Bankruptcy

  • July 18, 2024

    6 Firms Steer Latin American Airline Giant's $533M IPO Plans

    Latam Airlines Group SA on Thursday outlined plans for an estimated $533 million U.S. initial public offering, guided by six law firms, marking a return to U.S. markets two years after the South American airline giant exited bankruptcy.

  • July 18, 2024

    Judge Won't Pause Sanctions In Byju's Ch. 11

    A Delaware district court Thursday ruled hedge fund Camshaft Capital Fund LP cannot hold off a contempt order from a Delaware bankruptcy court in the Chapter 11 case of Byju's Alpha while it appeals the sanctions, finding that it could avoid sanctions if it complied with a court order.

  • July 18, 2024

    Atty Says Golf Malpractice Row Already Ran Its Course

    An attorney seeking summary judgment in a legal malpractice suit told a federal New York judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.

  • July 18, 2024

    Red Lobster Angles To Keep More Than 100 Leases In Ch. 11

    Red Lobster's well-known Times Square location in New York City is off the chopping block of potential closures, for now, along with 112 other outposts of the casual dining seafood chain, after the troubled company said during a bankruptcy court hearing Thursday it is negotiating new agreements with landlords.

  • July 18, 2024

    Girardi Denied Bid To Delay Client Theft Trial To October

    A California federal judge rejected disgraced lawyer Tom Girardi's bid to delay his closely watched wire fraud trial to October from its current August start date, determining that he was unable to provide a genuine reason as to why proceedings should be pushed back two months.

  • July 18, 2024

    Womble Bond Adds Finance Atty With Latin America Focus

    Womble Bond Dickinson's growing New York office is welcoming a capital markets and structured finance attorney after his more than 10 years with Hogan Lovells, most recently in Brazil.

  • July 18, 2024

    Pool Co. Wants To Dig Into Rival's Alter Egos For $16M Verdict

    Pool supply company Hayward Industries Inc. is looking to force responses from the alter egos of bankrupt rival Blueworks Corp. regarding their assets, bank accounts and property so that Hayward can collect on its $16 million false advertising and unfair business practices judgment.

  • July 18, 2024

    Rising Star: Brown Rudnick's Kenneth Aulet

    Kenneth Aulet of Brown Rudnick LLP has represented creditors in major bankruptcies like that of crypto giant Blockfi Inc. and has also represented that company's wind-down administrator, earning him a spot among the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 18, 2024

    Tender Greens And Tocaya Hit Ch. 11 With Post-COVID Woes

    The Los Angeles-based casual restaurant chain that operates Tender Greens and Mexican eatery Tocaya, One Table Restaurant Brands LLC, filed for Chapter 11 bankruptcy Wednesday in Delaware bankruptcy court, with its CEO saying the COVID-19 pandemic was "catastrophic" to their business.

  • July 17, 2024

    1st Circ. Affirms SEC's $32M Win Against Investment Adviser

    The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy. 

  • July 17, 2024

    Co. Seeks $17M Refund Of Celsius' Payments For Mining Site

    The successor to Celsius' bitcoin mining operation alleged in a New York bankruptcy court it is owed over $17 million in refunds for payments that the cryptocurrency platform company made to another firm that promised to build a crypto farm in Texas and failed to satisfy the agreement.

  • July 17, 2024

    Fight Over Liberace's Rhinestone Piano Reaches Boston Jury

    A lawyer for Gibson Guitars' charitable arm told a Boston federal jury Wednesday that a music store has refused to return a rhinestone-encrusted grand piano once used by Liberace, wrongly claiming it was given as a gift.

  • July 17, 2024

    Burr & Forman Accused Of Aiding Health Insurance Fraud

    Burr & Forman LLP has been hit with a malpractice suit in Georgia federal court by the liquidating trustees of two purported health insurance companies after the firm allegedly aided in a scheme to defraud customers by charging exorbitant fees and denying promised coverage, saying the attorneys helped create a web of LLCs to which it siphoned off millions.

  • July 17, 2024

    Yellow Corp. Says It Has No Pension Withdrawal Liabilities

    Bankrupt trucking firm Yellow Corp. hit back at a motion for summary judgment sought by multiple pension funds including Central States Pension Fund, telling a Delaware bankruptcy court that it has no withdrawal liability for backing out of a multistate pension fund for truckers.

  • July 17, 2024

    High Court Rulings Don't Nix Judge Romance Suit, Court Told

    An investor suing Jackson Walker LLP over an ex-employee's secret romantic relationship with a former Texas bankruptcy judge told the court Tuesday that, despite what the firm says, recent U.S. Supreme Court decisions on standing do not change the fact that he suffered real harm from the firm.

  • July 17, 2024

    Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight

    Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."

  • July 17, 2024

    Insurers Urge Judge To Deny SVB's Ch. 11 Plan

    The Chubb Companies have asked a New York bankruptcy judge to tell SVB Financial Group it must change its Chapter 11 plan or have it rejected, saying the scheme doesn't clearly provide that SVB must meet certain obligations in order to keep receiving insurance benefits.

  • July 17, 2024

    Chief Deputy SDNY Bankruptcy Clerk To Be Bankruptcy Judge

    The chief deputy clerk for the U.S. Bankruptcy Court for the Southern District of New York — a former Schulte Roth & Zabel LLP attorney who served as the lead law clerk on the liquidation of Bernie Madoff's investment securities company — is set to become a U.S. bankruptcy judge in Poughkeepsie.

  • July 17, 2024

    Bruised SPAC Market Pins Revival Hopes On Veteran Backers

    More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.

  • July 17, 2024

    Kazakhstan Agrees To End Fight Over $506M Award

    A decade-long fight between Kazakhstan and Moldovan oil and gas investors who won a half-billion-dollar arbitral award against the country has come to a close, with the parties inking a binding framework to resolve their dispute.

  • July 17, 2024

    Rising Star: Gibson Dunn's AnnElyse Scarlett Gains

    AnnElyse Scarlett Gains of Gibson Dunn & Crutcher LLP has represented ad hoc lender groups for debtors facing off against such companies as Amazon seller Thrasio, podcast company Audacy Inc., chemical manufacturer Venator Materials PLC and drugmaker Akorn Inc., earning her a spot among the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 16, 2024

    'Excuse Me?': Judge Vexed By Defamation Claim In Ch. 7 Row

    A Connecticut bankruptcy judge on Tuesday appeared skeptical of defamation and tortious interference claims New York-based real estate investor EasyKnock Inc. filed against a trustee handling the Chapter 7 estate of a onetime homeowner, forcing company attorneys to at times to admit they cited no authority to support their case.

  • July 16, 2024

    7th Circ. Says Foreign Retirement Not Shielded In Bankruptcy

    A professor who filed for bankruptcy in Illinois can't protect his Canadian retirement account from creditors because the account is ineligible under a state law shielding accounts that qualify as retirement plans under the Internal Revenue Code, the Seventh Circuit ruled Tuesday.

  • July 16, 2024

    Platinum Co-Founder Dodges Prison For Bond Fraud Rap

    Platinum Partners co-founder Mark Nordlicht on Tuesday was spared prison time for his five-year-old conviction over a purported scheme to defraud bondholders of a Texas oil and gas company, as a New York federal judge doubted that "such a weird case" would have any deterrent value.

  • July 16, 2024

    California Atty Accused In $282M Theft Put On Inactive Status

    A California lawyer who's accused of stealing as much as $282 million from debt relief clients has been placed on involuntary inactive status, and bar discipline authorities say he deserves to lose his license permanently.

Expert Analysis

  • Opinion

    Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • Opinion

    High Court Made Profound Mistake In Tossing Purdue Deal

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    The U.S. Supreme Court's recent decision to throw out Purdue Pharma's Chapter 11 plan jeopardizes a multistate agreement that would provide approximately $7 billion in much-needed relief to help fight the opioid epidemic, with states now likely doomed to spend years chasing individual defendants across the globe, says Swain Wood at Morningstar.

  • What FTX Case Taught Us About Digital Asset Recoverability

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    FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.

  • Series

    Serving In The National Guard Makes Me A Better Lawyer

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    My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • Synapse Bankruptcy Has Ripple Effects For Fintech Industry

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    Synapse Financial Technologies’ recent bankruptcy filing marks a significant moment in the fintech industry's evolution, highlighting that stringent compliance and risk management in fintech partnerships are essential to mitigate risk and protect consumers, say Joann Needleman and Ryan Blumberg at Clark Hill.

  • Opinion

    Discount Window Reform Needed To Curb Modern Bank Runs

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    We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.

  • Opinion

    States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

  • Best Text Practices In Light Of Terraform's $4.5B Fraud Deal

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    Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.

  • Series

    Solving Puzzles Makes Me A Better Lawyer

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    Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • 2 Options For Sackler Family After High Court Purdue Ruling

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    After the U.S. Supreme Court recently blocked Purdue Pharma's plan to shield the family that owns the company from bankruptcy lawsuits, the Sacklers face the choice to either continue litigation, or return to the bargaining table for a settlement that doesn't eliminate creditor claims, says Gregory Germain at Syracuse University.

  • In Memoriam: The Modern Administrative State

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    On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.

  • Revisiting Scalia's 'What's It To You?' After Kaiser Ruling

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    While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q2

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    The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.

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