Large Cap
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October 23, 2024
Redbox Parent's Ex-CEO Can Be Deposed In Del. Ch. 7
A Delaware bankruptcy judge on Wednesday sided with the Chapter 7 trustee for the parent of DVD rental company Redbox in a dispute over the trustee's choice of counsel from Pachulski Stang Ziehl & Jones LLP, and also found that a request to depose the debtor's former chief executive was not inappropriate.
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October 23, 2024
Purdue Seeks Another Extension Of Mediation On New Plan
OxyContin maker Purdue Pharma is asking a New York bankruptcy judge for another month to try to work out a replacement for its Chapter 11 plan and opioid settlement that were shot down by the U.S. Supreme Court in June.
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October 23, 2024
Deal With Feds In FTX Bankruptcy Remains Undone
When crypto giant FTX finally won court approval for its hard-fought bankruptcy plan earlier this month, it left one big piece of the puzzle unsolved: a dispute with federal prosecutors over $1 billion seized as part of the prosecution of founder Sam Bankman-Fried.
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October 23, 2024
Judge Says Ex-Steward Hospital Nurse Row Out Of His Hands
A Texas bankruptcy judge Wednesday declined to order the new owner of former Steward Health Care hospitals in Massachusetts to take back changes to nurses' union contracts it assumed under his sale order, saying it wasn't up to him to make the call.
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October 23, 2024
Leech Tishman Adds East Coast Restructuring Chair
Leech Tishman announced Tuesday that it is adding another chair to its business restructuring and insolvency practice, giving the team leadership on both coasts.
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October 23, 2024
American Tire Hits Ch. 11 Again With $1.9B Of Debt, Sale Plan
Tire and wheel seller American Tire Distributors Inc. has filed for Chapter 11 protection in Delaware bankruptcy court with $1.9 billion of debt and plans to sell the company through a court-supervised process.
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October 22, 2024
Judge Tells Firm To Tighten Up Testimony In Nassar Fee Trial
A Michigan federal judge cautioned a local personal injury firm Tuesday to reel in the head of the firm on the witness stand, warning he was losing the jury in a long "inside baseball" legal discussion in his efforts to get a greater cut of fees from a Colorado firm for work on a Larry Nassar abuse settlement.
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October 22, 2024
Hertz Board Panel Takes Control Of Shareholder Buyback Suit
Delaware's chancellor has granted a Hertz Global Holdings Inc. board special committee's request to investigate stockholder-filed derivative claims challenging the fairness of $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position, in a ruling that also sidelined related direct damage claims.
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October 22, 2024
How Online Creditor Groups Are Shaping Major Bankruptcies
Internet-based creditor groups are as powerful as ever in big bankruptcy cases, with judges awarding fees to social media influencers and debtors deploying online strategies to corral support for their reorganization plans.
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October 22, 2024
Tupperware Reaches Deal To Sell To Creditors In Ch. 11
Bankrupt food storage product company Tupperware Inc. said Tuesday it had reached a deal with a group of secured creditors for an $87.3 million sale transaction that would resolve an ongoing issue wherein creditors were seeking conversion or dismissal of the Chapter 11 case.
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October 22, 2024
Behind The Ch. 11 Filing Of Wheel-Maker Accuride
Wheel manufacturer Accuride Corp. became the latest private equity-backed company to hit bankruptcy due to the strain of inflation and supply chain problems when it followed fellow wheel company Wheel Pros. into Chapter 11 earlier this month.
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October 22, 2024
Amazon, Meta Say Ch. 11 Trustee Can't Take Guo Co. Cash
Amazon.com, Meta, Fox News and dozens of other corporate powerhouses, along with several law firms, have asked a Connecticut bankruptcy judge to block a Chapter 11 trustee from recouping cash payments for services that flowed through shell companies connected to convicted Chinese exile Miles Guo.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
Real Estate Exec Guilty Of $77M WeWork Stock Fraud
A Manhattan federal jury on Tuesday convicted the former CEO of real estate investment firm Arciterra for trying to manipulate the price of WeWork stock via a $77 million tender offer on the cusp of the office-sharing company's bankruptcy filing in late 2023.
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October 21, 2024
$77M WeWork Bid Was Fraud 'From Beginning To End,' Jury Told
New York federal prosecutors made their final pitch on Monday to jurors weighing the fate of the former CEO of real estate investment firm Arciterra accused of manipulating the market through a bogus $77 million tender offer to take control of WeWork, saying it was a sophisticated fraud and not a real play for control of the company.
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October 21, 2024
US Trustee, Insurers Pan New Syracuse Diocese Ch. 11 Plan
The U.S. Trustee's Office and several insurers objected to the opt-out mechanism for third party releases in the latest Chapter 11 plan from the Roman Catholic Diocese of Syracuse, New York, arguing that such releases are barred by the U.S. Supreme Court's recent decision in Purdue Pharma.
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October 21, 2024
US Trustee Seeks Dismissal Of J&J's Latest Ch. 11 Case
The U.S. Trustee's Office on Monday sought a third strike against Johnson & Johnson's attempts to deal with its talc injury liability by sending a spin-off into Chapter 11, saying its current Texas filing should be dismissed for the same reasons its prior New Jersey filings were.
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October 21, 2024
Big Lots Can Tap Final $10M DIP Draw To Fund Ch. 11 Sale
Discount retailer Big Lots Inc. got a Delaware bankruptcy judge's approval Monday to access the final $10 million in new money being funded under its debtor-in-possession loan package after it struck a last-minute deal to quell objections that a slate of landlords raised against final DIP approval.
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October 21, 2024
Baha Mar Developer Wins $1.6B Verdict Over Delays
A New York state judge has handed the developer of the Bahamian resort Baha Mar a $1.6 billion verdict against a Chinese state-owned construction firm that was accused of concealing its massive delays in building the project and then sabotaging the development entirely when it realized catching up was hopeless.
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October 21, 2024
Keeping Track Of The Catholic Diocese Bankruptcy Cases
The Archdiocese of Los Angeles agreed last week to pay $880 million to resolve more than 1,300 claims of child sexual abuse in a deal that was noteworthy both for its size and for how it was achieved: without bankruptcy.
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October 21, 2024
Purdue Opioid Victims Group Backs Creditors In Litigation Bid
A group of more than 60,000 victims is backing creditors of Purdue Pharma LP in their efforts to potentially sue members of the Sackler family who own the bankrupt opioid maker, and has also warned against protracted legal battles if current mediation efforts fail.
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October 21, 2024
Giuliani Tries To Nix Dominion Suit, FTX Exec Seeks Leniency
Colorado judges are skeptical of Rudy Giuliani's attempt to throw out a defamation lawsuit from a former Dominion Voting Systems executive amid ongoing bankruptcy proceedings, the former head of engineering at FTX is fighting for leniency from a Manhattan federal judge, and a former bankruptcy judge is challenging a subpoena for banking records in an investigation over a secret relationship. This is the week in bankruptcy.
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October 21, 2024
Clifford Chance Continues NY Growth With O'Melveny Duo
Clifford Chance LLP is continuing its growth in New York, announcing on Monday the hiring of two former O'Melveny & Myers LLP attorneys to its private equity practice, as well as the firm's restructuring and insolvency group.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
Expert Analysis
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.