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Bankruptcy
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
Avon Products Gets OK To Tap $43M DIP During Ch. 11 Case
A Delaware bankruptcy judge on Wednesday greenlighted cosmetics giant Avon Products Inc.'s request to borrow part of a $43 million financing package to support itself during its Chapter 11 case.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
Yellow Takes Teamsters' Win Over Restructuring To 10th Circ.
Yellow Corp. has asked the Tenth Circuit to revive its $137 million lawsuit accusing the Teamsters of driving the logistics firm into bankruptcy by fighting a necessary corporate restructuring, according to an appeals notice.
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August 13, 2024
Gene Tech Co. Execs Pilfered Biz Amid Collapse, Suit Says
The senior lender to Sequencing Health Inc. has sued former officers and directors of the now-defunct genomic science company, alleging they squandered the company's assets, awarded themselves big bonuses and shut down the business, costing Oxford tens of millions of dollars in losses.
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August 13, 2024
4th Circ. Won't Tie Debtor To Default Bankruptcy Plan
The Fourth Circuit said Tuesday that Chapter 13 debtors aren't bound to default provisions in the form used in their local jurisdiction when creating a plan to exit bankruptcy, finding the debtor should be the "principal architect" of their own plan and the bankruptcy court's ability to reject that plan is limited.
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August 13, 2024
Riders Renew Bid To Sue Segway Over Pa. Scooter Injuries
Two riders who were injured and the estate of a rider who was killed while using the now-defunct Spin electric scooter service in Pittsburgh have renewed their request to split their lawsuit against the city and Spin's bankrupt parent company so they can move ahead with claims against scooter maker Segway and the service's nonprofit partners.
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August 13, 2024
Jackson Walker Slams 'Draconian' Judge Romance Fees Bid
Jackson Walker LLP is pushing back on a U.S. Trustee Office's attempt to roll back at least $13 million in fees and reimbursements awards, saying the firm is just the latest bystander to become "collateral damage" from a concealed romance between an ex-firm partner and a former federal bankruptcy judge.
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August 13, 2024
Spector Gadon's $200K Fee Pursuit Against Client Paused
Philadelphia-based Spector Gadon Rosen Vinci PC has to pause its pursuit of more than $200,000 in fees from a client it represented in Chapter 7 bankruptcy proceedings, while the debtor appeals a ruling that the firm has a right to a jury trial on the matter.
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August 13, 2024
'Clever' Scheme Is Concealing Talc Litigation Funding, J&J Says
The Beasley Allen Law Firm needs to disclose alleged litigation funding fueling its litigation over Johnson & Johnson's talcum powder even if that funding was not given directly to the firm since the disclosure rules apply to "parties" and not "law firms," J&J has told a New Jersey federal court.
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August 13, 2024
Green Generator Startup Moxion Files Ch. 7 After Layoffs
Amazon-backed electric generator startup Moxion Power Co. filed for Chapter 7 liquidation in Delaware with between $100 million and $500 million of total estimated liabilities, not long after the San Francisco Bay Area company announced scores of layoffs.
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August 13, 2024
Talc Claims Land Cosmetics Giant Avon In Ch. 11
Avon Products filed for Chapter 11 protection in Delaware, saying it needs to address more than $1 billion in liabilities and allegations of injuries caused by talc in its products.
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August 12, 2024
3AC Hedge Fund Files $1.3B Claim In TerraForm Bankruptcy
Liquidators of collapsed crypto hedge fund Three Arrows Capital Ltd. filed a $1.3 billion claim in the TerraForm Labs Pte. bankruptcy in Delaware federal court Friday, according to documents obtained by Law360.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Chase Bank Sued Over Alleged Ties To $119M Ponzi Scheme
Chase Bank "actively accommodated" a purported Ponzi scheme worth more than a hundred million dollars by real estate developer SiliconSage Builders LLC, according to a court-appointed receiver who alleged in a new suit that the bank "went well beyond providing ordinary banking services" to the developer.
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August 12, 2024
Colo. Brewery And Ex-Manager Settle Embezzlement Suit
A Colorado brewery and its ex-manager accused of embezzling more than $600,000 for his own business agreed to permanently dismiss a lawsuit, one day after a state judge let the brewery seek punitive damages in the case.
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August 12, 2024
Celsius Sues Tether For Over $2B In Ch. 11 Clawbacks
The defunct cryptocurrency platform Celsius Network has sued the largest stablecoin provider, Tether, seeking to claw back more than $2.3 billion worth of bitcoin and accusing Tether of improperly reaping the benefits of the digital coins for itself as Celsius was spiraling towards bankruptcy.
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August 12, 2024
Oil Cos. Get Go-Ahead On $3.5M La. Contamination Settlement
A Louisiana federal judge has granted preliminary approval to a $3.5 million settlement to resolve residents' claims against Occidental Petroleum Corp. and Anadarko Petroleum Corp. over alleged contamination from creosoting facilities, over the objection of co-defendants BNSF and International Paper.
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August 12, 2024
Blink Fitness Hits Ch. 11 In Delaware With $280M Debt
Budget gym chain Blink Fitness and more than 130 affiliates filed for Chapter 11 bankruptcy protection in Delaware with $280 million in debt and plans for an asset sale.
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August 12, 2024
LL Flooring Hits Chapter 11 Amid Consumer Spending Slump
National home improvement store LL Flooring filed for bankruptcy in Delaware with some $109.6 million in funded debt, saying it plans to sell its business and reduce its footprint while in Chapter 11.
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August 09, 2024
SVB's $1.9B FDIC Suit Won't Open 'Floodgates,' Judge Says
A California federal judge trimmed claims from the parent of Silicon Valley Bank's lawsuit against the Federal Deposit Insurance Corp. seeking $1.93 billion, but rejected the agency's arguments that allowing some claims to move forward will "open the floodgates" for every failed bank's uninsured depositors to bring a claim.
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August 09, 2024
Pitney Bowes' E-Commerce Arm Can Tap $47M DIP In Ch. 11
A Texas bankruptcy judge on Friday gave DRF Logistics LLC the go ahead to borrow $45 million under a Chapter 11 loan funded by its former parent, shipping company Pitney Bowes Inc., which let go of its majority stake in DRF to wind down the unprofitable e-commerce division in bankruptcy.
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August 09, 2024
Judge Sides With NY Diocese In Axing 33 Abuse Claims
A New York federal judge has upheld the dismissal of 33 sexual abuse claims against Long Island's bankrupt Roman Catholic Diocese, finding there was insufficient evidence the diocese had supervisory control over the alleged abusers.
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August 09, 2024
Palm Owner Says Its Ch. 11 Should Halt Ex-GC's Bias Suit
The bankrupt parent company of iconic steakhouse chain The Palm Restaurant wants a federal court to halt a lawsuit filed by its ousted general counsel because its 2019 bankruptcy case has not been dismissed.
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August 09, 2024
NC Insurance Mogul Must Pay Dutch Insurer's $166M Award
Insurance mogul Greg Lindberg and his companies must pay a $166 million arbitral award issued to defunct Dutch life insurer Conservatrix, a North Carolina federal court ruled, saying the award has been upheld by Dutch courts and there is nothing to indicate that the proceedings were not conducted fairly.
Expert Analysis
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
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.
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Can Chapter 15 Bankruptcy Help Cannabis Businesses?
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.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
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.
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Mercon Coffee Ch. 11 Ruling Shows Insider Releases' Limits
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.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
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.
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Bankruptcy Trustees Need More FinCEN Guidance
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.
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3 Leadership Practices For A More Supportive Firm Culture
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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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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3rd Circ. Ruling Shows Benefits Of IP Licenses In Bankruptcy
The Third Circuit’s recent ruling in Mallinckrodt’s Chapter 11 filing, which held that Mallinckrodt could sever its obligations to pay Sanofi royalties on sales of an autoimmune disease drug, highlights the advantages of structuring transactions as nonexclusive licenses for developers of intellectual property, say Gregory Hesse and Kaleb Bailey at Hunton.
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Opinion
Congress Must Increase Small Biz Ch. 11 Debt Cap
Congress must act to reinstate Subchapter V, which recently sunsetted when the debt threshold to qualify reverted from $7.5 million to just over $3 million, meaning thousands of small businesses will no longer be able to use the means of reorganization, says Daniel Gielchinsky at DGIM Law.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.