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Bankruptcy
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July 19, 2024
Bankruptcy Judge's Affair Sank Barge Company, Ex-CEO Says
The former CEO of a now-defunct barge company claims that a Houston bankruptcy judge's affair with a Jackson Walker attorney helped destroy his business, saying that Jackson Walker shouldn't escape racketeering claims because it hid its part in the lucrative relationship.
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July 19, 2024
Judge Dubious Of NY Diocese's Ch. 11 Plan Post-Purdue
A New York bankruptcy judge said Friday he was skeptical of a creditor noticing procedure meant to head off confirmation issues for the already voted on Chapter 11 plan of the Roman Catholic Diocese of Rochester, New York, noting he thinks affirmative creditor consent to third-party liability releases is needed following the U.S. Supreme Court's landmark Purdue Pharma ruling last month.
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July 19, 2024
Guo Trustee Reboots Civil RICO Case After NY Conviction
The Chapter 11 trustee overseeing the Connecticut bankruptcy of Chinese exile Miles Guo has filed a notice that lifts a March stay on civil RICO and alter ego claims after the debtor's criminal conviction this week on racketeering conspiracy, wire fraud, securities fraud and money laundering charges in the Southern District of New York.
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July 19, 2024
12 Firms Guiding IPO Quartet Projected To Exceed $5B
Twelve law firms are on tap to guide four initial public offerings scheduled for the week of July 22 that could exceed $5 billion combined, led by potentially the year's largest IPO from cold-storage warehouse giant Lineage Inc.
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July 19, 2024
Ex-Pharma Sales Exec Denies Fake Prescription Scheme
The former vice president of sales for pharmaceutical company U.S. Compounding Inc. pled not guilty in Manhattan federal court Friday to forging fake horse drug prescriptions in order to juice revenues.
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July 19, 2024
Dentons Hires Foley & Lardner Bankruptcy Partner
Dentons said Friday it has hired a bankruptcy partner in Chicago who spent the past 25 years at Foley & Lardner LLP.
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July 19, 2024
Jury Finds Gibson The Rightful Owner Of Liberace Piano
A Boston federal jury on Friday affirmed Gibson Guitars' right to have Liberace's bedazzled 9-foot-long grand piano returned to it from a Massachusetts piano store to which it loaned the entertainer's iconic instrument more than a decade ago.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 18, 2024
8th Circ. Blocks Another Biden Student Debt Relief Plan
The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.
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July 18, 2024
6 Firms Steer Latin American Airline Giant's $533M IPO Plans
Latam Airlines Group SA on Thursday outlined plans for an estimated $533 million U.S. initial public offering, guided by six law firms, marking a return to U.S. markets two years after the South American airline giant exited bankruptcy.
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July 18, 2024
Judge Won't Pause Sanctions In Byju's Ch. 11
A Delaware district court Thursday ruled hedge fund Camshaft Capital Fund LP cannot hold off a contempt order from a Delaware bankruptcy court in the Chapter 11 case of Byju's Alpha while it appeals the sanctions, finding that it could avoid sanctions if it complied with a court order.
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July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
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July 18, 2024
Red Lobster Angles To Keep More Than 100 Leases In Ch. 11
Red Lobster's well-known Times Square location in New York City is off the chopping block of potential closures, for now, along with 112 other outposts of the casual dining seafood chain, after the troubled company said during a bankruptcy court hearing Thursday it is negotiating new agreements with landlords.
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July 18, 2024
Girardi Denied Bid To Delay Client Theft Trial To October
A California federal judge rejected disgraced lawyer Tom Girardi's motion to have his closely watched wire fraud trial moved to October from its current August start date, determining that he was unable to provide a genuine reason as to why proceedings should be pushed back two months.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
Expert Analysis
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Opinion
Bankruptcy Must Be On The Table As A Student Loan Solution
Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Rockport Ch. 11 Highlights Global Settlement Considerations
A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.
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How Purdue High Court Case Will Shape Ch. 11 Mass Injury
The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena
Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.
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Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns
A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Pa. Ruling Shows Why Term Sheet Can Be Worth The Wait
A Pennsylvania bankruptcy court’s recent In re: Legarde ruling, holding that a settlement term sheet was enforceable, reminds litigants that it’s crucial to draft a written agreement before leaving mediation in order to resolve potential evidentiary issues and protect against buyer’s remorse, says Brian Shaw at Cozen O'Connor.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.