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Bankruptcy
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August 05, 2024
Jackson Walker, Ex-Judge Could Face Sanctions Over Chat
A Texas bankruptcy court is demanding answers and threatening sanctions over an "off-the-record" interview between former bankruptcy judge David R. Jones and attorneys for Jackson Walker LLP, in the midst of a federal investigation into Jones' secret romantic relationship with a onetime Jackson Walker attorney.
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August 05, 2024
Meet The Attorneys In Tom Girardi's Criminal Fraud Trial
When Tom Girardi's criminal fraud trial gets underway this week, the notorious disbarred attorney will be facing a team of seasoned federal prosecutors who've convicted several former Los Angeles City Council members, a sitting U.S. congressman, insider traders, Ponzi schemers and con artists who bilked millions from their victims.
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August 05, 2024
The 'No Nonsense' Calif. Judge Overseeing Girardi's Trial
The California federal judge who will preside over the closely watched criminal trial of disgraced attorney Tom Girardi is a veteran jurist who runs a tight ship, but is also known for being extraordinarily thorough and thoughtful.
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August 05, 2024
What To Watch Out For During Girardi's Trial
With evidence of allegedly stolen millions and attempted escapes to the Bahamas taking center stage, disgraced attorney Tom Girardi's criminal trial is set to begin Tuesday at the murky intersection of client theft and TV celebrity, where attorneys will grapple with novel legal issues like the use of evidence from a bankruptcy trustee.
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August 02, 2024
Giuliani Sees Bankruptcy Case Officially Tossed
A New York bankruptcy judge on Friday officially tossed Rudy Giuliani's bankruptcy case, allowing a mother and daughter who worked as Georgia election workers to pursue a $148 million defamation judgment they won against the former Donald Trump lawyer in December.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
How Two Non-Bankruptcy Attys Won A Rare Ch. 7 Jury Trial
A pair of Boston-based attorneys from Davis Malm scored a victory in a rare bankruptcy-related jury trial despite not being bankruptcy practitioners themselves, after a Delaware panel rejected a trustee's bid to recoup $44 million from a former grocery store magnate.
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ebix Opt-Out Releases Illegal In Ch. 11 Plan, Judge Rules
A Texas bankruptcy judge ruled Friday that third-party releases contained in Ebix Inc.'s Chapter 11 plan are impermissible, deciding an opt-out provision of the liability waivers wasn't enough to establish consent.
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August 02, 2024
Bid To Get Ex-Judge Jones' Phone Records Blocked, For Now
A Texas judge has temporarily barred JCPenney's bankruptcy administrator from accessing former Judge David R. Jones' cellphone records amid the scandal involving his concealed romantic relationship with an ex-Jackson Walker LLP partner and firm fees he approved in various cases, including JCPenney's bankruptcy.
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August 02, 2024
Off The Bench: NFL Reversal, Drone Spying, UFC Deal Tossed
In this week's Off The Bench, a bombshell ruling wipes out a $4.7 billion antitrust verdict against the NFL, Canada takes it on the chin for Olympic drone spying, and a nine-figure settlement to address UFC wage suppression is rejected.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 01, 2024
Alter Egos Say Rival Pool Co. Jumped The Gun On Discovery
The alter egos of bankrupt pool supply company Blueworks Corp. have rebuffed claims that they "simply refuse to answer" requests for discovery from rival Hayward Industries Inc. in its quest to secure a $16 million false advertising and deceptive trade practices judgment.
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August 01, 2024
Pioneer Health Approved For $450K To Fund Ch. 11 Sale Plan
Bankrupt clinic operator Pioneer Health Inc. received approval from a Delaware court to borrow $450,000 as it pursues a sale of its assets, but agreed to delay a hearing on a proposed Chapter 11 plan to give the company time to update the filings to reflect its new track.
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August 01, 2024
Bahamas Resort Developer Seeks $1.5B In Builder Fraud Trial
Counsel for the now-defunct developer of the Bahamian luxury resort Baha Mar opened a bench trial in New York state court Thursday arguing the company lost more than $1.5 billion because of a Chinese state-owned construction firm's "lies, competing agendas and broken promises."
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August 01, 2024
3rd Circ. Says Enviro Fight No Reason To Reopen Ch. 11
The Third Circuit ruled Thursday that Bath Iron Works' potential liability over a polluted New Jersey river doesn't affect the Chapter 11 case of the shipbuilder's former affiliate, backing a district court that decided a bankruptcy judge erred in reopening the case.
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August 01, 2024
Biotech Co. Biedermann Motech Hits Ch. 11 With $34M Debt
Biedermann Motech, a maker of implants for spinal and extremity surgery, filed for Chapter 11 protection in Delaware bankruptcy court with $34 million in debt.
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July 31, 2024
Guo Judge Wants To Know If $26.5M Mansion Will Be Safe
A Connecticut bankruptcy judge has ordered an alleged shell company to explain whether it will stop funding a security detail at an uninsured $26.5 million New Jersey mansion that federal prosecutors and a Chapter 11 trustee are eyeing as an asset that could reimburse a Chinese exile's creditors and fraud victims.
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July 31, 2024
Guardian Elder Care Nursing Homes in Pa., W.Va. Enter Ch. 11
A group of 19 skilled nursing homes in Pennsylvania and West Virginia filed for Chapter 11 bankruptcy protection amid declining patient numbers, telling a federal bankruptcy judge Wednesday that the plan was to stay in operation long enough to sell the facilities.
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July 31, 2024
NewAge Execs Deny Inflating Military Contract Prospects
Executives and board members of the defunct beverage company NewAge Inc. hit back at investors' allegations that they lied about having a deal to sell their products in military commissaries, saying the investors had failed to show that material misstatements were made.
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July 31, 2024
Steward Health Care Gets OK To Close 2 Mass. Hospitals
A Texas bankruptcy judge Wednesday approved the closure of two Massachusetts hospitals owned by Steward Health Care after the debtor said that it was unable to find buyers for them.
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July 31, 2024
Ex-Byju's Exec Faces $10K Daily Contempt Fine
A Delaware bankruptcy judge on Wednesday ordered a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's to pay $10,000 a day in contempt sanctions for failing to provide court-ordered discovery, while his attorneys asked for the court's permission to exit the case.
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July 31, 2024
Giuliani Strikes Fee Payment Deal For Ch. 11 Dismissal
Rudy Giuliani agreed to sell one of his multimillion-dollar homes to cover around $400,000 in administrative expenses that have held up dismissal of his Chapter 11 bankruptcy, the Republican firebrand and his creditors said in a letter sent Wednesday to a New York bankruptcy judge.
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July 31, 2024
Mercon Coffee's Ch. 11 Liquidation Plan Confirmed
A New York bankruptcy judge has confirmed the liquidation plan for coffee supplier Mercon Coffee Corp. after ruling earlier this month the company can't reward corporate insiders who stuck with it through its Chapter 11 case with a release from future litigation.
Expert Analysis
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key
Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.
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Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy
In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.
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NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors
Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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Cannabis Ruling Lights Path For Bankruptcy Protection
A recent Massachusetts bankruptcy appellate court ruling in Blumsack v. Harrington leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met, but rescheduling marijuana as a Schedule III drug may complicate matters, say Jane Haviland and Kathryn Droumbakis at Mintz.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What Bankruptcy Deadline Appeal May Mean For Claimants
If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.