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Bankruptcy
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November 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.
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November 07, 2024
Ex-Celsius CEO OK'd To Seek Testimony From Abroad
A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform.
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November 07, 2024
Privilege Overruled In Firm's Suit Against Drinks Co. Founder
A Florida state court judge Thursday ordered the founder of the company that makes Bang Energy drinks to sit for a deposition in a lawsuit over unpaid fees brought by counsel who formerly represented him in a bankruptcy case, overruling attorney-client privilege asserted in a previous attempt to depose him.
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November 07, 2024
Teamsters Tell 10th Circ. To Nix Yellow's Contract Claims
The Tenth Circuit must uphold a district court's decision to dismiss Yellow Corp.'s $137 million lawsuit against the Teamsters, the union said, arguing the business didn't exhaust the grievance process under a contract and can't claim that making such an effort would have been pointless.
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November 07, 2024
Solar Energy Co. Hits Ch. 11 With $100M In Debt, Sale Plans
Oya Renewables, a solar energy producer with offices in Boston and Toronto, has filed for Chapter 11 protection in the Delaware bankruptcy court, disclosing at least $100 million in liabilities — including almost $87 million in funded debt — and plans to sell its assets, while blaming factors such as project delays and litigation for its liquidity crunch.
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November 07, 2024
Colo. Cannabis Co. Seeks Receivership As Part Of Wind Down
A branded cannabis consumer goods company asked a Colorado state court late Wednesday to appoint a receiver over its business as its Canadian parent company seeks to wind down its operations.
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November 07, 2024
Firm That Took Hurricane Victim Cases Wants Out Of Fee Row
A Louisiana law firm that took over now-bankrupt Houston plaintiffs firm MMA Law's hurricane victim cases is appealing a Houston bankruptcy's court's decision not to free it from a lawsuit claiming that it cut MMA out of its share of settlement fees.
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November 07, 2024
NC Court Refuses Law Firm Sanctions In Bankruptcy Fee Fight
A North Carolina business bankruptcy law firm and its founder have escaped sanctions for allegedly lying to a trial court about its communications in a fee dispute, as a state appellate court said the former client's sanctions motion must fail as a matter of law because he "unreasonably delayed" filing it.
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November 07, 2024
Judge Forecloses Landslide Work Payback For Developers
The developers behind a Pennsylvania housing plan damaged by a landslide told a federal bankruptcy court that they were withdrawing their request to seek reimbursement from a fund set aside by the Pennsylvania Department of Environmental Protection, but the court also closed the door on any future requests Thursday.
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November 06, 2024
FTX Exec Looks To Avoid Prison For 'Smallest Share' Of Crime
Former FTX technology chief Zixiao "Gary" Wang on Wednesday asked a Manhattan federal judge not to give him prison time for his part in the $11.2 billion fraud case, calling himself "the one who stands convicted of the smallest share of misconduct" among former CEO Sam Bankman-Fried's lieutenants.
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November 06, 2024
3rd Circ. Mulls Mootness In Boy Scouts Ch. 11 Plan Appeals
Questions over whether equitable and statutory mootness foreclose challenges to the Boy Scouts of America's bankruptcy took center stage Wednesday during arguments before the Third Circuit, with the judges and parties involved noting the impact that changing the Chapter 11 plan that's already in effect could have on thousands of sexual abuse survivors.
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November 06, 2024
FINRA Fines Firm Over Lax Real Estate Investment Diligence
The Financial Industry Regulatory Authority ordered broker-dealer XP to pay $800,000 in restitution and penalties to settle claims that, among other things, it recommended investments in a series of real estate-focused private placements without conducting proper due diligence on them, leading to investor losses when the offerings flopped.
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November 06, 2024
Lowenstein Sandler Sues Firm Over Dispensary Fee Dispute
A New Jersey law firm accused of helping forcibly dismantle a medical cannabis dispensary to deprive Lowenstein Sandler LLP of over $750,000 in fees for work on the dispensary's behalf has asked the New Jersey state court to let it exit the suit, arguing Lowenstein Sandler failed to state a claim.
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November 06, 2024
California Hotel Hits Ch. 11 For The 2nd Time In 3 Years
SC SJ Holdings, the owner of a San Jose, California, hotel that previously filed for bankruptcy in 2021, filed for Chapter 11 in a California bankruptcy court with $100 million to $500 million in debt.
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November 05, 2024
Trump Has Official Immunity. What About His Aides?
Whether the U.S. Supreme Court's decision on presidential immunity extends to subordinates who follow a president's orders has become a more pressing question in the wake of Donald Trump's projected election win, according to legal experts.
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November 05, 2024
How Trump Can Quash His Criminal Cases
Donald Trump's projected victory at the polls also translates to a win in the courts, as the second-term president will have the power to end both of his federal criminal cases. And the U.S. Supreme Court's decision on presidential immunity would shield him from any consequences for ordering his charges to be dismissed, experts say.
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November 05, 2024
An Early Look At Trump's Supreme Court Shortlist
With former President Donald Trump projected to win the 2024 presidential election and the Republicans' success in securing the U.S. Senate majority, Trump may now get the chance to appoint two more justices to the U.S. Supreme Court, cementing the court's conservative tilt for decades to come.
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November 05, 2024
GOP's Senate Win Hands Future Of The Judiciary To Trump
Republicans were projected to take back the White House and Senate and possibly the House early Wednesday, putting the GOP in position to back Donald Trump's agenda and his slate of young, conservative judicial nominees.
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November 05, 2024
The Firms With An Inside Track To A New Trump Admin
Law firms that have represented Donald Trump and the Republican Party on everything from personal legal woes to election-related lawsuits could see the risks of that work pay dividends as Trump is projected to secure a second term in office.
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November 05, 2024
FTX Says Convicted Former Exec Must Cough Up $99M
The bankruptcy estate of cryptocurrency exchange FTX has asked a Delaware federal bankruptcy court to order former executive Ryan Salame to relinquish $98.8 million in assets, according to an avoidance action filed Monday.
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November 05, 2024
Bankruptcy Not Delaying NJ Health System's Antitrust Case
A New Jersey federal magistrate judge on Tuesday partly denied CarePoint Health Management's request to delay its antitrust case against RWJBarnabas Health Inc. because of CarePoint's recent bankruptcy filing.
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November 05, 2024
Feds Say Girardi's Behavior At Trial Shows He Is Competent
Prosecutors told a California federal judge on Tuesday that Tom Girardi should not receive a new trial following his conviction for misappropriating $15 million in client settlement funds, saying the disbarred attorney's arguments that he was not competent to stand trial are completely undercut by his behavior during the trial.
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November 05, 2024
Film Production Services Co. Hits Ch. 11 With Sale Plans
A film production services company owned by embattled private equity firm 777 Partners has filed for Chapter 11 protection in Delaware with $88.9 million in liabilities, blaming the COVID-19 pandemic, Hollywood strikes and its owner's legal and financial troubles.
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November 05, 2024
Some Hertz Del. Insurance Claims Tossed In False Arrest Saga
A Delaware state judge has branded as "unreasonable" and based on "contractual gymnastics" Hertz Corp. arguments for aggregating separate settlements to limit its retained liability payout duty before insurance picks up the balance of customer wrongful arrest suit settlements.
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November 05, 2024
Trustee Seeks Jackson Walker Docs In Judge Romance Probe
Arguing that the issue "presents a matter of national importance" with implications for the integrity of the judicial system, a U.S. bankruptcy trustee has urged a Texas federal court to force Jackson Walker LLP to turn over documents related to a former firm attorney's secret romance with a onetime judge.
Expert Analysis
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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A 5th Circ. Lesson On Preserving Indemnification Rights
The Fifth Circuit's recent decision in Raymond James & Associates v. Jalbert offers an important lesson for creditors and parties to indemnification agreements: If a debtor has indemnified a creditor, the creditor should consider participating in the bankruptcy case to avoid being deemed to have forfeited its indemnification rights, say Dania Slim and Alana Lyman at Pillsbury.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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What Rescheduling Could Mean For Cannabis Bankruptcies
Bankruptcy courts have historically been closed for cannabis-related businesses, but recent case law coupled with a possible reclassification of cannabis provides cautious optimism, say attorneys at Duane Morris.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Bankruptcy Ruling Stresses Value Of Client Communication
A recent Illinois bankruptcy ruling, which found that attorneys violated their ethical obligations by failing to return their client’s phone calls, serves as a strong reminder that counsel should promptly respond to their clients and ensure they know what’s required by local rules, say Maxwell Weiss and Daniel Lowenthal at Patterson Belknap.
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How Fieldwood Ch. 11 Ruling Bolsters Section 363 Confidence
The Fifth Circuit’s recent ruling in Fieldwood Energy’s Chapter 11 cases, which clarified that challenges to integral aspects of a bankruptcy sale are statutorily moot under Section 363(m) of the U.S. Bankruptcy Code, should bolster the confidence of prospective purchasers in these sales, say attorneys at V&E.
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5 Issues To Consider When Liquidating Through An ABC
Assignments for the benefit of creditors continue to grow in popularity as a tool for an orderly wind-down, and companies should be considering a number of issues before effectuating the assignment, including in which state it should occur, obtaining tail coverage and preparing a board creditor mailing list, says Evelyn Meltzer at Troutman Pepper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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Rebuttal
High Court Should Maintain Insurer Neutrality In Bankruptcy
While a recent Law360 guest article argues that the U.S. Supreme Court should endorse insurer standing in Truck Insurance Exchange v. Kaiser Gypsum, doing so would create a playground for mischief and delay, and the high court should instead uphold insurance neutrality, say attorneys at Lowenstein Sandler.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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Wesco Ch. 11 Ruling Marks Shift In Uptier Claim Treatment
A Texas bankruptcy court’s recent decision in In re: Wesco Aircraft Holdings leaves nonparticipating creditors with a road map to litigate to judgment non-pro rata liability management transactions, and foreshadows that bankruptcy courts may no longer be a friendly forum for these types of claims, say attorneys at Ropes & Gray.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.