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Bankruptcy
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January 01, 2025
Food & Beverage Cases To Watch In 2025
Food and beverage attorneys have no shortage of interesting issues to follow in 2025, from Albertsons turning on Kroger after their proposed $25 billion merger was blocked, to new state laws covering the life cycle of single-use packaging, and claims over heavy metals and "forever chemicals" contaminating food.
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December 23, 2024
Container Store Given All Clear To Tap Ch. 11 Financing
A Texas bankruptcy judge granted The Container Store Group Inc. a lifeline, allowing the company to access part of its $255 million financing package as it gets underway with a prepackaged Chapter 11 to address over $269 million in debt.
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December 23, 2024
McElroy Deutsch Beats Former Exec's Malicious Claim
McElroy Deutsch Mulvaney & Carpenter LLP got a claim for malicious prosecution against it dismissed without prejudice in litigation against its former business development director, who the firm accused of embezzling millions from it.
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December 23, 2024
Party City Reenters Ch. 11 With Plans To Wind Down
Retail chain Party City has returned to bankruptcy with more than $399 million in debt and plans to close its approximately 700 remaining stores and liquidate, saying attempts to improve its bottom line after its 2023 bankruptcy faltered in the face of falling sales.
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December 23, 2024
Chemical Exec Facing Felony Charges For Flint River Oil Spill
The president of a chemical company has been arraigned on multiple felony charges for allegedly mismanaging chemical waste at a Michigan production site, resulting in a 2022 oil and chemical spill in the Flint River.
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December 23, 2024
AI Co. ILearningEngines Hits Ch. 11 With $100M-Plus Debt
Artificial intelligence software company iLearningEngines has filed for Chapter 11 protection in Delaware bankruptcy court with up to $500 million in debt after a recent cyberattack and proposed securities class action added to mounting pressures facing the company.
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December 20, 2024
High Court Bar's Future: Williams & Connolly's Sarah Harris
Sarah M. Harris of Williams & Connolly LLP never planned on being a U.S. Supreme Court advocate, or even an appellate one. She stumbled upon that career path after realizing her initial goal of becoming a national security or government lawyer wasn't the right fit.
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December 20, 2024
Crypto Trading Co. To Pay SEC $123M Over Terraform Claims
The U.S. Securities and Exchange Commission announced Friday that it secured a $123 million settlement with a Jump Trading subsidiary for allegedly misleading investors about the stability of the now-collapsed Terraform ecosystem by effectively propping up the project's flagship token following a trading arrangement made while the token dipped in value.
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December 20, 2024
Real Estate Recap: Stats, Multifamily Tech, Pot Shop Pickle
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including big picture stats for commercial real estate in 2024, how one proptech company is leveraging resident data for multifamily profitability, and a conversation with a BigLaw leader about navigating New York's pot shop crackdown.
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December 20, 2024
SEC Sues Silver Point Over Atty's Receipt Of Nonpublic Info
The U.S. Securities and Exchange Commission sued investment adviser firm Silver Point Capital LP in Connecticut federal court on Friday, alleging that it failed to establish policies to safeguard material nonpublic information, particularly from a now-deceased former BigLaw attorney.
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December 20, 2024
Yellow Corp. Layoff Notices Had Too Little Info, Judge Says
A Delaware bankruptcy judge has shot down some of trucking company Yellow Corp.'s defenses against claims it failed to give proper notice of more than 25,000 layoffs just before it entered Chapter 11, saying the notices it sent weren't informative enough.
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December 20, 2024
Firm's Fee Battle With Pot Co. Could Turn On An Ellipsis
The fate of Lowenstein Sandler LLP's battle over nearly $800,000 in unpaid legal fees with a cannabis dispensary could hinge on how a judge interprets an ellipsis in a legal brief.
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December 20, 2024
Giuliani Calls Sanctions Bid In Defamation Case 'Political'
Rudy Giuliani is accusing counsel for two Georgia election workers of political bias as they seek to sanction the former Donald Trump adviser and collect on a $148 million defamation judgment.
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December 20, 2024
Chilean Phone Co. WOM Gets OK On $500M Takeover Terms
A Delaware bankruptcy judge on Friday signed off on the framework for Chilean mobile phone operator WOM SA's $500 million restructuring plan, finding the debtor had exercised sound business judgment in selecting the deal to reduce some $650 million in debt.
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December 20, 2024
Top North Carolina Cases Of 2024: Bias, Fraud And False Ads
North Carolina saw a host of heavy-hitting civil trials in 2024, from back-to-back multimillion-dollar jury verdicts in suits over false advertising and employment discrimination, to a substantial bench ruling in a much-watched bias suit against the federal judiciary.
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December 19, 2024
Big Lots To Close All Stores After Ch. 11 Sale Falls Through
Bankrupt discount retail chain Big Lots told a Delaware bankruptcy court Thursday that it will close its 870 remaining stores in the United States and initiate going-out-of-business sales starting Friday, after its $760 million deal for a going-concern sale to California private equity group Nexus Capital Management fell through.
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December 19, 2024
Calif. Hotel's Ch. 11 'Highly Likely' To Be Transferred To Del.
A Delaware bankruptcy judge said Thursday he was "highly likely" to transfer the second Chapter 11 case of a San Jose, California, hotel back to the First State, granting an initial win to a lender that argued the case should be moved and dismissed as a bad faith filing.
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December 19, 2024
Restructuring Partner Returns To Willkie From A&O Shearman
A familiar face has returned to Willkie Farr & Gallagher LLP's New York office, the firm announced Thursday, with the addition of a restructuring partner who launched her career with Willkie and now returns from A&O Shearman, bringing a combined 25 years of experience to the new role.
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December 19, 2024
DC Apartment Complex Hits Chapter 11 With Over $10M Debt
The operator of an apartment complex in Washington, D.C., filed for Chapter 11 in Delaware, saying the impact of COVID-19 and the district's affordable housing voucher program have led to diminishing cash reserves.
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December 19, 2024
The Year In Legal Ethics: AI, Judicial Scandal And More
A number of legal ethics topics dominated the conversation in 2024, including artificial intelligence and the fallout of an undisclosed relationship between a Texas bankruptcy judge and an attorney whose firm appeared before him for years.
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December 18, 2024
Girardi Gets Sentencing Delayed For Dementia Probe
A Los Angeles federal judge pushed back Tom Girardi's sentencing for his embezzlement conviction on Wednesday, ordering a psychiatric evaluation and special hearing to determine whether the 85-year-old disbarred attorney should be committed to a medical facility instead of prison due to his dementia diagnosis.
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December 18, 2024
High Court Bar's Future: McDermott's Paul Hughes
Paul W. Hughes of McDermott Will & Emery LLP knows U.S. Supreme Court oral arguments are unpredictable — you can end up as the butt of a justice's joke or have the whole bench fully embrace your novel legal theory — so he focuses on what he can control: being overprepared for any version of the court he meets.
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December 18, 2024
FDIC Moves Closer To Suing Ex-Brass Of Silicon Valley Bank
Federal Deposit Insurance Corp. leaders have given a green light for the agency to potentially sue former top brass of Silicon Valley Bank for alleged mismanagement of the bank that led to its collapse last year.
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December 18, 2024
Yellow Corp. Gets Del. Court OK For Ch. 11 Asset, Lease Sales
Bankrupt trucking venture Yellow Corp. secured a Delaware judge's approval Wednesday for a $192.5 million series of deals to sell or lease a dozen properties owned or leased by Yellow in California, Miami, Ohio and other states.
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December 18, 2024
Toolmaker Hardinge Gets OK On Ch. 11 Liquidation Plan
A Delaware bankruptcy judge on Wednesday approved tool manufacturer Hardinge Inc.'s Chapter 11 liquidation plan after the debtor settled disputes with creditors, its investment fund backer and other parties by agreeing to drop potential claims in exchange for a cash payment.
Expert Analysis
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Bankruptcy Decision Exemplifies Venue Issue For Franchisees
A California bankruptcy court's decision earlier this month in Pinnacle Foods and a lingering circuit split on assumption of executory franchise contracts highlights the issue of whether franchisee debtors can qualify for case venue in friendlier circuits, says David Gamble at Parkins Rubio.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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Unpacking State AG Approaches To Digital Asset Enforcement
Attorneys at Cozen O'Connor survey recent digital asset enforcement by attorneys general nationwide driven by concerns over regulatory gaps where technological developments and market changes have outpaced legislation.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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What Being An 'Insider' Means In Ch. 11, And Why It Matters
As borrowers grapple with approaching near-term maturities on corporate debt, lenders should be proactive in mitigating the risks of being classified as an insider in potential bankruptcies, including heightened scrutiny, preference risk, plan voting and more, say David Hillman and Steve Ma at Proskauer.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Navigating The Bankruptcy Terrain After Purdue Pharma
The U.S. Supreme Court’s June ruling in Harrington v. Purdue Pharma is having a significant impact on bankruptcies, with recent cases addressing nonconsensual third-party releases and opt-out mechanisms, and highlighting strategies practitioners can employ to avoid running afoul of the decision, say Brett Axelrod and Agostino Zammiello at Fox Rothschild.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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Series
The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.