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  • July 12, 2024

    San Diego Diocese Heads Toward Mediation In Ch. 11

    Lawyers for the Roman Catholic Diocese of San Diego told a California bankruptcy judge Friday that the diocese is hoping to kick off new mediation efforts as it works to resolve more than 450 sexual abuse lawsuits while in Chapter 11.

  • July 12, 2024

    Giuliani's Ch. 11 Tossed Over Lack Of Financial Candor

    Rudolph W. Giuliani, former mayor of New York City and legal adviser to Donald Trump, had his Chapter 11 case dismissed Friday by a New York bankruptcy judge, who found that Giuliani's missing financial disclosure made ending the proceedings the best option for creditors.

  • July 12, 2024

    No Injury In Suit Targeting J&J Asset Shuffles, Talc Unit Says

    Johnson & Johnson wants a New Jersey federal judge to toss a proposed class action alleging that the company has tried to intentionally prevent talc claimants from getting their day in court through a scheme of fraudulent corporate transactions, arguing that the cancer patients failed to show how any of the challenged transactions left it unable to pay its talc claims.

  • July 12, 2024

    Incora Ruling Poses New Risks For Contested Debt Deals

    A Texas bankruptcy judge's recent ruling on a 2022 financing deal at aircraft parts supplier Incora adds another twist in the still-nascent case law surrounding so-called creditor-on-creditor violence, forcing lawyers on both sides of contentious debt exchanges to adjust to new legal terrain.

  • July 12, 2024

    US Trustee Decries Fisker EV Fleet 'Fire Sale'

    The U.S. Trustee's Office urged a Delaware bankruptcy judge to block electric-vehicle maker Fisker's proposed $46.25 million sale of its inventory, saying the fleet is being sold at "fire sale prices" the debtor can't show are fair.

  • July 11, 2024

    Luxury Fashion Co. Farfetch Ltd. Seeks US Ch. 15 Nod

    The foreign representatives for luxury e-commerce fashion company Farfetch Limited have asked a Delaware bankruptcy judge to extend U.S. recognition to the company's liquidation proceedings in the Cayman Islands, saying Chapter 15 acknowledgment would prevent lawsuits in America from interfering in the process and reducing recoveries.

  • July 11, 2024

    Syracuse Diocese To Notice Creditors On Ch. 11 Releases

    Lawyers for the Diocese of Syracuse said they've come up with a process to collect creditor consent for third party releases in an already voted on reorganization plan, telling a New York bankruptcy judge Thursday the approach will hopefully head off confirmation issues after the U.S. Supreme Court struck down nonconsensual third party releases in Chapter 11 plans.

  • July 11, 2024

    Rite Aid Gets OK To Sell Interests In Its Loan To MedImpact

    A New Jersey bankruptcy judge on Thursday approved Rite Aid's sale of most of its interests in a $567 million loan that it made, the proceeds of which it will distribute to creditors under its Chapter 11 reorganization plan.

  • July 11, 2024

    Biden Taps Cohen Weiss Atty As PBGC Director

    President Joe Biden on Thursday tapped an attorney who most recently served as of counsel at Cohen Weiss & Simon LLP to head the Pension Benefit Guaranty Corp.

  • July 11, 2024

    Talc Law Firms Beat J&J Subpoenas Seeking Funding Info

    The Beasley Allen Law Firm, another plaintiffs law firm and a litigation funder defeated subpoenas from Johnson & Johnson in talc litigation, with a special master reasoning that the broad swath of discovery permitted in federal courts still has limits. 

  • July 11, 2024

    Bally Sports Parent Axes TV Deal With NHL's Dallas Stars

    A Texas bankruptcy judge on Thursday approved a request by Bally Sports parent company Diamond Sports Group to reject a broadcast agreement with the NHL's Dallas Stars, the latest professional team to part ways with DSG.

  • July 11, 2024

    Ex-Bankruptcy Judge Says Immunity Bars Atty Romance Suit

    A former U.S. bankruptcy judge being sued over a secret romantic relationship he had with a former Jackson Walker LLP lawyer who practiced in his court urged a Texas federal court on Thursday to toss the case, arguing that he enjoys "absolute immunity" from civil lawsuits over "judicial acts" even if he engaged in misconduct.

  • July 11, 2024

    6 Essential Bankruptcy Books For Beach Reading

    As summer vacation approaches, it's a great time for attorneys to enjoy leisure reading while staying ahead in their field. Law360 has compiled a list of essential books recommended by industry professionals, from classic practice guides to novels, to equip you with renewed confidence and expertise for the rest of the year and beyond.

  • July 10, 2024

    Rite Aid, DOJ Craft $410M Settlement Of Opioid Sale Claims

    Rite Aid agreed to a nearly $410 million settlement with the U.S. Department of Justice, the bulk of which will be an unsecured claim in the company's Chapter 11 case, that will put to bed allegations the pharmacy chain dispensed opioids illegally, the DOJ announced Wednesday.

  • July 10, 2024

    Feds Say Guo Ran 'Fraud Empire' As Racketeering Trial Wraps

    Manhattan federal prosecutors urged a jury on Wednesday to convict Chinese dissident Miles Guo for operating his political movement as a vast racketeering conspiracy that "brainwashed" supporters into spending more than $1 billion on scam investments.

  • July 10, 2024

    Acis Can't Intervene In Highland Capital Ch. 11 Claim Conflict

    Investment firm Acis Capital Management LP can't get involved in a $9.6 million claim dispute in reorganized hedge fund Highland Capital Management LP's Chapter 11 case, a Texas bankruptcy judge ruled Wednesday, saying there isn't enough overlap with a pending adversary action Acis filed in its own bankruptcy to give it intervenor standing.

  • July 10, 2024

    Rudy Giuliani: From America's Mayor To 'Disgraceful' Debtor

    After emerging from the ashes of the 9/11 terrorist attack as a public official the wounded nation could rally behind, former New York City Mayor Rudolph W. Giuliani is now being slammed for "disgraceful behavior" in the foundering Chapter 11 case arising from his defamation of election workers in the aftermath of the 2020 presidential election.

  • July 10, 2024

    Petersen Health Care Gets OK To Sell Nursing Homes In Ch. 11

    Petersen Health Care won a Delaware bankruptcy judge's approval on Wednesday to sell most of its nursing homes after selecting four bidders at an auction earlier this month, defeating or resolving objections to the deals from the U.S. Department of Housing and Urban Development and others.

  • July 10, 2024

    Judge Urges Deal On Puerto Rico Utility Bond Claims

    The judge overseeing the restructuring of Puerto Rico's electric utility on Wednesday asked the island's fiscal board and bondholders to prove wrong a court-appointed mediator's gloomy assessment on the prospects for compromise on disputes over bond claims.

  • July 10, 2024

    Redbox Parent To Liquidate After 'Train Wreck' Mismanagement

    Attorneys for the parent of Redbox Entertainment on Wednesday told a Delaware bankruptcy judge that "massive mismanagement" of the DVD rental company had left them with no choice but to ask for conversion of the Chapter 11 case to a Chapter 7 liquidation, with lenders unwilling to extend new financing amid doubts about the remaining value of the firm.

  • July 10, 2024

    Giuliani Urges DC Court Not To Disbar Him Over Trump Work

    Rudy Giuliani on Wednesday urged the D.C. Court of Appeals to let him keep his law license, saying he did not commit misconduct in his work on former President Donald Trump's challenge to Pennsylvania's 2020 presidential election.

  • July 10, 2024

    Cooley Adds Bankruptcy Atty From Gibson Dunn To LA Office

    Cooley LLP expanded its transactional services in its Los Angeles office this week with the addition of an attorney who moved his practice after eight years with Gibson Dunn & Crutcher LLP.

  • July 10, 2024

    $6B Yellow Corp. Pension Fund Fight Set For August Hearing

    A Delaware bankruptcy judge said Wednesday he would schedule a hearing in August to resolve competing motions for summary judgment on Yellow Corp.'s objection to several pension plans' claims for more than $6 billion in retirement-fund withdrawal liability.

  • July 10, 2024

    The Real Estate Bankruptcies Making Headlines This Year

    The real estate industry is no stranger to distress, but recent market headwinds have made it even harder for certain companies to chart the course to calmer seas. Catch up on the major real estate bankruptcy developments that have made headlines so far this year.

  • July 10, 2024

    Terraform Asks To Start Ch. 11 Wind-Down Ahead Of Plan Date

    Bankrupt cryptocurrency firm Terraform Labs has asked a Delaware bankruptcy judge to give it a head start on winding down pursuant to a $4.5 billion settlement with the U.S. Securities and Exchange Commission, including converting bitcoin holdings to fiat currency, saying that doing so will mitigate administrative costs.

Expert Analysis

  • Del. Insurance Co. Liquidation Reveals Recovery Strategies

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    Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.

  • The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • Navigating Asset Tracing Challenges In Bankruptcy

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    A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.

  • Lender Agreements And Unitranche Facilities: A Fresh Look

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    Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • Bankruptcy Must Be On The Table As A Student Loan Solution

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    Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • Rockport Ch. 11 Highlights Global Settlement Considerations

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    A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.

  • How Purdue High Court Case Will Shape Ch. 11 Mass Injury

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    The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.

  • Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena

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    Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.

  • Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns

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    A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.

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