industry self-reporting in approving insurance company reorganizations, but AM Best data reveals that actuarial and audit estimates have been setting perniciously low levels of loss reserves for asbestos liabilities and thus should be treated with deep skepticism, says Jonathan Terrell at KCIC.
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2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion
The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.