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Bankruptcy
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July 30, 2024
Ebix Ch. 11 Plan Ruling Held Up By Liability Release Dispute
A Texas bankruptcy judge declined to rule Tuesday on Ebix Inc.'s request for Chapter 11 plan confirmation, telling the parties he needed more time to sort out a dispute over third-party releases contained in the reorganization deal.
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July 30, 2024
Mass. Says $30M Funding For Steward Will Fund Quick Sales
The Commonwealth of Massachusetts has told a Texas bankruptcy judge that its agreement to pay $30 million to debtor Steward Health Care is designed to help fund operations at the debtor's struggling hospitals while sales are pursued.
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July 30, 2024
SEC Sues NC Investment Adviser Over Bogus Guarantees
A North Carolina investment adviser lied to clients about the safety of their investments when he sold them on risky corporate bonds issued by a financial services company that went bankrupt, the U.S. Securities and Exchange Commission said in a newly filed complaint.
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July 30, 2024
Ex-Ch. 11 Trustee Can't Retroactively File Legal Fees
A bankruptcy trustee who is removed can't retroactively receive administrative expenses, the Fourth Circuit has ruled, saying a former bankruptcy trustee is not allowed to later file an application for professional fees.
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July 29, 2024
Comcast Reaches Deal To Bring Bally Sports Back To Xfinity
Comcast has reached an agreement with the bankrupt owner of Bally Sports to again distribute its regional sports networks to Xfinity TV customers, according to an announcement made Monday.
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July 29, 2024
Amex Inks $3M Deal To Settle Girardi Bankruptcy Suit Claims
American Express reached a $3 million deal to settle claims brought by the Girardi Keese bankruptcy trustee accusing the credit giant's banking unit and another subsidiary of enabling $50.25 million in fraudulent transfers as part of the now-defunct law firm's scheme to defraud creditors.
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July 29, 2024
9th Circ. Rules Ch. 7 Debtor Can't Exempt Home From Estate
The Ninth Circuit ruled that a debtor in a Chapter 7 bankruptcy case in Washington state cannot pursue above-limit homestead exemption and that the remaining proceeds of her property should go to the bankruptcy estate, reversing the bankruptcy appellate panel's decision in 2022.
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July 29, 2024
NRA Avoids Compliance Monitor In NY AG Case
A Manhattan judge on Monday rejected the New York attorney general's request for a compliance monitor to oversee the National Rifle Association, saying such relief would "result in a long, awkward and potentially speech-chilling government involvement in a political organization."
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July 29, 2024
Irked Judge Says Late Filing 'Sandbagged' Conn. Firm
A Connecticut state court judge on Monday chided attorneys for an eleventh-hour filing and other missed deadlines on behalf of a couple lodging malpractice claims against Evans & Lewis LLC, blocking the wife from testifying to fight the firm's attempt to throw her husband out of the lawsuit.
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July 29, 2024
Dentons Adds Foley & Lardner Attorney To Bankruptcy Team
Dentons has brought on a former Foley & Lardner LLP senior counsel with a background in creditors' rights, out-of-court workouts and restructurings, and commercial litigation, strengthening its Chicago office and the firm's restructuring, insolvency and bankruptcy practice.
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July 29, 2024
Machine Toolmaker Hardinge Files Ch. 11 With Plans To Sell
New York-based metal-cutting machine toolmaker Hardinge Inc. filed for Chapter 11 protection in Delaware bankruptcy court Monday with more than $100 million in debt and plans for a bankruptcy sale.
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July 26, 2024
FTX's Ryan Salame Asks To Delay Prison After Dog Attack
Former FTX executive Ryan Salame on Friday asked a New York federal judge to delay his prison surrender date because he was recently mauled by a German shepherd and must undergo "urgent and necessary medical treatment and surgery."
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July 26, 2024
Puerto Rico Fiscal Board Sues To Stop Solar Panel Bill
The Financial Oversight and Management Board for Puerto Rico on Friday sued Gov. Pedro R. Pierluisi to nullify a law extending a program which reduces the cost of solar panels for Puerto Rican households, calling it legislative interference with the island's energy regulator.
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July 26, 2024
Judge Requires 'Opt In' Releases For Red Lobster Ch. 11
A Florida bankruptcy judge said on Friday that she will conditionally approve disclosures for Red Lobster's reorganization plan after the seafood chain agreed to add "opt in" procedures that some creditors can use to release third parties from liability under its Chapter 11 plan.
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July 26, 2024
Online Education Group 2U Gets Interim OK For Ch. 11 Loan
Remote learning and accreditation group 2U Inc. received interim approval on Friday to access $60 million of a $64 million debtor-in-possession financing package to fund its Chapter 11 case.
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July 26, 2024
Apparel Biz Delta Can Auction Assets In August
A Delaware bankruptcy judge cleared the way Friday for clothing manufacturer Delta Apparel to put its assets on the auction block next month with a $28 million starting bid for one of its lifestyle and fashion brands, as the company continues to search for a stalking horse to bid on its remaining clothing lines.
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July 26, 2024
'Terrible Decisions': Ex-McElroy Deutsch CFO Gets 5 Years
McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer was sentenced Friday in a New Jersey state court to five years in prison and ordered to pay restitution for embezzling more than $1.5 million from the firm and failing to pay income tax.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 25, 2024
3rd Circ. Again Tosses J&J Talc Unit's 'Texas Two-Step' Ch. 11
The Third Circuit on Thursday affirmed the dismissal of the reworked Chapter 11 case of Johnson & Johnson's talc unit that used a controversial "Texas two-step" maneuver, saying the company still hasn't displayed the financial distress required to justify bankruptcy protection.
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July 25, 2024
Girardi Can't Block Firm's Chapter 7 Evidence In Fraud Trial
Tom Girardi can't exclude evidence from his upcoming trial that he claims prosecutors illegally obtained from his firm's bankruptcy trustee, after a California federal judge said Thursday no constitutional rights were violated since the evidence was the bankruptcy estate's property and in the trustee's possession.
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July 25, 2024
Embattled Texas Law Firm Wants More Time For Ch. 11 Plan
Troubled Houston law firm MMA Law asked a Texas bankruptcy court to extend the exclusivity period to file a Chapter 11 plan for 120 more days, with a current filing exclusivity period set to end in early August.
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July 25, 2024
Judge Says Gateway Pundit Parent Filed Ch. 11 In Bad Faith
A Florida bankruptcy judge Thursday dismissed the Chapter 11 case of far-right media outlet The Gateway Pundit's parent company as a bad-faith attempt to shield its founder from liability in a defamation suit over articles alleging vote fraud in the 2020 presidential election.
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July 25, 2024
Hertz Tells Chancery Warrant Holders Are Misreading Contract
A pair of investment funds that acquired 9 million warrants from Hertz after its bankruptcy and later sued the car rental company for breach of contract misinterpreted the warrant agreement, and their lawsuit should be dismissed, Hertz said in a response to the complaint brought before Delaware's Court of Chancery.
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July 25, 2024
Vintage Wine Estates Can Tap Into $60.5M DIP Financing
Bankrupt wine producer and processor Vintage Wine Estates received permission Thursday from a Delaware bankruptcy judge to begin borrowing under a $60.5 million debtor-in-possession financing package being provided by its prepetition lenders.
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July 25, 2024
8 Firms Guide Pair Of IPOs For Health Provider, Airline Giant
Occupational health services provider Concentra Group Holdings Parent Inc. and South American air travel giant Latam Airlines Group SA debuted in trading Thursday after pricing listings that nearly raised $1 billion combined, guided by eight law firms total.
Expert Analysis
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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Potential Unintended Consequences Of NY Sovereign Debt Bill
New York lawmakers recently proposed a law to create a framework for restructuring sovereign debt, but there are concerns that the bill will increase financing costs and that it attempts to solve problems that have largely been dealt with by collective action clauses, say Jeffrey Rothleder and Tara Peramatukorn at Squire Patton.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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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.