Bankruptcy

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • October 21, 2024

    Purdue Opioid Victims Group Backs Creditors In Litigation Bid

    A group of more than 60,000 victims is backing creditors of Purdue Pharma LP in their efforts to potentially sue members of the Sackler family who own the bankrupt opioid maker, and has also warned against protracted legal battles if current mediation efforts fail.

Expert Analysis

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Bankruptcy Courts May Be Budding Open To Cannabis Cases

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    Two recent California bankruptcy court rulings, denying motions to dismiss the respective debtors' bankruptcies, provide persuasive authority to allow cannabis debtors the protections of federal bankruptcy law, say Noah Weingarten and Bethany Simmons at Loeb & Loeb.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • Chapter 11 Ruling Signals Emphasis On Lockup Provisions

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    A New York bankruptcy court's recent ruling in GOL Linhas Aéreas Inteligentes’ Chapter 11 case provides creditors with a strong basis for resisting requests to lock up or otherwise limit their voting rights, say Dania Slim and Andrew Alfano at Pillsbury.

  • Vendor Rights Lessons From 2 Chapter 11 Cases

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    A Texas federal court’s recent critical vendor order in the Zachry Holdings Chapter 11 filing, as well as a settlement between Rite Aid and McKesson in New Jersey federal court last year, shows why suppliers must object to critical vendor motions that do not recognize creditors' legal rights, says David Conaway at Shumaker.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

  • Can Chapter 15 Bankruptcy Help Cannabis Businesses?

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    Attorneys at Fox Rothschild consider whether Chapter 15 may be used as a tool to liquidate U.S. assets of cannabis companies in foreign bankruptcy proceedings, and look at the statutory provisions that may have a bearing on the successful liquidation of assets under the Bankruptcy Code.

  • Series

    Playing Dungeons & Dragons Makes Me A Better Lawyer

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    Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.

  • Mercon Coffee Ch. 11 Ruling Shows Insider Releases' Limits

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    A New York bankruptcy court’s recent ruling in Mercon Coffee’s Chapter 11 case highlights the stringent requirements for retention-related transfers to insiders, even in cases where no creditor has objected, say Robert Klyman and Scott Shelley at DLA Piper.

  • 5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans

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    Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.

  • Bankruptcy Trustees Need More FinCEN Guidance

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    Recent FinCEN consent orders in two North Carolina bankruptcy cases show that additional guidance is necessary for most types of fiduciaries overseeing bankruptcy estates or other insolvency vehicles, say Brian Shaw and David Doyle at Cozen O’Connor.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

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