Bankruptcy

  • August 08, 2024

    50 Cent Beats Liquor Consultant's 'Ridiculous' Wiretap Claim

    A frustrated New York state judge on Thursday tossed a former Beam Suntory Inc. sales contractor's reworked wiretapping allegations against rapper Curtis "50 Cent" Jackson in a $3 million embezzlement dispute, calling the claims "ridiculous" and an "obvious" delay tactic.

  • August 07, 2024

    FTX, Alameda Agree To Pay $12.7B To Resolve CFTC's Action

    A New York federal judge Wednesday signed off on a consent order requiring FTX Trading Ltd. and its affiliated trading firm to pay back $8.7 billion to those duped by disgraced FTX founder Sam Bankman-Fried and disgorge an additional $4 billion.

  • August 07, 2024

    'Something Sketchy Was Going On,' Girardi Client Tells Jury

    A man horribly injured in a gas explosion told a Los Angeles federal jury Wednesday that Tom Girardi lied to him for years about the true details of his civil settlement and withheld millions he was owed, but it took him years to figure out "something sketchy was going on."

  • August 07, 2024

    Highland, Co-Founder Battle Over $70M Debt In 5th Circ.

    Venture capital firm Highland Capital and a company owned by Highland co-founder James Dondero squared off before a Fifth Circuit panel on Tuesday, debating whether a jury was needed to weigh defenses against claims that he and his companies owe the VC firm more than $70 million.

  • August 07, 2024

    SEC Accuses Urban Commons REIT Founders Of $70M Fraud

    The U.S. Securities and Exchange Commission has accused the founders of the Urban Commons real estate investment trust of running a pair of fraud schemes involving investments in U.S.-based hotels that the regulator said collectively cost investors $70 million.

  • August 07, 2024

    Bid For Ex-Judge's Phone Records Halted At Texas Hearing

    A Texas bankruptcy judge shut down a bid from JCPenney's bankruptcy administrator to subpoena former Judge David R. Jones' cellphone records in a partially sealed hearing Wednesday in connection with Jones' secret romance with a onetime lawyer at Jackson Walker LLP.

  • August 07, 2024

    Judge Says Byju's Exec Can Make $20M Settlement Payment

    A Delaware bankruptcy judge on Wednesday said he won't stop a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's from paying off a $20 million debt that had landed Byju's parent in an Indian insolvency proceeding.

  • August 07, 2024

    Lender Says Mogul's Privacy Concerns Stymying Trial Prep

    Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.

  • August 07, 2024

    Caribbean Resort Owner Facing $15M Claim Files Del. Ch. 11

    A resort residence complex on the Caribbean island and British Overseas Territory of Anguilla, now facing a $15 million claim tied to an attack on the child of a guest family in 2015, is seeking Chapter 11 protection in Delaware, listing $500,000 or less in assets.

  • August 07, 2024

    'Herculean' Efforts Warrant Max Fee, Debt Firm Trustee Says

    A California bankruptcy trustee overseeing the failed debt relief law firm Litigation Practice Group has told the court he deserves the maximum fee amount and possibly a bonus due to the "herculean" efforts of himself and his colleagues — a statement that comes at a time when the bankruptcy estate appears to have little money to pay more than 2,500 creditors.

  • August 07, 2024

    Law Firms Fight J&J Bid To Revive Talc Subpoenas

    The Beasley Allen Law Firm, the steering committee of talc plaintiffs suing Johnson & Johnson, and a third-party law firm urged the New Jersey federal court this week to reject a bid from the pharmaceutical company to reinstate subpoenas seeking evidence of alleged third-party litigation funding.

  • August 07, 2024

    Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta

    The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.

  • August 07, 2024

    Pool Co. Can't Get Atty Fees After Losing False Ads Trial

    A pool parts supplier on the hook for a $16 million false advertising and unfair business practices judgment isn't entitled to attorney fees in the case, a North Carolina federal judge has ruled, finding there's "no question" the winning party is its opponent given the eight-figure damages award.

  • August 07, 2024

    Lewis Brisbois Grows In Dallas With Ex-Mackie Wolf Litigators

    Lewis Brisbois Bisgaard & Smith LLP announced Wednesday that it has boosted its litigation bench in Dallas with a pair of attorneys who came aboard from Mackie Wolf Zientz & Mann PC.

  • August 07, 2024

    Movie, Fashion Cable Network Cinemoi Files Ch. 11

    The operator of film, fashion and lifestyle cable network Cinemoi has filed for Chapter 11 protection in a California bankruptcy court with more than $10 million in debt.

  • August 06, 2024

    9th Circ. Kills Trustee Fee Refunds After Justices' Ruling

    The Ninth Circuit on Tuesday reversed a district court decision that granted a partial refund of $600,000 in fees a tobacco distributor paid to the U.S. Trustee's Office, noting that the U.S. Supreme Court found in June that a disparity in fees paid by debtors in different jurisdictions was not to be remedied by returning overpayments.

  • August 06, 2024

    Genesis Seals Deal To End $600M Dispute With DCG

    Defunct cryptocurrency services company Genesis Global on Tuesday ended a $600 million dispute with its parent company Digital Currency Group while saying it hopes other litigation against DCG can add to the $3 billion in assets it returned to customers last week.

  • August 06, 2024

    Aztec Fund Files For Ch. 11 With $100M In Liabilities

    The Aztec Fund Holding Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing at least $100 million in liabilities.

  • August 06, 2024

    World Of Beer Latest Dining Chain To Tap Ch. 11 Post-COVID

    World of Beer Bar & Kitchen, a restaurant chain known for its craft beer selection, filed for bankruptcy in Florida citing a pandemic hangover and outlining plans to close unprofitable locations and restructure some of its $30 million in debt while in Chapter 11.

  • August 06, 2024

    Solar Tech Co. SunPower Hits Ch. 11 With $2B Of Debt

    Residential solar technology company SunPower Corporation filed for Chapter 11 protection in Delaware with more than $2 billion of funded debt obligations and plans for an asset sale.

  • August 05, 2024

    Italian Restaurant Chain Hits Ch. 11 With At Least $10M In Debt

    Buca di Beppo filed for Chapter 11 protection in Texas bankruptcy court Monday, with the Italian restaurant chain citing at least $10 million in debt just days after shuttering more than a dozen locations.

  • August 05, 2024

    Org. Claiming To Own Michael Jackson Art Works Hits Ch. 11

    A self-described "creative partnership" between the King of Pop and an Australian artist that purports to own art Michael Jackson created has filed for Chapter 11 protections, saying it was lugging between $10 million and $50 million in liabilities before a California bankruptcy judge.

  • August 05, 2024

    Trustee Seeks Quick Clawback From Guo Ch. 11 Attys

    The Chapter 11 trustee for the bankruptcy of Chinese exile Miles Guo has asked a Connecticut bankruptcy judge to issue an early judgment in an adversary proceeding that seeks to recover nearly $243,000 in legal fees paid by Guo to attorneys with Zeisler & Zeisler PC, the firm that represents Guo and his daughter.

  • August 05, 2024

    SVB Ex-Parent's Ch. 11 Plan OK'd With $1.9B FDIC Fight Alive

    Silicon Valley Bank's former owner received a New York bankruptcy court's blessing to liquidate and emerge from Chapter 11, but the judge rejected portions of the plan that federal regulators argued would hamper their defense against SVB Financial Group's efforts to recoup some $1.9 billion seized by an FDIC receiver when the bank collapsed.

  • August 05, 2024

    Former Refiner Can't Dodge Polluted Water Remedy

    A Virgin Islands oil refinery that spewed oil onto neighbors' properties has lost its Third Circuit challenge to a court-ordered program that required it to buy bottled water for residents too poor to buy it themselves.

Expert Analysis

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Reverse Merger Tips For Biotechs After SEC's Recent Actions

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    Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.

  • NY Guidelines Bring Clarity To Prepackaged Chapter 11 Cases

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    The Southern District of New York’s recently adopted guidelines provide bankruptcy practitioners guidance on practical matters pertaining to prepacks, and facilitate the use of prepacks as a tool that can greatly reduce the time, expense and risks of a Chapter 11 case, say Robert Drain and Moshe Jacob at Skadden.

  • Considerations For Lawyer Witnesses After FTX Trial

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    Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

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    While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • The Competing Goals Of Environmental And Bankruptcy Laws

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    Recent economic pressures combined with environmental liabilities have led to some of the largest bankruptcy filings in U.S. history, meaning debtors and creditors should be aware of the challenges, conflicts and uncertainties that arise at the intersection of these two legal fields, say Andrew Gallo and Duke McCall at Morgan Lewis.

  • 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.

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