Bankruptcy

  • October 07, 2024

    FTX Gets OK For Ch. 11 Plan After Objections Overruled

    A Delaware bankruptcy judge said he would confirm the Chapter 11 reorganization plan of FTX Trading Ltd. after overruling several objections Monday, beginning a process of distributing billions of dollars to customers less than two years after the cryptocurrency exchange collapsed.

  • October 07, 2024

    Aircraft Co. Says Insurers Owe $222M For Lost Jets In Russia

    An aircraft lessor said its insurers and underwriters are on the hook for more than $222 million in losses stemming from two aircraft that have been stranded in Russia since its invasion of Ukraine, telling a Connecticut state court the total loss of the aircraft warrants coverage.

  • October 07, 2024

    Vendor Says Rue21 Skipped $2M In Bills For Clothing

    A Los Angeles-based clothing supplier has sued Rue21, saying the fashion retailer stiffed it on $300,000 worth of invoices and is on the hook for $1.7 million to another vendor.

  • October 07, 2024

    US Trustee Pans Guo Ch. 11 Trustee's Secret Deal For Firm

    The U.S. Trustee's Office on Monday objected to a Chapter 11 trustee's attempt to file under seal a deal with a law firm in the sprawling $374 million bankruptcy of convicted Chinese exile Miles Guo, saying voluminous case law prevents shrouding such settlements with secrecy.

  • October 07, 2024

    Feds Seek Tape, Allege Witness Tampering In WeWork Case

    Prosecutors asked Sunday to subpoena a recording of an incident in which they say a former investment firm CEO who is accused of making a fraudulent offer for WeWork shares had improper contact with a witness expected to testify at the ex-CEO's upcoming trial.

  • October 07, 2024

    Justices Pass On Borrower's Debt Canceling Case

    The U.S. Supreme Court on Monday declined to take up a student loan borrower's appeal seeking to revive claims that a Pennsylvania loan servicer thwarted forgiveness of his federal student loans by refusing to recognize his employment as a public servant.

  • October 04, 2024

    Top 5 Supreme Court Cases To Watch This Fall

    The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.

  • October 04, 2024

    SEC Says It's Investigating Bankrupt EV Maker Fisker

    The U.S. Securities and Exchange Commission said Friday that it's been looking into whether electric-car maker Fisker Inc. violated securities law before it filed for Chapter 11 protection, urging a Delaware federal bankruptcy judge not to approve Fisker's proposed liquidation plan.

  • October 04, 2024

    MLB's Storied History Runs Through The Bankruptcy Court

    With the value of professional sports teams skyrocketing over the last decade, it's hard to imagine a Major League Baseball club having to file for bankruptcy. But it's happened at least five times since 1970 for a variety of reasons, and the teams that have taken advantage of the bankruptcy courts have charted much different paths post-insolvency.

  • October 04, 2024

    EB-5 Partner Accuses NC Atty Of Aiding Investor Coup

    A company created to protect an investment project supporting green card applications for Chinese nationals accused a North Carolina attorney in state court of helping shareholders try to place the company into receivership and take control of a $30 million fund.

  • October 04, 2024

    Robertshaw Closes Ch. 11 Sale Hours Before 5th Circ. Stay

    Appliance parts maker Robertshaw sold the business to a group of its lenders this week, less than two hours before the Fifth Circuit entered an order staying the deal, marking a setback for Invesco, another lender that had objected to a Texas bankruptcy court's approval of the Chapter 11 asset sale.

  • October 04, 2024

    Ex-Judge Jones Says Judicial Acts Bar Atty Romance Claims

    Former bankruptcy judge David R. Jones said judicial immunity bars claims over his undisclosed romantic relationship with a former Jackson Walker LLP attorney because the purported harm to the onetime head of a now-shuttered barge company stemmed from official acts.

  • October 03, 2024

    Biden Admin's Latest Debt Relief Plan Blocked In Missouri

    A Missouri federal judge Thursday blocked the Biden administration's latest student debt relief proposal, finding that the six Republican-led states leading the challenge will likely show the plan is unlawful, just a day after a Georgia federal judge knocked the Peach State out and punted the case to St. Louis.

  • October 03, 2024

    Celsius Corporate Creditors Deal Wins OK From Ch. 11 Judge

    A New York bankruptcy judge on Thursday approved a settlement proposed by reorganized debtor Celsius Network that will provide digital asset recoveries to its corporate creditors, finding the agreement, achieved through mediation, did not modify the company's confirmed Chapter 11 plan.

  • October 03, 2024

    Wash. AG Wants Albertsons Sanctioned In Opioid Suit

    Washington state's attorney general has accused Albertsons of using a state-court-ordered stay to shield itself from discovery in a consumer protection suit that accuses Rite Aid and grocery store pharmacies of exacerbating the opioid epidemic, seeking the appointment of a "discovery referee" in a new sanctions motion.

  • October 03, 2024

    12 Lawyers Who Are The Future Of The Supreme Court Bar

    One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.

  • October 03, 2024

    Allred Feud With Ex-Tenant Over 'Large Rodent' Puzzles Judge

    Gloria Allred's long-running dispute with a former tenant — who said he fled rats in her Manhattan apartment eight years ago — spilled into New York federal court Monday, leaving the judge to wonder aloud why the celebrity attorney was still suing the man over a $25,000 claim as he sought bankruptcy protection.

  • October 03, 2024

    Sham Law Firm Employee Gets 5 Years For Foreclosure Fraud

    A Virginia man was sentenced to five years in prison and hit with a $159,000 fine for what a D.C. federal judge called Thursday the "horrendous" crime of using a Manassas law firm to defraud homeowners facing foreclosure.

  • October 03, 2024

    Calif. Can't Delay Bank's $20.7M Tax Refund, FDIC Tells Court

    A California tax collection agency shouldn't be allowed to delay a $20.7 million tax refund it owes the shuttered Signature Bank, the Federal Deposit Insurance Corp. told a New York federal court, saying that as the bank's receiver, it's entitled to the money now.

  • October 03, 2024

    Giuliani's Fla. Condo Is Not Off Limits, Ga. Poll Workers Say

    Two Georgia women who Rudy Giuliani accused of committing ballot fraud in the 2020 presidential election say his $3.5 million Florida condominium should be sold to help cover their $148 million defamation win against him, arguing he never established a "homestead" there before they brought a lien.

  • October 03, 2024

    Cole Schotz Adds Potter Anderson Corporate Partner In Del.

    Cole Schotz PC has added a corporate member with 16 years of Delaware-focused corporate advisory and transactional experience.

  • October 02, 2024

    Giuliani Asks DC Circ. To Ax Poll Workers' $148M Judgment

    Rudy Giuliani urged the D.C. Circuit Wednesday to throw out the $148 million damages awarded to two Georgia poll workers the former New York City mayor falsely accused of committing ballot fraud during the 2020 presidential election, saying they didn't establish he published the misinformation with actual malice.

  • October 02, 2024

    Judge Nixes Alta Mesa Trustee's Clawback Suit

    A Texas bankruptcy judge has ended efforts by the litigation trustee for defunct oil and gas company Alta Mesa Resources Inc. to claw back money from its predecessor's shareholders, finding that they did not directly benefit from contracts that boosted the value of the company before it was later taken public in a reverse merger.

  • October 02, 2024

    Dental Laser Maker Biolase Hits Ch. 11 With $33M In Debt

    Biolase, a manufacturer of lasers used in dental procedures, is seeking bankruptcy protection in Delaware, and has disclosed roughly $33 million in debt and a $14 million stalking horse offer for its assets, citing financial challenges that it said stemmed from slow market adoption of new technology and economic headwinds.

  • October 02, 2024

    Bally Sports Owner's Ch. 11 Plan Ditches MLB TV Deals

    A new Chapter 11 plan filed by the owner of Bally Sports-branded regional sports networks would reject all but one of the company's broadcast deals with MLB teams, but would maintain contracts with professional basketball and hockey partners while swapping existing debt for reorganized equity.

Expert Analysis

  • 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.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

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