Bankruptcy

  • July 23, 2024

    Tech Firm Mobileum Enters Ch. 11 To Trim Over $500M Debt

    Global telecom analytics group Mobileum Inc. sought Chapter 11 protection in Texas on Tuesday, with plans to trim $529 million from its books through a debt-for-equity swap after falsified time records uncovered last year backlogged operations and spurred litigation.

  • July 23, 2024

    Rising Star: Perkins Coie's Michael Huston

    Perkins Coie LLP's Michael Huston was a lead attorney on the team that helped the Boy Scouts of America persuade the U.S. Supreme Court that a delay of its bankruptcy plan, which a small group of childhood sexual assault survivors sought, would negatively affect both the organization and the survivor community, earning him a spot among the appellate law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 22, 2024

    Price-Fixing Claims Against Par Pharma On Chopping Block

    A Connecticut federal judge has asked a coalition of states to explain why he shouldn't toss two price-fixing lawsuits against Par Pharmaceutical Companies Inc., noting that the defendant and its parent, Endo International PLC, recently filed Chapter 11 reorganization plans shielding them from the cases.

  • July 22, 2024

    Steward Health Care Finds Buyers For 2 Hospitals

    Steward Health Care has told a Delaware bankruptcy judge it has found buyers for two of the facilities in its first round of hospital sales in its Chapter 11 case, but three others had attracted no qualified bids.

  • July 22, 2024

    99 Cents Only Pivots To New Buyers After $8M Bid Rescinded

    Discount retail chain 99 Cents Only asked a Delaware bankruptcy court to approve alternative sales for two California real estate parcels after the winning bidder who submitted a $8 million offer failed to close the deal over the last two months.

  • July 22, 2024

    Bankrupt Nursing Homes To Pay $36M To End DOL Wage Suit

    More than a dozen bankrupt nursing homes will have to pay nearly $36 million in a U.S. Department of Labor's suit claiming workers weren't paid full wages after creating "an adversarial" payroll structure, a Pennsylvania federal judge ruled Monday.

  • July 22, 2024

    Lack Of 'Smoking Gun' Sinks J&J's Bid To DQ Beasley Allen

    The Beasley Allen Law Firm may represent plaintiffs in multicounty talc injury litigation in New Jersey state court, after a judge found Johnson & Johnson failed to show a former Faegre Drinker outside counsel shared information he learned representing the company in earlier talc litigation.

  • July 22, 2024

    Judge Limits Girardi Clients' Injury Details In Upcoming Trial

    Jurors in former celebrity lawyer Tom Girardi's upcoming fraud trial will be spared detailed testimony about the severe injuries that drove his alleged victims to hire his law firm, a Los Angeles federal judge has ruled, saying the former clients' injuries are a key part of their stories, but graphic details are not necessary.

  • July 19, 2024

    Real Estate Recap: CMBS, Phoenix Evictions, Summer Break?

    Catch up on this past week's key developments by state from Law360 Real Estate Authority — including trends in multifamily commercial mortgage-backed securities, a study of corporate landlord evictions in Phoenix, and the creative lengths real estate lawyers go to when closing the deal on a summer vacation.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan

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    The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.

  • Contract Disputes Recap: Addressing Dispositive Motions

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    Stephanie Magnell and Bret Marfut at Seyfarth examine three recent decisions from the U.S. Court of Claims and the U.S. Civilian Board of Contract Appeals that provide interesting takeaways about the nuances of motion practice utilized by the government to dispose of cases brought under the Contract Disputes Act prior to substantive litigation

  • Series

    Skiing And Surfing Make Me A Better Lawyer

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    The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.

  • Unpacking The Circuit Split Over A Federal Atty Fee Rule

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    Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.

  • Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares

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    In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.

  • Opinion

    No Matter The Purdue Ruling, Mass Tort Reform Is Needed

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    The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.

  • After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1

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    The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.

  • Big Banks Face Potential Broader Recovery Plan Rules

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    The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.

  • Recruitment Trends In Emerging Law Firm Frontiers

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    BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.

  • Series

    Glassblowing Makes Me A Better Lawyer

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    I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.

  • How Associates Can Build A Professional Image

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    As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.

  • Yellow Corp. Lease Assumption Shows Landlord Protections

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    Yellow Corp.’s recent filing of a motion to assume unexpired leases is a helpful reminder to practitioners to maintain a long-term approach about what is most beneficial for an estate and to not let a debtor's short-term cash position dictate business decisions, says Kyle Arendsen at Squire Patton.

  • Insurers Have A Ch. 11 Voice Following High Court Ruling

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    The U.S. Supreme Court's recent ruling in Truck Insurance Exchange v. Kaiser Gypsum — which reaffirmed a broad definition of "party in interest" — will give insurers, particularly in mass tort Chapter 11 bankruptcies, more opportunity to protect their interests and identify problems with reorganization plans, says George Singer at Holland & Hart.

  • Considerations For Cooperation Contracts In Loan Trades

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    Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.

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